Release Date: May 08, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• AMG's silicon metal production faced temporary halts, affecting profitability and excluding it from adjusted EBITDA during abnormal operations.
• The vanadium segment's profitability was negatively impacted by startup costs of a new vanadium electrolyte plant and lower sales volumes.

Q & A Highlights

: On the Antimony business, given that it is a conversion business, how long can you still benefit from the current rally in antimony prices?
: (Unidentified_6) In today's very short market, we are able to command significantly higher margins. We have no indication that prices will change in the near term, but predicting beyond a quarter or two is difficult.

: Regarding the Bitterfeld refinery, you're now shipping the first commercial batches. Does that mean you expect a positive EBITDA contribution for 2025?
: (Unidentified_3) The qualification process is ongoing, and while we are optimistic, it is too early to confirm a positive EBITDA contribution for 2025.

: On the long-term guidance, are you moving away from building further modules at Bitterfeld?
: (Unidentified_3) We are not moving away and expect a second module to be built, which will impact the last year of the five-year guidance.

: Could you elaborate on where normalized lithium prices are situated versus current prices?
: (Unidentified_3) Project financing requires a stable forecast north of $20,000 per ton of lithium carbonate equivalent. Current prices are far from this, and corrections in the market are expected to be sudden.

: On the vanadium segment, despite the IOA tax credits, the result seems weaker than expected. Was there a volume shortfall in Q1?
: (Unidentified_6) There was no real effect from 45X in Q1. We had shipping issues moving spent catalyst into our facility, which caused a volume shortfall.

: Regarding the acquisition of the remaining 40% stake in the graphite business, is the change in liabilities a reflection of the future price for these shares?
: (Unidentified_6) The change in liabilities reflects the approximate purchase price, but we are under NDA and cannot disclose the exact number.

: On the lithium operations in Brazil, why is optimization necessary shortly after ramp-up, and when will the facility return to normal capacity?
: (Unidentified_3) We have a particular problem with specific equipment, which we are fixing. We expect to return to full capacity in the second quarter.

: For the 2025 guidance of $170 million or more, how much pricing weakness for lithium has been factored in for Q2?
: (Unidentified_6) We assume current lithium prices will remain for the entire year, with no projected price increases factored into the $170 million guidance.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.