AMG Reports Strong Third Quarter 2025 Results

Nov 5, 2025

Amsterdam, 5 November 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports third quarter 2025 revenue of $435 million, a 22% increase compared to the third quarter 2024 revenue of $356 million. AMG achieved an adjusted EBITDA of $64 million, a 58% increase compared to the third quarter of 2024 adjusted EBITDA of $40 million, driven primarily by the AMG Technologies segment.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “Our third quarter performance remained strong, driven by continued momentum in AMG Technologies with AMG Engineering’s order backlog, as well as high profitability in AMG Antimony. Additionally, we benefited from a $5 million compensation settlement at AMG Vanadium for an equipment failure related to our growth investment in Zanesville. While the indirect effects of increased tariffs and trade barriers on our business remain difficult to assess, we remain focused on the elements within our control—executing operationally, strengthening our balance sheet, and streamlining our portfolio. The divestment of our natural graphite business represents a key step in this strategy, and we expect the transaction to close later this year.

The current low-price environment in our two main products, lithium and vanadium, continues to constrain profitability and cash generation. However, we remain actively engaged in developing new business opportunities driven by the accelerating trend toward onshoring critical materials production. Combined with the inevitable recovery of the lithium and vanadium markets, these initiatives position AMG well for sustained long-term value creation. We look forward to sharing further updates in the coming quarters.

We are currently processing high-purity chrome metal in our New Castle, PA plant, and starting in the second quarter of 2026 we will expand production, backwards integrate and become the only chrome metal producer in the United States. We will continue to establish critical material processing facilities in the US, and are targeting niobium metal and antimony oxide. We will also expand our US titanium alloys capacity to keep up with our customer’s increasing demand for aerospace applications. And it bears noting that in addition to these expansions, our Ohio spent catalyst recycling facility is the only ferrovanadium producer in the US.”

AMG Lithium B.V.

• After successfully commissioning the lithium hydroxide refinery in Bitterfeld in May and having produced material in specification, we are making progress on the ramp-up of the plant and the qualification process with customers as planned. We are now producing multi-ton batches from raw materials of mixed origin according to specification. This marks a significant step on our way to commercial production.
• Last month, AMG Lithium GmbH signed a memorandum of understanding with Beijing Easpring Material Technology Co., Ltd. (“Easpring”) for the supply and offtake of battery-grade lithium hydroxide monohydrate. AMG Lithium’s and Easpring’s investments in Europe underline the joint commitment to a localized battery supply chain. As a first step, both companies are collaborating closely to ensure a successful qualification of AMG Lithium’s plant while negotiating a binding offtake agreement.

AMG Vanadium B.V.

• SARBV’s development with Advanced Circular Materials Company (ACMC) “Supercenter” phase 1 project in Saudi Arabia remains on schedule in the detailed engineering phase. The EPC contract has been awarded on a full notice to proceed basis and pre-construction works are expected to begin very soon. In addition, ACMC has established an office in Jubail and has begun hiring permanent staff members.

AMG Technologies

• AMG Technologies achieved a very strong result, driven by an ongoing high order backlog at AMG Engineering and strong profitability from AMG Antimony. Adjusted EBITDA of $41 million in the third quarter of 2025 was more than double the $19 million for the segment in the same period last year.
• Last month, AMG and Asbury Carbons announced the signing of a definitive agreement for AMG to sell Graphit Kropfmühl GmbH to Asbury Carbons, a portfolio company of Mill Rock Capital. The transaction reflects an enterprise value of $65 million, and AMG will use the proceeds from this transaction to strengthen its balance sheet and focus on its core growth businesses. The transaction is subject to customary regulatory approvals, and AMG and Asbury Carbons expect the sale to close by year-end 2025.

Financial Highlights

• AMG’s liquidity as of September 30, 2025 was $419 million, with $220 million of unrestricted cash and $199 million of revolving credit availability.
• AMG’s adjusted gross profit of $88 million in the third quarter of 2025 was 38% higher than the same period in 2024. This significant improvement was largely driven by AMG Technologies’ strong performance compared to the prior quarter.
• Net income attributable to shareholders for the third quarter of 2025 was $13 million, the highest since the second quarter of 2023, yielding $0.39 diluted earnings per share.
• AMG delivered an adjusted EBITDA of $64 million in the third quarter, 58% higher than in the same period last year despite the continued weakness in lithium and lack of a notable recovery in vanadium prices.

Key Figures

_Notes:

_{(1)   Adjusted gross profit is defined as gross profit excluding restructuring, asset impairment, inventory cost adjustments, strategic project expenses and other exceptional items.
(2)  EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses, equity-settled share-based payments, strategic project expenses, and other exceptional items.
(3)   Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.}

Operational Review

AMG Lithium

AMG Lithium’s revenue decreased 33% compared to the third quarter of 2024. The decline was primarily driven by an 8% reduction in lithium market prices, a 32% decrease in lithium concentrate sales volumes, and a 64% decrease in tantalum sales volumes due to shipping delays that will be reversed in the fourth quarter. These impacts were partially offset by higher average tantalum sales prices versus the third quarter of 2024.

The decrease in lithium concentrate volumes was mainly driven by the continued effect of the failure during the second quarter of 2025 of one piece of equipment associated with our expansion project. We are addressing the issue and are currently operating at 110 thousand tons of production per year.

SG&A expenses of $14 million during the third quarter of 2025 were 15% higher than in the same period of 2024, mainly driven by the increase in personnel costs related to the commissioning and ramp-up of the lithium hydroxide refinery and higher professional fees.

The third quarter 2025 adjusted EBITDA decreased 72% compared to the third quarter of 2024, primarily due to the lower volumes in the current quarter and the decline in lithium prices as noted above, partially offset by higher average tantalum sales prices.

During the third quarter of 2025, a total of 15,409 dry metric tons (“dmt”) of lithium concentrates were sold, 16% more than the 13,278 dmt in the second quarter of 2025, but 32% less than the 22,731 dmt in the third quarter of 2024. Volumes were negatively impacted in the current quarter by the technical issues noted above.

The average realized sales price was $530/dmt CIF China for the quarter, and the average cost per ton was $420/dmt CIF China. The average cost per ton decreased from $450/dmt in the third quarter 2024 due to the lower cost of mining activities in the current quarter.

AMG Vanadium

AMG Vanadium’s revenue for the third quarter of 2025 increased by 2%, to $154 million, due primarily to increased sales prices in ferrovanadium and chrome metal. These increased sales prices were partially offset by lower volumes of ferrovanadium driven by production issues from our refinery suppliers.

Adjusted gross profit of $26 million in the third quarter of 2025 was 61% higher than the same period in 2024. This was largely due to the lower inventory cost adjustments in the current quarter, as well as a compensation payment of $5 million for an equipment failure related to our growth investment in Zanesville.

SG&A expenses of $17 million in the third quarter of 2025 were 25% higher than in the third quarter of 2024, largely driven by higher professional fees and additional personnel in the current period relating to the chrome expansion project.

The third quarter of 2025 adjusted EBITDA of $19 million was 81% higher than the same period in 2024. This increase was primarily due to the higher sales prices noted above as well as the Zanesville compensation payment of $5 million.

AMG Technologies

AMG Technologies’ third quarter 2025 revenue increased by $92 million, or 59%, compared to the same period in 2024. This improvement was driven largely by higher antimony sales prices in the current quarter as well as by strong sales in Engineering of turbine blade coating furnaces.

SG&A expenses in the third quarter of 2025 of $25 million were 14% higher than in the third quarter of 2024. This was due to additional personnel at AMG LIVA and AMG Engineering corresponding to the increased business development within those units, as well as higher personnel costs at AMG Antimony related to that unit’s increased sales activity.

AMG Technologies’ adjusted EBITDA was $41 million during the third quarter, more than double the $19 million in the third quarter of 2024. The increase was due to higher profitability in AMG Antimony and AMG Engineering.

AMG Engineering signed $87 million in new orders during the third quarter of 2025, representing a 0.92x book to bill ratio, mainly driven by strong orders of induction furnaces. AMG Engineering achieved an order backlog of $402 million as of September 30, 2025.

AMG Silicon’s operations continue to be halted due to high energy prices in Germany and unfavorable markets. Due to this situation, the profitability of the business is immaterial and excluded from adjusted EBITDA during this period of abnormal operations.

Financial Review

Tax

AMG recorded an income tax expense of $7 million in the third quarter of 2025, compared to $2 million in the same period in 2024. The tax expense in the third quarter of 2025 was primarily driven by strong profitability in the quarter as well as tax expense from unabsorbed losses, partially offset by a Brazilian deferred tax benefit related to the appreciation of the Brazilian Real.

Cash tax payments totaled $4 million in the third quarter of 2025, compared to $5 million in the third quarter or 2024. The decrease reflects a timing difference in tax settlements, with 2025 payments primarily attributable to the continued strong performance of AMG Antimony in France.

Exceptional Items – Adjusted Gross Profit

AMG’s third quarter 2025 and 2024 adjusted gross profit includes exceptional items, which are included in the calculation of adjusted EBITDA as shown in the summary below:

Exceptional items included in adjusted gross profit

AMG had a $3 million expense during the third quarter of 2025 related to AMG Silicon’s partial closure, which has been excluded from the calculation of adjusted gross profit.

SG&A

AMG’s third quarter 2025 SG&A expenses of $56 million were 18% higher than in the third quarter of 2024. This variance was primarily driven by the increase in headcount in our Lithium, Chrome, Engineering, and LIVA businesses associated with our strategic expansion projects, higher personnel costs at AMG Antimony related to that unit’s increased sales activity, and higher professional fees.

Liquidity

AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the third quarter. As of September 30, 2025, the Company had $220 million in unrestricted cash and cash equivalents and $199 million available on its revolving credit facility. As such, AMG had $419 million of total liquidity as of September 30, 2025. In July, to preserve our liquidity and reduce refinancing risk, AMG executed a maturity extension on our $200 million revolving credit facility. The revolver maturity date was extended from November 2026 to August 2028 with terms similar to the original agreement. Our term loan maturity date of November 2028 remains unchanged.

Net Finance Costs

AMG’s third quarter 2025 net finance cost was $14 million, compared to $8 million in the third quarter of 2024, due to a decrease in interest income as well as increased quarter over quarter non-cash intercompany foreign exchange losses from a weaker EUR/USD exchange rate.

Outlook

The AMG Technologies segment continues to perform particularly well, driven by a very high order backlog in AMG Engineering and by high profitability in AMG Antimony. We update our estimate for the temporary tailwind from selling low-priced antimony inventories from more than $50 million to more than $70 million for the full year 2025. Based on that, we increase our adjusted EBITDA outlook from “200 million, or more” to “$220 million, or more, in 2025.”
Profit (loss) for the period to adjusted EBITDA reconciliation

_{Notes:
(1)   The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA for these exceptional charges.}

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to service the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.      +49 176 1000 73 14
Thomas Swoboda
tswoboda@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• Third Quarter 2025 Earnings Press Release

AMG Lithium and Beijing Easpring Sign a Memorandum of Understanding to Jointly Strengthen the Battery Materials Value Chain in Europe

Oct 15, 2025

• Our cooperation focuses on the supply and offtake of lithium hydroxide monohydrate, a raw material to produce cathode active material for lithium-ion batteries
• The partnership marks another step towards a localized European supply chain

Amsterdam, 15 October 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) subsidiary AMG Lithium GmbH (“AMG Lithium”) has signed a memorandum of understanding (“MoU”) with Beijing Easpring Material Technology Co., Ltd. (“EASPRING”, Shenzhen Stock Exchange: “EASPRING”) for the supply and offtake of battery-grade lithium hydroxide monohydrate.

AMG Lithium is the first European lithium refiner with a production facility in Bitterfeld-Wolfen, Germany. Easpring – a Chinese producer of cathode active material (CAM) – is currently constructing a CAM facility in Kotka, Finland.

AMG Lithium’s and Easpring’s investments in Europe underline the joint commitment to a localized battery supply chain. As a first step, both companies will collaborate closely to ensure a successful qualification of AMG Lithium’s plant while negotiating a binding offtake agreement.

“This partnership marks another step in building a strong and resilient European battery industry. We further focus on promoting the use of recycled feedstock and the improvement of the carbon footprint throughout the value chain,” says Dr. Stefan Scherer, CEO of AMG Lithium. “We are honored to jointly work with an established player like Easpring on this journey.”

“It is expected that the cooperation between the two sides can promote the development of the new energy industry in Europe,” says Mr. Li Chengwei, Purchasing Center Director of Easpring.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

About Easpring

Beijing Easpring Material Technology Co. Ltd (stock code: 300073) is a listed company under Mining and Metallurgy Technology Group Co., Ltd. It was listed on the Growth Enterprise Market of Shenzhen Stock Exchange in April 2010. Easpring is mainly engaged in lithium battery cathode material business and intelligent equipment business.

For further information, please contact:

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• AMG Lithium Announcement Easpring

AMG Critical Materials N.V. Announces Sale of Graphit Kropfmühl GmbH to Asbury Carbons

Oct 10, 2025

Amsterdam, 10 October 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) and Asbury Carbons Inc. (“Asbury Carbons”) are pleased to announce the signing of a definitive agreement for AMG to sell Graphit Kropfmühl GmbH (“GK”) to Asbury Carbons, a portfolio company of Mill Rock Capital. The transaction reflects an enterprise value of $65 million.

GK operates its own graphite mine at its headquarters in Kropfmühl, Germany, and holds a majority stake in a graphite mine in Sri Lanka. Asbury Carbons will assume all GK operations, including approximately 350 employees. For the twelve months ended August 2025, GK generated $65 million in revenue.

With this transaction, AMG completes its exit from the natural graphite business.

“The sale of GK highlights AMG’s commitment to proactive portfolio management,” said Dr. Heinz Schimmelbusch, CEO and Chairman of the Management Board of AMG Critical Materials. “Natural graphite remains an attractive business, but we have not been able to establish GK as a leading supplier to the battery anode market. We are confident that GK will find greater opportunities as part of Asbury Carbons’ graphite portfolio. Meanwhile, AMG will use the proceeds from this transaction to strengthen its balance sheet and focus on its core growth businesses.”

This transaction follows AMG’s repurchase of the remaining 40% interest in GK from Alterna Capital Partners on March 12, 2025. The terms of that transaction remain unchanged: the purchase price may be settled by AMG in cash at the end of a three-year period or in AMG shares at any time within those three years, at AMG’s discretion.

Headquartered in Asbury, New Jersey, Asbury Carbons is a global leader in carbon-based solutions serving industrial markets, employing more than 300 people across 10 production facilities in North America and Europe.

“This combination unites two market leaders in carbon solutions, together representing more than 250 years of history and expertise in the industry,” said Gregg Jones, CEO and Chairman of the Board of Asbury Carbons. “We look forward to expanding our service, strengthening supply chain security and delivering new technologies and solutions to our customers worldwide.”

The transaction is subject to customary regulatory approvals, and AMG and Asbury Carbons expect the sale to close by year-end 2025.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +49 176 1000 73 14
Thomas Swoboda
tswoboda@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• AMG Sale of Graphit Kropfmühl Press Release

AMG Critical Materials N.V. Announces Interim Dividend

Jul 30, 2025

Amsterdam, 30 July 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) declares an interim dividend of €0.20 per ordinary share, unchanged from the interim dividend of €0.20 per ordinary share in the prior year.

The interim dividend of €0.20 per ordinary share, in respect of the period from January 1, 2025 to June 30, 2025, is payable on August 15, 2025 to shareholders of record as of August 7, 2025. The ex-dividend date will be August 6, 2025. Dutch withholding tax will be deducted from the dividend at a rate of 15%.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +49 176 1000 73 14
Thomas Swoboda
tswoboda@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• Interim Dividend 2025

AMG Reports Strong Second Quarter 2025 Results

Jul 30, 2025

Amsterdam, 30 July 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports second quarter 2025 revenue of $439 million, a 20% increase compared to the second quarter 2024 revenue of $364 million. AMG achieved an adjusted EBITDA of $71 million, a 79% increase compared to the second quarter of 2024 adjusted EBITDA of $39 million. The AMG Technologies segment drove this exceptional performance, with an adjusted EBITDA of $53 million compared to $18 million in the second quarter of last year.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “We achieved a very strong second quarter, with our highest quarterly adjusted EBITDA since the fourth quarter of 2023. The strength of our performance continues to demonstrate the value of AMG’s diversified critical materials portfolio. In particular, AMG Technologies continues to perform at a high level, driven by an ongoing high order backlog at AMG Engineering and high profitability from AMG Antimony. While the indirect effects of increased tariffs and trade barriers remain difficult to assess, to date there are no material negative direct effects of the tariffs on any AMG business. Each of our businesses benefits from producing materials which are critical to our customers, and to a large extent we operate within domestic value chains.”

AMG Lithium B.V.

• After successfully commissioning the lithium hydroxide refinery in Bitterfeld in May and having produced material in specification, we are ramping up the plant and advancing in the qualification process with customers.

AMG Vanadium B.V.

• SARBV’s “Supercenter” phase 1 project in Saudi Arabia is in detailed engineering which is progressing according to plan. All critical equipment has been ordered, and awarding of the secondary items are underway. EPC bids from pre-qualified vendors have been received and are currently being evaluated prior to award.
• AMG Vanadium successfully bid for significant quantities of spent catalyst in Saudi Arabia and the Middle East. This incremental inventory will help AMG Vanadium reduce the volatility of spent catalyst supply deliveries.

AMG Technologies

• AMG Technologies achieved an exceptionally strong result, driven by an ongoing high order backlog at AMG Engineering and strong profitability from AMG Antimony. Adjusted EBITDA of $53 million in the second quarter of 2025 was almost triple the $18 million for the segment in the same period last year.

Financial Highlights

• AMG’s liquidity as of June 30, 2025 was $462 million, with $262 million of unrestricted cash and $200 million of revolving credit availability.
• AMG’s adjusted gross profit of $97 million in the second quarter of 2025 was 60% higher than the same period in 2024. This significant improvement was largely driven by AMG Technologies’ strong performance compared to the prior quarter.
• Adjusted second quarter EBITDA of $71 million continued AMG’s sequential growth since the first quarter of 2024 despite continued weakness in lithium and vanadium prices.
• AMG declares an interim dividend of €0.20 per ordinary share, to be paid in the third quarter of 2025.

Key Figures

_{Notes:
(1)   Adjusted gross profit is defined as gross profit excluding restructuring, asset impairment, inventory cost adjustments, strategic project expenses and other exceptional items.}

_{(2)   EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses, equity-settled share-based payments, strategic project expenses, and other exceptional items.
(3)   Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.}

Operational Review

AMG Lithium

AMG Lithium’s revenue decreased 3% compared to the second quarter of 2024. This variance was mainly due to the 38% decline in lithium market prices, as well as a 22% decrease in lithium concentrate volumes, partially offset by increased tantalum sales prices versus the second quarter of 2024.

The decrease in lithium concentrate volumes was mainly driven by the failure of one piece of equipment associated with our expansion project. We are addressing the issue and are currently operating at 110 thousand tons of production per year.

SG&A expenses of $12 million during the second quarter of 2025 were 11% higher than in the same period of 2024, mainly driven by the increase in personnel costs related to the commissioning and ramp-up of the lithium hydroxide refinery.

The second quarter 2025 adjusted EBITDA increased 66% compared to the second quarter of 2024, primarily due to the lower cost per ton in the current quarter.

During the second quarter of 2025, a total of 13,278 dry metric tons (“dmt”) of lithium concentrates were sold, roughly at the same level as the 12,167 dmt in the first quarter of 2025, but 22% less than the 17,092 dmt in the second quarter of 2024. Volumes were negatively impacted in the current quarter by the technical issues noted above.

The average realized sales price was $621/dmt CIF China for the quarter, and the average cost per ton was $489/dmt CIF China. This average cost per ton was lower than the second quarter of 2024 at $542/dmt and drove the slightly improved results versus the prior quarter.

AMG Vanadium

AMG Vanadium’s revenue for the second quarter of 2025 decreased by 4%, to $161 million, due primarily to lower volumes of ferrovanadium and titanium alloys. The ferrovanadium decline was driven by production issues from our refinery suppliers, and the titanium alloy decline was due to lower customer orders. These lower volumes were partially offset by increased sales prices in ferrovanadium and chrome metal.

Adjusted gross profit of $22 million in the second quarter of 2025 was 10% lower compared to the same period in 2024, largely due to the lower revenue for the segment in the current quarter. Despite the decline, the Company continues to benefit from Section 45X, a production credit for domestic manufacturing of critical materials for which AMG Vanadium qualified based on the Inflation Reduction Act of 2022.

SG&A expenses of $20 million in the second quarter of 2025 were 48% higher than in the second quarter of 2024, largely driven by a non-recurring executive retirement benefit expense, higher professional fees, and additional personnel in the current period relating to the chrome expansion project.

The second quarter of 2025 adjusted EBITDA of $15 million was 23% below the same period in 2024. This decrease was primarily due to the lower sales volumes noted above. While the EBITDA decreased, AMG Vanadium continues to benefit from Section 45X, as noted previously.

AMG Vanadium is increasing its presence in Saudi Arabia and the Middle East. In the context of this effort, we were successful in bidding for significant quantities of spent catalyst in the region. Although this increase in working capital had a significant negative effect on our operating cash flow in the current quarter, this incremental inventory will help AMG Vanadium reduce the volatility of spent catalyst supply deliveries.

AMG Technologies

AMG Technologies’ second quarter 2025 revenue increased by $83 million, or 53%, compared to the same period in 2024. This improvement was driven largely by higher antimony sales prices in the current quarter.

SG&A expenses in the second quarter of 2025 of $25 million were 24% higher than in the second quarter of 2024. This was due to additional personnel at AMG LIVA and AMG Engineering corresponding to the increased business development within those units, as well as higher personnel costs at AMG Antimony related to that unit’s increased sales activity.

AMG Technologies’ adjusted EBITDA was $53 million during the second quarter, $35 million higher than in the second quarter of 2024. The increase was due to higher profitability in AMG Antimony.

AMG Engineering signed $51 million in new orders during the second quarter of 2025, representing a 0.63x book to bill ratio, mainly driven by strong orders of induction furnaces. AMG Engineering achieved an order backlog of $391 million as of June 30, 2025.

AMG Silicon, after temporarily halting operations during high electricity prices in weak markets, began running one of the four furnaces in the second quarter of 2025. Due to these interruptions in AMG Silicon’s operations, the profitability of the business is immaterial and excluded from adjusted EBITDA during this period of abnormal operations.

Financial Review

Tax

AMG recorded an income tax expense of $7 million in the second quarter of 2025, compared to $11 million in the same period in 2024. The tax expense in the second quarter of 2025 was primarily driven by strong profitability in the quarter as well as tax expense from unabsorbed losses, partially offset by a Brazilian deferred tax benefit related to the appreciation of the Brazilian Real.

Cash tax payments totaled $12 million in the second quarter of 2025, compared to $4 million in the second quarter or 2024, due to higher profitability in AMG’s Antimony operations.

Exceptional Items – Adjusted Gross Profit

AMG’s second quarter 2025 and 2024 adjusted gross profit includes exceptional items, which are included in the calculation of adjusted EBITDA as shown in the summary below:

Exceptional items included in adjusted gross profit

AMG had $3 million non-cash expense during the second quarter of 2025 mainly driven by AMG Lithium due to the decline in lithium prices, which has been excluded from the calculation of adjusted EBITDA.

SG&A

AMG’s second quarter 2025 SG&A expenses of $58 million were 28% higher than in the second quarter of 2024. This variance was primarily driven by the increase in headcount in our Lithium, Chrome, Engineering, and LIVA businesses associated with our strategic expansion projects, higher personnel costs at AMG Antimony related to that unit’s increased sales activity, and a non-recurring executive retirement benefit expense.

Liquidity

AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the second quarter. As of June 30, 2025, the Company had $262 million in unrestricted cash and cash equivalents and $200 million available on its revolving credit facility. As such, AMG had $462 million of total liquidity as of June 30, 2025.

Net Finance Costs

AMG’s second quarter 2025 net finance cost was $13 million, compared to $8 million in the second quarter of 2024, due to net non-cash intercompany foreign exchange revaluation losses from a weaker EUR/USD and a decrease in interest income.

Outlook

An adjusted EBITDA of $129 million represents a very strong first half of 2025 despite low lithium and vanadium prices. The AMG Technologies segment continues to perform particularly well, driven by a very high order backlog in AMG Engineering and by high profitability in AMG Antimony. From today’s perspective, we estimate the temporary tailwind from selling low-priced antimony inventories at more than $50 million for the full year 2025. Based on that and considering uncertain economic and market conditions globally, we increase our adjusted EBITDA outlook from “$170 million, or more, in 2025” to “200 million, or more, in 2025.”
Profit (loss) for the period to adjusted EBITDA reconciliation

_{Notes:
(1)   The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA for these exceptional charges.}

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to service the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.      +49 176 1000 73 14
Thomas Swoboda
tswoboda@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• Second Quarter 2025 Earnings Press Release

AMG Announces Results of its 2025 Annual General Meeting

May 8, 2025

Amsterdam, 8 May 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that during its Annual General Meeting held on May 8, 2025, shareholders approved all agenda items presented. During the meeting, Dr. Heinz Schimmelbusch was reappointed as Chief Executive Officer for an additional term of two years, beginning May 8, 2025.

At this Annual General Meeting, the term of AMG’s Chief Operating Officer, Mr. Eric Jackson, has ended and he has indicated his plan to retire. Mr. Jackson has served on AMG’s Management Board since its formation in 2006. Following his retirement, Mr. Jackson will act as a senior advisor to the Company. The Supervisory Board and the Management Board are deeply grateful to Mr. Jackson for the value he has created for the Company and for his innovative leadership of AMG over the past two decades.

There were also changes made to AMG’s Supervisory Board composition during today’s Annual General Meeting. Professor Steve Hanke, Chairman of the Supervisory Board, and Mr. Herb Depp, Chairman of the Remuneration Committee, have both served twelve years on the Supervisory Board. Given the term limits for Supervisory Directors under the Dutch Corporate Governance Code, they have therefore retired from their positions on AMG’s Supervisory Board. The Supervisory Board is deeply grateful for the long service and dedication to AMG by both Professor Hanke and Mr. Depp.

Mr. Willem van Hassel and Mr. Warmolt Prins were reappointed as members of the Supervisory Board for terms of two and four years, respectively, with effect from May 8, 2025. And due to the vacancies created by the retirements of Professor Hanke and Mr. Depp, the Supervisory Board welcomes its newest member, Mr. Robert Jeffries, who was appointed during today’s Annual General Meeting as an independent member for a term of four years, beginning May 8, 2025.

Given the retirement of Professor Hanke from his position as Chairman of the Supervisory Board after this Annual General Meeting, AMG is pleased to confirm, as announced earlier, that the Supervisory Board has unanimously resolved during its meeting on February 26, 2025, to appoint Ms. Dagmar Bottenbruch, a member of the Supervisory Board since 2019, as Chairwoman of the Supervisory Board with effect from May 8, 2025.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• Results of the 2025 AGM

AMG Announces Final 2024 Dividend 

May 8, 2025

Amsterdam, 8 May 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that during the Annual General Meeting, held on May 8, 2025, AMG’s shareholders approved the payment of a dividend of €0.40 per ordinary share over the financial year 2024. The interim dividend of €0.20, paid on August 14, 2024, was deducted from the amount distributed to shareholders. The final dividend per ordinary share therefore amounts to €0.20.

Payment of the final dividend will be completed on or around May 15, 2025, to shareholders of record on May 13, 2025. The ex-dividend date is May 12, 2025. Dutch withholding tax will be deducted from the dividend at a rate of 15%.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• Final 2024 Dividend

AMG’s Portfolio Delivers Strong First Quarter 2025 Results

May 7, 2025

Amsterdam, 7 May 2025 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports first quarter 2025 revenue of $388 million, an 8% increase compared to the first quarter 2024 revenue of $358 million. AMG achieved an adjusted EBITDA of $58 million, an 88% increase compared to the first quarter of 2024 adjusted EBITDA of $31 million. AMG had positive cash from operating activities of $9 million during the first quarter of 2025, compared to the $15 million of cash used in operating activities during the first three months of last year. The AMG Technologies segment also had an extremely strong performance, with its highest order backlog in AMG’s history of $416 million as of March 31, 2025.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “We are obviously pleased to have achieved such a strong first quarter, almost double that of the first quarter of 2024. We achieved an EBITDA of $58 million for the first three months of 2025, despite no upward correction in lithium or vanadium prices. This indicates the power of AMG’s critical materials portfolio and demonstrates the significant upside potential should commodity prices normalize.

Looking forward, while the indirect effects of increased tariffs and trade barriers are difficult to assess, there are no material direct effects of the tariffs on AMG’s businesses based on our present analysis. In the current volatile market, our businesses benefit from their production of materials which are critical to our customers, and to a large extent we operate within domestic value chains.

As we enter into a period of uncertainty, it should be noted that AMG is at the end of its heavy capital expansion phase. As an important signal of this next chapter of AMG’s development, I am pleased to report that Bitterfeld has successfully produced lithium hydroxide at battery-grade specification and will be shipping the first commercial qualification batches to our customers soon.

Going forward we will be focused on small, highly accretive investments which preserve our growth options. The recently announced investments in US Chrome, Lagoa, and Graphite all demonstrate how we will continue to invest and support growth while maintaining the strength of our balance sheet.”

AMG Lithium B.V.

• In April, AMG Lithium BV signed an exclusive agreement with Grupo Lagoa to become the first producer of lithium concentrate in Portugal with an initial capacity of 8,000–9,000 tons per annum by the first half of 2027, pending government approvals.
• AMG’s first 20,000-ton module of its lithium hydroxide refinery in Bitterfeld, Germany has successfully produced lithium hydroxide at battery-grade specification and will be shipping the first commercial qualification batches to its customers soon.

AMG Vanadium B.V.

• In April, AMG approved a capital investment of $15 million to establish an aluminothermic production facility to manufacture chrome metal in the United States. We expect the facility, with an annual capacity of up to 6,500 tons, to be operational in the first quarter of 2026. Chrome metal is deemed a Critical Material in the United States due to lack of US production and its importance in various industrial alloys, particularly those within the aerospace sector.
• SARBV’s “Supercenter” phase 1 project in Saudi Arabia is in detailed engineering. In April, we received the Environmental Permit to Construct from the Royal Commission of Jubail and Yanbu, the organization within the Saudi Arabian government responsible for permit approvals. We are currently in the process of selecting an EPC contractor.

AMG Technologies

• AMG Engineering achieved its highest ever order backlog of $416 million as of March 31, 2025, the highest in AMG’s history. Order intake of $107 million during the first quarter of 2025 was 31% higher than the same period in 2024, driven largely by strong orders of turbine blade coating furnaces.
• On March 12, 2025, AMG successfully repurchased a 40% ownership interest in Graphit Kropfmühl GmbH from an affiliate of Alterna Capital Partners to simplify our capital structure.

Financial Highlights

• AMG’s liquidity as of March 31, 2025 was $486 million, with $286 million of unrestricted cash and $200 million of revolving credit availability.
• AMG’s adjusted gross profit of $83 million in the first quarter of 2025 was 56% higher than the same period in 2024.
• Adjusted first quarter EBITDA of $58 million continued AMG’s sequential growth since the first quarter of 2024 despite continued weakness in lithium prices.
• The Company will pay its final 2024 declared dividend of €0.20 per ordinary share on or around May 19, 2025, to shareholders of record on May 13, 2025.

Key Figures

_Notes:

_{(1)   EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses, equity-settled share-based payments, strategic project expenses, and other exceptional items.
(2)   Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.}

Operational Review

AMG Lithium

AMG Lithium’s revenue decreased 23% compared to the first quarter of 2024. This variance was mainly due to the 27% decline in lithium market prices versus the first quarter of 2024, as well as a 22% decrease in lithium concentrate sales volumes, partially offset by increased tantalum sales prices. The decrease in lithium concentrate volumes was partly driven by the high shipments at the end of last year, and partly driven by AMG taking advantage of the low prevailing prices to perform significant testing on its new lithium concentrate production lines in order to increase reliability and performance.

SG&A expenses of $12 million during the first quarter of 2025 were 15% higher than in the same period of 2024, mainly driven by the increase in personnel costs related to the commissioning and ramp-up of the lithium hydroxide refinery.

The first quarter 2025 adjusted EBITDA declined 6% compared to the first quarter of 2024.

During the first quarter of 2025, a total of 12,167 dry metric tons (“dmt”) of lithium concentrates were sold, 22% less than the 15,652 dmt in the first quarter of 2024. Volumes were negatively impacted by shipment schedules and a partial shutdown as noted above. The average realized sales price was $640/dmt CIF China for the quarter, and the average cost per ton was $572/dmt CIF China. This higher cost per ton was driven by the lower lithium concentrate and tantalum concentrate production in the current period.

AMG Vanadium

AMG Vanadium’s revenue for the first quarter of 2025 decreased by 7%, to $154 million, due primarily to lower volumes of ferrovanadium and titanium alloys. These lower volumes were partially offset by increased sales prices in ferrovanadium and chrome metal.

Adjusted gross profit of $19 million in the first quarter of 2025 was 2% lower compared to the same period in 2024, largely due to the lower revenue for the segment in the current quarter. This was partially offset by the benefit from Section 45X, a production credit for domestic manufacturing of critical materials for which AMG Vanadium qualified based on the Inflation Reduction Act of 2022.

SG&A expenses of $15 million in the first quarter of 2025 were 10% higher than in the first quarter of 2024, largely driven by higher professional fees in the current period.

The first quarter of 2025 adjusted EBITDA of $13 million was 10% lower than the same period in 2024. This decrease was primarily due to the lower sales volumes noted above, offset by higher profitability in chrome and the ongoing benefit of Section 45X.

AMG Technologies

AMG Technologies’ first quarter 2025 revenue increased by $51 million, or 34%, compared to the same period in 2024. This improvement was driven largely by steadily increasing sales prices of antimony in the current quarter.

SG&A expenses in the first quarter of 2025 of $23 million were 13% higher than in the first quarter of 2024, due to additional personnel at AMG LIVA and AMG Engineering corresponding to the increased business development within those units.

AMG Technologies’ adjusted EBITDA was $39 million during the first quarter, more than triple the adjusted EBITDA in the first quarter of 2024. The increase was primarily due to higher profitability in AMG Antimony.

AMG Engineering signed $107 million in new orders during the first quarter of 2025, representing a 1.71x book to bill ratio. The 2025 order intake was driven by strong orders of turbine blade coating furnaces. AMG Engineering achieved an all-time high order backlog of $416 million as of March 31, 2025.

AMG Graphite reacquired a 40% interest in the business from Alterna Capital Partners. The acquisition price is payable in AMG shares. The timing of the repayment in shares is at AMG’s option and can be executed at any point over a three year term from the date of closing.

AMG Silicon, after temporarily halting operations during high electricity prices in weak markets, is now running one of the four furnaces as of the second quarter of 2025. Due to these interruptions in AMG Silicon’s operations, the profitability of the business is immaterial and excluded from adjusted EBITDA during this period of abnormal operations.

Financial Review

Tax

AMG recorded an income tax expense of $1 million in the first quarter of 2025, compared to $3 million in the same period in 2024. The $1 million tax expense in the first quarter of 2025 was primarily driven by $6 million of Brazilian deferred tax expense related to the appreciation of the Brazilian Real offset by $5 million of unabsorbed losses.

Cash tax payments totaled $4 million in the first quarter of 2025, compared to $8 million in the first quarter or 2024, primarily due to lower profitability in AMG’s Brazilian operations.

Exceptional Items – Adjusted Gross Profit

AMG’s first quarter 2025 and 2024 adjusted gross profit includes exceptional items, which are included in the calculation of adjusted EBITDA as shown in the summary below:

Exceptional items included in adjusted gross profit

AMG had $5 million non-cash expense during the first quarter of 2025 mainly driven by AMG Lithium due to the decline in lithium prices, which has been excluded from the calculation of adjusted EBITDA.

SG&A

AMG’s first quarter 2025 SG&A expenses of $50 million were 12% higher than in the first quarter of 2024. This variance was primarily driven by the increase in headcount in our Lithium, Engineering, and LIVA businesses associated with our strategic expansion projects, as well as higher professional fees.

Liquidity

AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the first quarter. As of March 31, 2025, the Company had $286 million in unrestricted cash and cash equivalents and $200 million available on its revolving credit facility. As such, AMG had $486 million of total liquidity as of March 31, 2025.

Net Finance Costs

AMG’s first quarter 2025 net finance cost was $11 million compared to $15 million in the first quarter of 2024. This variance was largely driven by non-cash, intercompany foreign exchange losses of $7 million in the prior period.

Outlook

Despite exceptionally low lithium and vanadium prices, we had a very strong start to 2025. The AMG Technologies segment performed particularly well. Based on that and considering uncertain economic and market conditions globally, we increase our adjusted EBITDA outlook from “$150 million, or more, in 2025” to “$170 million, or more, in 2025.”

Regarding AMG’s 5-year guidance, these five key pillars, which represent significant investments, are now complete:

• Bitterfeld battery-grade lithium hydroxide facility
• Lithium concentrate expansion
• The establishment of AMG’s battery strategy (LIVA and Voith Energy)
• The doubling of spent catalyst processing capacity in AMG Vanadium
• AMG Engineering highest ever order backlog

These projects deliver the volume growth which underpin the long-term guidance of an EBITDA of $500 million or more in 5 years or earlier at normalized market prices.

Profit (loss) for the period to adjusted EBITDA reconciliation

_{Notes:
(1)   The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA for these exceptional charges.}

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to service the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• First Quarter 2025 Earnings Press Release

AMG Critical Materials N.V. Announces Changes to the Composition of its Supervisory Board

Feb 27, 2025

Amsterdam, 27 February 2025 (Regulated Information) — The Supervisory Board of AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) resolved during its meeting on February 26, 2025 to propose to the General Meeting of Shareholders to make the following changes to its composition.

At the Annual General Meeting (“AGM”) on May 8th, 2025, Professor Steve Hanke, Chairman of the Supervisory Board, will have served twelve years on the Supervisory Board of AMG when his current term ends. Professor Hanke will therefore retire from the Supervisory Board given the term limits for Supervisory Directors under the Dutch Corporate Governance Code. The Supervisory Board is deeply grateful for the long service and dedication to AMG by Professor Hanke. Before becoming Chairman in 2019, Professor Hanke was a long-serving member and Chairman of AMG’s Audit & Risk Management Committee and has been a major contributor to the excellent quality of AMG’s risk management system and process and AMG’s executive leadership team. Also at the Annual General Meeting on May 8th, 2025, Mr. Herb Depp, Chairman of the Remuneration Committee, will have served twelve years on the Supervisory Board of AMG when his current term ends. Mr. Depp will therefore retire from the Supervisory Board given the term limits for Supervisory Directors under the Dutch Corporate Governance Code. The Supervisory Board is deeply grateful for the long service and dedication to AMG and the contributions as Chairman of the Remuneration Committee by Mr. Depp.

Given the retirement of Professor Hanke as a member and Chairman of the Supervisory Board after the Annual General Meeting in May 2025, AMG is very pleased to announce that the Supervisory Board has unanimously resolved to appoint Ms. Dagmar Bottenbruch, currently a member of the Remuneration Committee and a member of the Supervisory Board since 2019, as Chairwoman of the Supervisory Board as of May 8th, 2025 after the Annual General Meeting.

Mr. Willem van Hassel, Vice Chairman and a member of the Audit & Risk Management Committee of the Supervisory Board, will have served eight years on the Supervisory Board in May 2025 when his current term ends. AMG is very pleased to announce that Mr. van Hassel will make himself available for reappointment for a term of two (2) years. The Supervisory Board will nominate Mr. van Hassel for reappointment by the General Meeting Shareholders on May 8th of this year as an independent member of the Supervisory Board for a term of two (2) years to continue his critical work as Vice Chairman and expert in Dutch corporate governance matters.

Mr. Warmolt Prins, a member of the Audit & Risk Management Committee and SSS Committee of the Supervisory Board, will have served four years on the Supervisory Board in May 2025 when his current term ends. AMG is very pleased to announce that Mr. Prins will make himself available for reappointment for another term of four (4) years. The Supervisory Board will nominate Mr. Prins for reappointment by the General Meeting of Shareholders on May 8th of this year as an independent member of the Supervisory Board for a term of four (4) years to continue his critical work as an expert in financial and sustainability reporting and auditing matters.

Given the vacancies created by the retirement of Professor Hanke and Mr. Depp, the Supervisory Board is pleased to announce that it will nominate Mr. Rob Jeffries as an independent Supervisory Board member for appointment by the General Meeting of Shareholders on May 8th, 2025 for a term of four (4) years. Mr. Jeffries (male, born 1963) has US citizenship and brings highly relevant experience in the field of investment banking, corporate finance, and capital markets. His most recent assignments include Vice Chairman at Barclays plc as Global Head of Chemical Industry Investment Banking (2018-2024) and Managing Director at JP Morgan as Global Head of Chemical Industry Investment Banking (2009-2018). Mr. Jeffries has an MBA with Distinction from Wharton, University of Pennsylvania and a BS in Electrical Engineering from Lehigh University.

The full curriculum vitae of the nominees is available for inspection at the offices of the Company.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• AMG SB Changes Press Release

AMG Critical Materials N.V. Announces Changes to its Management Board

Feb 27, 2025

Amsterdam, 27 February 2025 (Regulated Information) — The Supervisory Board of AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) resolved during its meeting on February 26, 2025 to propose to the General Meeting of Shareholders on May 8, 2025 to solidify the leadership of the Company and to strengthen the executive team assisting the Management Board.

The Supervisory Board is proud and very pleased that Dr. Heinz Schimmelbusch, CEO and Chairman of the Management Board, is prepared to serve for one more term of two (2) years when his current term ends at the Annual General Meeting on May 8, 2025. He is joined in the Management Board by Michael Connor, who was recently appointed to the Management Board as AMG’s Chief Corporate Development Officer and is responsible for assisting the CEO in implementing the overall strategy of AMG including internal and external strategic developments and managing the Company’s strategic capital allocation, and by Jackson Dunckel, AMG’s Chief Financial Officer since 2016.

At the Annual General Meeting on May 8, 2025, the term of Mr. Eric Jackson, Chief Operating Officer and member of the Management Board, will end. On that date Mr. Jackson wishes to retire as a member of the Management Board. He has served AMG since the formation of AMG in 2006 as a Management Board member with unique knowledge of and experience in the industry. Mr. Jackson has agreed to act as a senior advisor to the company. The Supervisory Board and the Management Board are deeply grateful to Mr. Jackson for the value he has created for the Company and for his innovative leadership of AMG over the past two decades.

The Management Board will be supported by a team of three highly experienced Executive Vice Presidents: Ms. Michele Fischer as EVP Human Resources; Mr. Juri Abbatantuono as EVP Strategic Projects & Engineering; and Mr. Ludo Mees as EVP Legal, Compliance and Corporate Governance. Michele Fischer has previously served the company since 2014 in various management positions and recently as Head of Investor Relations. Juri Abbatantuono joined AMG in 2017 as Project Director AMG Brazil and then built the Engineering Group through which he guides all major capital investment projects in technology and engineering matters. Ludo Mees has been with AMG from its inception, starting as the Corporate Secretary and member of the Legal team, then the Chief Compliance Officer, and serves on the Board of Shell & AMG Recycling B.V. He will succeed Dr. Michael Witzel, who also served AMG as an Executive Vice President. The Supervisory Board and the Management Board are deeply grateful to Mr. Witzel for his invaluable advice and guidance in matters far beyond his legal functions.

Further information will be provided in the context of the Annual General Meeting, scheduled for May 8, 2025. A full agenda on voting matters for shareholders will be posted on March 26, 2025.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG’s mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG’s products include highly engineered systems to reduce CO₂ in aerospace engines, as well as critical materials addressing CO₂ reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO₂ footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to span the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.        +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG’s expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• AMG MB Changes Press Release