Century Aluminum Company (CENX) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic initiatives and partnerships

• Announced a joint venture with EGA to build a new 750,000 ton annual capacity aluminum smelter in Inola, Oklahoma, with EGA holding 60%, supported by a $500 million DOE grant; first hot metal production targeted by end of 2029, and final investment decision expected in Q4 2026.

• Sold the idle Hawesville site to TeraWulf, retaining a 6.8% interest in the future data center, with a liquidity option in 2028 and energization expected in the second half of 2027; $200 million upfront cash transaction.

• Upstream integration in Jamaica with bauxite mines and alumina refinery, targeting 1.4 million tons nameplate capacity.

• Partnered with Bechtel for engineering on the Oklahoma project.

• Forward-looking statements address market outlook, energy and raw material costs, project timelines, and potential impacts from geopolitical events and regulatory changes.

Operational performance and expansion

• Operating smelters in Kentucky, South Carolina, and Iceland, with Mount Holly expansion ramping up in Q2 and full capacity expected by end of June; Grundartangi restart six months ahead of schedule, to be completed by end of July.

• Iceland facility recovering from transformer failures, with full production targeted by mid-summer.

• Mount Holly restart adds 50,000 tons, with payback expected before year-end due to favorable aluminum prices and a 10% increase in U.S. production.

• All assets expected to operate at 100% capacity for the first time in nearly a decade by mid-2024.

• Corporate headquarters are in Chicago, with major smelters in Oklahoma, Kentucky, Iceland, and South Carolina.

Market environment and pricing

• U.S. and European aluminum markets remain supply-constrained, supporting strong pricing.

• U.S. Midwest aluminum prices at $1.04/lb, European premium at $365/ton, and global LME prices at $3,100.

• Tariffs since 2018 have supported domestic demand and pricing, with no negative impact on demand; Section 232 tariffs expected to remain, with recent removal of exemptions and increase from 25% to 50%.

• No significant increase in imports observed due to global supply discipline, especially from China.

• Key earnings drivers include LME and delivery premiums, U.S. Midwest and European Duty Paid Premiums, and energy and raw material costs.