OM (OMH) Investor Update summary

Operational performance and production guidance

• FY24 production volumes exceeded guidance by 3%, reflecting strong operational forecasting and cost efficiency.

• Successfully commissioned silicon metal furnaces in 2024, but shifted back to ferrosilicon due to better commercial returns.

• 2025 production guidance set at 170,000-190,000 tons for ferrosilicon and 270,000-300,000 tons for manganese alloy, with adjustments for maintenance and energy supply.

• 14 out of 16 furnaces have completed major maintenance; remaining two to undergo maintenance in 2025.

• Mine remains under care and maintenance, with trial production and rehabilitation progressing as planned.

Market trends and pricing

• Ferrosilicon prices closed at $1,185/mt CIF Japan in December 2024, down 11.5% YoY, continuing a multi-year downtrend with a brief uptick due to reduced Russian supply.

• Manganese alloy prices were volatile in 2024, spiking after a force majeure event and then rapidly declining; normalization expected in 2025.

• Manganese ore prices closed 2024 at $4.08/DMTU, with Q1 2025 expected between $4-$5; 12M 2024 average rose 16.8% YoY to $5.55/dmtu.

• Silicon manganese prices closed at $885/mt CIF Japan in December, with a 1.9% YoY increase; normalization to $900-$1,000 expected.

• Prices for both ore and alloys are expected to normalize after recent volatility.

Project execution and plant optimization

• Ultra-fines plant (UFP) at Bootu Creek Mine faced delays due to technical issues, COVID disruptions, and board approval timing; trial production completed in 2024 with further optimization ongoing.

• UFP is considered complementary to group profitability but not a primary focus for accelerated development.

• Furnace conversion projects were executed in phases, with technical challenges in metallic silicon conversion; current focus is on ferrosilicon due to market conditions.