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Investor Presentation Fast-forwarding Energy & Digital Transformation Technologies TSX: NEO.TO | OTCQX: NOPMF November 13, 2025
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Investor Presentation • 2 Disclaimer Forward-Looking Information The following presentation contains “forward-looking information” within the meaning of applicable securities laws in Canada. Forward-looking information may relate to future events or future performance of Neo Performance Materials Inc., and its subsidiaries and affiliates (collectively, “Neo”). All statements in this presentation, other than statements of historical facts, with respect to Neo’s objectives and goals, as well as statements with r espect to its beliefs, plans, objectives, expectati ons, anticipations, estimates, and intentions are forwar d-looking information. Specific forward-looking inf ormation in this presentation include, but are not limited to: expectations regarding certain of Neo’s future results and information, including, among other things, revenue, expenses, growth prospects, capital expenditures, and operations; risk factors relating to national or international economies, geopolitical risk and other risks present in the jurisdictions in which Neo, its customers, its suppliers, and/or its logistics partners operate; statements with respect to current and future market trends that may directly or indirectly impact sales and revenue of Neo, including but not limited to the price of rare earth elements; expected use of cash balances; continuation of prudent management of working capital; source of funds for ongoing business requiremen ts and capital investments; expectations regarding sufficiency of the allowance for uncollectible accounts and inventory provisions; analysis regarding sensitivity of the business to changes in exchange rates and changes in rare earth prices; impact of recently adopted accounting pronouncements; risk factors relating to intellectual property protection and intellectual property litigation; expectations regarding demand for products and applications; expectations regarding the growth of superconductor materials;; anticipated launch of Neo’s new permanent magnet facility in Europe and related commercial production estimates, forecasted budget, commissioning and costs associated with the facility; targeted reductions in SG&A; Neo’s requalified product portfolio, including the NAMCO product portfolio, and continued product qualification expected in 2025 and 2026; anticipated final costs associated with the NAMCO project; expectations regarding tariffs and export restrictions; securing new automotive customer agreements for permanent magnet and emissions control facilities; expectations concerning the continued growth of the Magnequench project and improvements in C&O; expectations concerning any remediation efforts to Neo’s design of its internal controls over financial reporting and disclosure controls and procedures; and Neo’s 2025 guidance, including Neo’s 2025 Adjusted EBITDA guidance and the assumptions relating thereto. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Additionally, Neo’s 2025 guidance reflects Neo’s expectations as to financial performance in 2025 based on assumptions which Neo believes to be reasonable as of the date of this presentation, including but not limited to continued Magnequench growth, significant improvements in C&O, exiting lower-margin separation assets, strong hafnium demand despite pricing moderation, continued reduction in SG&A expenses, expectations regarding tariffs; securing new automotive customer agreements for permanent magnet and emissions control facilities; expectations concerning the continued growth of the Magnequench project and improvements in C&O. Neo believes the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this discussion and analysis should not be unduly relied upon. For more information on Neo, investors should review Neo’s continuous disclosure filings that are available u nder its profile at www.sedarplus.ca. Information contained in forward-looking statements in this presentation is provided as of the date hereof and Neo disclaims any obligation to update any forward-looking information, whether as a result of new information or future events or results, except to the extent required by applicable securities laws. Non-IFRS Financial Measures This presentation refers to certain specified financial measures, including non-IFRS financial measures and ratios such as “EBITDA”, “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Adjusted Net Income”, “Adjusted Earnings per Share”, “Debt to Adjusted EBITDA”, “Free Cash Flow”, “Free Cash Flow conversion”. These specified financial measures are not recog nized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and may not be comparable to similar measures presented by other companies. Rather, these specified financial measures are provided as additional information to complement IFRS financial measures by providing further understanding of Neo’s results of operations from management's perspective. Neo’s definitions of non-IFRS measures used in this presentation may not be the same as the definitions for such measures used by other companies in their reporting. Specified financial measures such as non-IFRS measures and ratios have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Neo’s financial information reported under IFRS. Neo uses specified financial measures to provide investors with supplemental measures of its base-line operating performance and to eliminate items that have less bearing on operating performance or operating conditions and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Neo believes that securities analysts, investors and other interested parties frequently use specified financial measures such as non-IFRS financial measures and ratios in the evaluation of issuers. Neo’s management also uses non-IFRS financial measures and ratios to facilitate operating performance comparisons from period to period. Readers are cautioned that these measures should not be construed as an alternative to their nearest or directly comparable financial measures determined in accordance with IFRS as an indication of Neo’s financial performance. For further information on how Neo def ines such specified financial measures, including non-IFRS financial measures and ratios and, where applicable, their reconciliations to the nearest comparable IFRS measures, please see the “Non- IFRS Financial Measures” section of Neo’s MD&A for the three months and year ended September 30, 2025, which is hereby incorporated by reference into this presentation, and at www.neomaterials.com and on SEDAR+ at www.sedarplus.ca.
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Rare Earth Global Supply Shift Investor Presentation • 3 Why Invest Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials FinancialsAbout Neo In the News Appendix
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4 The Solution : History in the Making EU President Ursula von der Leyen, at the G7 2025 Summit in Canada: “Today, I brought with me a permanent magnet. Not just any magnet—this is a rare- earth permanent magnet. It was manufactured in Estonia, by a Canadian company using raw materials sourced from Australia, for German & French automotive” > 85% of EV/ HEV traction motors use permanent RE magnets (~1-2 kg/motor) Prime Minister of Canada, Mark Carney, holding a Neo magnet at G7 2025 Investor Presentation • 4 Why Invest Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials FinancialsAbout Neo In the News Appendix
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30 % 18 %15 % 26 % 11 % 31 % 39 % 30 % Investor Presentation • 5 Neo is… • A global leader in energy-saving permanent magnets and critical materials, with established technologies and geographically diverse midstream and downstream presence • One of the best-positioned in markets that are forecast to see strong long-term growth driven by global macro trends and geopolitical tailwinds • Strong balance sheet, robust cash flow, and above-industry-average dividend yield • Business segments: ❑ Permanent Magnetics: Magnequench ❑ Critical Materials: Chemicals & Oxides and Rare Metals • Publicly traded on the TSX under “NEO” and headquartered in Toronto, Canada Why Invest Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials FinancialsAbout Neo Fast Forwarding Critical Technologies: Diversified & Vertically Integrated Supply Chain, Strategic Global Facility Footprint that Can Serve Customers Across the Globe Revenue by Geography (LTM) % North America Japan Europe Other China Revenue by Segment (LTM) % MagnequenchChemicals & Oxides By the Numbers #1 MOST INTEGRATED RARE EARTH MAGNETICS COMPANY OUTSIDE OF ASIA 30+ YEARS OF RARE EARTH MAGNETICS EXPERIENCE: FOUNDER OF THE NdFeB PERMANENT MAGNET $493 LTM TOTAL REVENUE (US$M) $76 LTM Adj. EBITDA(1) (US$M) Vehicle Electrification Energy Transition AI & Server Cooling Robotics & Automation Air & Water Pollution Control Aerospace & Defense Rare Metals (1) Non-IFRS Financial Measure. See "Non-IFRS Financial Measures" in the disclaimer section for further information. Note: All financial values are in US dollars, except when stated otherwise. Cormark Securities Ltd., Nicholas Boychuk Paradigm Capital, Marvin Wolff Stifel GMP, Ian GillesAnalyst Coverage In the News Appendix
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Investor Presentation • 6 Why Invest Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials FinancialsAbout Neo Magnequench (MQ) Chemicals & Oxides (C&O) Rare Metals (RM) • Hafnium recycling • Gallium recycling • Niobium metal • Tantalum metal • Rare earth magnetic powders • Rare earth bonded magnets • Rare earth sintered magnets • Rare earth midstream separation • Specialty mixed oxides • Environmental catalysts Navigating Neo’s business units and applications In the News Appendix
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Investor Presentation • 7 Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Macro Trends Driving Strong Growth in Neo’s Products Macro Trends Driving Strong Growth in Neo’s Products Unique Asset Base Technical Expertise Unique Asset Base & Technical Expertise Geopolitical Forces Public Policy Tailwinds Geopolitical Forces & Public Policy Tailwinds1 2 3 China’s strong position in rare earth processing and magnetics today creates uncertainty around the global supply chain Critical materials independence and localized supply chains critical for Western governments and OEMs evidenced by public / government policies (incl. EU CRMA, tariffs and investment incentives) One of the most vertically integrated value chain in rare earth magnetics with raw material separation, refinement, magnet production and assembly capabilities Electric Vehicles (incl. Traction Motors) Environmentally Sustaining Solutions (Catalyst, Water Treatment, Aerospace) Robotics / Automation AI / Semi- conductors / Computer Power Energy Efficient & Powerful Motors Geopolitical Environment Creates Significant Market Opportunity End Markets Benefitting from Secular Tailwinds Strategic collection of assets and technical knowledge/expertise position Neo for success 30+ years of experience separating light and heavy rare earths and one of the only solvent extraction facilities outside of China 30+ years of rare earth magnetics experience inside and outside of China In the News Appendix
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Macro Trends Driving Strong Growth in Neo’s Products Permanent magnet generators cut weight and complexity, lowering offshore transport costs by 50%–70% and reducing maintenance for wind turbines > 85% of EVs and HEVs motors use RE magnets EV & Energy Transition Permanent magnets enable energy-efficient large-joint motion and precise small-joint actuation in robots Energy-efficient micro motor demand is driven by a forecasted production of 1 billion units of humanoid robots by 2040 Robotics & Automation Growing demand for Niobium, Tantalum, and Hafnium bearing superalloys used in jet engines and aerospace applications Aerospace & Defense As AI models require more computations, demand for fan motors with RE magnets is expected to grow AI, Server Cooling & Computer Power New Energy Vehicle Permanent Magnets for Traction Motor (both Sintered and HREE-Free Bonded) ~12.3% CAGR High-Performance Servers / Fan Motor Bonded Neo Magnets ~7.0% CAGR Magnet Rare Earth Oxides ~8.4% CAGR Aerospace & Defense Hafnium and Tantalum ~7.0% CAGR Industrial Automation Micro Motors ~50.0% CAGR Magnets Source: Estimates are from third-party research reports including Barnes report, Coherent Market Insights and Technavio as well as management estimates. Critical Materials With stricter environmental regulations, specialty rare earth oxides offer a cost-effective alternative to iron- or aluminum-based coagulants in water treatment Emission Catalysts and Water Treatment Supply chain shift towards sourcing from Western producers and recyclers Strong demand growth for Dysprosium in MLCCs and Gallium in Semiconductors Specialized Oxides serve end-use markets such as emission catalysts, water treatment, and other environmentally sustainable technologies Investor Presentation • 8 Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo In the News Appendix
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v Geopolitical Forces & Public Policy Tailwinds Public Policy Tailwinds EU’s Critical Raw Materials Act set targets for OEMs to source: • < 60% of magnets from one country outside the EU, • 40% of processed material to originate in EU, and • 25% from recycled sources Recent U.S. Department of Defense agreements are strengthening localized rare earth and magnet supply chains, supporting national security objectives and reducing reliance on Chinese sources Neo’s global presence and parallel supply chain uniquely position it to capture value from macro trends Customer Requiring Supply Chain Diversification >90% of rare earth permanent magnets presently come from China OEMs are looking for opportunities to diversify China’s recent export bans on critical minerals to the U.S. create uncertainty for OEMs’ supply chains Continuing and growing export restrictions on products and technology from Chian How is Neo Positioned? ✓ Global rare earth magnetics company with parallel supply chains serving customers across geographies ✓ Neo is bringing online an industrial-scale permanent magnet facility in Europe ✓ Owns one of the few non-captive rare earth separation facilities in Europe ✓ Production and recycling of critical materials in North America and Europe Demand by Motor Integrator Outside of China 2015 2025 2035 (Mt of NdFeB Magnets) 2015 2025 2035 +345,000 Mt +158,000 Mt (Mt of NdFeB Magnets) Global Forecasted Demand Fast-Growing Demand Drivers Dominant Demand Drivers Note: Fast-growing demand drivers include: EVs/HEVs, other E-mobility, robotics, a nd wind power generators. Source: Adamas Intelligence. (1) Based on management estimates. Investor Presentation • 9 Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo 102K 260k 605k In the News Appendix (10,000) 10,000 30,000 50,000 70,000 90,000 110,000 130,000 U.S. Europe Rest Of World 2025 Capacity1 ~0 Mt ~3 Mt ~20-25 Mt
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China Current rare earth supply chain, outside of China Neo has one of the most integrated presence in the value chain with non-captive assets: Separation Magnets Metals & Alloys Notes: • Value-added operations include current producers and companies with announced projects, based on available information • Neo holds a 20% ownership stake in GQD Recycling Mining Investor Presentation • 10 No current Heavy Rare Earth Separation & Metals production outside of China, but many industry players are now pursuing faster Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo In the News Appendix Integration across the value chain from Separation to Metals provides NEO with sourcing optionality but is not a dependency ROW
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Success Factors for a Rare Earth Magnetic Company Neo performs well across every criteria required to become a leading global rare earth magnet manufacturer Investor Presentation • 11Why Invest Value Creation Quarterly Highlights FinancialsAbout Neo In the News Appendix • Integrated light and heavy rare earth separation capability in Europe and secured numerous offtake agreements for upstream supply • Significant global buyer of rare earth oxides and metals with established global supply chains • Internal close-loop recycling, maximizing material value Secure Raw Material Supply • Long-term strategic partnerships with deep OEM engagement • 30+ year history supplying to motor manufacturers and automotive customers • Multi-sector customer diversification including AI, robotics and industrials Customer Relationships • Singapore and UK R&D center driving rare earth and magnet product innovation • One of the original inventors of NdFeB magnets and jetcast technologies • Market leading innovation with first HREE-free traction motor magnet Access to Technology • Global manufacturing footprint with decades of operating history • Providing rare earth bonded powders and magnets for decades with 4 facilities globally • Decades of experience in rare earth separation and metal making, including HRE separation Proven Operational Track Record • Capital efficiency resulting in improved return on invested capital • Continuous improvements driving long- term cost leadership, using advanced Data Analytics and AI techniques to established manufacturing process Capital and Cost Efficiency
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✓ Operator of strategic rare earth separation facility in Europe ✓ Global distributor of heavy rare earth oxides ✓ Top 3 producer of environmental emissions control catalysts ✓ A leading producer of cooling fan magnets for AI servers ✓ A leading producer of specialty oxides for advanced electronics, i.e., MLCC ✓ Only recycler of semiconductor-grade gallium in North America ✓ A top recycler of hafnium with a meaningful share in the aerospace market Select End Markets NEO Differentiation ✓ A leading supplier of bonded magnets outside of China used in multiple applications ✓ On track to be the first EU producer of traction motor magnets New Energy Vehicle Renewable Energy & Energy Efficiency Emission Control Catalysts Leading Market Positions Across Multiple End Markets Aerospace & Defense AI Servers /Specialty Electronics / MLCC’s/ Semiconductors Why Neo is Best Positioned to Win Only separator integrated into a midstream and downstream supply chain With over 30 years of global operations, Neo holds a leading market position in bonded magnets Extensive and profitable track record A proven technology and innovation leader with deep R&D expertise Pioneered the first and only heavy-rare-earth-free magnets used in commercialized HEV traction motors to this day Technology Leadership A uniquely positioned network of low-cost facilities, strategically located to support supply chain diversification and regional sourcing outside of China Globally Distributed Footprint Unique Asset Base & Technical Expertise One of the most vertically integrated rare earth magnetics value chain, spanning raw material separation, refinement, magnet production, and assembly, minimizing delivery and price risk Customer Relationships Long-standing customer relationships built on multi-year product development cycles and rigorous qualification standards Strengthened financial position and growth outlook driven by strategic actions Investor Presentation • 12 Why Invest Value Creation Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo In the News Appendix
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Delivering Growth & Capital Returns to Shareholders Value-added business model designed to withstand market cycles 1. Financial Strength & Resilience Long-term growth supported by mega-trends and geopolitical tailwinds 2. Strong Growth Prospects A track record of delivering on commitments and outperforming expectations 3. Execution Neo is strategically positioned to capitalize on mega-trends and the growing demand for secure critical materials supply chains Investor Presentation • 13 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation Attractive Valuation and Capital Returns In the News Appendix
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$61M Cash ($28M) Net Cash Why Neo Wins • Strong balance sheet and liquidity: Net cash position and conservative leverage provides flexibility and resilience through cycles • Robust cash flow generation: Cash flow generation and operating efficiency supports in funding growth initiatives and providing capital returns to shareholders • Value-add business model: Material cost passthroughs on ~90% of contracts and a focus on specialty, high-margin products drive earnings stability and differentiation • Resilience and growth orientation: Strong margins and disciplined execution of capital projects reinforce both operational resilience and long-term growth potential Financial Strength & Resilience Strong Balance Sheet(1) $52M Cash Provided by Operating Activities $4M Sustaining CAPEX(3) Robust Cash Flows (2) (1) As of September 30, 2025. Debt capacity is $44M as of Septemb er 30, 2025. (2) For the year ended December 31, 2024. (3) Non-IFRS Financial Measu re. See "Non-IFRS Financial Measures" in the disclaimer section for further information. (4) For further information, please s ee the press release dated November 14, 2025. Investor Presentation • 14 Dividends (2) : $12M (CAD$0.40 p/s) NCIB (4) : up to 3.3M shares (~10% of the public float) Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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Grand Opening of Rare Earth Magnet Facility in Europe Initial capacity of 2,000mt with some space and infrastructure already built to accommodate growth plan to 5,000mt Announced multi year Memorandum of Understanding signed with Bosch, reserving dedicated annual magnet production capacity Over 270 guests from Europe, North America, Australia, and Japan attended, showcasing the facility’s capabilities and strategic importance Investor Presentation • 15 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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Additional Pictures of Grand Opening Investor Presentation • 16 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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First Magnet Delivery to Tier 1 Customer in April 2025 Produced and shipped sintered magnet pieces as initial samples The magnets are EV traction motor grade and represent an important technical milestone Production part approval process is scheduled for the first half of 2026, with mass production to start later that year Investor Presentation • 17 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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Advancing a Localized Permanent Magnet Supply Chain Phase 1A currently ramping up, with Phase 1B planned to increase European capacity to 5,000 MT annually For Phase 2 analysis will consider other jurisdictions including North America, Europe and Southeast Asia Long-term strategy aims to scale to 20,000 MT, establishing Neo as a critical enabler of secure, diversified magnet supply for global markets 2,000 MT 3,000 MT 5,000 MT 10,000 MT 20,000 MT Phase 1A Current Phase 1B Expansion Phase 2 Phases 3 & 4 Total Capacity Neo Annual Permanent Magnet Capacity Target Estimated Demand Outside of China: 251,000 MT(1) (1) Source: Adamas Intelligence. Based on 2035 estimates for Permanent Magnet demand
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European Separation Capabilities Expanding heavy rare earth capabilities with a new pilot line for terbium and dysprosium, leveraging decades of expertise Strategic growth through expanding feedstock partnerships, scaling into metal-making, and enabling full integration with European magnets One of the only non-captive separators, operating a large-scale light rare earth separation facility, strengthening Western supply chains Investor Presentation • 19 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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State-of-the-art environmental emissions control catalysts production facility in ChinaStrong Growth Prospects: NAMCO - Emissions Control Catalysts • NAMCO – a world-class emissions control catalyst production facility opened in Sept 2024 • Requalified its product portfolio • The new facility offers expanded capacity and advanced processing technology • Best-in-class manufacturing: enhanced operating efficiency, strict environmental standards, lower emissions, and expanded waste and water recycling • Supports global automotive supply chains in meeting stricter emissions standards for hybrid and internal combustion engine vehicles Overview ✓ Relocated facility has up to 50% additional capacity ready to be deployed to meet demand ✓ Highly automated facility with a competitive cost structure ✓ Low-cost jurisdiction Highlights Project completed on time and under budget Investor Presentation • 20 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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• The building blocks of Neo’s rare metals business are gallium, hafnium, niobium and tantalum • Considered “critical and strategic” to the economic and national security of the US, EU and other countries • The US has imposed increased tariffs on high-purity hafnium and tantalum from China • China has also imposed export controls for gallium Strong Growth Prospects: Other Critical Materials Neo’s rare metals are critical, sustainably sourced & strategic Key Growth Drivers • Hafnium (Hf): Superalloys, particularly for aerospace applications, are expected to continue driving demand, growing at a 7% CAGR into 2030 • Tantalum (Ta): Growing demand for integrated circuits for electric vehicles, increased defense budgets and improving aerospace demand • Gallium (Ga): China’s recent ban on gallium exports to the United States has resulted in an increase in demand for gallium outside of China • Niobium (Nb): Strong growth in superconductor materials for medical imaging, particle accelerators, and defense are expected to be a positive influence on the market Aerospace | Superalloys Superalloys Nuclear Space Superalloys “Over the next 20 years we forecast a demand for more than 42,000 new [aircraft] deliveries”(1) of aircraft in operation are anticipated to be part of the next upgrade cycle(1) Increase in air traffic over the next 20 years(1) (1) Airbus’ 2024 Global Market Forecast 2.4x70% (2) ASML’s 2024 Investor Day presentation Semiconductors Mobile Chipset Lighting growth in demand for gallium nitride for the most advanced commercially available gallium- based semiconductors over the next decade(2) 25% Aviation Medical Imaging No205 “Niobium C103 stands out in aerospace and defense applications due to their ability to maintain their structural integrity and mechanical properties at extremely high temperatures” CERN, Collider GE Aerospace Water Treatment 90% customer conversation from trial to production New product gaining traction in the U.S. and global markets 4% current penetration customer retention rate for WaterFX300 90% China BANNED the export of Gallium to the U.S. in December 2024 “We reconfirm our view calling for global semi sales. $1T by 2030”(2) Hf Ta Ga Dy Nb Mobile Chipset Source: Estimates are from third-party research reports including Barnes report, Coherent Market Insights and Technavio as well as management estimates. Investor Presentation • 21 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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Sale of JAMR, ZAMR & Quapaw Majority Equity Interest August 2024 PORTFOLIO STREAMLINE • Divestment of non-core separation facility assets: ~11X average trailing five- year EBITDA and ~$30M in cash proceeds to reallocate to better ROI opportunity Opening of NAMCO Top 3 Catalyst Oxides Producer September 2024 ON TIME, ON BUDGET • Increased capacity and improved efficiency Tier 1 Motor Awards Europe’s1st Customer Secured August 2024 CUSTOMER WINS • Received first customer award for significant volume before the facility was completed construction Acquired SG Tech UK Magnet Assembly Maker April 2023 SCALABILITY • Established Neo’s magnet manufacturing footprint in EU Silmet Transformation Suspended Hydromet Production December 2023 OPERATIONAL EXCELLENCE • Shift to downstream production, with improved inventory cycle and profitability Opening of Narva European Permanent Magnet Facility September 2025 ON TIME, ON BUDGET • Commencing commercial production in 2026 PROMISE MADE, PROMISE KEPT Initiatives to Streamline Neo’s Portfolio and Increase its Downstream Focus Positioned the Company for Profitable Growth Execution: Delivering on Commitments Investor Presentation • 22 Why Invest Why Invest Value Creation Quarterly Highlights Quarterly Highlights Financials Financials About Neo About Neo Value Creation In the News Appendix
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Quarterly Updates & Financials
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Investor Presentation • 24 Q3 2025 Highlights Adjusted EBITDA(1) beats expectations; 2025 guidance raised • ~$19 million Q3 2025 Adjusted EBITDA(1) (~29% YoY increase) • 2025 Adjusted EBITDA(1) guidance revised from $64 - $68 million to $67 - $71 million Why Invest Value Creation Quarterly Highlights FinancialsAbout Neo Neo announces strategic partnership with Bosch through multi-year MOU and its permanent magnet is highlighted at G7 summit • September 2025 Grand opening Heavy rare earth pilot line advances construction at the Silmet facility • Completion Expected by Year-End 2025 Strategic review concludes, reinforcing Neo’s long-term growth strategy • Normal Course Issuer Bid launched in June 2025, enabling us to repurchase up to 10% of our public float over the 12-month period of the NCIB Automated manufacturing at the European permanent magnet facility( 1 ) Non-IFRS Financial Measure. See "Non-IFRS Financial Measures" in the disclaimer section for further information. In the News Appendix
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Capital Projects & Outlook Capital Spend Requirements Source of Cash Emissions Control Catalyst Facility Relocation Grand opening Sept 2024; run-rate production in4Q’24 Permanent Magnet Plant in Europe Incremental Debt Cash from Operation $61.1M Capital spend to date1 $6.9M Remaining spend1 $72.3M Capital spend to date1 Grand opening Sept 2025; commercial production in 2026 $44M $44M revolving and other loan capacityBalance Continued strength in CFOA, before net change in working capital, and settlement for the European patent litigation $7.0M Budget Savings Cash On Hand $61M Some of this cash will be to fund regular operations $4-8M Remaining EU Grant Reimbursement FY 2025 Adjusted EBITDA(1) Guidance $67-71M Guidance revised up on strong year-to- date 2025 performance $2.7M Remaining spend1 Targets & Outlook for 2025 Strategic Targets 1) Annual 10% SG&A reduction, in each of the next 3 years 2) Complete commissioning and launch the new permanent magnet plant in Europe 3) Secure new automotive customer agreements for the permanent magnet and emissions control facilities 4) Grow specialty oxides for emissions control catalyst and water treatment by >10% Note: as of September 30, 2025. (1) Non-IFRS Financial Measure. See "Non-IFRS Financial Measures" in the disclaimer section for further information. $5.8M Received EU Grant Investor Presentation • 25 Why Invest Value Creation Quarterly Highlights FinancialsAbout Neo In the News Appendix
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Investor Presentation • 26 Consolidated Financial Statements (1) Non-IFRS Financial Measure. See "Non-IFRS Financial Measures" in the disclaimer section for further information. (2) Attributable to equity holders of Neo Performance Materials Inc. (3)Major non-operating cash outflows were CAPEX, Settlemen t for the European patent litigation, and dividends paid. Why Invest Value Creation Quarterly Highlights FinancialsAbout Neo Income Statement Selected Data Q-over-Q Comparison Year-over-Year Comparison US$000s (excl. EPS) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenue $112,213 $111,281 $358,523 $340,925 Adjusted EBITDA(1) $19,176 $19,555 $55,279 $43,707 Adjusted net income (loss)(1)(2) $8,493 $1,139 $19,896 $6,783 Adjusted EPS(1)(2) $0.20 $0.03 $0.48 $0.16 Cash Flow Statement Selected Data Q-over-Q Comparison Year-over-Year Comparison US$000s Q3 2025 Q3 2024 YTD2025 YTD 2024 Cash Flow from Operations ($2,537) 4,983 ($25,385) $30,243 Net change in working capital ($13,685) ($4,655) ($40,809) $9,005 Cash Taxes Paid ($3,025) ($5,529) ($11,191) ($18,832) CapEx for PP&E ($7,829) ($25,469) ($28,146) ($52,125) Shareholder Capital Returns Q-over-Q Comparison Year-over-Year Comparison US$000s (excl. DPS) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Dividends Paid to Shareholders $3,014 $3,057 $9,094 $9,268 Dividend per common share $0.10 $0.10 $0.30 $0.30 Repurchaseof shares under NCIB $1,547 $(0) $3,889 $2,250 Balance Sheet Selected Data Comparison US$000s Sept. 30, 2025 Sept. 30, 2024 Cash(3)(including restricted) $61,481 $64,944 Inventory $160,710 $138,824 Property, Plant & Equipment $196,042 $164,026 Debt & Bank Advance $ (89,932) $(45,070) In the News Appendix
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Financial Performance by Business Unit Quarter Highlights: • For the quarter, sales volumes increased by 21% year-over-year, supported by a combination of underlying end-market demand and customers building safety stock in response to supply concerns and geopolitical risks. • Bonded Magnets and Powders quarterly volumes up 38% and 18% respectively, from the prior year. • Adjusted EBITDA of $8.1 million and $22.4 million, respectively, for the three and nine months ended September 30, 2025, was up 27% and 20% versus the same periods last year. Quarter Highlights: • Emissions catalyst volumes for the quarter were up 20% from the prior year, which is in line with management's expectations of growth year-over-year. • Wastewater treatment delivers another record quarter with volumes up 42% from the prior year quarter. • Continued progress on heavy rare earth separation pilot line in Europe. • Adjusted EBITDA of $4.1 million and $16.4 million, respectively, for the three and nine months ended Sept 30, 2025, up 213% and 358% compared to the same periods last year. Magnequench Q-over-Q Comparison Year-over-Year Comparison US$ OOOs (excl. Volume) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Volume (tonnes) 1,650 1,366 4,510 3,769 Revenue $54,859 $45,573 $149,599 $133,149 Operating Income $2,512 $2,465 $6,016 $8,106 Adjusted EBITDA(1) $8,140 $6,424 $22,360 $18,704 Chemical & Oxides Q-over-Q Comparison Year-over-Year Comparison US$ OOOs Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenue $28,834 $27,920 $105,778 $102,911 Operating Income $2,463 $(975) $12,150 $(2,881) Adjusted EBITDA(1) $4,072 $1,301 $16,351 $3,572 Rare Metals Q-over-Q Comparison Year-over-Year Comparison US$ OOOs Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenue $39,326 $38,578 $107,979 $107,765 Operating Income $10,828 $15,852 $29,105 $33,225 Adjusted EBITDA(1) $11,514 $16,355 $30,912 $34,379 Quarter Highlights: • Hafnium prices normalized, with gross margins down 41% year-over-year, partly offse t by solid end-market demand and accelerated customer purchases driven by higher U.S. tariffs. • Gallium demand and pricing remain strong amid Chinese export restrictions. The company remains the only gallium recycler and upgrader in North America. • Adjusted EBITDA of $11.5 million (Q3) and $30.9 million (YTD) declined 30% and 10% year-over-year, respectively. (1) Non-IFRS Financial Measure. See "Non-IFRS Financial Measures" in the disclaimer section for further information. Investor Presentation • 27 Why Invest Value Creation Quarterly Highlights Financials AppendixAbout Neo In the News
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Appendix
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Direct Exposure to U.S. Tariffs is Minimal Positioned to Win With Diversified, Parallel supply Chains Amid Shifting Geopolitics U.S. Tariffs Assessment(1) Relative tariffs US supply capacity Potential Exposure Hafnium (EU) Emissions Catalyst (EU; China) Gallium (CAN) Minimal Exposure Magnetics (Thailand, UK, China) RE Oxides (EU; China) Strategic Advantage Shifting Geopolitics: Neo is a net beneficiary of shifting geopolitics due to our regionally diversified, vertically integrated model. Clear Differentiation in Key Materials: tariff-advantaged hafnium and gallium, refined in Europe and Canada, respectively, critical for U.S. aerospace and semiconductor supply chains and a lack of domestic capacity in the U.S. Resilient Supply Chain: ability to shift production across geographies allows for managing customer costs and ensuring reliable delivery to key markets. Forward-Looking Magnet Strategy: with almost no magnet shipments from China to the U.S. today, our European facility offers a tariff advantage and is well-positioned to meet the growing demand for EV traction motors outside of China, including in North America. RE-SX 1. Note: the assessment doesn’t speak to Indirect exposure, which is related to our customer’s customer or the economy in general Investor Presentation • 29 Why Invest Value Creation Quarterly Highlights Financials AppendixAbout Neo In the News
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Highlights the strategic value of our European sepa ration assets and heavy rare earth expertise Positioned to Win With Diversified, Parallel supply Chains Amid Shifting Geopolitics (Cont'd) Export Controls Unique Magnet Advantage: Neo is the only company globally with a heavy-rare-earth-free magnet already in use for EV traction motors with Honda and Daido. Proven Resilience to Export Controls: over 99% of Neo’s bonded magnet portfolio is HRE-free, with minimal exposure to Chinese shipments and a strong track record navigating export license processes, including under recent gallium restrictions. Forerunner in Heavy Rare Earth Separation Outside China: Neo’s pilot-scale line in Estonia is a strategic first step toward filling the global gap in heavy rare earth separation capacity, leveraging decades of technical expertise. Trusted Partner to Global Miners: Neo is already supporting multiple heavy rare earth mining projects with in-house lab and engineering services, positioning us as a preferred downstream partner. RE-SX Historical Export Controls Separation Technology Metal Making Technology April 2025 Restrictions Remain in Place Gallium and other materials Magnet Making Technology HRE, incl. Dy and Tb Permanent Magnets Investor Presentation • 30 Why Invest Value Creation Quarterly Highlights Financials AppendixAbout Neo In the News
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Case Study: First-of-kind commercialized Rare Earth magnetics in HEV Traction Motor without heavy rare earths MQ’s Advanced Quenching technology produces magnetic materials with smaller grain size microstructures which enables a high-performance material without HREE Offers high magnetic strength & resistance to demagnetization at elevated temperature, making them suitable for use in high performance applications, such as traction motors The MQ3 magnet is a key part of Honda’s strategy to reduce dependency on China and limited HREE supply HREE-free Traction Motors Magnetic Powder Hot Formed Magnets (MQ3) • Neo’s Magnequench division co-developed with Daido a 0% Heavy Rare Earths magnetic material for use in NEV traction motors for Honda, as a response to the risk around security of REE supply and procurement • MQ’s technical leadership and development was led by its Singapore R&D Commercialization Centre • Neo’s Magnequench division is most technically capable of developing and producing these powders competitively at scale Target Magnetics Powder & Composition Development Neo’s Magnequench and Daido co-developed the only HREE- free traction motor in the world, providing a low-cost, outside-of-China supply chain for traction motor magnets Investor Presentation • 31 Why Invest Value Creation Quarterly Highlights Financials AppendixAbout Neo In the News
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Board of Directors: Independent Directors Neo’sBoard is comprised of current & former senior executives, with backgrounds in law, government, accounting, finance, material science, and rare earth industry management Edgar Lee Chair of Board • 20+ years in M&A and capital markets • Former PM of $6B fund at Oaktree Capital • Management • Former CEO of Oaktree’s 3 Business Development Companies Paul Mascarenas Director • Venture Partner at Fontinalis Partners with global experience in product development and manufacturing • Former Chief Technical Officer and Corporate Vice President of Ford Motor Company • Serves on multiple public company boards; awarded OBE for services to the automotive industry Eric Noyrez Lead Director HESS & Compensation Committees Chair • Former CEOof Lynas Rare Earths & Serra Verde • Former Tier 1 automotive executive Jonathan Evans Director • 30 years in global operations and executive management experience • President, CEO and Director of Lithium Americas since October 2023 • Bachelor of Science degree in mechanical engineering from Clarkson University, with an MSc from Rensselaer Polytechnic Institute Gail Edwards Audit Committee Chair • Former CFO of large-cap publicly listed companies • 20+ years of experience in corporate government and audit committees Hua Du Director, Member of HESS Committee • Current CEO of Asia’s leading aquaculture food supplier • Former President of Global Business Units and Executive of global $15+ billion turnover chemicals and materials company, manufacturing value-add rare earth products Investor Presentation • 32 Why Invest Value Creation Quarterly Highlights Financials AppendixAbout Neo In the News
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Executive Management The Executive Team is Responsible for Growing the Business, Investing Capital, and Contributing to the Communities in Which Neo Operates Neo’sExecutive team is comprised of experienced executives in general management, finance, operations, sales & marketing, law, and engineering Rahim Suleman C E O& President & Director • CFO 2017 – 2023 and CEO since 2023 • Former CFO at Tier 1 automotive suppliers Jonathan Baksh EVP & C F O • Former Divisional CFO at Celestica • Alumnus of General Electric’s Internal Audit Leadership Program Greg Kroll EVPfor MQ • 25 years of sales and general management experience at Neo’smagnetics division Kevin Morris EVP & C S O • 13 years of executive management at Neo • Former managing partner of US law firm Mohamad El-Mahmoud EVPfor C&O & RM • 25+ years career in P&L and product development management at global Tier 1 automotive suppliers Investor Presentation • 33 Why Invest Value Creation Quarterly Highlights Financials AppendixAbout Neo In the News
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Performance Materials Corpora te Headquarters Suite 1740, 121 King Street West Toronto, Ontario, Canada, M5H 3T9 (416) 367 8588 Follow us on: Maggie MacDougall Capital Markets Advisor ir@neomaterials.com For further investor information and company updates: A black and white logo Description automatically generated