Annual report
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Contents INTEGRATED REPORT 4 1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES 47 1.1 Summary of the Group’s performance in 2025 48 1.2 Mining and Metals activity 50 1.3 Exploration results, mineral resources and ore reserves 90 1.4 Holding activity 98 1.5 Innovation, digital transformation and operations integration 99 1.6 Group organisation chart 103 1.7 History of the Company 104 2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 107 2.1 Consolidated financial statements for the 2025 financial year 108 2.2 2025 Statutory accounts 191 2.3 Consolidated financial statements for 2024 and 2023 226 2.4 Dividend distribution policy 226 3 CORPORATE GOVERNANCE REPORT 229 3.1 Governance information 230 3.2 Information relating to the compensation of management and administration bodies 263 4 RISK FACTORS AND CONTROL ENVIRONMENT 307 4.1 Risk management principles 308 4.2 Control and risk management environment 311 4.3 Risk management approach 312 4.4 Main risk factors 317 4.5 Insurance policy 325 4.6 2025 Vigilance Plan – Eramet Group 326 5 SUSTAINABILITY REPORT 351 5.1 General information [ESRS 2] 352 5.2 Strong environmental management [Environmental ESRS] 389 5.3 Climate Change [ESRS E1] 395 5.4 Pollution [ESRS-E2] 422 5.5 Water and marine resources [ESRS-E3] 433 5.6 Biodiversity and ecosystems [ESRS E4] 442 5.7 Resource use and circular economy [ESRS-E5] 461 5.8 Own workforce [ESRS-S1] 471 5.9 Workers in the value chain [ESRS S2] 501 5.10 Affected communities [ESRS S3] 509 5.11 Business Conduct [ESRS G1] 536 5.12 Appendices 549 6 ERAMET AND ITS SHAREHOLDERS 573 6.1 Company’s share market 574 6.2 Share capital 576 6.3 Information about the Company 580 6.4 Shareholders’ Agreements 584 7 SHAREHOLDERS’ MEETING 591 7.1 Text of draft resolutions and explanatory statement 592 8 ADDITIONAL INFORMATION 603 8.1 Person responsible for the Universal Registration Document 604 8.2 Statutory Auditors and certification of sustainability information 605 8.3 Financial information – Available documents 606 9 APPENDICES 609 9.1 Concordance table with the Annual financial report 610 9.2 Management report table of concordance 611 9.3 Concordance table with the Corporate governance report 612 9.4 Concordance table with Delegated Regulation (EU) 2019/980 supplementing Regulation (EU) 2017/1129 614 9.5 Glossary 617 AFR AFR AFR AFR AFR AFR Elements constituting the annual financial report are clearly identified in the contents with the AFR
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20 25 INCLUDING THE ANNUAL FINANCIAL REPORT This Universal Registration Document was filed with the Autorité des marchés financiers (AMF) on 10 April 2026, in its capacity as the competent authority under Regulation (EU) 2017/1129, without prior approval, in accordance with Article 9 of said Regulation. This Universal Registration Document may be used for the purposes of a public offer of securities or admission of securities for trading on a regulated market if accompanied by a prospectus and, if applicable, a summary and any necessary amendments to the Universal Registration Document. All of the above is approved by the AMF in accordance with Regulation (EU) 2017/1129. This Universal Registration Document is a copy in pdf format of the official version of the Universal Registration Document comprising the Annual Financial Report and the 2025 Integrated Report, which was prepared in ESEF (European Single Electronic Format) and filed with the AMF on 10 April 2026 , and available on the AMF website (www.amf-france.org). This copy is available on our website www.eramet.com. 3ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 Presentation of the Group and its activities 1.1 SUMMARY OF THE GROUP’S PERFORMANCE IN 2025 48 Structural measures to strengthen the balance sheet and prepare for the future, after a challenging year in 2025 48 1.2 MINING AND METALS ACTIVITY 50 1.2.1 Manganese activity 50 1.2.2 Nickel activity 63 1.2.3 Mineral Sands activity 75 1.2.4 Lithium activity 82 1.2.5 Exploration department 89 1.3 EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES 90 1.3.1 General information 90 1.3.2 Mineral Resources and Ore Reserves of Comilog SA 92 1.3.3 Mineral Resources and Ore Reserves of Le Nickel-SLN 93 1.3.4 Mineral Resources and Ore Reserves of PT Weda Bay Nickel 94 1.3.5 Mineral Resources and Ore Reserves of Grande Côte Opérations 95 1.3.6 Mineral Resources and Ore Reserves of Eramine SA 96 1.4 HOLDING ACTIVITY 98 1.5 INNOVATION, DIGITAL TRANSFORMATION AND OPERATIONS INTEGRATION 99 1.5.1 Vision, strategy and innovation missions 99 1.5.2 Innovation, data transformation and artificial intelligence 101 1.6 GROUP ORGANISATION CHART 103 1.7 HISTORY OF THE COMPANY 104 47ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Summary of the Group’s performance in 2025 1.1 Summary of the Group’s performance in 2025 Structural measures to strengthen the balance sheet and prepare for the future, after a challenging year in 2025 The principal highlights of 2025 were: • decisive operational milestones with, firstly, the successful ramp-up of lithium production at Centenario in Argentina, with a nominal capacity of nearly 75% reached in December, and secondly, the achievement by Eramet Grande Côte of IRMA 50 performance level , making it Eramet's first mining site and the first mineral sands mine to achieve this level; • deteriorated financial performance in a difficult context, with adjusted EBITDA(1) of €372m (-54% compared to 2024), adjusted FCF of -€481m, including the finalisation of investments to build the lithium plant, and an adjusted leverage ratio(1) of 5.5x; • roll-out of a plan to improve cash generation and strengthen the balance sheet, approved by the Board of Directors with the support of the main shareholders. Financial performance in 2025 The Group's adjusted turnover(1) amounted to €3,155m in 2025, down 7% compared to 2024. Adjusted for an unfavourable currency effect (-3%), the change on a like-for- like basis(1) was -3%(2) mainly due to an unfavourable price impact (-4%)(3), partly offset by a positive volume impact (+2%)(4). Adjusted EBITDA(1) amounted to €372m, down 54%, reflecting: • a negative intrinsic performance of -€82m, mainly stemming from logistics and operational difficulties that weighed on the manganese ore business (-€37m), disruption of the mining plan at PT WBN (-€31m), and the ramp-up of Centenario (-€21m). These impacts were partially offset by improved operational performance in the mineral sands activity (+€17m); • a negative impact from external factors of -€359m, considering an unfavourable price effect (-€193m) particularly in the manganese market, and PT WBN permit restrictions (-€126m), as well as a negative currency effect (-€92m). These impacts were partially mitigated by the sale of CO2 emission allowances as part of the "Cash Boost" programme (+€46m) and the reduction in freight costs (+€23m). Net income, Group share, for 2025 was -€477m, including the share of income in PT WBN (€58m) as well as losses related to SLN (-€107m). Net income, Group share (excluding SLN)(1) amounted to -€370m, mainly reflecting the decline in EBITDA and the limited contribution of PT WBN, as well as an asset impairment charge for the Mineral Sands activity (€171m) mainly linked to the weaker long- term price outlook in this market. Capex financed by the Group(5) totalled €412m, down 17% vs. 2024 and including €235m in non-current investments, mainly in Argentina (€96m) and Gabon (€99m). Adjusted Free Cash Flow(1) (“adjusted FCF”) totalled - €481m. It includes the dividends received from PT WBN of €34m (in line with the strong decline in EBITDA), as well as tax disbursements of €137m, including €80m paid to the Gabonese State – corresponding, on the one hand, to the corporate tax balance for 2024, and on the other, to a tax adjustment for 2019-2022. The “Cash Boost” programme, focused primarily on capex reduction, working capital optimisation, and monetisation of CO2 quotas in Norway, generated a one-off impact of €103m on FCF in 2025. Under the SLN financing agreement signed with Eramet, the French State subscribed to €138m of undated fixed rate subordinated bonds (TSDI) at end-2024 to fund SLN’s cash needs in 2025. The French State has since subscribed €215m in additional TSDI (including €115m in December 2025), increasing total financing received to €353m to ensure financing for SLN in 2025 as well as the first part of 2026. The Group’s net debt was €1,935m on 31 December 2025, after disbursements related to dividends paid to Eramet’s shareholders (-€43m) and Comilog minority shareholders (- €55m) in respect of 2024. Restated for SLN’s net cash position at 31 December 2025 (€111m), the Group’s net debt was €2,046m. As a result, the adjusted leverage ratio1 was 5.5x. At 31 December 2025, the Group's liquidity , including the credit lines that were drawn down in full at the end of January 2026, stood at €1.5bn. No dividend payment will be proposed for 2025. (1) Definitions presented in the glossary (chapter 9.5). (2) Includes -1% scope effect, following the end, in September 2024, of the contract signed with INEOS to sell pig iron produced by Eramet Titanium & Iron (ETI), as part of the sale of the Norwegian subsidiary in September 2023. (3) Declining selling prices for manganese and mineral sands, partially offset by higher nickel ore premiums in Indonesia. (4) Increase in lithium volumes sold in 2025, partially offset by a less favourable mix effect for nickel ore in Indonesia. (5) Net of contributions by the French State for the CapEx of SLN (€17m in 2025 and 2024) and by Tsingshan for the Centenario CapEx (€88m in 2024). 48 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Summary of the Group’s performance in 2025 While SLN’s financial needs will once again be covered by the French State in 2026, a minority shareholder has expressed its intention to exit SLN’s capital and has offered its 10% stake to Eramet for a nominal amount. Eramet responded favourably to this offer, which has no impact on the Group's economic exposure. This transaction, which has no negative impact, would help to maintain maximum flexibility in the context of the work underway on the future of SLN. Plan to enhance cash generation and strengthen the balance sheet In response to a deteriorated financial situation, and with the support of its Board of Directors, Eramet has implemented a financing plan designed to improve cash generation, strengthen its balance sheet, and thus enable the Group to normalise its credit ratios (gearing and leverage), to secure its liquidity and access to the bond market. In the medium term, this enhanced financial flexibility will enable Eramet to seize new growth opportunities. The funding plan is built on three pillars: • Focus on improving performance and cash generation, notably through the roll-out of the ReSolution programme launched at the end of 2025; • Strategic review of assets, with significant monetization options in 202 • Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the main shareholders; necessary resolutions will be voted on at the next Shareholders' Meeting and detailed terms will be specified ahead of the transaction. The plan includes measures taken to preserve liquidity during its roll-out: • Maintained access to the €935m RCF(1) (Revolving Credit Facility) (waiver obtained on the December 2025 gearing covenant from its pool of banks, guaranteeing its availability). The RCF was fully drawn at the beginning of the year as a precautionary measure. A waiver will be requested for 2026; • Potential recourse to the bond market if favourable conditions arise. The Group is committed to a strict capital allocation approach, with deleveraging as a priority, targeted investments, and suspension of dividend payments for the next two years. The representatives of the main shareholders approved this plan at the Board of Directors' meeting of 18 February 2026 and undertook to vote in favour of the resolutions that would be necessary for its implementation. ReSolution, the Group's performance improvement programme In December 2025, Eramet announced the launch of “ReSolution”, a programme of actions designed to improve its performance, unlock value and fully realise the potential of its world-class asset portfolio. This programme provides a clear framework and rigorous methodology to drive the performance improvement initiatives of the Group and ensure their proper execution. It is structured around three main pillars: • Safety and responsible mining, with the ultimate objective of "zero harm" at all sites, through the updating of the safety policy, reinforced leadership and a reduction in workplace accidents and high-potential incidents; • Improvement of operational performance, with specific priorities defined for each asset and more than 50 initiatives already launched and which cover the reliability of the increase in volume of the assets in which the Group has invested over recent years (manganese ore in Gabon and mineral sands in Senegal), in particular: • Manganese ore: improve maintenance and operational excellence, as well as debottleneck transport capacity; • Manganese alloys: improve productivity and optimise costs; • Mineral sands: optimise mining throughput and costs; • Lithium: optimise Centenario ramp-up and improve grade quality; • Nickel (PT Weda Bay Nickel): strengthen subcontractor safety and management; The programme also includes commercial performance improvement actions. • Strengthening cash generation, in particular through CapEx rationalisation. The ReSolution programme aims to deliver an initial total run rate EBITDA improvement potential of €130-170m within two years (at 2025 economic conditions) with full impact in 2028. CapEx is therefore expected to fall by 30% to 40% in 2026 compared to 2025. (1) Revolving Credit Facility. 1 49ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2 Mining and Metals activity 1.2.1 Manganese activity 1.2.1.1 Highlights of the year 1.2.1.1.1 Key figures Manganese activity (in millions of euros) FY 2025 FY 2024 Turnover 1,843 2,025 Manganese ore activity (1)(2) 1,009 1,124 Manganese alloys activity (1) 834 901 EBITDA 357 563 Manganese ore activity (1) (3) 271 455 Manganese alloys activity (1) 86 108 Current operating income 161 354 Net cash flow generated by operating activities 264 364 Capital employed at start of year 1,899 1,768 Industrial investments (4) 237 273 (1) Definitions presented in the glossary (Chapter 9.5). (2) Turnover linked to external sales of manganese ore only, including €72m linked to the Setrag transport activity other than Comilog's ore activity (vs. €66m in 2024). (3) Includes €52m linked to the Setrag transport activity other than Comilog’s ore activity (€43m in 2024). (4) Excluding right-of-use assets under IFRS 16 (€8m in 2025 compared to €6m in 2024). OPERATIONAL METRICS Manganese activity (in thousands of metric tons) FY 2025 FY 2024 Manganese ore and sinter production 7,103 6,803 Volume of ore and sinter transported 6,148 6,115 External manganese ore sales 5,489 5,481 Manganese alloy production 653 635 Manganese alloy sales 639 632 Manganese ore FOB cash cost ($/dmtu) (1) 2.4 2.2 Mining taxes and royalties ($/dmtu) 0.2 0.2 Sea transport cost per metric ton ($/dmtu) 0.7 1.0 (1) Definition updated in the glossary (Chapter 9.5), now excluding mining taxes and royalties (non-controllable), which represent 6% of FOB turnover. 1.2.1.1.2 Operating performance EBITDA for the Manganese activity was €357m in 2025, down 37% vs. 2024: • Ore: EBITDA at €271m (-40%), impacted by declining average selling prices (-11%), rising costs and an unfavourable currency effect; • Alloys: EBITDA at €86m (-20%), penalised by declining selling prices notably in the United States), a less favourable product mix and slightly increasing reductant costs. These impacts were partially offset by the one-off sale of CO2 qutoas (+€46m) as part of the "Cash Boost" programme. Activities In Gabon, operational performance in 2025 was heavily impacted by logistical and operational difficulties at the port of Owendo in H1 and on the rail network. Against this backdrop, the volumes of manganese ore transported and sold externally stood at 6.1 Mt and 5.5 Mt respectively, stable levels compared to 2024. Rail transport remains one of the main bottlenecks in the logistics chain, highlighting the strategic importance of the ongoing investment programme to renovate and modernise the Transgabonese railway, which began to bear fruit at the end of 2025. At the same time, production at the Moanda mine increased by 4% to 7.1 Mt. The FOB (1) cash cost for manganese ore activity was $2.4/ dmtu for the year (+9% on 2024). This increase mainly reflects rising production costs, notably linked to the heavier reliance on a local logistics partner, higher maintenance costs, as well as an unfavourable €/$ exchange rate. Mining taxes and royalties (paid to the Gabonese State) stood at $0.2/dmtu in 2025 (stable vs. 2024). Conversely, sea transport costs per metric ton were down to $0.7/dmtu (-31%). (1) Cash cost calculated excluding non-controllable costs: sea transport costs, marketing costs, mining taxes and royalties. 50 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Alloy production totalled 653 kt in 2025, up 3%, reflecting the restart of production at Dunkirk following the rebuilding of the furnace. Sales increased slightly (+1%), albeit with a less favourable product mix (52% of refined alloys). The alloy margin deteriorated sharply over the year due to the sharp decline in selling prices (particularly in the US) and an increase in the cost of reducers, while the decrease in the price of manganese ore consumed provided only limited relief. In July 2025, Norway’s Ministry for Climate and the Environment ruled in favour of Norwegian manganese alloys producers, including Eramet Norway, regarding unfair treatment, compared to EU producers, in the allocation of free emission allowances under the EU ETS for the 2021-2025 period. Additional CO2 emission allowances were thus allocated to Eramet Norway for this period, enabling the one-off sale of allowances with a positive impact of €46m on the EBITDA of alloys in 2025, as part of the "Cash Boost" programme. Outlook Global carbon steel production is expected to moderately increase in 2026, with a less significant decline in Chinese production than in 2025, positively offset by an increase for the rest of the world – particularly in India where Eramet has a strong business footprint. Demand for ore is expected to decline in 2026, with strong alloy production in India not sufficient to offset an anticipated decrease in production in China. Supply is expected to increase with lower comparatives in 2025, during which a major producer only resumed exports until the beginning of May. The market consensus, which is currently set at around $4.8/dmtu(1) on average for 2026, with a lower H1 than H2, reflects an increase of close to 6% in the manganese ore price index (CIF China 44%) compared with 2025. Demand for alloys is expected to increase slightly outside of China, in line with the growth in steel production. After a year disrupted by logistical challenges, transported ore volumes are expected to be between 6.4 and 6.8 Mt in 2026. This increase will be supported by ongoing railway renovation works and operational performance improvement actions spearheaded under the ReSolution programme. These aim to debottleneck transport capacity by optimising traffic, increasing the number of wagons per train and optimising maintenance. These initiatives will be supported by investments estimated at around €160m in 2026, of which around €70m related to logistics improvements. FOB2 cash cost is expected to be between $2.4 and $2.6/dmtu in 2026, with the favourable effect of the increase in volumes largely offset by an unfavourable currency effect(2) . Following the announcement in 2025 by the Gabonese authorities of the intention to process more ore locally, Eramet is continuing to conduct studies and discussions with the authorities regarding ore processing and value creation options as part of a robust win-win partnership. The Group's objective is to quickly establish a joint roadmap with the authorities that will create value by contributing to Gabon's industrial development as well as the vitality of the associated economic ecosystem. Sales of alloys are expected to be stable over the year. 1.2.1.2 The manganese market 1.2.1.2.1 Main applications ▼ Manganese applications Source: Eramet, January 2026. Steel, main application market with 90% of manganese used All steel producers use manganese in their production processes – an average of 6-7 kg per metric ton of steel, so that the steel takes on its usual properties. Manganese is mainly used in steel in the form of alloys (ferromanganese or silicomanganese) with an average manganese content of 70%, or in the form of manganese metal (pure manganese). Around 2 tons of manganese ore are required to produce one ton of manganese alloys. Manganese is mainly used as an alloying element to improve hardness, abrasion resistance, elasticity and surface condition for rolling. As an alloy element, it cannot be replaced by other non-ferrous metals. It is also used for deoxidation and desulphurisation during steel production. The end uses are mostly construction and infrastructure. Carbon steel, the main outlet for manganese, is an essential material for the construction of modern buildings. The manganese is used, for example, to make reinforced concrete rods more rigid and more resistant, and to manufacture high speed steel used in making cutting tools for mechanical industries. In the transportation area, high- manganese-rich steels are sought after for their strong resistance to wear and tear and deformation. They are used to manufacture an entire series of railway infrastructure parts because they can withstand the weight of trains and (1) As of February 2026. (2) $1.20/€ according to Bloomberg for 2026 in early February, vs. $1.13/€ in 2025. 1 51ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity avoid the distortion of tracks. Manganese is widely used by the automotive industry for the same properties. The main uses for steel are: Source: World Steel Association, Eramet, January 2026. Other applications • Batteries: mainly alkaline batteries. Manganese is also a key component of cathodes for lithium-ion batteries (NMC(1) and LMFP(2)) • Ferrites: used in electronic circuits; • Agriculture: fertiliser and animal feed; • Other uses in chemistry: pigments, fine chemicals. 1.2.1.2.2 Manganese demand Manganese demand thus depends very heavily on trends in global carbon steel production and particularly on China, which alone is responsible for more than half of global production. The economic take-off of China, which has experienced rapid urbanisation with growing demand on its infrastructure, has also contributed significantly to the long period of strong growth in steel production and demand for manganese over the last two decades. In 2025, steel production, estimated at 1,849 Mt, was down by 2.0% compared with 2024. Production was again very uneven depending on the region; it fell by 4.4% in China, while remaining relatively stable in the rest of the world. China, which accounts for more than 50% of global production, is showing a continuous decline due to the downturn in the real estate sector. At the same time, volumes of Chinese steels have continued to increase, reaching a record 119 Mt in 2025, resulting in increased competition on markets in the rest of the world. Many countries have imposed new import taxes on certain products in order to protect domestic industry, however these measures have so far proven insufficient. In Europe, steel production fell significantly (-3.6%), reflecting demand that remains very low and well below pre-Covid levels. European steel producers continue to suffer from global steel overcapacity and the increase in low-cost steel imports, reducing their market share, revenues and profits. However, the extension of the safeguard measures on certain steel products announced by the European Commission should contain imports in 2026 and help domestic producers. Production improved in the United States (+2.1%) against a backdrop of protectionist measures (50% customs duties on steel imports), thus reducing imports, considering the commissioning and ramp-up of new steel mills. This trend is expected to continue in 2026. In India, local demand continued to rise strongly, leading to a 10.4% increase in production in 2025. Demand continues to be supported by state investment in infrastructure and a fast-growing automotive sector. However, this is not the case in the rest of Northeast Asia, where production has fallen once again, particularly in Japan (-4.0%) and South Korea (-2.8%), due to low demand and high production costs. (1) NMC: Nickel Manganese Cobalt. (2) LMFP: Lithium Manganese Ferro Phosphate. 52 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity BREAKDOWN OF CRUDE STEEL PRODUCTION Global production of crude steel Volumes (in millions of metric tons) % annual growth 2025 2024 2023 2022 2021 2025 2024 2023 2022 2021 China 960.8 1,005.1 1,022.5 1,015.1 1,030.2 -4.4% -1.7% 0.7% -1.5% -3.2% Other Asia and Oceania 235.9 240.5 242.3 244.6 260.5 -1.9% -0.8% -0.9% -6.1% 12.2% India 164.9 149.4 140.8 125.4 117.9 10.4% 6.2% 12.3% 6.3% 17.6% European Union 126.4 130.0 126.3 136.6 152.5 -2.8% 3.0% -7.6% -10.4% 15.7% North America(1) 93.6 91.7 93.6 92.7 98.8 2.1% -2.0% 0.9% -6.1% 17.9% CIS 83.2 87.0 90.5 85.9 105.5 -4.3% -3.9% 5.4% -18.6% 3.6% Middle East (incl. Türkiye)(1) 92.2 88.7 85.0 85.1 86.0 3.9% 4.4% -0.1% -1.0% 6.2% Other Europe(1) 6.7 8.1 9.8 10.6 12.2 -16.9% -17.6% -7.4% -12.9% 7.0% Latin America (incl. Mexico)(1) 55.6 56.8 58.6 62.1 64.1 -2.2% -3.0% -5.6% -3.2% 15.3% Africa 30.1 29.5 28.7 24.7 23.8 2.3% 2.7% 16.3% 3.6% 21.5% COUNTRY TOTAL 1,849.4 1,886.8 1,898.0 1,882.8 1,951.3 -2.0% -0.6% 0.8% -3.5% 3.7% Source: World Steel Association, Eramet, January 2026. (1) Compared to the table published in the 2024 Universal Registration Document, Mexico has been reclassified from North America to Latin America, and Turkey from Other Europe to the Middle East. ▼ Trends in global crude steel production (in millions of metric tons) Source: World Steel Association, Eramet, January 2026. 1.2.1.2.3 Manganese supply Manganese ore The supply of ore is made up of ores of varying qualities. A distinction is made between the supply of medium- to high-grade ore with more than 25% manganese content, which is profitable to transport and export (these ore flows are classified as "seaborne"), and the supply of low-grade ore, which is consumed and processed locally. Among the exportable ores, there are two categories: the supply of “high-grade” ore (more than 40% manganese content) and the supply of medium-grade ore (between 30% and 40% manganese content), most of which is commonly known as “semi-carbonate”. Although all these grades of ore are used in combination by alloy producers, high-grade ore has a far greater value in use than that of its high manganese content alone: its mineralogical characteristics allow for a reduction in the electricity and reductants (metallurgical coke) consu med during processing. The increasing constraints on energy supply and carbon impact should allow a n increase of the value in use of high-grade ores in the future. Global ore production in 2025 was estimated at approximately 20.8 Mt of manganese content. It was mainly concentrated in three countries: South Africa, Gabon and Australia. South Africa accounted for 46% of total supply, Gabon 17% and Australia 10%. 1 53ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity However, the types of deposits in these various countries are very different. Australia and Gabon are the main producers of high-grade ore thanks to their rich and shallow deposits, giving them a high degree of competitiveness regardless of the market situation. South Africa has the largest ore reserves in the world, but these consist of medium-grade semi‑carbonate ore, found at higher depths, sometimes deep underground, and with strained logistical and sometimes a high iron content . As a result, South African mining production, although growing over time, must adapt to changes in prices and production costs. MANGANESE ORE PRODUCTION (in millions of metric tons of content) 2025 2024 2023 2022 2021 South Africa 9.6 9.0 8.1 7.1 8.2 Gabon 3.5 3.5 4.7 4.3 3.7 Australia 2.0 1.2 2.6 2.8 3.1 Ghana 1.2 1.2 0.8 0.8 0.7 India 1.2 1.1 1.0 0.8 0.7 China 0.9 0.9 1.0 1.0 1.2 Brazil 0.6 0.5 0.8 0.5 0.7 Côte d’Ivoire 0.6 0.5 0.3 0.5 0.4 Other 1.3 1.6 0.8 1.9 0.7 WORLDWIDE TOTAL 20.8 19.5 20.1 19.7 20.5 Source: Eramet, January 2026. ▼ Estimated manganese ore production by player Source: Eramet, January 2026. ▼ High-grade manganese ore production by player Source: Eramet, January 2026. Eramet is the second-largest ore producer in the world, all grades combined, with 2.7 Mt Mn produced, i.e. 13% of the world's supply. South32, which shipped 2.8 Mt Mn (14% of global supply), is the first ore producer in the world, driven by the resumption of exports from its GEMCO mine in Australia, and its mines in South Africa. However, Eramet remains the world's leading producer of high-grade ore (34% of production), thanks to its Moanda mine in Gabon. 54 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Manganese alloys Manganese alloys are produced by smelting manganese ore at a temperature of around 1,600°C. This process, known as metallurgical reduction, is carried out by adding metallurgical coke to the furnaces, most of which are electric. Few producers, mainly based in China, still use blast furnaces, although this process is becoming anecdotical. Source: Eramet, January 2026. BREAKDOWN OF GLOBAL MANGANESE ALLOY PRODUCTION BY GEOGRAPHICAL AREA 2025 2024 2023 2022 2021 China 14.0 13.2 14.4 13.6 13.9 India 4.5 4.1 3.9 3.9 4.0 Malaysia 0.7 0.7 0.7 0.6 0.5 Norway 0.6 0.6 0.6 0.6 0.7 Russia 0.6 0.7 0.7 0.7 0.6 Japan 0.4 0.4 0.4 0.4 0.5 Brazil 0.3 0.3 0.3 0.3 0.3 Vietnam 0.2 0.2 0.2 0.2 0.2 South Africa 0.2 0.2 0.2 0.2 0.2 South Korea 0.2 0.3 0.4 0.6 0.6 Other 1.5 1.5 1.5 2.4 2.8 WORLDWIDE TOTAL 23.2 22.3 23.2 23.4 24.4 Source: Eramet, January 2026. BREAKDOWN OF GLOBAL MANGANESE ALLOY PRODUCTION BY PRODUCT TYPE 2025 2024 2023 2022 2021 Silicomanganese (of which refined) (1) 73% 74% 76% 75% 74% High-carbon ferromanganese 18% 17% 16% 17% 18% Refined ferromanganese 9% 9% 8% 7% 8% Source: Eramet, January 2026. (1) We currently do not have sufficient information to distinguish between volumes of refined silicomanganese compared with those of standard grade silicomanganese. Among the standard alloys, silicomanganese is the one that has experienced the strongest growth, particularly in China, where demand for the alloy has seen a sharp increase in the face of the growth in demand for long steel, particularly for reinforcing bars with a significant manganese content. The availability in China (as well as in India and Ukraine) of local low-grade ore, which can more easily be used to produce silicomanganese, has favoured its development. However, low-grade ores are always mixed with rich imported ores in an ongoing attempt to achieve a price/performance balance. Lastly, silicomanganese is preferred for construction steels, a predominant activity in China over the last decade. The Chinese market is characterised by a very large number of alloy producers that are highly dependent on imported ores, and who consume more than 60% of internationally traded ore. As a result of the introduction of export taxes in 2008, China is not a significant player in the international alloy market, unlike India, which is a major exporter. However, the Chinese export tax was lifted in 2012 for electrolytic manganese metal, a competitive product to refined alloys. 1 55ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Refined alloys account for a low share of global alloy production, but are higher added-value products due to their low carbon and high manganese content, which makes them particularly suitable for more demanding steel markets such as the energy and automotive markets. Manganese metal Manganese metal is produced using a hydrometallurgical process and electrolysis (Electrolytic Manganese Metal or "EMM"). It is an extremely pure manganese (over 99%) product, generally produced in the form of flakes. Since the hydrometallurgical process is suitable for the treatment of low-grade ores, EMM production is concentrated in China, the main exporter of metal with the emergence of one producer that alone accounts for more than 50% of global EMM production capacity. The main markets for manganese metal are carbon steel, stainless steel and aluminium alloy production. Global manganese metal production varies between 1 and 1.6 Mt per year, depending on the year. Manganese oxide Manganese oxide is obtained by a process of reducing manganese dioxide or by a process of calcining manganese carbonate. It is mainly used as an input for fertilisers, animal feed and welding, or as an intermediate product for the battery market. These markets are expected to remain relatively stable over the next few years. Meanwhile, there has been very strong growth in manganese oxide for rechargeable batteries, driven by NMC(1) and LMFP(2) types. This sector is expected to grow strongly in the coming years. 1.2.1.2.4 Price Formation and monitoring of manganese ore prices The sale price of manganese ore is usually expressed in USD/dmtu (dry metric ton unit). The dmtu price is higher for high-grade ores, and also depends on particle size and the possible presence of impurities. There are currently two reference indices for manganese ore prices: CRU and Fastmarkets. These two independent companies specialise in the analysis and publication of reference prices for the mining and metal products markets. The prices are referenced for two ore grades: 44% and 37% of manganese for different Incoterms®(3). The Free On Board (FOB) reference indicates that the transfer of the seller’s costs and risks to the buyer occurs when the goods are loaded on board the ship at the embarkation port. The Cost Insurance and Freight (CIF) reference indicates that the seller covers the shipping costs to the destination indicated by the Incoterm®, and is required to take out insurance covering the risks linked to the transportation of the goods to the specified location. Manganese ore is transported in bulk in ore carriers. The Baltic Dry Index (BDI) serves as a reference index for the price of dry bulk sea transport (mainly ore, coal and grains). The index is published by an independent organisation based in London – the Baltic Exchange – and is established on the basis of information provided by an international panel of maritime brokers on the most recent contracts concluded. It is divided into several other indices according to the size of the ships. Manganese ore prices are set by over-the-counter negotiations between market stakeholders (producers, consumers, traders). These negotiations are generally conducted on a monthly basis, primarily with Chinese players, who account for nearly 60% of the volumes traded worldwide. Given the sea journey between Gabon and the ports of destination, the invoiced price is behind the spot price by around a month. These prices are then applied in the secondary markets, accompanied by premiums or discounts. However, longer- term contracts can stipulate guaranteed sales volumes for multiple players. Chinese players are likely to continue to play this role due to the advanced development of the Chinese market (port market, numerous intermediaries, financial derivatives on silicomanganese). The gap between the referenced prices for 44% and 37% manganese ore grades makes it possible to assess the valuation difference between high-grade and semi- carbonate ore, linked among other things to energy prices and constraints on the availability of these grades. (1) NMC: Nickel Manganese Cobalt. (2) LMIP: Lithium Manganese Ferro Phosphate. (3) Incoterms®: standardised terms that define the respective obligations and responsibilities of buyers and sellers in international transactions. 56 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity ▼ CIF China monthly price of 44% manganese ore (in USD/dmtu) Source: CRU, January 2026. Manganese alloys prices There is no market exchange as such for manganese alloys, except in China. Prices are negotiated directly between producers and customers. As far as scheduled sales are concerned, alloy prices are often negotiated on a quarterly basis. Non‑scheduled sales are often negotiated on the basis of spot prices. The manganese alloys market is a global market by nature, but with strong regional trends. China is generally a closed market due to a prohibitive export tax; only international prices that are much higher than local prices result in exports. The Asian markets are less attractive because they are extremely competitive. The European market has moderate import taxes and attracts few Asian imports, other than from India. Finally, the North American market is the most isolated, relying mainly on imports (lack of significant local supply) and showing somewhat higher average prices than the rest of the world due to the remoteness of suppliers and high transport costs. The different alloy families have price differences related to their value in use and their content of certain chemical elements critical to steel, such as carbon and phosphorus. In this regard, refined alloys in particular command a much higher sale price than standard alloys. There are several reference indices which are used to track trends in manganese alloy prices using weekly to monthly spot price surveys. The most used by market players (buyers and sellers) are mainly CRU but also Fastmarkets, Platts, TEX and Argus Metals, depending on the commercial practices of the different markets and geographical areas. ▼ Price of manganese alloys in Europe (€/metric ton) Source: CRU, January 2026. 1 57ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Generally speaking, fluctuations in the price of manganese alloys reflect those of ore and/or steel. However, the ability of producers to preserve their margins largely depends on supply and demand regional balances for each type of alloy. 1.2.1.2.5 Recent trends and market outlook In 2025, global manganese ore production reached 20.8 Mt of manganese units, an increase on 2024. This increase is mainly due to the resumption of activity at the world's second-largest mine in Australia, following severe constraints on supply in 2024. In Q3 2024, a marked slowdown in demand, particularly in China, led to a drop in supply in Q4 2024 and Q1 2025, in the context of a prolonged lack of Australian production. This situation caused a 40% drop in ore inventories in China, which reached 3.6 Mwmt at the end of Q1 2025, compared to an average of 5.8 Mwmt over the previous two years. The recovery in demand in Q1 2025, not immediately followed by supply, led to a rise in prices in Q2 2025, peaking at USD 5.10/dmtu at the end of April. Market balance was restored during the second half of the year. Chinese demand remained supported by high levels of alloy production, fuelled by speculative sentiment and the anticipation of support measures for the construction sector. At the same time, the resumption of production in Australia (+62%) and strong supply from South Africa (+7%) led to a return to high production levels. Conversely, Gabon (stable) and Ghana (-6%) underperformed due to logistical and maintenance constraints, while India (+11%) and Côte d'Ivoire (+25%) posted solid growth, albeit representing a limited share of global supply. Silicomanganese prices in Europe were volatile throughout the year, due to uncertainty surrounding safeguard measures on ferroalloys. Against a backdrop of weak demand, they reached their lowest level in two years in October 2025, down 8% over the year and 50% compared to the peak in 2022. Following the adoption of the safeguard measures, prices began to recover at the end of the year, as players anticipated temporary pressure on trade flows. High- and medium-carbon ferromanganese followed a similar trajectory, hampered by limited demand and increasing competitive pressure from India, whose capacities continue to increase. Price volatility is expected to persist in the short term, before gradually stabilising once the reorganisation of trade flows is complete. 1.2.1.3 Manganese activity overview 1.2.1.3.1 Structure and positioning The Manganese activity combines the ore extraction activities in Gabon, its transportation by rail, including the other transport activities linked to the Trans-Gabonese railway concession and its loading at the port. This activity also includes manganese ore processing activities, essentially in the form of manganese alloys for the steel industry. It includes several companies: • Comilog, a company operating under Gabonese law, 63.71% owned by Eramet. Its activities mainly include the operation of the mine, the manganese ore sintering plant and manganese alloy production, in Moanda (Gabon); • Setrag (a subsidiary 51% owned by Comilog), concession holder of the Trans-Gabonese railway; • Comilog Dunkerque (a Comilog subsidiary), which produces manganese alloys in France; • Eramet Norway, which operates three alloy plants in Porsgrunn, Sauda and Kvinesdal (Norway); • Eramet Marietta, which runs a manganese alloy plant in the United States. Eramet is a leading global player in the manganese industry, in both mining extraction and ore processing: • the Moanda mine is the world’s largest manganese mine, and overall, the Group is the world’s largest producer of high-grade ore, with a market share of 34% in 2025. • the largest producer of refined alloys, which are higher value-added products, and the world’s second-largest producer of manganese alloys. Thanks to its industrial presence and its very comprehensive range of products, the Manganese activity, backed by the Group’s commercial network, can offer a flexible response to the various manganese-related needs of its customers. 58 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.1.3.2 Activities and products Manganese mining activities and processing (manganese alloys) ▼ Illustration of the stages involved in manganese ore processing activities at Eramet MANGANESE ORE PRODUCTION (in thousands of metric tons) 2025 2024 2023 2022 2021 2020 Manganese ore and sinter production 7,103 6,803 7,409 7,539 7,024 5,803 1 59ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity The mine The Moanda deposits are among the richest manganese deposits in the world. The commercial ore content averages about 45%. The mine’s reserves and resources are discussed at the end of this section. Mining operations are carried out in open pits. The layer of overburden covering the ore is a few metres thick. The extracted ore is processed by crushing, screening and washing units to produce rock or fine products, and to separate them from impurities and waste products. The resulting ore is transported by conveyor or lorry to Moanda railway station. The enrichment and sintering plant The Moanda industrial complex (CIM) processes the fine byproducts of beneficiation, as well as manganeferous sediments extracted from the Moulili River. The low prices of manganese ores in 2025 led to the suspension of sediment extraction from the Moulili River, modifying the long-term supply plan of the CIM, and the mining sequence now provides for its supply from fine byproducts and non- marketable fines from the washing plants. These products are enriched to increase their manganese content from approximately 35% to just over 50%. Some of the concentrates produced by this process are sold directly, while the rest is mixed with coke and sintered at a temperature of 1,300°C to achieve a product with a manganese content of approximately 56%. The CIM plant has a production capacity of 650,000 metric tons per year. The sintered product is mainly intended for melting in furnaces (Eramet plant and external customers) for transformation into manganese alloys. Logistics The Trans-Gabonese railway (Setrag, a 51%-owned subsidiary of Comilog since the end of January 2022) transports Comilog’s manganese ore and that of other ore producers, as well as wood, general cargo and passengers, between Franceville and Libreville, a distance of more than 600 km. Setrag plays a key role in the transportation system in Gabon, both for passengers and consumer goods, as well as hydrocarbons, conventional freight or from mining activity, and contributes to the economic growth of the 5 provinces through which the railway passes. Comilog owns and operates its own locomotives and goods wagons. In November 2021, Meridiam, a private investor (1), acquired a stake in Setrag through a capital increase of approximately €30m, giving it a 40% shareholding in the subsidiary. In addition to its capital contribution, Meridiam has also committed to contributing to the financing of the track upgrading plan undertaken by Setrag and providing its railway expertise to ensure the future development of the Trans-Gabonese railway. As part of the agreement signed between the parties, the Gabonese State also acquired a 9% stake in the subsidiary in January 2022 and an amendment to the Trans-Gabonese rail concession contract was signed, extending its duration by 10 years to 2045. The concession, which was obtained in November 2005 for a period of now 40 years, secures the connections and ensures the shipment of rapidly growing quantities of ore. In 2016, Setrag embarked on a major railway renovation and operational progress programme which will last over 10 years, the first stages of which have already allowed it to make significant progress in terms of logistics. Through its subsidiary, Port Minéralier d’Owendo, Comilog is a concession holder for its ore carrier port, the port of Owendo, with a storage capacity equal to roughly one month’s production. The port can accommodate 55,000- metric ton ships and load them in three days. An optimised transshipment solution allowing the sea transport of manganese ore by larger vessels was deployed at the beginning of 2022. As such, the loading of Capesize vessels (200,000-metric ton ships) is helping to reduce sea transport costs for manganese ore. Manganese alloy production Eramet is the world’s leading producer of refined alloys. The range of alloys produced by Eramet spans from standard products (high-carbon ferromanganese, silicomanganese) to higher value-added refined products (medium and low- carbon ferromanganese, low-carbon silicomanganese) with high value added. Eramet operates 6 production sites worldwide: three plants in Norway (Kvinesdal, Porsgrun and Sauda), one in France (Dunkirk), and one in the United States (Marietta). Since 2014, the Moanda Metallurgical Complex in Gabon (C2M), producing silicomanganese, has complemented this production. The European sites and the one in Gabon, benefiting from which nuclear and hydroelectric power sources enable Eramet to produce alloys with a significantly lower carbon footprint than most of its competitors. Production of manganese oxide (MnO) C2M has four rotary furnaces producing MnO, with a nominal capacity of almost 46,000 metric tons per year. Since 2021, Eramet has sold MnO on the agricultural, animal feed and battery markets. MANGANESE ALLOY AND MANGANESE OXIDE PRODUCTION (in thousands of metric tons) 2025 2024 2023 2022 2021 2020 High-carbon ferromanganese 68 81 61 85 67 83 Standard silicomanganese 247 218 238 273 276 251 Refined alloys and manganese metal 338 336 336 319 404 363 Manganese oxide (MnO) 9 5 9 7 5 - TOTAL 662 640 644 683 752 698 (1) Meridiam is an investment fund specialising in the long-term management of sustainable public infrastructure. 60 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity MANGANESE ALLOY AND MANGANESE OXIDE PRODUCTION SITES Site Country Production capacity Type of furnace Income Dunkirk France 80 kt Electric furnace SiMn Sauda Norway 220 kt Electric furnace HC, MC, LC FeMn Porsgrunn Norway 170 kt Electric furnace HC, MC, LC FeMn, SiMn Kvinesdal Norway 165 kt Electric furnace SiMn, LC SiMn Marietta United States 120 kt Electric furnace HC, MC, LC FeMn, SiMn Moanda Gabon 65 kt Electric furnace SiMn 46 kt Rotary furnace MnO 1.2.1.3.3 Industrial investments (in millions of euros) 2025 2024 2023 2022 2021 2020 Industrial investments - mines and plants 186 195 327 227 211 154 Trans-Gabonese Railway Modernisation and Security Programme 51 78 51 46 33 42 In 2025, the Manganese activity continued its investment programme aimed at increasing the ore transport and loading capacity, with the commissioning of the latest industrial facilities whose construction had begun in previous years. Total investment dedicated to the organic growth of the ore activity in terms of transport and loading, and borne by Comilog, amounted to €48m. Setrag's expenses for the renovation of the railway amounted to €51m. Environmental and societal projects were also carried out, such as the construction of the CIM atmospheric emissions treatment plant (REACIM project) which was completed in 2025. Its commissioning is scheduled for the first quarter of 2026. Ongoing investments to maintain existing facilities and studies necessary for future developments (integrated operations planning, making port facilities more reliable and stabilising coastal erosion) account for the remainder of investments. Major investments were made in the plants dedicated to the production of alloys, focused on the preservation of the main industrial tools, the upgrading of various industrial and port infrastructures, as well as targeted production projects. The restarting of the Dunkirk furnace, which began at the beginning of 2025, proved to be complex and had to be postponed following a major incident at the end of September 2025. Its recommissioning is expected to continue in 2026, following the implementation of certain technical adaptations and adjustments. In addition, the furnace refurbishment programme will continue in 2026, including the relining of the Sauda furnace, scheduled for the end of the year. Trans-Gabonese Railway Modernisation and Security Programme The Modernisation and Security Programme ("MSP") is part of the continuation of the Track Upgrading Programme launched in 2016. The aim is to restore and then increase the original transport capacity of the Trans-Gabonese railway line. A multi-year works plan for the railway line was implemented, and 2025 was marked by an unprecedented intensity of work since the programme began: • Finalisation of the consolidation of approximately 40 km of unstable platforms (work to be carried out by the Gabonese State), • Significant progress on the track superstructure (rails, sleepers, ballast): more than 83 km of wooden sleepers were replaced by concrete sleepers and 58 km of the railway track was replaced with heavier rail. The installation and commissioning of the equipment required for the new railway signalling system (switches, Train Controlling System (TCS)), the securing of the railway perimeter (fences, footbridges) and the renovation of station infrastructure (drivers' lounges, staff housing) are also ongoing. The total amount of investments made since the launch of the programme was in the region of €450m at the end of 2025, of which €50m provided by the Gabonese State. The remainder is being carried by Setrag, which benefits from several tranches of international financing through the IFC (a member of the World Bank Group) and Proparco (a subsidiary of the AFD - French Development Agency), with the Comilog Guarantee. In 2025, Amendment 4 to the Concession Agreement was signed between Setrag and the Gabonese State to formalise the continuation of the Track Modernisation and Security Plan. This amendment specifies in particular the schedule of works and the financing methods. The AFD and the Gabonese State have agreed a new tranche of financing of €203m, including a €30m grant from the European Union to continue the plan to modernise and secure the railway, and in particular to renovate the engineering and hydraulic structures. In addition to the continuation of this project, investments continued over the course of 2025 to improve safety (notably by closing off the perimeter and building additional pedestrian walkways over the tracks), reduce the environmental impact and boost productivity. 1 61ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.1.3.4 Strategic growth projects Manganese ore The Moanda mine in Gabon remains the largest high-grade manganese mine in the world, with a production capacity of 8 Mt per year and significant reserves allowing for further development over many years. In the context of declining prices and increased financial discipline, investments in 2025 focused on the completion of construction work and the commissioning of new facilities to help reduce logistics bottlenecks at both ends, i.e. at Moanda station and the port of Owendo. Ore storage facilities and the loading capacities of trains and ships have thus been extended. In the context of the ReSolution programme, the improvement of the logistics chain is the main driver of improvement for the manganese ore business. This structured programme, carried out jointly by Comilog and Setrag, is accompanied by measurable KPIs: optimisation of traffic management, improvement of the reliability of rolling stock, and better coordination of terminal operations. Productivity and cost efficiency actions at the mine, on the railway and at the port. In 2026, Eramet is working towards transport ore volumes of between 6.4 and 6.8 Mt (compared to 6.1 Mt in 2025), with streamlined debottlenecking investments of around €70m (-30% vs. 2025). The objective of maintaining FOB cash cost in the top quartile of the cost curve remains key for the business. Manganese alloys The strategy of the alloys business is based on a value-over- volume approach: in an intrinsically cyclical market, value creation is more about optimising the product mix and margin than about volume growth. The manganese alloy market requires a significant capacity for adaptation in order to take full advantage of its expansion phases and to protect against periods of contraction. The recent crises (first health, then energy, linked to global geopolitical imbalances) have reinforced the need for increased agility and flexibility within the production system, which is an essential condition for maintaining profitability. In an unbalanced market context, the capacity to adjust supply, both in terms of type and quality of alloys, as well as the ability to quickly modulate volumes according to demand, thanks to dynamic management of the forecast margin taking into account changes in energy and raw material costs, are valuable assets for Eramet. In addition, the Group aims to develop low-emission products so as to create value by supporting the boom in "green steel". 62 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.2 Nickel activity 1.2.2.1 Highlights of the year From 2024, Eramet’s key performance indicators are presented excluding SLN, because the Caledonian entity no longer has an impact on the Group’s financial and economic performance following the agreements with the French State for the financing of this subsidiary. The tables of concordance with IFRS figures are presented in Note 5.3 to the Group’s Consolidated financial statements (Chapter 2). Definitions are presented in the glossary (Chapter 9.5). 1.2.2.1.1 Key figures Nickel activity (in millions of euros) FY 2025 FY 2024 Turnover 629 597 Adjusted turnover (excluding SLN) (1) 618 636 Weda Bay – 38.7% stake (2) 449 498 Weda Bay – Off-take contract 169 138 EBITDA - 140 - 163 Adjusted EBITDA (excluding SLN) (1) 95 266 Weda Bay – 38.7% stake (2) 102 271 Weda Bay – Off-take contract 3 5 Support functions (3) - 10 - 10 Current operating income - 144 - 177 Recurring operating income (excluding SLN) (1) - 8 - 5 Net cash flow generated by operating activities - 221 - 206 Capital employed at start of year -10 - 71 Industrial investments (4) 20 16 (1) Definitions presented in the glossary (Chapter 9.5). (2) Excluding NPI off-take. (3) Supervision costs for the Indonesian entity. (4) Excluding right-of-use assets under IFRS 16 (€0m in 2025 compared with €3m in 2024). OPERATIONAL METRICS WEDA BAY NICKEL (INDONESIA) FY 2025 FY 2024 Production of marketable nickel ore (1) (in millions of wet metric tons – 100%) 41.9 32.0 Production of low-grade nickel ferroalloys (in thousands of metric tons of nickel content – 100%) 35.8 30.5 Sales of nickel ore (in millions of wet metric tons – 100%) 38.5 30.3 Including: • Saprolite 25.5 28.5 • Limonite 13.1 1.8 Sales of low-grade nickel ferroalloys (in thousands of metric tons of nickel content – Eramet off‑take) 15.8 12.4 (1) With the approval of a new feasibility study (long-term mining plan) in the summer of 2024, certain low-nickel ores, which were considered as waste rock and not included in the official ore production, are now classified as ores and recorded in production. 1.2.2.1.2 Operating performance Adjusted EBITDA (excluding SLN)(1) for the Nickel activity amounted to €95m in 2025 (-64% vs. 2024). PT WBN's share of EBITDA (excluding the off-take contract) amounted to €102m (-62%), penalised by a less favourable product mix, the significant decline in the average ore grade (-20%) and rising production costs. This decline was partially offset by significant premiums on the reference price (higher than 70% for saprolite). Activities In Indonesia, following the upward adjustment of the RKAB(2) in July 2025, external ore sales (3) reached 38.5 Mwmt for the year, up 27%. However, this increase was accompanied by a less favourable product mix. Saprolite (1) Definitions presented in the glossary (Chapter 9.5). (2) RKAB: "Rencana Kerja dan Anggaran Biaya" (Full-year operating permit) (3) At the plants on the industrial park, other than the NPI JV plant. 1 63ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity volumes sold accounted for 64% of the total at 25.5 Mwmt, down 11% year-on-year. In order to rapidly market the volumes authorised under the revised RKAB, low-grade saprolites were sold in addition to high-grade saprolites, thereby lowering the average grade (-13% on average). Limonite volumes represented 34% of the total at 13.1 Mwmt (x7 vs. 2024), driven by the growing demand from HPAL plants in the IWIP industrial park. Internal consumption for the PT WBN NPI plant reached 3.4 Mwmt for the year. PT WBN continued to benefit from significant premiums (more than 70% over the year vs. the HPM Nickel index) for its high-grade saprolite selling prices, against the background of domestic supply restrictions. At the same time, production costs at the mine increased, reflecting lower productivity (primarily, an increase in the strip ratio) and longer haulage distances. This was compounded by the increase in royalties, effective from April 2025. The plant's NPI production increased by 17% over the year to 35.8 kt-Ni. As part of the off-take contract (trading activity), NPI sales stood at 15.8 kt-Ni, up 27%. PT WBN's contribution to the Group's free cash flow was limited to €34m in dividends paid in 2025. This low contribution can be attributed to the substantial decline in EBITDA, amplified by a calendar effect tied to year-end sales (14.3 Mwmt over November and December, representing 37% of annual volumes), which will be collected in early 2026. Outlook Demand for primary nickel is expected to grow at a faster pace in 2026 (+5%), notably driven by the expansion of stainless steel production in China, India and Indonesia. Nickel consumption by the batteries sector is also expected to accelerate. Primary nickel production should continue to grow (+4%), particularly with the increase in NPI production in Indonesia, ferronickel, and with MHP production stepped up for HPAL projects. However, the potential limitation of mining permits in Indonesia could reverse this trend and have a strong impact on production levels in 2026. The nickel market starts the 2026 financial year with a surplus but could gradually rebalance. For 2026, the market consensus for LME nickel prices currently stands at around $15,750/t-Ni(1), representing an increase of around 4% vs. 2025. In early February, PT WBN received an initial notification from the Indonesian authorities to submit an RKAB application for an annual production and sales volume of 12 Mwmt of nickel ore in 2026 (including 3 Mwmt of internal sales). While remaining supportive of the market rebalancing policy pursued by the Indonesian authorities, PT WBN plans to submit as early as possible a request for an upward revision of this quota, which represents a disproportionate reduction for PT WBN. The initial RKAB granted in 2025 was 32 Mwmt before being revised upwards to 42 Mwmt in July. PT WBN will for the time being initiate the preparation of this new RKAB and assess, with the local authorities, its subcontractors, its customers and other local stakeholders, the necessary adaptations to its mining operations in response to this significantly reduced level of production. Production costs per metric ton of ore could increase compared to 2025, depending on authorized volumes and mining plan adjustment costs. In this context of increasing pressure on local ore supply, the ore price premiums from which PT WBN benefits compared to the HPM Nickel reference price index, as well as the index itself, are expected to further increase compared to 2025, particularly in H1 if a structural shortage of ore emerges. 1.2.2.2 The nickel market 1.2.2.2.1 Main nickel applications Stainless steel, main application market with 65% of primary nickel used Nickel is a critical component in the manufacture of numerous products due to its physical and chemical properties. It is thus combined with chromium and other metals to make special steels, including stainless steel, which have unique qualities of resistance to corrosion, ductility and ease of forming steel. Stainless steel is mainly used in the consumer goods sector, particularly in the kitchen (utensils, cutlery, household appliances), and by extension in the catering and agri-food sector (transport and storage). It has many other uses in the transport, construction, chemical and energy industries. Nickel in the energy transition In the transport sector, the rapid development of rechargeable lithium-ion batteries for electric vehicles is strongly supporting demand for nickel. Nickel is the metal with the highest energy density and significantly increases the storage capacity of these batteries, an essential element to achieve greater levels of range and power. The demand for nickel for the manufacture of electric vehicle batteries is expected to triple by 2035 and serve the passenger vehicle and road transport markets. The properties of resistance to wear and corrosion also open up the use of stainless steel to growing applications for the energy transition, such as the construction of offshore wind farms, photovoltaic solar farms, nuclear power plants, liquefied natural gas (LNG) storage tanks and carbon capture and storage (CCS) technologies. (1) As of February 2026 64 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Lastly, other outlets exist for the use of nickel, albeit on a smaller scale, such as superalloys for aeronautics, electrotyping (1), catalysis and pigments. Nickel recycling Nickel is infinitely recyclable, and its high economic value makes it profitable to collect and recycle. The structure of the nickel recycling industry has been in place for many years. Nickel is most often recycled in the production of stainless steel, and the proportion of secondary nickel should increase further in the next few years as this sector expands in China, the main source of production. ▼ Main applications of primary nickel in 2025 Source: Eramet, January 2026. The primary uses for stainless steel are: ▼ Main uses of stainless steel (end consumption of nickel) in 2025 Source: Nickel Institute, SMR, January 2026. • metallic products: mainly for food safety and hygiene (kitchen utensils, cutlery, catering) and medical applications such as surgical equipment; • building and construction: to combine aesthetics, durability and low maintenance costs, in lifts, ramps, street furniture and other building accessories; • industry: with three predominant sectors that are (1) chemicals, petrochemicals and offshore, (2) food processing (tanks and piping for the production of milk and wine), and (3) energy, such as tanks and heat exchangers; • transport: to limit corrosion and therefore keep maintenance costs down: trains, ships, tanker lorries, aeronautics and automotive catalytic converters; • electric and electronics: household appliances (washing machines, refrigerators, etc.), data centres, consumer electronics (computers, smartphones, etc.). 1.2.2.2.2 Nickel demand In 2025, the stainless steel industry, nickel’s main outlet, generated higher demand than the previous year, with a 1.7% increase in global production, which reached 62.6 Mt. This growth was largely supported by the increase in production in China (+2.4% compared with the previous year), particularly in the 4th quarter, driven by an increase in exports of finished products. Indonesia also saw an increase of more than 1% compared with 2024. Conversely, in the rest of the world and particularly in Europe, production was penalised by an unfavourable macroeconomic environment (notably due to the slowdown in household consumption and the reduction in investments in industrial projects). Overall, primary nickel consumption in stainless steel stood at 2.2 Mt (up 3% compared with 2024), thanks to strong growth in Chinese production in the third quarter of the year, particularly in the 300 series, which consume more nickel. Consumption of secondary nickel in stainless steel (from recycling) reached 1.1 Mt (an increase of 2% compared with the previous year). Among the other applications, the demand from the battery sector grew by 7%, improved growth despite the stronger development of lithium-iron-phosphate battery chemistries (containing no nickel) in China. Demand from the metallurgy and special nickel alloys sectors both grew by 4% over the year. Non-stainless steel applications thus consumed nearly 1.2 Mt of primary nickel (+8% compared with 2024). In total, primary nickel consumption increased by 4% in 2025. 1.2.2.2.3 Nickel supply Nickel products There are two categories of primary nickel: • Class 1, pure nickel metal: mainly includes electrolytic nickel, powders and nickel briquettes. These products generally correspond to the chemical specifications required by the LME(2), with a nickel grade above 99.8%. This class is usually associated with nickel salts, including nickel sulphates (NiSO4 ), which are mainly used in the production of precursors for active materials for the cathodes of lithium-ion batteries. With the boom in the electric vehicles sector, production of the above has expanded significantly. These are mainly manufactured from intermediate products such as MHP (Mixed Hydroxyde Precipitate) and nickel matte, and marginally by the dissolution of briquettes. (1) See glossary (Chapter 9.5). (2) LME: London Metal Exchange. 1 65ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity MHP is an intermediate product containing over 30% nickel and 5% to 10% cobalt and is produced using the HPAL (High Pressure Acid Leach) hydrometallurgical process, which is undergoing significant growth in Indonesia, with 420 kt produced in 2025. The production of nickel matte has also increased over recent years, thanks to the NPI (Nickel Pig Iron) conversion process in Indonesia, representing 92 kt in 2025. These two intermediates are mainly refined in China. In 2025, Class 1 represented around 40% of total primary nickel production; • Class 2, nickel ferroalloys: this category mainly includes NPI and ferronickel, produced by pyrometallurgy and intended for the stainless steel market. These products are not authorised for delivery at LME warehouses. In 2025, this class represented 60% of global production of primary nickel, following the exponential growth of NPI in Indonesia and the dominance of stainless steel in the end use of nickel. It should be noted that some Class 2 nickel is converted into Class 1 nickel using the NPI-to-matte conversion process. Nickel ore producers Nickel is extracted from two types of ore: • oxidised ore, or limonites, generally located in tropical zones and mainly mined in Indonesia, the Philippines, New Caledonia and Brazil. The deep layers of the deposit, known as saprolites, with an iron content of around 15% and a high nickel content, are suitable for pyrometallurgical processing to obtain ferronickel or NPI. Limonites, present in the upper layers of these deposits, are more suited to the hydrometallurgical process used for producing MHP; • sulphide ores, primarily found in Russia, Canada, Australia and China and generally used to produce high-purity nickel via hydrometallurgical processes. Oxidised ore currently represents over 80% of global nickel ore production (in nickel units). After being overtaken by the Philippines, following a three- year ban on nickel ore exports (2014 to 2016) without any domestic outlets at that time, Indonesia has regained its global leadership in nickel ore production since 2017 and is far outstripping its competitors. Indonesian production is stimulated by numerous NPI and intermediate product projects developed in the country. Since the reinstatement of the ban on the export of nickel ore in January 2020, all of the ore extracted is intended for domestic use. Indonesia alone accounts for over half of the nickel ore produced in the world, and this share is likely to increase in the coming years as refinery projects are announced in the country. There are, however, a number of issues affecting the sustainability of this trend, including a decline in the nickel content of the ore produced. Meanwhile, in the Philippines, the nickel content of the country’s ore also declined and some sites were closed for environmental reasons. The country currently accounts for around 8% of global ore production, but remains the leader in terms of ore exports, despite a drop in demand in China (leading consumer of Philippine ore). The vast majority of lateritic nickel ore exports come from the Philippines, which held an 87% market share in 2025, driven by imports from Indonesian industrial parks. New Caledonia is the second largest exporter, accounting for 8% of global exports (in wet tonnage) in 2025. Despite a high- grade, low-humidity nickel ore with a sought-after chemical composition, New Caledonia is not benefiting from the growing demand from Indonesia. Among New Caledonia's nickel ore exports, SLN now represents only 11% (compared to 35% in 2023), i.e. less than 1% of global exports. ORE PRODUCTION (in thousands of metric tons of nickel content) 2025 2024 2023 2022 2021 Indonesia 2,767.6 2,345.0 2,030.0 1,579.0 1,069.0 Philippines 335.1 354.0 387.0 360.0 386.4 Russia 200.0 205.0 210.1 220.0 191.2 Canada 151.8 136.0 122.3 96.8 116.3 New Caledonia 143.6 115.5 231.2 200.0 186.3 China 109.3 110.2 112.8 109.4 103.9 Brazil 81.6 68.6 72.4 77.4 75.9 Australia 51.3 99.1 148.8 155.0 150.9 Finland 44.5 43.8 42.4 44.0 42.3 Colombia 39.0 44.8 43.0 46.4 43.8 Other 291.1 238 289.1 321.1 341.7 WORLDWIDE TOTAL 4,174.4 3,760.0 3,689.1 3,209.0 2,707.7 Source: INSG (February 2026). 66 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Primary nickel producers For the fifth consecutive year, Indonesia is the leading country in primary nickel production, with an increase of 22% compared with 2024 thanks to the development of its hydrometallurgical (HPAL units) and pyrometallurgical (NPI, matte) production capacities. In particular, nickel intermediates (MHP, matte) produced in Indonesia experienced a strong enough demand to be refined into nickel metal in China and Indonesia in order to be delivered to the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE) warehouses. A total of around 2 million metric tons of NPI nickel content were produced in 2025 in China and Indonesia. The proportion of NPI in the global production of primary nickel rose to 55% from 24% in 2014 when production first started in Indonesia. In Europe, the production of primary nickel decreased in 2025, entirely defined by the production of Class 1 nickel, while all Class 2 nickel production plants in Europe have now stopped their activities due to non-competitive production costs. PRODUCTION OF FINISHED PRODUCTS (FERRONICKEL, NICKEL PIG IRON, NICKEL METAL, BRIQUETTES, NICKEL SALTS, OTHER PRIMARY NICKEL PRODUCTS (in thousands of metric tons of nickel content ) 2025 2024 2023 2022 2021 Indonesia 2,177.5 1,779.8 1,476.2 1,270.9 945.8 China (1) 610.3 706.0 750.6 776.8 657.4 Russia 138.2 132.0 141.3 123.1 123.1 Canada 126.1 97.9 112.5 121.4 103.2 Japan 112.3 111.3 113.2 118.4 139.6 Norway 99.0 95.8 95.0 81.9 91.2 Brazil 61.4 54.7 57.0 63.4 60.8 Finland 58.4 57.8 58.6 60.0 47.2 Australia 39.0 105.6 117.8 115.8 115.8 New Caledonia 34.9 38.1 72.0 66.3 56.0 Other 203.0 213.7 272.3 306.9 319.1 WORLDWIDE TOTAL 3,660.1 3,438.8 3,131.0 3,110.5 2,639.2 Source: Eramet, January 2026. (1) Primary nickel production takes into account the refining of the intermediate product “nickel matte” produced in Indonesia from local ore. Main producers of Class 2 nickel (ferronickel, NPI) NPI represents approximately 90% of Class 2 nickel, and Tsingshan, Eramet's partner in the PT Weda Bay Nickel joint venture, is the leading player in this market, with a presence in Indonesia and China. 1.2.2.2.4 Nickel price Nickel price on LME and NPI Historically, nickel is listed on the London Metal Exchange (LME). This reference corresponds to a metal with a nickel content above 99.8%. Since late March 2015, nickel metal is also listed on the Chinese SHFE (Shanghai Futures Exchange). The volumes traded and prices on the LME are no longer as representative of the situation on the physical nickel market, which is now focused on the consumption of Class 2 nickel for the stainless steel industry and the production of NPI in Asia. This situation led steelmakers to use the Chinese NPI price index to structure their nickel supply contracts in 2024. The nickel market was still in a surplus situation in 2025, contributing to a continued increase in inventories in LME warehouses, which reached 255 kt at the end of December, an increase of 93 kt over the year. The market surplus is the result of the abundance of Indonesian products coupled with sluggish demand in the battery sector, where LFP batteries have gained market share over NMCs. The LME nickel price showed little fluctuation during the year, particularly during the 2nd half of the year, when it stabilised at around USD 15,000/t (USD 6.80/lb). Nevertheless, it closed at USD 16,485/t (USD 7.48/lb) at the end of 2025, reflecting an increase of 9.8% over the year, mainly in the last days of December. This is attributable to uncertainty regarding mining production budgets authorised by the Indonesian authorities for 2026, leading to strong speculative movements. NPI prices remained very stable during 2025, opening at USD 11,546/t (USD 5.24/lb) in early 2025 to close at USD 11,646/t (USD 5.28/lb), with an average of USD 11,663/t (USD 5.29/lb). 1 67ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity ▼ LME price (in USD per pound and USD per metric ton) and nickel inventories (in metric tons of nickel) Source: LME, SHFE, January 2026. ▼ NPI price (SMM 8%-12%) Source: SMM, Eramet, January 2026. 68 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Nickel ore price in Indonesia The price of nickel ore produced and sold in Indonesia is also the result of direct negotiations between domestic buyers and sellers and is expressed in USD per wet metric ton (wmt). Nevertheless, in 2017, the Indonesian authorities introduced a monthly floor price for nickel ore expressed in USD/wmt for a Free On Board (FOB) Incoterm (i.e. without transport or insurance costs), in order to ensure sufficient profitability for ore producers. This floor price is calculated in accordance with the following formula: Floor price (HPM) = HMA x Nickel grade of the ore (% Ni) x Correction factor x [1 - ore humidity (% H 2O)] in USD/ wmt • HPM: benchmark price for nickel ore, from “Harga Patokan Mineral” in Indonesian • HMA: reference price for nickel ore, from “Harga Mineral Acuan” in Indonesian, equivalent to the average LME cash official nickel price between 5 and 25 M-1 in USD/metric ton of nickel • Correction factor = [Nickel grade of the ore (% Ni) x 1,000 +1] / 100 In 2025, for an ore with a grade of 1.6% Ni and humidity at 35%, the floor price was between USD 25 and 29/wmt for an average of USD 27/wmt. In addition to this floor price, a premium may be added, depending on the supply and demand conditions of the nickel ore on the local Indonesian market. This premium was between USD 16 and 29/wmt, averaging at USD 24/wmt, for an ore with the same characteristics. As such, the selling price for an ore with a grade of 1.6% Ni and humidity at 35% was between USD 44 and 56/wmt for an average of USD 51/wmt over the year. The only publicly available market indices are published by the Shanghai Metals Market (SMM) for the minerals most traded today in Indonesia, in USD/wmt for a CIF ("Cost Insurance and Freight") Incoterm, i.e. including transport and insurance costs. The two indices are: • Grade of 1.6% Ni and humidity at 35%, namely saprolites used in pyrometallurgy for the production of NPI; • Grade of 1.2% Ni and humidity at 35%, i.e. limonites used in hydrometallurgy for the production of MHP. In 2025, the domestic market price of saprolites showed some resilience despite continued weakness in the refined nickel market and persistent pressure on margins for NPI producers. ▼ Nickel ore prices, Indonesia, monthly, $US per wet metric ton Source: SMM, Eramet, January 2026. 1 69ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.2.2.5 Recent trends and market outlook In 2025, primary nickel consumption rose to 3.5 Mt, representing annual growth of 5%, partially generated by the stainless steel industry in China. The battery sector also contributed to an increase in demand thanks to high-nickel chemistries, despite a decreasing share of NMC batteries. Primary nickel production increased by 6%, supported by the continued development of HPAL projects in Indonesia (+50% compared to 2024), which represented nearly 12% of global production. Indonesian NPI production remained predominant and contributed almost half of the global volume, while China's NPI continued its annual decline that began in 2020. The overall market supply therefore remained in surplus in 2025 for the 4th consecutive year, with 60% of the surplus in the form of Class 1 nickel. In 2026, primary nickel consumption is expected to continue to grow, by around 5% compared to 2025, still driven by stainless steel in China and Indonesia and, to a lesser extent, in India. The other sectors are also expected to make a positive contribution, with the battery sector in particular accounting for +40 kt Ni compared to 2025. In terms of global supply, the trend is expected to remain similar to 2025, nevertheless at a slower pace (+4% expected), and marked by the return of growth in ferronickel production. This is linked to the increase in capacity and the recovery of several market players. Thus, the nickel market is expected to remain in surplus in 2026, suggesting that prices will still be under pressure with the accumulation of inventories, particularly in LME warehouses. 1.2.2.3 Nickel activity overview 1.2.2.3.1 Structure and positioning The Nickel activity handles the beneficiation of ore from the nickel mines of New Caledonia and Indonesia (island of Halmahera), either by selling it on international markets, or by processing it into nickel ferroalloy. It currently consists of: • the PT Weda Bay Nickel company in Indonesia, which at the end of 2019 began working a world-class deposit – now the world’s largest nickel mine – developed in partnership with the Chinese company Tsingshan, the leading producer of stainless steel. The mining production feeds the partnership’s plant, which produces low-grade nickel ferroalloy (Nickel Pig Iron - NPI), as well as numerous other Indonesian producers present at the foot of the mine on the Halmahera industrial site; • Le Nickel-SLN (SLN) in New Caledonia, a mining and metallurgy operator which produces high-grade ferronickel at the Doniambo plant and exports nickel ore. Faced with a difficult situation for several years, agreements for the financing of the entity by the French State were put in place in 2024. These agreements thus make it possible to neutralise the impact of SLN on the Group’s financial and economic performance, while Eramet continues its operational support for the entity. The Nickel activity maintains long-term partnerships with its customers and relies on the Group’s sales network. The latter provides significant technical and sales support to customers in order to help them derive maximum benefit from its products in their own production processes. 70 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.2.3.2 Activities and products ▼ Mining activity and nickel processing (ferronickel and nickel ferroalloy) PT Weda Bay Nickel (PT WBN) in Indonesia The mining capacity of PT WBN has grown particularly rapidly since its launch in October 2019, from an initial commercial production of 3 Mwmt of nickel ore in 2020 to nearly 42 Mwmt of nickel ore sold in 2025. PT WBN’s nickel ferroalloy (NPI) plant and the associated infrastructure were built and commissioned in two years, between 2018 and 2020. Since 2021, the plant has put in a solid performance, reaching an annual production capacity of between 30,000 and 39,000 metric tons of nickel content. PT WBN generated EBITDA of USD 370 million (100% basis), resulting in €34m in dividends paid to Eramet in 2025. Mining activity now accounts for between 85% and 95% of the Indonesian subsidiary’s EBITDA. 1 71ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Shareholding, governance and regulatory framework The Indonesian company PT WBN was created to develop the Weda Bay nickel deposit – one of the world’s largest – situated on the island of Halmahera in Indonesia. This company is 90%-owned by Strand Minerals (Indonesia) Pte Ltd. (Strand), based in Singapore, and 10%-owned by the Indonesian public company PT Antam Tbk (Antam), which specialises in exploration, mining operations and the refining and distribution of mining products, including nickel, gold and bauxite. In June 2017, a partnership agreement was signed with the Chinese steel group Tsingshan, the world’s largest producer of stainless steel, in order to obtain maximum value from this mining asset. Eramet holds 43% of the shares in Strand and the Tsingshan group through its subsidiary Newstride Ltd Co. (Newstride) 57%. The desire to implement strong environmental and societal commitments for this project is an integral part of the objectives set out in the agreements signed between Eramet and Tsingshan. The development of Weda Bay is governed by a Contract of Work (“COW”) establishing the framework and its mining concession, and in particular the tax regime applicable to production activity at the start of the site’s operations. This COW was amended in 2018 and is aligned with the prevailing laws and regulations on issues related to state revenues (royalties, tax incentives, VAT), as well as divestment obligations to Indonesian interests. The deposit mining permit was granted for a 30-year period. Nickel mine PT WBN operates at a mining concession, which spans a total surface area of 47,000 hectares, made up of 15 identified and evaluated deposits. The mining operation began in late 2019 in open-pit mines. During mining, on the basis of the mining plan established in agreement with the supervisory authorities, the run-of- mine volumes extracted are separated according to their future use. Firstly, the topsoil is stored separately in the immediate vicinity of the pits in order to be reused to rehabilitate and revegetate the mine after exploitation. Then the tailings which have no industrial use are stored in waste dumps, which are rehabilitated once completed. High- and medium-grade saprolitic nickel ores (> 1.5% and > 1.2% nickel content) are used in pyrometallurgical plants and, from 2023, nickel-bearing limonites (between 1% and 1.3% nickel content) are also processed in High-Pressure Acid Leaching (HPAL) plants at the PT Indonesia Weda Bay Industrial Park (IWIP). The commercial ore is then hauled by lorry from the mine to the storage areas of the metallurgical plant of the partnership or those of the Indonesia Weda Bay Industrial Park. These other plants, which produce nickel ferroalloys (NPI) mainly for the stainless steel market, or battery-grade nickel in the form of an intermediate product (Mixed Hydroxide Product - MHP), also obtain ore from PT WBN, among other sources. The metallurgical plant The PT Weda Bay Nickel plant produces a low-grade nickel ferroalloy (between 12% and 15% nickel content) that is directly marketable. The plant owns four RKEF (Rotary Kiln Electrical Furnace) type production lines. First, the ore is dried by the heat recovered from downstream furnaces. It is then calcinated and then melted in four EAF (Electrical Arc Furnace) furnaces. The plant’s annual production capacity has been revised to take into account lower ore grades and scheduled refractory maintenance, and is now between 30 kt and 36 kt of nickel content in the form of nickel ferroalloy (depending on the nickel grade of the ore consumed). The plant is located at the foot of the mining concession in the IWIP. The industrial park, located on the coast, is home to other companies with metallurgical plants (22 NPI plants, including PT WBN's, and two HPAL plants at the end of 2025), an electricity producer (supplying the plant with power) and a port that provides direct access for cargo ships. Eramet and Newstride (Tsingshan group) have an off-take agreement with PT WBN (on a pro rata basis according to each partner’s stake, relating to the sale of 100% of the plant’s production) under commercial market terms, after deduction of logistics and marketing costs and a commercial margin for Eramet and Newstride. 57% Tsingshan Group Strand Minerals Pte Ltd (Singapore) PT Antam Tbk (Indonesia) PT Weda Bay Nickel (Indonesia) Indonesian Government 100% 90% 65% 10% 43% Eramet Group 72 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity PRODUCTION OF ORE AND LOW-GRADE NICKEL FERROALLOYS 2025 2024 2023 2022 2021 2020 Production of marketable ore (1) (in thousands of wet metric tons – 100%) 41,875 32,032 19,134 15,139 9,899 3,409 Production of low-grade nickel ferroalloy (in metric tons of nickel content - 100%) 35.8 30.5 33.4 36.6 39.0 23.5 (1) With the approval of a new feasibility study (long-term mining plan) in the summer of 2024, certain low-nickel ores, which were considered as waste rock and not included in the official ore production, are now classified as ores and recorded in production. Société Le Nickel (SLN, New Caledonia) Context Since 2024, the State has financed SLN's deficit in the form of undated fixed rate subordinated bonds (TSDI) – treated as shareholders' equity for accounting purposes under IFRS - issued directly by the subsidiary, while Eramet continues to provide operational support to the company, without involving itself in its financing. At the end of 2025, the State renewed its commitment to financing SLN by subscribing to a new tranche of TSDIs for 2026. 2025 2024 2023 2022 2021 2020 Nickel ore production (in millions of wet metric tons) 3.0 2.9 5.8 5.4 5.4 5.4 Nickel ore sales (in millions of wet metric tons) 0.6 0.6 2.7 3.0 2.9 2.5 Ferronickel production (in thousands of metric tons of nickel content) 36.3 32.9 44.8 40.9 39.0 47.8 Ferronickel sales (in thousands of metric tons of nickel content) 36.2 32.9 44.4 41.3 39.2 50.2 Mining activity SLN’s deposits have nickel grades and reserve levels that could make them world-class. Nevertheless, regulatory and socio-economic conditions, and in particular export restrictions, make it difficult to mine them economically. Oxidised ore deposits are mined in open pits. They are generally located at altitudes of between 500 and 1,000 metres. As the incumbent operator, SLN has extensive experience in mining deposits in New Caledonia. The contribution of ore exports has been significantly limited in recent years. Disruptions related to social and societal issues were particularly significant in 2024, leading to a large number of shutdowns and the indefinite suspension of activities at the Thio and Kouaoua mining sites. Since the beginning of 2025, SLN has been working on the gradual reopening of these sites on the east coast, which would improve the supply of the metallurgical plant with the aim of gradually returning to optimal balances in terms of composition and therefore nickel content. Difficulties in accessing exploitable resources are also related to administrative and political issues in the allocation of operating authorisations, as well as export authorisations. Ore transportation Mining production is partly shipped to the Doniambo plant and partly to external customers outside New Caledonia. The first stage of transporting minerals to seaside storage areas is generally carried out by truck. A conveyor belt several kilometres long, which made it possible to avoid traffic, was completely destroyed at the Kouaoua mining site during the riots of 2024. In 2025, preliminary studies were conducted on the resumption of the use of trucks at the Kouaoua mining site. At the port, the ore is stored and standardised before being loaded onto ships. The nickel ore exported is sold to customers that use a pyrometallurgical process in Japan, South Korea and China. As a result of the aforementioned events that occurred in 2024, mining production remained down sharply, as in 2024, compared to 2023 (the last year of operation without major external constraints, with production of 44.8 kt Ni). Most of the volumes shipped were sent to the Doniambo plant to ensure the maintenance and integrity of the electric furnaces. Doniambo metallurgy plant The Doniambo plant produces an iron and nickel alloy (ferronickel). The ore is homogenised then dried. It is then calcined in five rotary kilns. The next step is the melting, which is carried out in three electric furnaces. The resulting product is purified into marketable ferronickel, SLN25 (approximately 23% of nickel in the final product), by ladle refining followed by shot blasting. The entire ferronickel production is sold to stainless steel producers. Eramet generally operates under medium- or long-term contracts, providing for commitments of volume in accordance with periodically negotiated prices. These contracts ensure relatively regular shipments for SLN. As for the mining activity, the operation of the plant was strongly impacted by the events of May-June 2024. The limitation of the overall mining production resulting from the partial activity of the mines led to maintaining a production rate of the plant at its technical minimum to preserve the integrity of the furnaces. 2025 production levels were thus limited to around 3,000 metric tons per month (i.e. approximately 75% of the nominal amount). 1 73ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.2.3.3 Industrial investments (in millions of euros) 2025 2024 2023 2022 2021 2020 SLN Mines and Plant (financed by the French State since 2024) 20 16 20 84 35 39 Weda Bay PT Weda Bay’s current investments have averaged around USD 100 million for the mine each year in recent years, while the mine has experienced strong growth. These investments should be halved (in constant value) when the ramp-up of the mine stabilises. Investments made in 2025 mainly related to: • the establishment of mining infrastructure to exploit new deposits to increase production (in particular the construction of access roads, platforms, crushing and sorting plants, as well as operating stations), • as well as mining and haulage equipment to continue to support the strong growth of the activity, alongside the continued deployment of electric trucks to replace trucks with combustion engines. At the same time, specific investments have been made to strengthen health, safety and environmental (HSE) aspects, as part of the mine’s roadmap to IRMA certification. SLN Given the financial difficulties of recent years and the severely degraded social environment in New Caledonia following the events of May 2024, SLN’s investments were managed to a minimum and focused solely on maintaining the plant’s and the mine's production tools and facilities that resumed activity after the events. 1.2.2.3.4 Strategic growth projects Organic growth at the Weda Bay mine In 2025, the initial RKAB (obtained for three years and covering the period 2024-2026) enabled PT WBN to produce and market 32 Mwmt (including 3 Mwmt for the JV's NPI plant) over the year. PT WBN had obtained a revision of this quota in July with the allocation of an additional 10 Mwmt of limonites, bringing the annual RKAB to 42 Mwmt, of which about 65% are saprolites and 35% limonites. Following the change in the allocation of permits from a three-year basis to an annual basis, PT WBN received an initial notification from the Indonesian authorities in early February 2026 to apply for an RKAB for an annual nickel ore production and sales volume of 12 Mwmt in 2026 (including 3 Mwmt of internal sales). While remaining supportive of the market rebalancing policy pursued by the Indonesian authorities, PT WBN plans to submit as early as possible a request for an upward revision of this quota, which represents a disproportionate reduction for PT WBN. This permitted level is in stark contrast to the demand for ore from IWIP's industrial park, estimated at more than 120 Mwmt in 2026. This demand is driven by the continued growth of the park, which now comprises two HPAL plants in operation and a third in start-up, as well as by the increase in NPI production lines. With an initial RKAB limited to 12 Mwmt, PT WBN would only be able to cover around 10% of the park's demand in 2026. As a reminder, in 2024, the Indonesian authorities approved the environmental permit (AMDAL(1) ) and the new long- term mining plan (Feasibility Study) of PT WBN, which should allow the gradual growth of volumes to around 60 Mwmt per year, of which approximately 66% saprolites and 33% limonites, a level consistent with the combined demand of the NPI (saprolite) and HPAL (limonite) plants of the industrial park. The aim is also to maintain the mine’s cash cost in the top quartile of the industry. Class 1 Nickel in Indonesia Eramet is indirectly exposed to the electric battery value chain through sales of lateritic ores from PT WBN to HPAL plants whose product - MHP - is then transformed into nickel sulphates or nickel metal. As part of its ongoing commitment to the development of the nickel sector in Indonesia, Eramet signed a memorandum of understanding in May 2025 with Danantara Indonesia and the Indonesian Investment Authority (INA) to explore the creation of a strategic investment platform in sector, covering the entire value chain from extraction to industrial processing. This partnership aims to develop a sustainable and integrated ecosystem of raw materials for electric vehicle batteries in Indonesia. The Group is also studying opportunities to explore and develop other nickel resources. (1) AMDAL: "Analisis Mengenai Dampak Lingkungan" (Environmental Impact Analysis). 74 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.3 Mineral Sands activity 1.2.3.1 Highlights of the year 1.2.3.1.1 Key figures Mineral Sands activity (in millions of euros) 2025 2024 Turnover 241 311 EBITDA 78 120 Current operating income 46 87 Net cash flow generated by operating activities -4 110 Capital employed at start of year 527 498 Industrial investments (1) 70 59 (1) Excluding right-of-use assets under IFRS 16 (less than €1m in 2025 and €1m in 2024). OPERATIONAL PRODUCTION METRICS Mineral Sands Activity (in thousands of metric tons) 2025 2024 Production of Heavy Mineral Concentrates (1) 983 883 Ilmenite production 617 570 Zircon production 71 68 Ilmenite sales 584 561 Zircon sales 65 66 (1) Heavy Mineral Concentrates (HMC). 1.2.3.1.2 Operating performance Despite increased production, EBITDA for the Mineral Sands activity amounted to €78m in 2025 (-35% vs. 2024), penalised by the fall in prices, which was particularly sharp in H2. Activities In Senegal, Eramet Grande Côte's operations posted a solid operational performance in 2025. Mineral sands production reached a record high of 983 kt-HMC(1), up 11% from 2024, driven by a significant improvement in average grade in the mined area, as well as productivity gains delivered by the supplementary dry mining unit. Consequently, ilmenite production volumes increased 8% over the year to 617 kt, while ilmenite sales were up 4% to 584 kt. Similarly, zircon production increased by 5% year-on-year to 71 kt. Zircon sales totalled 65 kt, slightly down by 2%, owing to the postponement of certain shipments to 2026. Outlook Demand for zircon and ilmenite is expected to recover only slightly in 2026. Zircon production cuts and reductions implemented in late 2025 by certain players could enable prices to stabilise for this product in 2026, at Q4 2025 levels. In parallel, ilmenite supply would remain in surplus given the ramp-up of new projects, with average price levels lower in 2026 compared to 2025. In Senegal, following the fire on 22 February 2026, the entire site was shut down at the end of March, for a long period whose duration remains undetermined at the date of publication of this document. Technical investigations are underway to determine the circumstances of the fire and assess the condition of the facilities affected. As a result, the Group has decided to suspend its 2026 guidance for the production of HMC (Heavy Mineral Concentrate), pending a more accurate assessment of the impact of the incident. (1) Heavy Mineral Concentrate 1 75ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.3.2 Markets of the Mineral Sands activity 1.2.3.2.1 The ilmenite market Main applications Ilmenite is mainly used in the manufacture of TiO2 pigments. It can be used as-is, or processed into titanium slag or synthetic rutile to increase its purity. When processed in this way, it can also be used in the production of titanium metal. TiO2 pigment production accounts for 87% of titanium demand, while titanium metal consumes 9%. The use of titanium involves the production of titanium oxide TiO2, which is the reference unit for this market. Pigment producers make extensive use of a raw material rich in TiO2. TiO2 gives pigments three essential properties: opacity, reflective power and dispersing power. It is widely used in paint, plastics, textiles and paper. ▼ TiO2 unit applications Source: TZMI, Eramet, December 2025. ▼ Estimated TiO2 pigment production by player Source: TZMI, Eramet, December 2025. The five leading producers of TiO2-based pigments account for almost 50% of global production. Demand and production of titanium products The vast majority of TiO2 pigments are produced through two processes: • the sulphate process, primarily used in China and in Europe; • the chloride process used in North America and Europe. In recent years, the leading Chinese producers have also been adopting this technology, which has environmental advantages. The chloride process requires richer materials such as high‑TiO2 ilmenite, slag and enriched slag, or natural or synthetic rutile. Eramet mainly produces and sells ilmenite intended for the chloride process, with a first ilmenite used for the production of slag and a second, with a high content, that can be directly used in the production of pigments. To date, demand for chloride quality raw materials accounts for around 43% of global demand, compared with 57% for sulphate quality raw materials. This share should remain stable in the coming years, as reduction in production capacity for sulphate process TiO2 pigments in Japan and Europe is offset by the expansion of existing capacities in China. 76 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity ▼ Estimated production of titaniferous raw materials by player (in TiO2 units, 2025) Source: TZMI, Eramet, December 2025. ▼ Estimated production of titaniferous raw materials by player excluding China (TiO2 units, 2025) Source: TZMI, Eramet, December 2025. The top three producers of titaniferous raw materials outside of China, which remains a captive market, account for over 50% of the global production of TiO2 units. Eramet is the world’s fifth-largest producer of high-grade titaniferous raw materials, outside China. ▼ Estimated production of high-grade ilmenite for direct use in the chloride pigment process by player (TiO2 units, 2025) Source: TZMI, Eramet, December 2025. Prices of titanium-containing products There is no market exchange as such for titaniferous raw materials. Prices are negotiated over the counter. In the case of contracts, prices are generally negotiated every six months, with the exception of China (spot price). Some consulting companies, such as TZMI and Ferroalloynet, publish price benchmarks based on transactions in China and the rest of the world. In 2025, the average price of high-grade ilmenite(1), as produced by Eramet in Senegal, stood at USD 283/t FOB in the first half of the year, before falling to USD 266/t in the second half as a result of the slowdown in demand. The average market price over the year was USD 274/t FOB, down by 8% compared with 2024. (1) Source: Market analysis and Eramet. 1 77ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity ▼ Demand by application and production by type of titaniferous raw material (in thousands of TiO2 units). Source: TZMI, Eramet, December 2025. Source: TZMI, December 2025. 1.2.3.2.2 The zircon market The main application for zircon (around 50% of global consumption) is in the ceramics industry, where its whitening and opacity-enhancing properties are unmatched, especially for the surfaces and bodies of tiles and sanitary equipment. Zircon is thus used as a fine or micronised powder in sintering, glazing or enamelling processes. Zircon’s second property, which makes it a material of choice for industry, is its refractory nature (accounting for about 30% of consumption). It is thus used in the production of refractory materials or as a mould for the production of high-precision castings. The chemical derivatives of zircon (accounting for around 20% of consumption) include many different applications, such as abrasive or abrasion-resistant materials, nuclear (zirconium metal), certain catalysts, dental prostheses and jewellery (zirconium dioxide). ▼ Zircon applications Source: TZMI, January 2026. 78 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity ▼ Zircon producers Source: TZMI, Eramet, December 2025. The three leading zircon producers accounted for nearly 40% of global production in 2025. Through its subsidiary EGC, Eramet is the world's 4th largest producer. Zircon prices Just as for titaniferous raw materials, there is no organised market place for zircon. Prices are negotiated over the counter. Contracts are entered into on an annual basis in terms of volumes and general terms of sale, but prices can be negotiated quarterly in the light of market volatility. Some consulting companies, such as TZMI and Ferroalloynet, publish reference indices based on transactions carried out in China and the rest of the world. Decreased demand combined with increased supply led to a 12% fall in market prices, to an average of USD 1,668/t FOB(1) in 2025 compared with 2024. ▼ Zircon supply and demand (in metric kilotons) Source: TZMI, Eramet, December 2025. 1.2.3.2.3 Recent trends and growth outlook Titaniferous products Global production of TiO2 pigments, the main outlet for titaniferous products, decreased by 7% in 2025 to 7.2 Mt, impacted by weak demand from the real estate market in the United States and Europe and by a destocking effect, especially in China. Production is expected to increase in 2026 thanks to a better economic environment and an improvement in Europe's construction sector, combined with restocking. The production of Chinese pigments is nevertheless uncertain due to the strong dependence on exports, both in the form of finished products and as a material consumed by the manufacturing industry for export. Exports of Chinese pigments as such are subject to anti- dumping measures by the European Union, which could lead to an increase in Western production. The decrease in pigment production in 2025 led to a 6% decline in demand for titaniferous raw materials, partially offset by a recovery in industrial activity related to welding. The supply of titanium products has partially adjusted to reflect the decline in demand, particularly in the production of titanium slag in China. As a result, supply stood at 9.2 million units of TiO2, a decrease of 2% compared with 2024. Consequently, 2025 showed a surplus in the supply and demand scenario. This imbalance is expected to persist in 2026, as the recovery in demand will not be sufficient to absorb the oversupply. Zircon Global demand for zircon was flat in 2025 compared with 2024, at 1.1 Mt. Inflation and the weakness of real estate activity worldwide led to a decline in demand for ceramics, particularly in China, partially offset by an increase in demand from the chemical industry and a stabilisation of ceramics production in Europe. At the same time, the supply of zircon decreased slightly, with a decline in production from certain historical players, partially offset by the increase in Chinese production using imported heavy mineral concentrates. As a result, global supply stood at 1.2 Mt, well above demand. The production cuts should allow for the absorption of the surplus in 2026. (1) Source: Market analysis and Eramet. 1 79ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.3.3 Mineral Sands activity overview 1.2.3.3.1 Structure and positioning In September 2023, Eramet sold the Norwegian plant of Eramet Titanium & Iron (ETI), one of the two sites of its Mineral Sands business, to INEOS. A 10-year contract for the supply of ilmenite was also signed by Eramet at the time of this sale. The Mineral Sands activity is now concentrated exclusively on the site of Grande Côte Opérations (GCO), in Senegal, which operates a mineral sands deposit and produces mainly ilmenite and zircon. Mineral sands are mineral raw materials that contain heavy minerals concentrated over time in an alluvial environment (rivers plains, coastal or lacustrine environments) or an aeolian environment. Mineral sand deposits are thus old beaches, dunes or riverbeds. These sands contain titaniferous ore, mainly found in the form of ilmenite (FeTiO3), but also rutile (TiO 2), and to a lesser extent leucoxene (ilmenite partially altered into rutile) and zircon (ZrSiO4). Ore concentrations in the sand are often in the region of a few percent; one of the most economical methods of extraction entails using a floating dredge in a basin. However, this is only possible if the sands contain few clay particles, which is the case at Grande Côte Opérations. Otherwise, more conventional mining methods (excavators and dumpers or bull dozers) are used, for example for rocky titaniferous ore. Ilmenite is the main titaniferous ore in terms of tonnage, but its titanium dioxide (TiO2) content is relatively low. As a result, it is often enriched by transformation into synthetic rutile or TiO2 slag, before being used mainly by pigment producers. 1.2.3.3.2 Activities Grande Côte Operations (GCO) The Grande Côte Operations Mineral Sands mine is located along a stretch of the Senegalese coast. The concession begins about 50 km north of Dakar and stretches north for more than 100 km. 80 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity The industrial facilities include: • a dredge; • a dry extraction unit, commissioned in the second half of 2022; • a floating concentration unit producing a concentrate containing the heavy minerals fed by the dredge and the dry extraction unit; • a heavy mineral separation plant producing different grades of zircon and ilmenite, as well as rutile and leucoxene; • a power station; • a railway line of which GCO is the partial concession holder, together with the associated railway equipment; • port and storage infrastructure in Dakar. Products GCO produces three grades of ilmenite with 54%, 56% or 58% TiO2: ilmenite 54 is produced in the greatest quantity and is mainly intended for the INEOS Tyssedal plant (formerly ETI), while ilmenite 58 is sold for the direct production of pigments using a chloride process. GCO also sells small quantities of its ilmenite 56, rutile and leucoxene production. These titanium ores are mainly intended for welding flux producers. GCO also produces two grades of zircon (premium and standard) and a lower-grade intermediate zircon. GCO’s zircon is recognised on the market for its excellent quality and can be used in all applications, particularly in zirconium-based chemical derivatives, ceramics and the casting and refractory industry. 2025 2024 2023 2022 2021 GCO – MINING Sand extracted (Mt) 46.1 48.1 40.4 47.6 50.4 Heavy Mineral Concentrate (kt) 983 883 628 742 804 GCO – FINISHED PRODUCTS Ilmenite (kt) 617 570 421 498 543 Zircon (kt) 71 68 48.4 57.1 63.7 Intermediate zircon (kt) 41.9 35.4 24.9 27.0 27.0 Rutile and leucoxene (kt) 9.6 10.2 8.0 10.5 11.4 ▼ Breakdown of the activity’s turnover by product in 2025 (1) Rutile, leucoxene. 1.2.3.4 Industrial investments (in millions of euros) 2025 2024 2023 2022 2021 2020 Industrial investments 70 59 65 52 21 16 The investments made in 2025 include a €40m tranche to increase production capacity and support the decarbonisation of operations. 1 81ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.3.5 Strategic growth projects Since the end of 2023, the Group has been refocusing on the organic growth of GCO’s Mineral Sands production in Senegal, with the aim of optimising the use of the available capacity of enrichment and transport units in order to achieve production increases in stages by the end of 2026. This optimal utilisation of the deposit, combined with an increase in the grade of the mining area, will contribute to a significant increase in production between 2024 and 2026. The first stage, launched in October 2022, was aimed at increasing mineral sand production capacity by around 10% using a dry sand mining unit. It made a significant contribution to production starting in February 2023. The second stage, approved in October 2023 and the modification work for which began in the first quarter of 2025, involves commissioning a third sand treatment line at the floating concentration plant. This would increase capacity by an additional 10%. Finalising the second stage is the priority for 2026. This should increase the volume of sand processed by nearly 20% compared to 2025. Coupled with the optimisation of the separation plant's efficiency this should offset the anticipated decrease in grade in 2026, in line with the mining plan. A final tranche of investments of around €30m is planned for 2026 to complete this capacity increase and support the decarbonisation of operations. A fire on 22 February 2026 on the site's WCP (Wet Concentration Plant) led to its shutdown. The incident caused no casualties and no injuries. However, the unavailability of the WCP interrupted the production process and led to the shutdown of the entire site at the end of March, for a long period whose duration remains unknown at the date of publication of this document. Technical investigations are underway to determine the circumstances of the fire and assess the condition of the facilities affected. As a result, GCO notified its relevant customers and suppliers of the activation of the force majeure clauses provided for in its contracts and the Group also decided to suspend its 2026 guidance for the production of HMC (Heavy Mineral Concentrate), pending a more accurate assessment of the impact of the incident. 1.2.4 Lithium activity 1.2.4.1 Highlights of the year 1.2.4.1.1 Key figures Lithium Activity (in millions of euros) 2025 2024 Turnover 41 0 EBITDA -52 -26 Current operating income -66 -26 Net cash flow generated by operating activities -103 -99 Capital employed at start of year 476 567 Industrial investments (1) 135 327 (1) Excluding right-of-use assets under IFRS 16 (less than €1m in 2025 and 2024). OPERATIONAL PRODUCTION METRICS Lithium Activity (in metric tons of LCE (1)) 2025 2024 Lithium carbonate production 6,690 n.a. Lithium carbonate sales 5,420 n.a. (1) LCE: Lithium Carbonate Equivalent. 1.2.4.1.2 Operating performance EBITDA for the Lithium activity was -€51m in 2025, in the context of a delayed ramp-up in H1, before achieving capacity and output close to 75% of design capacity in December after only seven months of ramp-up. 2025 enabled the Group to reach two landmark milestones: confirmation of the industrial efficiency of the Direct Lithium Extraction (“DLE”) technology developed by Eramet and the commissioning of the entire lithium carbonate production process. Activities In Argentina, the Centenario plant continued to ramp up its lithium carbonate production. On the back of a H1 hampered by a technical issue during the commissioning of the Forced Evaporation equipment, production finally began at the end of May 2025 and rose substantially throughout H2, reaching close to 75% of its daily nominal capacity in December, vs. 10% in June. The volumes of lithium carbonate produced in 2025 stood at 6,690 t-LCE (of which 5,980 t-LCE in H2). In light of the priority given to the ramp-up of production and the low price premium observed on the market, Eramet has decided to currently produce only limited quantities of battery grade, the discount remaining low compared to the 82 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity cost savings. Volumes sold reached 5,420 t-LCE (of which 4,900 t-LCE in H2) and were mainly to CAM producers in China. In 2025, the plant’s construction CapEx amounted to €96m. Outlook Growth in demand for lithium is expected to be driven by the continued adoption of electric vehicles worldwide. In China, the sales penetration rate is expected to reach 60% in 2026, despite the gradual reduction in subsidies. In Europe, the 30% threshold is expected to be met. Growth in demand for lithium is also expected to be driven by the wide-scale deployment of ESS, of which China is expected to remain the leading market. The strong development of this technology is expected to support the demand for LFP chemical cathodes. The price decline observed until end-June 2025 forced several lithium rock concentrate producers to cut or even halt their production, temporarily reducing the market supply. The market consensus (battery-grade CIF Asia lithium carbonate) currently averages around $15,700/t-LCE(1) in 2026, an increase of nearly 70% on 2025. In 2026, the Centenario plant will continue its ramp-up to reach a level close to 100% by the end of the year (24 kt-LCE per year). As a result, produced volumes of lithium carbonate are expected to total between 17 and 20 kt-LCE over the year. At the same time, and as part of the ReSolution programme, measures were taken to optimise cash cost, in particular by limiting the input cost through improved reagent consumption. Within two years (2026-2027), cash cost (ex-works, at nominal capacity) is forecast down to between $5,400 and 5,800/t-LCE (at 2025 economic conditions), still firmly positioned in the top quartile of the cost curve. Eramet continues to explore development options for Centenario, with the salar’s overall production potential estimated at more than 75 kt-LCE per year. Eramet is currently exploring options to expand the existing plant, located at the southern end of the salar, and retains the future option of building a new plant at the northern end of the salar. The Group is also evaluating potential partnerships and targeted strategic projects that would allow it to capitalise on its now-proven technical expertise. This disciplined growth strategy is in line with the Group's priority of pursuing a deleveraging trajectory while restoring positive cash generation. 1.2.4.2 The lithium market 1.2.4.2.1 Main lithium applications and demand Lithium-ion batteries, the main application market, with 89% of lithium consumed Lithium-ion batteries, the main application market, with 89% of lithium consumed in 2025 Lithium has physicochemical properties (low density, high electrical conductivity) which make it a metal used in various applications: lithium-ion batteries, glass and ceramics, metallurgy, air treatment and medical. The most dynamic application market is that of lithium-ion batteries, which represented 89% of the demand for lithium in 2025, of which 73% for electric vehicles and 21% for electricity storage systems (ESS, or Energy Storage System), a system mainly used to support renewable energy projects and to enable the stabilisation of electricity grids; the remaining 6% is used for consumer electronic devices, such as computers and mobile phones. In 2025, the market share of lithium-ion iron phosphate (LFP) batteries increased sharply on a global scale, exceeding 55%, notably due to China, where their market share exceeded 80%, at the expense of lithium-ion nickel manganese cobalt (NMC) batteries. This increase is due to the relative competitiveness of LFP batteries in the automotive sector, as well as to an almost exclusive use in the ESS segment, which is growing strongly thanks to the significant deployment of renewable energies in China and the desire to decarbonise the Chinese energy mix. The abundance of intermittent power generation capacity also requires large storage capacities to ensure the stability of electricity grids. These trends are expected to continue into 2026. ▼ Breakdown of lithium demand in 2025 Source: Benchmark Minerals Intelligence, Eramet, December 2025. (1) As of February 2026. 1 83ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.4.2.2 Lithium supply Lithium salts, of which lithium carbonate and lithium hydroxide are produced mainly from: • Brines present in salty groundwater, the vast majority of which are located in the salars of the “Lithium Triangle” in Latin America (Chile, Argentina, Bolivia), and to a lesser extent in China and in certain deep geological reservoirs, such as the geothermal reservoirs of the Alsace plain in France or the Smackover formation in the United States. In 2025, lithium production using the brine method accounted for 40% of total production. There are two main forms of brine extraction and treatment: • Production based on natural evaporation, through a “conventional” process, used by lithium producers in Chile and by most producers in Argentina. The brine is pumped into a series of shallow ponds, and impurities are gradually removed by solar evaporation and concentration of the brine. The production cycle varies between 12 and 18 months; • Direct L ithium Extraction (DLE). While evaporation relies on solar energy to concentrate brines in evaporation ponds, DLE relies on selective recovery of lithium through the use of various chemical and physical processes (adsorption, ion exchange or solvent extraction). The production cycle is about one week, which is significantly shorter than that of the conventional process; • Lithiniferous minerals, mainly spodumene. This production via the “hard rock” method accounted for 60% of lithium volumes produced in 2025. The production of lithium compounds from minerals is separated into two stages: • Production of a lithium rock concentrate (mainly spodumene concentrate) using conventional mining techniques similar to those used in other hard rock mining sectors (crushing, milling, separation); • Production of lithium compounds from lithium rock concentrate, through calcination and leaching processes. The production of lithium compounds from minerals is often non-integrated: the miners, mainly located in Australia, sell concentrates to refiners, mainly located in China, for conversion into lithium salts. Lithium producers using the brine method are generally fully integrated. ▼ 2025 production of lithium by producer Source: Benchmark Minerals Intelligence, Eramet, December 2025. The world's top five lithium producers (1) are SQM (Sociedad Química y Minera), Albemarle, PLS, Ganfeng, and Rio Tinto (following the acquisition of Arcadium Lithium), representing a total of 45% of the lithium supply in 2025. In 2025, new spodumene mines were commissioned in Africa (Mali, Nigeria), as well as in China. The increase in brine production came mainly from Argentina and Chile in 2025. The continuation of these trends in 2026 should diversify the landscape of producers, necessary to fuel a strong growth in demand. 1.2.4.2.3 Lithium price Lithium carbonate prices fell sharply in 2025 compared to 2024, averaging below USD 9,500/t, with an average price of around USD 9,342/t despite a closing price of USD 14,900/t on 31 December 2025. The price of lithium rose sharply in the third and fourth quarters, reflecting a high utilisation rate of cathode production capacity in China, the main market for carbonate, in response to the acceleration in demand observed in the second half of the year. There is a gap of around 5% between the price of battery- grade lithium carbonate and that of technical grade. Although technical grades are usually reserved for conventional uses outside the battery industry, they are now also used in battery production after undergoing an additional refining step in China. (1) Lithium producers are defined as controlling the deposits (brine, rock), and not as the final producers of lithium salts. 84 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity ▼ CIF China lithium carbonate price (in USD/metric ton) Source: SMM, CIF China lithium carbonate, excl. VAT, January 2026. 1.2.4.2.4 Recent trends and market outlook The numerous studies of this market converge to predict very strong growth in demand. Driven by the battery market, particularly for electric vehicles, and stationary storage, it is estimated that lithium demand in 2035 will be nearly three times that of 2025. The growth in demand for lithium is expected to be driven by the acceleration in electric vehicle sales, particularly in China, where the increase in the penetration rate observed in 2025 is expected to continue in 2026 to approach 60%, in a context of the gradual withdrawal of subsidies for the purchase of electric vehicles. Sustained growth is also expected in Europe, where car manufacturers are beginning to manufacture more affordable electric and plug-in hybrid models, in the context of new European standards designed to reduce CO2 emissions. In the United States, the end of federal tax credits for the purchase of electric vehicles plunged the electric vehicle market into a slump from October and the outlook for 2026 has been significantly degraded. Growth in demand for lithium should also be driven by the widescale deployment of stationary energy storage systems (SESS), concomitantly with the roll-out of new renewable energy capacities and the mass roll-out of data storage centres dedicated to artificial intelligence. China remains the leading market for stationary energy storage, followed by the United States and Europe. ▼ Evolution of lithium demand (in thousands of metric tons of LCE) Source: Benchmark Minerals Intelligence, Eramet, December 2025. 1 85ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity 1.2.4.3 Centenario In 2012, Eramet discovered the Centenario-Ratones deposit, located at an altitude of 3,800 meters in the province of Salta in Northwest Argentina. Together with Chile and Bolivia, this country forms part of the “Lithium Triangle”, which, according to the United States Institute of Geological Studies (USGS), represents more than half of the world’s lithium resources. Since April 2014, the Group has held mining rights to this salar (salt flat), which extends over more than 500 square kilometers. It contains very substantial drainable resources, estimated at over 15 Mt of Lithium Carbonate Equivalent (LCE). The project developed by Eramet consists of extracting brine from the salars and transforming it into battery-grade lithium carbonate, with a first phase producing 24,000 metric tons per year. The project is based on a high-performance Direct Lithium Extraction (DLE) process that uses an adsorbent developed by Eramet Ideas, Eramet’s R&D center, in association with IFPEN, the French Institute of Oil and New Energies. The project also has a solid CSR performance, particularly given the quality of relationships forged with local communities during the project preparation phase. Eramet’s process also represents a benefit in terms of the use of water resources compared with projects based on a conventional extraction process. All of Eramet’s CSR standards will be applied to the activity. 1.2.4.3.1 Direct extraction process and technology developed by Eramet The DLE process developed by Eramet offers several advantages over the conventional process of natural evaporation used by the vast majority of producers of lithium from brine: • the extraction efficiency of the DLE process is more than 90%. Eramet’s process yield is more than 80%, compared with around 40-50% for the conventional evaporation process, and thus requires the consumption of half as many resources from the deposit for the same end production; • the production cycle, between the pumping of the brine and achievement of the final product, is much shorter, at about one week, compared with 12 to 18 months for the conventional process; • production is much less exposed to changing weather conditions, because it does not include a natural evaporation stage. 86 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity The DLE process developed by Eramet also provides several advantages over currently used DLE processes: • the lithium sorbent developed by Eramet Ideas works at the native temperature of the brine. The brine does not need to be heated, thus reducing the energy cost of the process; • the regeneration of the lithium sorbent is done only by water, limiting the consumption of reagents. The Eramet process also benefits from a high level of technological maturity; Eramet has spent 10 years developing an effective DLE technology. The training center, or Demo plant, an on-site small-scale reproduction of the future industrial plant, was started up in late 2019 and continued to operate until 2024, in real conditions, incorporating all the steps of the process, from the pumping of the brine to the production of battery-grade lithium carbonate. The feedback from the operation of the training center, combined with the expertise of the project team and selected suppliers, makes for excellent conditions for a rapid start-up and for achieving full capacity and the desired battery quality. With these advantages, the process developed by Eramet is very competitive. The target cash cost has been revised upwards compared to the initial estimates from 2024 (around $5,000/t-LCE), in line with inflation and higher- than-expected fixed costs. As part of the ReSolution programme, an optimisation plan is underway, based in particular on improving reagent consumption and optimising the grade quality of the ore. By 2027, optimised cash cost (Ex-Works(1), at nominal capacity) is expected to be between $5,400 and $5,800/t-LCE (2025 baseline), thus positioning Centenario in the top quartile of the lithium industry's cost curve. 1.2.4.3.2 The Direct Lithium Extraction Plant In view of very strong growth in demand for lithium, a critical metal for the energy transition, which is a strategic development area for Eramet, construction work on the lithium production plant in Argentina began in 2022, after the project was mothballed in April 2020 due to the health crisis. The first production of lithium carbonate was carried out at the end of December 2024. The initial Direct Lithium Extraction (DLE) units have operated close to their nominal yield and throughput since their launch, confirming that the DLE technology developed by Eramet is working effectively on an industrial scale. The commissioning of the last key stages of the production process at the end of H1, coupled with the complete resolution of the technical problem of the Forced Evaporation unit (a key component of the concentration process, essential to reach the full capacity of the plant), made it possible to make significant progress on ramp-up during H2, thus reaching a daily production rate equivalent to almost 75% of the plant's nominal capacity at the end of the year, for an annual production of 6.9 kt-LCE. The Group is targeting close to 100% by year-end 2026. With this project, Eramet will become the first European company to develop large-scale responsible lithium production, based on an efficient process developed by its own R&D center and a 100% western DLE technology. 1.2.4.4 Strategic projects and future growth opportunities Expansion of lithium activities in Argentina The Group is currently re-evaluating its growth options for its lithium activities in Argentina, including the extension of the existing plant and the construction of a new plant at the salar. The aim of these projects is to reduce capital intensity, generate economies of scale on fixed costs and improve supply costs while accelerating time-to-market using secure technology and ensuring eligibility for the RIGI programme. The long-term potential is confirmed at more than 75,000 t-LCE per year, supported by resources estimated at around 15 Mt-LCE. In addition to continuing drilling to increase the resources at the Centenario salar, Eramine, the Group’s local subsidiary, has also launched the exploration of concessions owned in the neighbouring Arizaro salar. (1) Ex-Works: ex-factory costs, excluding taxes, royalties and logistics costs. 1 87ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity AGELI (Alsace Géothermie Lithium) project, low‑carbon lithium production in France Since 2023, Eramet and Électricité de Strasbourg (ÉS) have continued their collaboration and are jointly studying the development and industrialisation of a low-carbon process for extracting and refining lithium from geothermal brines in the Alsace region. A pre-feasibility study to determine the available mineral resources, as well as the process, engineering and permit requirements, is currently being finalised. A final investment decision could be made before 2030, subject to the industrial and financial soundness of this project, and the estimated level of CapEx in view of the Group's financial position. The Ageli project was recognised as a "strategic project" by the European Commission at the end of March 2025. Thanks to this status, Ageli will be able to benefit from priority processing to accelerate certain administrative procedures and facilitate the search for funding. At the end of December 2025, the Ageli project also received Green Industry Investment Tax Credit (C3IV) approval from the French government, entitling it to a €150m refundable tax credit on industrial investment expenditure. The technological extraction process used is derived from the DLE process developed by Eramet as part of the Centenario project, adapted to geothermal conditions. Unlike the salars in Argentina, the brine pumped in Alsace is at a depth of 3 km, at 180°C and under 20 bars of pressure. Production will have very low CO2 emissions, thanks to the use of the geothermal energy extracted as part of the lithium extraction process. The project will also reduce the environmental footprint of the battery industry through local supply chain production. The project is expected to generate numerous socio-economic windfalls for the region. The highest social environmental standards will be followed. The project also includes the development and distribution of geothermal renewable energy to the region. 88 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Mining and Metals activity Acquisition of exploration and mining concessions in the Atacama region of Chile In November 2023, with a view to building a portfolio of future growth opportunities, Eramet acquired 120,000 hectares of exploration and mining concessions. They are located in the heart of the Lithium Triangle region of Latin America and cover a cluster of salars in the Atacama region of northern Chile. Some of these are considered to be among the most promising undeveloped salars in the region. The mining potential will have to be verified after the exploration campaign. Eramet became the sole owner of the concessions following an initial payment of USD 95m. A subsequent payment of USD 10m will be conditional upon the conclusion of a binding agreement with the holder of a CEOL ("Contrato Especial de Operación de Litio" - Special Lithium Operation Contract). In March 2024, the Chilean salars were classified by the State into four categories: strategic salars, which are controlled by the State; salars in which the State owns a portion of the capital but without compulsory control; salars that can be mined only by private companies; and salars that have been designated for exclusion from mining to ensure ecological preservation. In Chile, lithium is not concessionable and belongs to the State, which must grant a CEOL before a project can be developed. A CEOL grants a right to extract a specific volume of lithium over a specific period of time, in exchange for royalties. The high-potential mining concessions in the Eramet portfolio are in the second category; the Group also has salar concessions in the other categories. In 2025, the Chilean State, via the public entity ENAMI in charge of the second category4, launched a call for tenders for a partnership to develop a lithium project. Eramet was not selected for this partnership. Eramet continues to perform the necessary administrative procedures to preserve and assert its rights as the owner of the concessions, insisting that any project development must take these rights into account. At the same time, Eramet is pursuing its lithium development strategy by continuing to secure potential resources in Chile, and has thus signed interest-acquisition agreements to conduct exploration activities in other regions in the north of the country. 1.2.5 Exploration department Eramet’s exploration department was created in 2019 to sustain and develop the Group’s mineral resources by prospecting, discovering and studying new deposits, in particular for metals included in its portfolio. This department has around twenty employees spread across France (Eramet headquarters), Indonesia and Chile, dedicated respectively to the exploration of nickel and lithium. Beyond these two countries, the Group is continuing its exploration work in Latin America and Africa. In 2025, the exploration department continued its prospecting work on several strategic locations and metals. Development opportunities have been studied in Latin America, particularly in Argentina for lithium projects, as well as in West Africa for rocky lithium deposits. The Group has also broadened its field of investigation to Ghana and Quebec, covering various metals, including copper. 1 89ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves 1.3 Exploration results, mineral resources and ore reserves 1.3.1 General information Definitions Definition of Exploration Results Exploration Results come from data and information generated by exploration programs. Exploration Results are conceptual in nature. The level of knowledge is not high enough to declare mineral resources. Exploration Results are not included in either mineral resources or ore reserves. Definition of mineral resources A Mineral Resource is the concentration or occurrence of materials of economic interest in or on the Earth’s crust in such quantity and quality that the outlook for economic extraction is reasonable. The location, quantity, quality and continuity of the deposit and the geological characteristics of these resources are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are ranked in ascending order of geological confidence as “Inferred”, “Indicated” and “Measured” resources. An Inferred Mineral Resource is the part of a mineral resource of which quantity and quality can be estimated on the basis of geological evidence, with a low level of confidence. The geological continuity of the mineralisation and its quality is assumed but not verified. The estimate is based on limited information or information of uncertain quality and reliability, gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Indicated Mineral Resource is the part of a Mineral Resource for which tonnages, density, shape, physical characteristics, quality and content levels are estimated with a reasonable level of confidence to allow the application of modifying factors in sufficient detail to justify mining planning and the assessment of the economic viability of the deposit. The estimate is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, quarries and drill holes. The locations are too far from each other or spaced too inadequately to confirm the geological continuity and/or quality of the mineralisation but are close enough to reasonably envisage such continuity. A Measured Mineral Resource is the part of a Mineral Resource for which tonnages, density, shape, physical characteristics, quality and contents are estimated with a high level of confidence to allow the application of modifying factors that justify the detailed mining planning and the final assessment of the economic viability of the deposit. The estimate is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, quarries and drill holes. The locations are spaced closely enough to each other to confirm the geological continuity and/or quality of the mineralisation and the hydrogeological continuity of the facies of the resource. Definition of drainable mineral resources in the case of lithium extracted from brine A Drainable Mineral Resource is defined by the availability of brine with a given lithium content in an envelope with a known effective porosity. The classification level is based on a grid of test drill holes which allow to assess the lateral and vertical continuity of the lithology, the lithium brine concentrations and the hydraulic parameters. An Inferred Drainable Mineral Resource is the part of a drainable resource for which only geophysical measurements are available and possibly some drilling sites. Hydraulic continuity is not verified. The lithium content estimate is based on limited information or information of uncertain quality and reliability. An Indicated Drainable Mineral Resource is the part of the drainable resource for which there is proven lateral continuity of the hydraulic parameters of the aquifer, the lithium content of the brine and vertical continuity between two measurement points in the same well. A Measured Drainable Mineral Resource is the part of the drainable resource for which the sampling quality, hydraulic parameters and grades can be estimated with a high level of confidence and that meet quality criteria (QA/QC). Definition of ore reserves An Ore Reserve is the economically mineable part of the “Measured” or “Indicated” Mineral Resources of a deposit. The estimate of Ore Reserves is based on a pre-feasibility or feasibility study (mining project in the broad sense) that includes technical constraints (pit drawing, diluting materials and mining losses according to mining methods, efficiency of plants) and economic, commercial, legal, environmental, social and governmental constraints that exist or are foreseeable at the time of the estimate. At the very least, a pre-feasibility study shows that mining is justified at the time of declaration. Ore Reserves are ranked in ascending order of confidence as “Probable” and “proven” reserves. A Probable Ore Reserve is the economically mineable part of an “Indicated” and, in some circumstances, “Measured” resource, while a Proven Ore Reserve is the economically mineable part of a “Measured” resource. 90 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves Location In Gabon, Comilog SA is mining high-grade manganese tabular deposits, located under low overburden layer and formed by the weathering of volcano-sedimentary rocks. In New Caledonia, Le Nickel-SLN is mining oxidised nickel deposits formed by the weathering of ultrabasic rocks. On the island of Halamahera in Indonesia, PT Weda Bay Nickel carries out the open-air mining of oxidised nickel ore as part of lateritic weathering process. In Senegal, Eramet Grande Côte (EGC) mines a heavy mineral sands deposit. The deposit is a heavy mineral placer of coastal dunes, containing high quantities of titaniferous minerals (ilmenite, rutile and leucoxene) and zircon. In Argentina, Eramine SA has been mining lithium- enriched brines extracted from the Centenario-Ratones salar since the end of 2024. Legal titles Exploration Results, Mineral Resources and Ore Reserves are present on mining titles under which the Group has the following rights: • Gabon: 75-year concession awarded to COMILOG SA, expiring on 25 January 2032 and automatically renewable for 10 years, then at COMILOG’s request for further periods of 10 years, as well as three exploration permits granted to COMILOG and COMILOG EXPLORATION (one permit as part of the first grant and two at first renewal); • New Caledonia: some mining titles known as “perpetual” concessions. These will now expire on 31 December 2048 pursuant to the legislative section of the Mining Code. • The expiry dates of the other concessions making up Le Nickel-SLN’s mining permits portfolio are staggered until 2041, and renewal applications are submitted to the relevant authorities within the time frames required by the Mining Code. • The maximum period of validity of a concession is set at 50 years, including any renewal periods, which may not exceed 25 years each; • Indonesia: Contract of Work signed between the Indonesian Government and PT Weda Bay Nickel running until 27 February 2048, which may be extended or renewed; • Senegal: mining concession awarded to Mineral Deposits Limited (MDL) by the Senegalese Government on 2 November 2007 (Decree 2007-1326) then transferred to GCO in July 2008, for a term of 25 years until 2 November 2032, which is renewable; • Argentina: mining concessions awarded to Eramine SA on the Centenario-Ratones and Arizaro salars. These are issued in perpetuity, subject to payment of the half-yearly mining royalties and compliance with the investment programme. Ore Reserves are recognised at historical cost only in the case of titles purchased; titles granted by the authorities are not valued. References The presentation of the Group’s Exploration Results, Mineral Resources and Ore Reserves has been established in accordance with the principles of the “JORC Code” (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves), 2012 edition. Exploration Results, Mineral Resources and Ore Reserves are based on documentation reviewed and validated by people with sufficient and relevant experience for the type of deposits under consideration. These competent persons certify that the figures presented are compliant with the requirements of the Code. They are either: • professionals employed on a full-time basis by the Group, its subsidiaries or holdings; • competent persons from external firms mandated by the Group, its subsidiaries or holdings. Basis of estimates The estimates are based on samples, which may not be fully representative of the whole deposits. As they are explored and/ or mined, the estimates may change either positively or negatively, according to the improved knowledge of the ore deposits. Presentation of the Exploration Results The Exploration Results refer to a potential quantity associated with a grade. These elements are expressed as a range. The Exploration Results reflect the situation at 1 January 2026. 1 91ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves Presentation of figures for mineral resources and ore reserves The figures for the Mineral Resources and Ore Reserves shown in the tables: • are rounded to reflect the relative uncertainty of the estimates, which might produce calculation differences in the totals. They are provided for all mining reserves; • represent the Mineral Resources and Ore Reserves of subsidiaries or holdings and not Eramet’s share in the entities concerned; • are expressed using the abbreviations below: • Mwmt: million wet metric tons, • Mdmt: million dry metric tons, • Y: yield, • Mn: manganese, • Mt Mn: million metric tons of manganese, • Ni: nickel, • ktNi: thousand metric tons of nickel, • HM: heavy minerals, • Li: lithium, • LCE: Lithium Carbonate Equivalent. Mineral Resources and Ore Reserves figures reflect the situation at 1 January 2026. When Ore Reserves are declared, they are included in Mineral Resources. 1.3.2 Mineral Resources and Ore Reserves of Comilog SA Mineral Resources The table below presents the figures for the Mineral Resources of Comilog SA, updated on 1 January 2026. STATEMENT OF CHANGES IN COMILOG SA'S MINERAL RESOURCES, AT 1 JANUARY 2026 Mineral Resources 1 January 2026 1 January 2025 Ore Ore Y saleable product Mn Mn Ore Ore Y saleable product Mn Mn Mwmt Mdmt % Mwmt % Mt Mwmt Mdmt % Mwmt % Mt Measured 168 153 65.2 111 44.2 44 133 121 66.1 89 44.9 36 Indicated 225 205 65.7 149 43.3 58 269 245 65.7 178 43.5 70 Inferred 60 55 64.1 39 42.4 15 64 58 63.6 41 42.4 16 TOTAL 454 413 65.3 299 43.5 118 465 424 65.6 308 43.7 121 Notes: 1. Tonnages of ore are given in place and expressed in million metric tons. Yields represent the proportion of ore that can be commercialised and are used to calculate tonnages of saleable product expressed in millions of metric tons. 2. The manganese content (% Mn) is applied to the saleable product and is used to calculate the metric tons of Mn content. 3. Mineral Resources are defined at an Mn cut-off grade of the rocky fraction higher than or equal to 30%. 4. The Mineral Resources are validated by the competent person: Sophie Rodrigues, geologist at Eramet’s Central Technical Office (CTO) (EurGeol #1726). 92 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves Ore reserves The table below presents the figures for the Ore Reserves of Comilog SA, updated on 1 January 2026. STATEMENT OF CHANGES IN COMILOG SA'S ORE RESERVES AT 1 JANUARY 2026 Ore Reserves 1 January 2026 1 January 2025 Ore Ore Y saleable product Mn Mn Ore Ore Y saleable product Mn Mn Mwmt Mdmt % Mwmt % Mt Mwmt Mdmt % Mwmt % Mt Proven 113 103 64.2 73 44.3 29 88 80 65.0 58 45.2 24 Probable 161 147 64.7 105 43.7 42 186 170 64.7 122 43.8 48 TOTAL 274 250 64.5 179 44.0 71 275 250 64.8 180 44.3 72 Notes: 1. Tonnages of ore are given in place and expressed in million metric tons. Yields represent the proportion of ore that can be commercialised and are used to calculate tonnages of saleable product expressed in millions of metric tons. 2. The manganese content (% Mn) is applied to the saleable product and is used to calculate the metric tons of Mn content. 3. Ore Reserves are defined at an Mn cut-off grade of the rocky fraction higher than or equal to 30%. 4. Mining factors as well as technical factors related to ore processing are applied. 5. Ore Reserve figures are defined on the basis of a long- term mining sequence developed over a 22-year period from 1 January 2026. 6. The Ore Reserves are validated by the competent person: Renan Campello, Senior Mining Planning Engineer at Eramet's Central Technical Office (CTO) (MAusIMM # 3002178). 1.3.3 Mineral Resources and Ore Reserves of Le Nickel-SLN Mineral Resources The table below presents the figures for the Mineral Resources of Le Nickel-SLN, updated on 1 January 2026. STATEMENT OF CHANGES IN SLN'S MINERAL RESOURCES AT 1 JANUARY 2026 Mineral Resources 1 January 2026 1 January 2025 Mwmt Mdmt % Ni ktNi Mwmt Mdmt % Ni ktNi LIMONITE Measured 53.7 33.3 1.46 487 52.3 32.5 1.46 475 Indicated 65.3 41.5 1.44 599 66.1 42.5 1.42 603 Inferred 2389 148.8 1.42 2 111 238.0 148.1 1.41 2,094 Total Limonites 357.8 223.6 1.43 3,198 356.4 223.2 1.42 3,173 SAPROLITES Measured 168.7 123.1 2.09 2,570 187.4 137.0 2.09 2,860 Indicated 239.1 179.1 2.01 3,615 237.3 177.4 2.01 3,559 Inferred 816.6 604.6 1.88 11,385 829.2 615.1 1.88 11,565 Total saprolites 1,224.3 906.8 1.93 17,572 1,254.0 929.4 1.93 17,984 GRAND TOTAL 1,582.1 1,130.3 1.84 20,770 1,610.5 1,152.6 1.84 21,157 Notes: 1. The figures are reported in million dry metric tons (Mdmt) and are associated with the nickel grade and metric tons of nickel content (ktNi). 2. In accordance with the system describing the drill hole data, the tonnages and grades shown for Saprolites Mineral Resources correspond only to the altered phase of the saprolites, which entails the mineralisation and not to the entire saprolitic column. 3. The cut-off grades applied are as follows: 1.3% Ni for limonites and 1.4% Ni for saprolites. 4. Mineral Resources are validated by the competent person: Jacques Espitallier, Head of Resources and Reserves at SLN (MAusIMM#3179649). 1 93ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves Ore reserves Due to the absence of forecasts to provide a feasible operating model (outlook for the nickel market, access to deposits to optimise grade, and uncertainties surrounding energy prices without effective mitigations or a clear strategy), SLN can no longer declare ore reserves as of January 2026, in compliance with the JORC Code. This decision may be reconsidered depending on future industrial policy developments. 1.3.4 Mineral Resources and Ore Reserves of PT Weda Bay Nickel Mineral Resources The table below presents the figures for the Mineral Resources of PT Weda Bay Nickel, updated on 1 January 2026. STATEMENT OF CHANGES IN PT WEDA BAY NICKEL'S MINERAL RESOURCES AT 1 JANUARY 2026 Mineral Resources 1 January 2026 1 January 2025 Mwmt Mdmt % Ni ktNi Mwmt Mdmt % Ni ktNi LIMONITE Measured 370.8 223.8 1.04 2,339 258.6 156.4 1.08 1,688 Indicated 503.4 304.6 0.97 2,968 601.0 363.1 0.98 3,576 Inferred 87.9 53.3 1.02 544 125.8 76.2 1.04 791 Total Limonites 962.2 581.7 1.01 5,850 985.4 595.8 1.02 6,055 SAPROLITES Measured 553.7 405.6 1.28 5,176 421.1 309.1 1.30 4,016 Indicated 739.0 531.6 1.25 6,652 836.8 604.6 1.26 7,631 Inferred 239.5 175.1 1,22 2,132 346.0 253.3 1,23 3123 Total saprolites 1,532.2 1,112.4 1.25 13,960 1,603.8 1,167.0 1.27 14,770 GRAND TOTAL 2,494.4 1,694.0 1.17 19,810 2,589.2 1,762.7 1.18 20,825 Notes: 1. The figures are reported in million dry metric tons (Mdmt). They are associated with the nickel grade and metric tons of nickel content (kt Ni). 2. The cut-off grades applied are 0.7% Ni for limonites and 0.8% Ni for saprolites. 3. The indicated tonnages and grades for saprolites correspond to the entire saprolitic column. 4. Mineral Resources are validated by the competent person: Ade Kadarusman, Director of PT AKA Geosains Consulting, member MausIMM#303680 of the Indonesian Association of Geologists (IAGI), the Indonesian Society of Economic Geologists (MGEI), and Indonesian Competent Person (CPI# 088). 94 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves Ore reserves The table below presents the figures for the Ore Reserves of PT Weda Bay Nickel, updated on 1 January 2026. STATEMENT OF CHANGES IN PT WEDA BAY NICKEL'S ORE RESERVES AT 1 JANUARY 2026 Ore reserves 1 January 2026 1 January 2025 Mwmt Mdmt % Ni ktNi Mwmt Mdmt % Ni ktNi ORE FOR HYDROMETALLURGICAL PLANTS Proven 137.0 84.2 1.16 977 154.2 93.6 1.14 1,065 Probable 113.4 70.3 1.16 815 237.5 144.2 1.09 1,577 Total 250.4 154.5 1.16 1,792 391.7 237.7 1.11 2,641 ORE FOR PYROMETALLURGICAL PLANTS Proven 317.7 218.9 1.39 3,043 293.6 213.7 1.36 2,897 Probable 324.1 222.6 1.41 3,139 510.2 367.1 1.34 4,907 Total 641.8 441.5 1.40 6,181 803.8 580.8 1.34 7,804 GRAND TOTAL 892.2 596.0 1.34 7,974 1,195.5 818.5 1.28 10,445 Notes: 1. The figures are reported in million dry metric tons (Mdmt). They are associated with the ni ckel grade and metric tons of nickel content (kt Ni). 2. Ore Reserves are presented according to the ore beneficiation proces s, i.e. a hydrometallurgical or pyrometallurgical treatment. 3. Ore Reserves are defined at a cut-off grade varying between 0.8% and 1.0% Ni for limonites and between 1.0% and 1.2% Ni for saprolites. The cut-off grades have changed in line with a new market study. This change in the cut-off grades led to an overall decrease of 24% in reserves. 4. Ore Reserve figures are defined on the basis of a long- term mining sequence developed over a 16-year period from 1 January 2026. 5. The Ore Reserves are validated by the competent person: Dzikril Hakim, Senior Mining Engineer at PT AKA Geosains Consulting (MAusIMM #3053421). 1.3.5 Mineral Resources and Ore Reserves of Grande Côte Opérations Mineral Resources The table below presents the figures for the Mineral Resources of Grande Côte Opérations, updated on 1 January 2026. STATEMENT OF CHANGES IN GRANDE CÔTE OPÉRATIONS' MINERAL RESOURCES AT 1 JANUARY 2026 Mineral Resources 1 January 2026 1 January 2025 Sands Mdmt % HM HM Mdmt Sands Mdmt % HM HM Mdmt Measured 1,709 1.06 18.0 1,866 1.10 20.5 Indicated 669 0.92 6.1 687 0.98 6.7 Inferred 214 0.87 1.9 411 0.97 4.0 TOTAL 2,594 1.01 26.1 2,964 1.05 31.2 Notes: 1. The figures are reported in million dry metric tons of mineral sands (Sands Mdmt) and are associated with the average in situ heavy mineral grade of the sands (% HM) and the dry metric tonnage of heavy minerals (HM Mdmt). 2. Mineral Resources are the sum of tonnages included in the dredge path of GCO’s long-term mining plan (without a cut-off grade), plus all the sands outside the mining path, located between the topographic surface and six metres below the level of the natural water table, selected on 260x200 m panels, with a grade higher than the cut-off grade of 0.70% HM. 3. The Mineral Resources do not include tonnages located in non-exploitable exclusion zones (rights of way of major villages, tailings and materials under tailings). 1 95ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves 4. Mineral Resources were down by 16% in HM. This change is linked to the updating of the global model, which involved the incorporation of new data and the discarding of invalid historical data. 5. Mineral Resources are validated by the competent person: Fanguin Philippe, Senior Geologist at Eramet's Central Technical Office (CTO) (FAusIMM, #3133430) Ore reserves The table below presents the figures for the Ore Reserves of Grande Côte Opérations, updated on 1 January 2026. STATEMENT OF CHANGES IN GRANDE CÔTE OPÉRATIONS ORE RESERVES AT 1 JANUARY 2026 Ore reserves 1 January 2026 1 January 2025 Sands Mdmt % HM HM Mdmt Sands Mdmt % HM HM Mdmt Proven 604 1.58 9.6 898 1.46 13.1 Probable 177 1.40 2.5 95 1.51 1.4 TOTAL 781 1.54 12.0 992 1.46 14.5 Notes: 1. The figures are reported in million dry metric tons of mineral sands (Sands Mdmt) and are associated with the average in situ heavy mineral grade of the sands (% HM) and the dry metric tonnage of heavy minerals (HM Mdmt). 2. The Ore Reserves correspond to the sum of tonnages of mineral sands exploited by the dredger (mine path) and by a conventional mining method (dry mining) in the rich superficial areas adjacent to the dredge path. 3. Within the path of the dredge and dry mining pits, no cut-off grade is applied, as all the sand is recovered there. 4. The Ore Reserves take into account losses of sands and heavy minerals at the level of the dredge. The recovery rates of heavy minerals in the processing plants (WCP and MSP) are not applied in the calculation of Ore Reserves. 5. Ore Reserve figures are defined on the basis of a long- term mining sequence developed over a 14-year period from 1 January 2026, 3 years fewer than in 2025. This reduction is linked to the updating of the geological model as well as the updated long-term selling price projections for 2026. 6. The Ore Reserves are validated by the competent person: E. Boidin, Technical Service Expert at Eramet's Central Technical Office (CTO) (MAusIMM #3126390). 1.3.6 Mineral Resources and Ore Reserves of Eramine SA Drainable Mineral Resources For the year 2026, the figures relating to Eramine's drainable mineral resources are those presented on 1 January 2025. Indeed, the volumes extracted during the ramp-up phase of the plant are small compared to the total resource. Moreover, no estimation work has been carried out that would justify a change to these figures. The resources at 1 January 2026 are therefore considered identical to those of the previous year. The table below presents the figures for the Drainable Mineral Resources of Eramine SA, updated on 1 January 2026. The Drainable Mineral Resources are established on the Centenario and Ratones salars. STATEMENT OF CHANGES IN ERAMINE S.A.'S DRAINABLE MINERAL RESOURCES AT 1 JANUARY 2026 Drainable Resources 1 January 2026 1 January 2025 Brine volume Mm3 Li content mg/l LCE kt Brine volume Mm3 Li content mg/l LCE kt Measured 2,790 415 6,210 2,790 415 6,210 Indicated 3,000 395 6,320 3,000 395 6,320 Inferred 1,180 414 2,590 1,180 414 2,590 TOTAL 6,970 407 15,120 6,970 407 15,120 Notes: 1. The figures are presented in million cubic metres of brine. They are associated with the lithium content of the brine expressed in mg/l. 2. The calculation of the LCE (lithium carbonate equivalent) infers no loss linked to the process. The LCE (lithium carbonate equivalent) tonnage equivalent is calculated based on the lithium mass multiplied by a factor given by the atomic mass of each lithium carbonate element, i.e. 5.32. 96 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Exploration results, mineral resources and ore reserves 3. The competent person responsible for the resource estimate is Frits Reidel, Certified Professional Geologist (#11454) with the American Institute of Professional Geologists and employee of Atacama Water. Ore reserves In the same way as resources, the reserves at 1 January 2026 are therefore considered identical to those of the previous year. The table below presents the figures for Ore Reserves of Eramine SA, updated on 1 January 2026. The Ore Reserves are established on the Ratones and Centenario salars. STATEMENT OF CHANGES IN ERAMINE SA'S ORE RESERVES AT 1 JANUARY 2026 Ore Reserves 1 January 2026 1 January 2025 Years Brine volume pumped Mm3 Average Li content mg/l Metal Li kt LCE kt Years Brine volume pumped Mm3 Average Li content mg/l Metal Li kt LCE kt Proven 1-7 117 463 54 289 1-7 117 463 54 289 Probable 1-20 314 450 142 752 1-20 314 450 142 752 TOTAL 1-20 431 454 196 1,041 1-20 431 454 196 1,041 Notes: 1. The figures are presented in million cubic metres of brine. They are associated with the lithium content of the brine expressed in mg/l and with the average density of the brine. 2. The years mentioned correspond to periods of the pumping sequence. The retained scenario covers a period of 20 years and guarantees annual production of 50 kt-LCE. 3. A recovery factor of the lithium extraction process (87%) was applied to the Ore Reserves. 4. Average lithium grades are calculated on the basis of the mass from all resource categories, including the low contribution of Inferred Mineral Resources. 5. The proportion of brine volume from Inferred Mineral Resources is not taken into account in total brine volume. 6. Metal lithium tonnage only includes masses from Measured and Indicated Mineral Resources. 7. Metal lithium tonnage is converted into LCE (Lithium Carbonate Equivalent) using the factor 5.32. 8. The competent person responsible for this Ore Reserve estimate is: Frits Reidel, Certified Professional Geologist (#11454) with the American Institute of Professional Geologists and employee of Atacama Water. 1 97ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Holding activity 1.4 Holding activity Eramet S.A., the consolidating parent company, has a pure holding function called Eramet Holding, bringing together the various Corporate services, including Senior Management, the Financial Department, the Human Resources Department, the Health and Security Department, the Sustainable Development and Corporate Engagement Department, the Legal Department, the Information Systems Department, the Procurement Department and the Strategy and Innovation Department. It also combines the Manganese, Nickel, Mineral Sands and Lithium mining activities, as well as all of the support, commercial and industrial functions of these activities. The costs of these different services are billed back to the different Group companies through management fee contracts. Eramet S.A. also groups together directly held subsidiaries, acting on behalf of the various entities or for the parent company. These include: • Eramet Services: a company that brings together the accounting, payroll and IT support functions of certain Group companies (directly consolidated within Eramet Holding on 1 January 2026); • Eramet Ideas: Eramet’s research centre, responsible for Research and Development as well as project engineering and technology activities; • Eramet International: a company that unites Eramet’s sales network for certain activities of the Operations Division. Eramet International has subsidiaries and branches throughout the world. The activity of Eramet International is compensated by agency commission contracts; • Metal Securities: the Group’s cash management company, which centralises cash surpluses and short- term requirements for the Group as a whole; • Metal Currencies: the Group’s foreign exchange management company, which carries out all currency hedging transactions for the Group as a whole; • ERAS: reinsurance company. In terms of consolidation level, Eramet Holding includes the holding function within Eramet and the consolidated subsidiaries (Eramet Services, Eramet Ideas, Metal Securities, Metal Currencies, ERAS). 98 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Innovation, digital transformation and operations integration 1.5 Innovation, digital transformation and operations integration 1.5.1 Vision, strategy and innovation missions 1.5.1.1 Innovation that is fully aligned with the Group’s strategy Eramet Ideas brings together the Group’s R&D and Innovation functions and plays a key role in Eramet’s activities by delivering innovations ranging from mining operations to metallurgy. The team, made up of around 130 technicians, engineers and experts, designs value-creating solutions to address the industry's challenges. The innovation strategy is fully aligned with Eramet’s objectives, with, on the one hand, the production of metals for global economic development, and on the other hand, the sustainable development of metals critical for the energy transition, supported by an ambitious CSR roadmap. The innovation teams support this strategy by building an innovation portfolio with a focus on six missions: 1. Carbon-free production: Reduce the CO2 footprint of Eramet’s value chain, by targeting net-zero carbon emissions (scope 1 and 2 GHG emissions). 2. Eliminate wast: Create value using co-products and waste rock. Minimise the environmental impacts of residues, slag and dust. 3. Maximise product value: Improve the competitiveness of Eramet’s activities by optimising the value of deposits, improving product quality, optimising the consumption of mineral resources, but also by expanding the production of ore tailored to the market. 4. Net-zero water consumption : Control and optimise water consumption and recovery, ensuring the optimal quality of discharges. 5. Zero damage: Caring for the health and safety of our employees and the environment while protecting biodiversity. 6. New business opportunities: Identify and develop future business opportunities as well as products aligned with Eramet’s circular economy strategy and objectives. 1.5.1.2 Expertise across the entire metals value chain The Innovation teams deploy world-renowned expertise, ranging from deposit exploration to extractive metallurgy, with skills in geology, mineral processing, mineralogy, digital modelling, pyrometallurgy and hydrometallurgy. Innovation is strengthened by the diversity of skills, the training of young recruits and international mobility, as well as by high-level academic partnerships. Mining expertise A thorough understanding of deposits allows for the optimised design, planning and development of mining operations to maximise the value of minerals and the life of mines. This expertise applies to a wide variety of deposits: • altered ores containing nickel and manganese, • lithium brines, • heavy mineral sands rich in titanium and zirconium. Geometallurgical expertise Geometallurgy is the link between mining and metallurgy. It incorporates geological, mining, mineral processing, mineralogical, metallurgical, environmental and economic data. This approach is based on chemical and mineralogical analyses representative of the deposit, covering a scale ranging from kilometric to nanometric. It enables: • the mining plan to be tailored to the characteristics of the deposit, • the anticipation of future difficulties, • optimised production. The ores are then enriched using ore beneficiation processes (separation based on density, granularity, magnetism, electrostatic or surface properties). These processes, which consume little energy or reagents, produce inert residues and are systematically optimised. Metallurgical expertise When mineral enrichment reaches its limits, the ore is processed using the following processes: • hydrometallurgical (chemical treatment in solution), • pyrometallurgical (melting, high-temperature reduction). These extractive metallurgy technologies make it possible to extract and purify the strategic metals necessary for the energy transition. Digital metallurgy and mining The teams use advanced modelling, interpolation/ extrapolation and algorithmic analysis tools to optimise mining and metallurgical operations. They apply Data Driven (Machine Learning, Computer Vision, AI) and Physics-Based (fluid mechanics, heat transfers, chemistry, thermodynamics, hydrogeology, process models) modelling methods to improve operational efficiency and industrial performance. 1 99ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Innovation, digital transformation and operations integration 1.5.1.3 Strengthen innovation partnerships In a constantly changing environment of innovation, identifying and developing emerging and cutting-edge technologies through strategic partnerships is key to helping the Group to: • Anticipate trends and strengthen its position in the global innovation ecosystem, in particular through long- term academic and scientific collaborations. • Accelerate the development and adoption of new technologies and create disruptive opportunities by collaborating with start-ups and SMEs, notably through open innovation challenges as well as partnerships with peers or related industries. In 2025, for example, more than 250 start-ups with high potential for the Group were identified and assessed, and an innovation challenge on the theme of biodiversity and the management of invasive species led to the implementation of a pilot project in Gabon. 1.5.1.4 Innovation Portfolio The portfolio of innovative initiatives demonstrates Eramet Ideas’ commitment to delivering sustainable solutions with high added value. These solutions can be at different stages of maturity, from development in the laboratory to on-site demonstration and implementation in our operations. In 2025, innovation efforts were mainly focused on the following topics: Lithium production in Argentina (Centenario salar). As part of the commissioning of the Group’s first lithium production plant, the innovation teams provided assistance to the local teams by participating in the ramp-up of production. The teams also worked on optimising the lithium recovery process for the Group's future projects. Production of lithium from deep brines. The partnership with Electricité de Strasbourg continued with a pre- feasibility study for a demonstration plant and an industrial unit for the direct extraction of geothermal lithium in Alsace. Forward-looking studies have also been conducted in the field of deep brines to identify new high-potential opportunities. Improve the quality of manganese ore in Gabon. The innovation teams support the operational teams in the design, installation and optimisation of mining, mineralurgical and logistics equipment necessary for the continued organic growth of the mining activity. The teams were involved in a comprehensive geometallurgy programme, which helped to improve understanding of the next deposits included in the mining plan, and potential future difficulties in particular. Develop local ore processing in Gabon. Eramet Ideas is helping to optimise the sintering process to process lower grade raw materials, co-products and is helping to build an on-site ore processing pilot unit dedicated to the recovery of these materials. Recovery of co-products and waste rock. Conclusive magnetic separation tests have been carried out to recover sand that still contains manganese. Other manganese recovery tests are carried out on very low-grade residues. In addition, studies are underway to explore the possibility of reusing our mining and metallurgical residues in new applications, such as the manufacture of construction materials or their incorporation into cement. Efficiency of furnaces for manganese alloys. The Eramet Ideas teams are working on the preparation of raw materials and the development of innovative instrumentation, including the in-line characterisation of products at the entrance to the furnace, which allows metallurgists to further optimise the operation of industrial furnaces. In addition to innovation activities, the teams provide technical support for the management of the furnaces. Metallurgy with net-zero carbon emissions. Innovative methods for manufacturing manganese alloys using molten oxide electrolysis or including carbon loop technologies, carbon capture and carbon storage (CCS/ CCUS) are being studied to reduce the CO2 footprint and support our ambition to achieve net-zero emissions. Biocarbon. Eramet’s strategic roadmap for reducing CO2 emissions is based on the decarbonisation of pyrometallurgical processes, made possible by the use of solid fuels and biomass reducers. These materials, if produced and exploited sustainably, are carbon-neutral and can replace fossil-based carbon materials. This strategic effort requires R&D work to characterise these new types of carbon-based materials, anticipate their performance in pyrometallurgical furnaces and validate their viability for the production of manganese alloys through laboratory and then industrial-scale testing. Digital simulations of operations and innovations for metallurgical processes, processing units and the mines. From the study of scenarios using process models, unit operations and phenomena ( e.g. the physico-chemical behaviour of furnaces, enrichment units), to the provision of models to users, connected to production data. These digital models are a lever for innovation, allowing us to quickly test a large number of configurations thanks to our high-performance computing capabilities, to support and guide R&D work (e.g. for the development of lithium recovery processes). Exploration. Eramet Ideas actively participates in the exploration programme by analysing and characterizing samples from identified prospects, and, well as, when relevant, by conducting recovery tests to more accurately assess the potential of the target. 100 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Innovation, digital transformation and operations integration 1.5.2 Innovation, data transformation and artificial intelligence 1.5.2.1 Review of Eramet's digital transformation at the end of 2025 Digital transformation was one of the three pillars of Eramet's transformation initiated in 2017, alongside managerial and strategic transformation. 1.5.2.1.1 The structural themes of the digital transformation In 2025, Eramet continued to roll out its digital transformation as a key driver of industrial performance, competitiveness and sustainability. This transformation is part of a long-term approach aimed at supporting the evolution of the Group's industrial model in an environment characterised by increased market volatility, heightened environmental and social requirements, as well as increasing complexity of industrial operations. The work carried out since 2017 has mainly focused on improving industrial performance through the optimisation of mining and metallurgical processes, improving the availability of assets (condition-based and predictive maintenance) and reducing the variability of operations (see 2021 Universal Registration Document). Structured according to the Mining 4.0, Plant 4.0 and Logistics 4.0 programmes, digital technology has made it possible to strengthen the management of activities by relying on increased use of industrial data, promoting faster and more reliable decision-making both at the sites and at Group level. In addition, through its Operations Integration programme launched in 2021, digital transformation has contributed to the better integration of value chains, from geology and mine planning to production, logistics and customer relations (see 2023 Universal Registration Document). The aim of this integrated approach is to increase consistency between the various stages of the industrial process, improve product traceability and better align production with market needs. Integrated Remote Operation Centers (IROC) have been deployed in Gabon (Traffic Management Centre in Setrag since 2019, IROC Moulebe since 2022) and SLN, accelerating the real-time 360° management of operations. Lastly, digital technology has been implemented to support the Group's corporate social responsibility commitments. Digital tools have contributed to the monitoring of environmental performance, relations with local communities (Connected Concession project at GCO), improving the safety of operations (monitoring driver fatigue, tests for people taking up a new role) and better management of industrial risks. 1.5.2.1.2 Main projects carried out and associated gains Over the period 2017-2025, the Group led and rolled out several dozen digital, data and AI projects within its mining, metallurgical and logistics activities. These projects focused on the collection and use of industrial data (data lake, automation, specialised software), the automation of certain processes, the development of predictive models and the implementation of decision-making tools to support the operational and managerial teams. The initiatives put in place have generated measurable gains. They have contributed to improved industrial yields, reduced operating costs, better energy efficiency and the optimised use of natural resources. Several projects have also improved the reliability of facilities, reduced unplanned shutdowns and increased operational safety. Digital transformation has also promoted better control of logistics flows by improving the link between sales and operational planning (S&OP project in Norway), transport monitoring and rail traffic planning at Setrag. These advances have helped to improve customer service and reduce the associated timeframes and costs. The results obtained are reflected in a overall positive return on investment on the projects carried out. Some initiatives have also been recognised outside of the Group through distinctions and awards (BFM Business Grand Prize for Digital Acceleration in 2019, Syntec Conseil and NetExplo in 2022, Republik Data in 2025), highlighting the relevance of the innovation and digital transformation approach applied by Eramet in the extractive and metallurgical industries. 1.5.2.1.3 Additional benefits of the digital transformation programme In addition to the operational and financial gains, the digital transformation has benefited both the organisation and the teams. The Group has continued to organise training and awareness-raising actions in order to develop a shared digital and data culture, promoting the appropriation of digital tools by teams and the unsiloeing of business lines. The training programmes have helped to strengthen internal skills in digital-related fields (1,500 people trained), data and advanced analytics (500 people trained, 50 trained in advanced data science), while supporting the evolution of managerial and operational practices. The digital transformation has also promoted more collaborative and agile ways of working, based on experimentation, continuous improvement, a structured operating model, modern project management methodologies and the sharing of best practices between sites. 1 101ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES Innovation, digital transformation and operations integration At the same time, the Group has developed and strengthened partnerships with technology players, start- ups (Quantcube, DeepLime) and academic institutions (PhD with the Ecole des Mines de Paris) in order to access specific expertise, accelerate innovation and remain at the forefront of technological developments relevant to its activities. These efforts have resulted in patents and academic publications. Lastly, the gradual structuring of data platforms, shared digital tools and the associated governance has made it possible to lay a solid foundation for the continuation of the digital transformation in future years (see 2024 Universal Registration Document). This foundation will support the Group's ambition to establish digital technology as a sustainable factor in value creation, performance and industrial differentiation. 1.5.2.2 Outlook In line with the work undertaken since 2017, Eramet intends to continue its digital transformation to support the evolution of its industrial activities and sustainably support its operational, environmental and economic performance. Artificial intelligence will be a key area of development over the coming years. Deep learning technologies will continue to improve the early detection of operational events, advanced equipment monitoring and the monitoring of environmental impacts based on the in-depth analysis of internal and/or external industrial data (satellite imagery, weather models). The Group is also studying the use of Generative Artificial Intelligence to develop expert assistants for operators and maintenance teams, facilitating access to information, the sharing of knowledge and decision-making in a more intuitive and collaborative way, even when on the move on the field. In the medium term, Agentic AI approaches are expected to contribute to the integrated and predictive planning of mining and metallurgical operations, optimising resource allocation and value chain coordination. A second pillar of this roadmap is intelligent data management. The Group intends to continue rolling-out of data platforms connected to industrial IT tools and automation systems, with a view to strengthening the reliability, availability and value of operational data. The business-focused structuring of data, based in particular on approaches such data mesh or data lake, aims promoting team autonomy while guaranteeing appropriate governance with increased accessibility and sharing of data. Lastly, the digitisation of operations should continue through the development of digital twins of the plants, the strengthening of mining fleet management systems, the roll-out of Integrated Operations Centres and the exploration of augmented, virtual or immersive reality solutions. These technologies are intended to boost the safety, training, operational efficiency and real-time management of industrial activities, contributing to the competitiveness and sustainability of the Eramet Group for the coming decade. ▼ 2017-2027 timeline of the Eramet Group's digital transformation 102 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES Group organisation chart 1.6 Group organisation chart (1) SEM: Société Équatoriale des Mines (state-owned company - Gabon). (2) STCPI: Société Territoriale Calédonienne de Participation Industrielle (an entity owned by the provinces of New Caledonia). (3) PT Antam: state-owned company - Indonesia. 1 103ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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1 PRESENTATION OF THE GROUP AND ITS ACTIVITIES History of the Company 1.7 History of the Company 1880 • Le Nickel was incorporated in 1880 to operate nickel mines in New Caledonia. Under the majority control of the Rothschild family from the end of the 19th century, in the late 1960s it became the parent company of all the Rothschild group’s mining subsidiaries (Le Nickel- Peñarroya-Mokta group). 1974 • The nickel business was spun off into a subsidiary under the name Société Métallurgique Le Nickel-SLN: Elf Aquitaine acquired a 50% interest in this new company. The former company Le Nickel changed its name to Imétal and holds the remaining 50% in Métallurgique Le Nickel-SLN. 1983 • As part of an industrial, shareholding and financial restructuring programme, ERAP, a French state-owned company, acquired a 70% stake in the share capital of Métallurgique Le Nickel-SLN. Imétal and Elf Aquitaine’s interests were reduced to 15% each. 1985 • Métallurgique Le Nickel-SLN, owner of the mining assets in New Caledonia, became a wholly-owned subsidiary of a new parent company called Eramet-SLN, in which the shareholders continued to be ERAP (70%), Imétal (15%) and Elf Aquitaine (15%). 1989-1991 • From 1989 onwards, in order to smooth out the effects of nickel cycles, the Company adopted a strategy of diversifying into complementary activities. • Acquisition of French company La Commentryenne and Swedish company Kloster Speedsteel in the high-speed steels sector. These two companies were merged in 1992 to form a new company known as Erasteel. 1991 • Long-term commercial and financial partnership with Nisshin Steel. At the end of October 1994, Nisshin Steel’s holding in the share capital of Métallurgique Le Nickel- SLN reached 10%. 1992 • Métallurgique Le Nickel-SLN and Eramet-SLN took on their current names of Le Nickel-SLN and Eramet, respectively. 1994 • A private placement was followed by a listing of 30% of Eramet’s share capital on the Paris Stock Exchange’s “Second Marché”. • The BRGM group (Bureau de Recherches Géologiques et Minières, a French state-owned company) transferred ownership of its Cofremmi subsidiary, the owner of nickel ore reserves in New Caledonia, to Eramet, in return for shares representing 2.34% of Eramet’s new share capital. 1995-1996 • Eramet acquired a 46% stake in Comilog (Gabon), a producer of manganese ore, ferromanganese and manganese-based chemical products. 1997 • Eramet acquired from Gengabon (Gencor Group) a further 15% of the share capital of Comilog. 1999 • The Group consolidated SIMA (Duval family), a producer and transformer of high-performance special steels. • Sale of a 30% stake in Le Nickel-SLN to ERAP in exchange for Eramet shares; ERAP then transferred this stake to a New Caledonian state-owned entity, Société Territoriale Calédonienne de Participation Industrielle (STCPI). The French government sold ERAP’s remaining interest to Cogema, which then became part of the Areva group. After these operations, the Group’s activities were organised into three Divisions – Nickel, Manganese and Alloys – and the Group’s capital was mostly held by private shareholders (Cogema/AREVA and Sorame and CEIR – Duval family), with the French government retaining a non-controlling interest. 2000 • Inauguration of the Moanda industrial complex (Gabon). 2002 • Acquisition of the Guilin manganese alloy plant (China). 2006 • Acquisition of Weda Bay Nickel in Indonesia. 2007 • Shares in Eramet were exchanged for those in SLN for STCPI as part of the SLN Shareholders’ Agreement. 2008 • Acquisition of a 58.93% controlling interest in Norwegian group Tinfos. • Creation of UKAD for preliminary mining and first transformation of titanium (forging ingots). 2009 • Eramet increased its stake in Eralloys (formerly Tinfos, Norway) to 100% after buying up the non-controlling interests. Sale of Nizi, an international trading business acquired in 2008 with Tinfos. • Acquisition of Valdi (France), engaged in the recycling of non-ferrous metals. 2011 • Creation of TiZir, a joint venture in mineral sands with Mineral Deposits Ltd. 104 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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PRESENTATION OF THE GROUP AND ITS ACTIVITIES History of the Company 2012 • Acquisition by FSI Equation, a subsidiary of Fonds Stratégique d’Investissement (which became Bpifrance, later a subsidiary of APE) of the Eramet shares previously held by Areva. • Diversification into lithium production with the discovery of a deposit in Argentina, taken on by Eramine Sudamerica (Lithium project). 2013 • Appointment, following a joint nomination by BPI and by Sorame and CEIR, of a director to represent Gabon on Eramet’s Board of Directors. 2014 • Start-up of the Moanda metallurgical complex in Gabon and (via TiZir) of Grande Côte Operations in Senegal (mineral sands). 2015 • Launch of EcoTitanium, Europe’s leading producer of aviation-grade titanium producer using recycled materials. • Creation of MKAD, a new plant machining large titanium parts, a joint venture between Aubert & Duval and Mecachrome. The aim is to use the plant to transform the titanium produced by EcoTitanium. 2016 • Start of MKAD production. • Opening of the École des mines in Moanda. • Sale of Erachem and Bear Metallurgical Corporation. 2017 • Sale of Eurotungstène. • Launch of EcoTitanium. • Signing of the Weda Bay Nickel partnership with the Chinese company Tsingshan, the world’s largest producer of stainless steel. 2018 • Success of the tender offer made for the shares of Mineral Deposits Ltd.: acquisition of 100% of TiZir. • Sale of the Guilin manganese alloy plant (China). • Lifting of the preconditions of the agreement signed with Tsingshan regarding the Weda Bay Nickel deposit and effective implementation of the partnership (shareholding: Eramet 43% and Tsingshan 57%). 2019 • Obtention of a research permit in the field of mineral sands in Cameroon on the rutiliferous block of Akonolinga. • Start-up of the Centenario pilot site in Argentina (Lithium project). 2020 • The first casting of low-grade nickel ferroalloy took place, ahead of schedule, in the first furnace at the PT Weda Bay Nickel plant, the Indonesian joint venture between Eramet, Newstride Technology (controlled by the Tsingshan Group) and PT Antam. The plant was ramped up successfully with nominal production capacity achieved at the end of the year. • Signature of an agreement with BASF in December to assess the development of refined nickel-cobalt production for the expanding electric vehicle market. 2021 • Opening of the share capital of Setrag (a subsidiary of Comilog) to Meridiam, a private investor specialising in the long-term management of sustainable public infrastructure, and to the Gabonese State, which now have respective stakes of 40% and 9% in the subsidiary. • Signing of a partnership agreement with the Chinese steel group Tsingshan to recommence construction of the Centenario plant in Argentina (Lithium project). 2022 • Sale of the Sandouville (France) hydrometallurgical plant to Sibanye-Stillwater, a major precious metals player. 2023 • Sale of Aubert & Duval to a concerted action consisting of Airbus, Safran and Tikehau Capital. • Sale of Erasteel to Syntagma Capital, a Belgian investment fund, finalising the sale of the entire High Performance Alloys division. • Sale of Eramet Titanium and Iron ("ETI") to INEOS Enterprises, a world leader in the production of intermediate chemicals. • Acquisition of an extensive set of exploration and mining concessions in the Atacama region of northern Chile, at the heart of the Lithium Triangle. • The Group's first Capital Markets Day in November. 2024 • Signature of financing agreements by the French State to neutralise the impact of SLN on the Group's financial performance. • Buyout of Tsingshan’s stake (49.9%) in the Centenario project in Argentina. • Inauguration of the direct lithium extraction plant and first production of lithium carbonate in Centenario, Argentina. 2025 • Signing of a memorandum of understanding between Eramet, Danantara Indonesia and the Indonesian Investment Authority (INA) to explore the creation of a strategic investment platform in the nickel value chain in Indonesia. • Group's first site visit for sell-side analysts and bankers, held in December at the Centenario site in Argentina. 1 105ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 Consolidated financial statements and individual financial statements 2.1 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2025 FINANCIAL YEAR 108 Income statement 108 Statement of comprehensive income 109 Statement of cash flows 110 Balance sheet 111 Statement of changes in shareholders' equity 112 Notes to the consolidated financial statements 113 Statutory Auditors’ report on the consolidated financial statements 185 2.2 2025 STATUTORY ACCOUNTS 191 Income statement 191 Balance sheet – Assets 192 Balance sheet – Liabilities 193 Net debt table 194 Notes to the individual financial statements 194 Statutory auditors’ report on the financial statements 218 Statutory auditors’ report on related party agreements 222 Table of the financial results of the Company over the past five years 224 Invoices received and issued not settled at the end of the financial year and past due (table provided under I of Article D.441-4) 225 Reincorporation of general costs and sumptuary expenses 225 2.3 CONSOLIDATED FINANCIAL STATEMENTS FOR 2024 AND 2023 226 2.4 DIVIDEND DISTRIBUTION POLICY 226 Dividend payment methods 226 Allocation and division of results (Article 24 of the Articles of Association) 226 Table of allocation of 2025 result 226 Dividend policy 227 107ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 2.1 Consolidated financial statements for the 2025 financial year Income statement (in millions of euros) Notes FY 2025 FY 2024 Turnover 6 2,753 2,933 Other income 6 36 93 Raw materials and purchases consumed 6 (1,014) (971) External expenses 6 (1,028) (1,063) Personnel cost 6 (595) (588) Taxes 6 (18) (16) Operating depreciation and amortisation 6 (270) (248) Net change in operating provisions and impairment allowances 6 4 (43) Current operating income 6 (132) 97 Other operating income and expenses 7 (240) (46) Operating income 7 (372) 51 Net debt cost 8 (148) (118) Other financial income and expenses 8 (65) (57) Financial income 8 (213) (175) Share of income from joint ventures and associates 11 58 166 Income taxes 12 (43) (94) Net income for the period (570) (52) Attributable to non-controlling interests 7 (93) (66) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY (477) 14 Basic earnings per share (in euros) (16.67) 0.50 Diluted earnings per share (in euros) (16.67) 0.50 108 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Statement of comprehensive income (in millions of euros) Notes FY 2025 FY 2024 Net income for the period (570) (52) Currency translation differences for subsidiaries’ financial statements in foreign currency (210) 183 Change in the fair value reserve for bonds 9 - - Change in revaluation reserve for hedging instruments 9 7 (24) Income taxes 2 4 Items recyclable to profit or loss (201) 163 Revaluation of net defined benefit plan liabilities 13 (8) 5 Income taxes 1 - Items not recyclable to profit or loss (7) 5 Other comprehensive income (208) 168 • attributable to non-controlling interests (1) 52 • attributable to equity holders of the parent company (207) 116 TOTAL COMPREHENSIVE INCOME (778) 116 • attributable to non-controlling interests (94) (14) • attributable to equity holders of the parent company (684) 130 2 109ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Statement of cash flows (in millions of euros) Notes FY 2025 FY 2024 OPERATING ACTIVITIES Net income for the period (570) (52) Non-cash income and expenses 8 368 112 Cash flow from operations (201) 60 Net change in working capital requirement (WCR) 10 (112) (185) Net cash flow from operating activities (313) (125) INVESTING ACTIVITIES Acquisition of non-current assets (1) 11 (429) (602) Net change in other non-current financial assets 11 (2) (27) Disposal of non-current assets 11 1 3 Net change in current financial assets 8 270 236 Capital increase (reduction) from joint ventures - (0) Dividends received from equity-accounted companies (2) 11 34 114 Impact of changes in consolidation scope 8 (10) (30) Net cash flow used in investing activities (136) (306) FINANCING ACTIVITIES Capital increase subscribed by non-controlling interests (3) 226 439 Dividends paid to non-controlling interests (56) (39) Payment of dividends (43) (43) Buyback of equity shares (8) (5) Issue of new debt 8 474 847 Loan repayments 8 (216) (482) Repayment of lease commitments 8 (27) (20) Change in bank overdrafts 8 100 (29) Other changes (4) (13) (680) Net cash flow used in financing activities 437 (12) Impact of fluctuations in exchange rates (50) (10) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (62) (453) Opening cash and cash equivalents 8 631 1,084 Closing cash and cash equivalents 8 568 631 including under operating activities: Interest income 12 37 Interest paid (including IFRS 16 charge) (162) (170) Tax paid (137) (138) (1) Lease-purchases are treated as purchases and recognised as acquisition of non-current assets in contrast to other leases (2) The impact of Weda Bay amounts to €34 million and consists mainly of the payment of dividends (compared to €114 million in 2024) (3) Including €215 million of the impact of the undated fixed rate subordinated bonds (“TSDI”) of SLN (€330 million in 2024) (4) For 2024, includes -€663 million corresponding to the buyback of Eramine shares 110 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Balance sheet (in millions of euros) Notes 31 December 2025 31 December 2024 Intangible assets and goodwill 11 349 438 Property, plant and equipment 11 2,938 2,846 Lease rights of use 11 61 55 Investments in joint ventures and associates 11 367 389 Other non-current financial assets 11 92 215 Deferred tax assets 12 87 93 Other non-current assets 10 10 16 Non-current assets 3,904 4,052 Inventories 10 648 692 Customers 10 225 217 Other current assets 10 467 526 Current tax receivables 12 36 47 Derivatives – assets 9 9 17 Current financial assets 8 23 282 Cash and cash equivalents 8 568 631 Current assets 1,976 2,412 TOTAL ASSETS 5,881 6,464 (in millions of euros) Notes 31 December 2025 31 December 2024 Capital 8 88 88 Share premiums 8 461 466 Revaluation reserve for available-for-sale assets 8 7 7 Revaluation reserve for hedging instruments 8 (1) (10) Revaluation reserve for defined benefit plan liabilities 8 (83) (77) Currency translation differences 8 (565) (355) Other reserves 8 811 1,321 Attributable to equity holders of the parent company 718 1,441 Attributable to non-controlling interests 7 777 698 Shareholders’ equity 1,495 2,139 Employee-related liabilities 13 99 95 Provisions – due in more than one year 14 632 617 Deferred tax liabilities 12 184 251 Borrowings – due in more than one year 8 1,978 1,829 Lease commitment – more than one year 8 52 54 Other non-current liabilities 10 0 8 Non-current liabilities 2,945 2,854 Provisions – due in less than one year 14 52 76 Borrowings – due in less than one year 8 477 322 Lease commitment – less than one year 8 18 19 Suppliers 10 371 384 Other current liabilities 10 453 557 Current tax payables 12 56 103 Derivatives – liabilities 9 14 10 Current liabilities 1,441 1,471 TOTAL LIABILITIES 5,881 6,464 2 111ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Statement of changes in shareholders' equity (in millions of euros) Number of shares Capital Share premi ums Revaluation reserve for available- for-sale assets Revaluation reserve for hedging instruments Revaluation reserve for defined benefit plan liabilities Currency translation differences Other reserves Attributable to equity holders of the parent company Attributable to non- controlling interests Sharehol ders’ equity Shareholders’ equity restated at 1 January 2024 28,755,047 88 466 7 10 (82) (486) 1,597 1,600 394 1,994 Net income for the period 2024 - - - - - - - 14 14 (66) (52) Other comprehensive income (3) - - - - (20) 5 131 - 116 52 168 Total comprehensive income - - - - (20) 5 131 14 130 (14) 116 Distribution of dividends - - - - - - - (43) (43) (39) (82) Share-based payment - - - - - - - 10 10 - 10 Buyback of equity shares - - - - - - - (5) (5) - (5) Transactions with non‑controlling interests (2) - - - - - - - (255) (255) (299) (554) Other movements (1) - - - - - - - 4 4 656 660 Total transactions with shareholders - - - - - - - (290) (290) 319 29 Shareholders’ equity at 31 December 2024 28,755,047 88 466 7 (10) (77) (355) 1,321 1,441 698 2,139 Net income for the period 2025 - - - - - - - (477) (477) (93) (570) Other comprehensive income - - - - 9 (6) (210) 1 (207) (1) (207) Total comprehensive income - - - - 9 (6) (210) (476) (683) (94) (777) Distribution of dividends - - (5) - - - - (38) (43) (56) (99) Share-based payment - - - - - - - 9 9 - 9 Buyback of equity shares - - - - - - - (8) (8) - (8) Transactions with non‑controlling interests - - - - - - - (0) (0) 14 14 Other movements (1) - - - - - - - 3 3 214 217 Total transactions with shareholders - - (5) - - - - (34) (39) 172 133 Shareholders’ equity at 31 December 2025 28,755,047 88 461 7 (1) (83) (565) 811 718 777 1,495 (1) Other movements of Non‑controlling interests in 2025 include the impact of SLN's undated fixed-rate subordinated bonds ("TSSDI") for €215 million (€656 million in 2024) (2) In 2024, Transactions with non‑controlling interests include, on the one hand, the impact of the €109 million capital increase carried out by the partner Tsingshan with Eramine and, on the other hand, the impact of the €663 million acquisition price of Eramine shares bought back from Tsingshan in October 2024 (3) In 2024, currency translation differences include an impact of €120 million (60 million attributable to the Group, 60 million attributable to non-controlling interests) resulting from the change of functional currency in Argentina (USD instead of ARS) 112 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Main components of changes in shareholders' equity Premiums essentially consist of issue premiums, representing the difference between the par value of the shares issued and the amount of the contributions in cash or in kind received on issue. Hedging instrument reserves comprise the cumulative change in the effective portion of the fair value of derivatives relating to future cash flow hedging in connection with transactions that have not yet impacted the net income for the period. This is offset in derivatives under assets or liabilities, depending on whether hedging gains or losses are recognised. Reserves on defined benefit plans include the impact of changes in actuarial assumptions used for commitments, and the variance between actual returns and the discount rates on the plans’ hedging assets. Currency translation differences account for the conversion differences deriving from the translation of the financial statements of foreign subsidiaries into euros. Notes to the consolidated financial statements Eramet is a French public limited company with a Board of Directors, governed by the provisions of Articles L.225-17 and R.225-1 et seq . of the French Commercial Code and the provisions of its Articles of Association. As required by law, the Company is audited by two Statutory Auditors. The Eramet Group’s consolidated financial statements at 31 December 2025 were approved by the Eramet Board of Directors on 18 February 2026. The accompanying notes are an integral part of the consolidated financial statements. Contents NOTE 1 Description of the Eramet Group’s activities 114 NOTE 2 Key events in the reporting period 115 NOTE 3 Climate challenges 117 NOTE 4 Basis of preparation of the consolidated financial statements 118 NOTE 5 Operating performance of the Group’s activities – Segment reporting 119 NOTE 6 Current operating income (COI) 125 NOTE 7 Net income, Group share and non‑controlling interest 128 NOTE 8 Net financial debt and shareholders’ equity 131 NOTE 9 Financial instruments and risk management 139 NOTE 10 Working capital requirement 150 NOTE 11 Investments 153 NOTE 12 Taxes 163 NOTE 13 Employee charges and benefits 166 NOTE 14 Provisions 173 NOTE 15 Related-party transactions 176 NOTE 16 Off-balance sheet commitments, other commitments, contingent liabilities and other disclosures 177 NOTE 17 Fees of the Statutory Auditors 180 NOTE 18 Events after the reporting date 181 NOTE 19 Consolidation principles and scope 181 2 113ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 1 Description of the Eramet Group’s activities Eramet is one of the world's leading producers of manganese and nickel used to improve the properties of steels, mineral sands (titanium dioxide and zircon) and lithium. The Eramet Group is broken down into the following activities: The Manganese activity extracts and processes manganese ore: • Comilog operates the Moanda mine and industrial and metallurgical facilities in Gabon. Setrag transports the ore by train from the mine to the port of Owendo/Libreville; • the manganese ore extracted is either marketed to downstream industries or processed in the Group’s metallurgical plants in Gabon, France, Norway and the United States. The Group produces the widest range of alloys on the market. The Nickel activity extracts and processes nickel ore: • Le Nickel-SLN operates five mines and one ferronickel producing metallurgical plant in New Caledonia; • the Eramet Group owns 38.7% of PT Weda Bay Nickel, a company that operates a major nickel deposit in Indonesia, which came on stream in 2020. The Mineral Sands activity extracts and develops mineral sands, mainly zircon and titanium dioxide slag: • Eramet Grande Côte (EGC) mines a deposit of mineral sands in Senegal: titaniferous ore (ilmenite, rutile, leucoxene) and zircon. The Lithium Activity The Lithium Activity extracts and processes the lithium deposit in Argentina through the company Eramine Sudamerica. Construction of the Centenario lithium plant (phase 1) was completed in 2024. The Group is also developing strategic metal production projects and virtuous recycling solutions in order to establish a presence on the energy transition market. The Group employed 8,684 people at 31 December 2025. 114 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 2 Key events in the reporting period 2.1 Activity in a challenging environment and financing In 2025, Eramet operated in an unfavourable macroeconomic environment characterized by a cyclical low for raw materials, which significantly impacted the Group's profitability and cash generation. EBITDA decreased, reaching €130 million in 2025 from €371 million in 2024. This deterioration in operational performance led to an increase in net debt, which amounted to €1,935 million at the end of 2025, compared to €1,297 million in 2024. The macroeconomic environment remains uncertain at the beginning of 2026 and continues to weigh on demand across all of the Group's markets, despite a slight increase in raw material prices. Financing operations carried out in 2025 In response to this context, Eramet undertook several financing operations in 2025: • Glencore loan: a loan from Glencore was fully subscribed in February 2025 for an amount of 320 million dollars. • Sustainability-linked bond issue : the Group issued sustainability-linked bonds for €100 million. This issue, with an annual coupon of 6.5% and maturing on 30 November 2029, is assimilated to the €500 million bond issued in May 2024. The total nominal amount of these bonds maturing in 2029 thus stands at €600 million, with a residual duration of 4.5 years. The average maturity of the entire bond debt, whose nominal value amounts to €1,100 million, is now approximately 3 years, compared to 3.2 years at 31 December 2024. Revision of credit ratings In September 2025 and January 2026, Eramet's long-term credit ratings were downgraded by Moody's (to B1) and Fitch (to B), both with negative outlooks. This revision reflects the unfavourable market environment, operational difficulties, and pressures on the Group's balance sheet. Obtaining a waiver A waiver on the December 2025 gearing covenant was obtained from Eramet's banking pool, ensuring the availability of the €935 million revolving credit facility (RCF). Use of the RCF (Revolving Credit Facility) and plan to strengthen profitability and equity in 2026 At the end of January 2026, Eramet drew down the entirety of the RCF amounting to €935 million to cover its general needs. By the end of 2025, the Group had implemented a performance improvement plan titled "ReSolution". The aim of this plan is to improve EBITDA by €130 to €170 million on an annual basis. At the same time, capital expenditure (CapEx) was revised and subjected to strict authorisation constraints. The Group's liquidity allows it to continue its activities. However, a restoration of the balance sheet is necessary to reduce debt and restore financial ratios in line with initial agreements. Faced with this deteriorated financial situation, a detailed financing plan is underway aimed at improving cash generation and strengthening its balance sheet. This plan, presented at the Board of Directors' meeting on 18 February 2026, aims to enable the Group to normalise its credit ratios (gearing and leverage), while securing its liquidity through covenant monitoring with financial partners and access to the bond market. This plan comprises three components: • continued operational improvement with the implementation of the ReSolution programme launched at the end of 2025; • strengthening equity by approximately €500 million in 2026; and • a strategic review of assets with monetisation options in 2026. The completion of these measures is expected by the end of 2026 and should enable the Group to restore its financial position. 2.2 Impairment in Mineral Sands The zircon market remained in oversupply in 2025. Global demand declined throughout 2025, impacted by macroeconomic uncertainty and weak global real estate activity, particularly in China. At the same time, annual production did not adjust sufficiently, largely due to the increase in heavy mineral concentrate volumes imported into China. In this context, the impairment test carried out on the Mineral Sands CGU led to the recognition of an impairment loss of €171 million in 2025. 2.3 Lithium project in Argentina In Argentina, the Centenario plant ramped up its lithium carbonate production. Following a first half impacted by a technical issue during the commissioning of the Forced Evaporation equipment, production rose sharply over the year, reaching nearly 75% of its nominal daily capacity in December, up from 10% in June, in line with the plan. Volumes of lithium carbonate produced in 2025 totalled 6,690 t-LCE (of which 5,980 t-LCE during the second half of the year). Given the priority placed on ramping up production and the low market price premium, the plant is currently producing only limited quantities of battery-grade material. At the same time, volumes sold reached 5,420 t- LCE (of which 4,900 t-LCE in the second half of the year). 2 115ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Sales, primarily to CAM (Cathode Active Materials) producers in China, were based on the Chinese market reference price for battery‑grade lithium carbonate, minus a discount of around 10% reflecting the refining costs required to convert the initial industrial‑ and technical‑grade product into battery‑grade quality. In 2025, the amount of growth CapEx financed by Eramet totalled €96 million. The Centenario plant is designed to extract and produce 24,000 t/year of battery-grade lithium carbonate at full capacity. 2.4 Gabonese government announces ban on crude manganese exports from 2029 Following the 2025 announcement by the Gabonese authorities of their intention to increase local ore processing, Eramet and Comilog are continuing studies and discussions with them on the options for ore processing and beneficiation as an integral part of a robust win‑win partnership. The Group’s objective is to work with the authorities to establish a joint roadmap that will contribute positively to industrial development in Gabon and to the vitality of the related economic ecosystem. At this preliminary stage, and in the absence of concrete information, no new factors were incorporated into the assessment of the financial statements as of 31 December 2025. 2.5 Nickel – PT Weda Bay Nickel (“PT WBN”) In Indonesia, following the upward revision of the RKAB29 in July 2025, external ore sales reached 38.5 Mwmt for the year, representing an increase of 27%. However, this progress is offset by a less favourable product mix. Saprolite sales volumes accounted for 64% of the total, at 25.5 Mwmt, down 11% year‑on‑year. In order to quickly market the volumes authorised under the revised RKAB, low‑grade saprolites were sold alongside high‑grade saprolites, which lowered the average grade (‑13% on average). Limonite volumes amounted to 13.1 Mwmt, representing 34% of total sales (a sixfold increase from 2024), driven by growing demand from HPAL plants in the IWIP. Internal consumption for the NPI plant reached 3.4 Mwmt over the year. In early February, PT WBN received preliminary notification from the Indonesian authorities enabling it to file an RKAB for an annual nickel ore production and sales volume of 12 Mwmt in 2026 (including 3 Mwmt destined for the domestic market), with an overall stable grade. In coordination with the Indonesian authorities and in support of their efforts to rebalance the nickel market, PT WBN intends to file, at the earliest opportunity, a request for an upward revision of this quota. The initial RKAB granted in 2025 was 32 Mwmt and was revised upwards to 42 Mvmt in July. PT WBN will therefore commence preparation of this RKAB and, in consultation with the local authorities, its subcontractors, customers and other local stakeholders, evaluate the arrangements needed to adapt its mining system. In this context of increasing strain on the local ore supply, the premiums that PT WBN obtains relative to the HPM reference price index - and the index itself - are expected to continue to rise compared with 2025. 2.6 Operational and financial situation at the SLN level in New Caledonia in a very unstable societal context In New Caledonia, SLN’s mining activity remains heavily impacted by the closure of certain mining sites following the riots of H1 2024. SLN's mining production stood at 3.0 Mwmt in 2025, up 2% compared to the previous year. Similarly, SLN’s nickel ore exports remained constrained in 2025, at 0.6 Mwmt, down 12% versus the same period in 2024. As a result, SLN generated a negative free cash flow of - €228 million in 2025. Given the critical cash position since the end of the 2023 financial year, and following Eramet's decision to no longer finance the deficit of its New Caledonian subsidiary, an agreement was signed between Eramet and the French State in April 2024. The first part of this agreement involved converting existing loans into a subscription by both parties to fixed-rate undated subordinated bonds (TSSDIs), issued by SLN. At 31 December 2023, the loans converted amounted to €332 million for Eramet and €266 million for the French State, representing a total of €598 million. In line with this agreement, and given that Eramet reaffirmed its decision to continue providing operational support while refraining from any new financing for SLN, the State fully subscribed to the additional funding required to meet SLN’s financial needs. This support was provided through new TSSDIs issued by SLN, for a total amount of €390 million in 2024. A new €100 million TSSDI programme was subscribed by the State in April 2025, followed by a second subscription of €115 million in December 2025, bringing the total amount subscribed by the State to €871 million as of the end of December 2025. This financial support should enable the New Caledonia entity to continue its activity in 2026. The guarantees granted temporarily by Eramet to its subsidiary in connection with the operation of the Doniambo plant and the mining sites located in the South province have been extended until 31 December 2026, totalling €47 million. Guarantees concerning the other mining sites were put in place until the expiry of the operating permits directly by SLN in the form of a security deposit amounting to €38.7 million. For accounting purposes, the undated fixed-rate subordinated bonds, “TSSDI”, issued by SLN and subscribed by the French State, constitute an instrument akin to shareholders' equity and have been recognised as non-controlling interests in the Group’s consolidated financial statements and amounted to €871 million at 31 December 2025 (€656 million at 31 December 2024). 116 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 3 Climate challenges 3.1 Decarbonisation Around 90% of Eramet’s greenhouse gas emissions (Scopes 1 & 2) are related to its pyrometallurgical processing of manganese and nickel ore. Eramet has set a 40% reduction target for its emissions by 2035, when compared to 2019. An action plan has been drawn up to achieve this target and is mainly focused on pyrometallurgical activities. The main projects are as follows: • The sourcing or production of low-carbon electricity, with the renewable energy procurement study for the Marietta site (United States) • Energy efficiency measures, with notably the production of electricity using exhaust gases from the production of Manganese alloys. The investment has been completed and the facility was commissioned in the first half of 2025. • The replacement of fossil-based carbon-reducers with biocarbons from biomass (manganese alloys) • The deployment (feasibility study underway) of CO2 capture, liquefaction, transport and storage systems at the Sauda site (Norway). The technical and economic feasibility of some of these projects has yet to be determined. With regards to mining activities, which account for around 10% of the Group’s greenhouse gas emissions, other decarbonisation initiatives are also underway or being studied, notably the production of photovoltaic-generated electricity at our sites in Senegal. Provided they can be implemented without undermining the competitiveness of the Group’s activities, these projects are incorporated into Eramet’s long‑term planning and factored into the valuation of pyrometallurgical assets (notably through the application of a carbon price in line with the Group’s internal carbon‑pricing practices). 3.2 Climate change impacts The physical impacts of climate change represent risk factors that could affect the Group’s assets and operational performance and, over the longer term, its cash flows These risks result from both acute climatic hazards (extreme events) and chronic hazards (gradual changes in climate patterns), such as heat waves, droughts, floods, storms, cyclones, fires or rising sea levels. In accordance with the requirements of IAS 1 – Presentation of Financial Statements, the Group assesses whether these physical risks are likely to constitute significant sources of uncertainty that could affect key judgments, accounting estimates or the going‑concern assumption. At this stage, no material uncertainty within the meaning of IAS 1 has been identified; however, these risks continue to be closely monitored given their long‑term potential to materialise. In this context, Eramet has undertaken structured analyses to identify and prioritise the physical risks of climate change likely to affect its assets. Following an initial mapping exercise based on the OCARA methodology developed by Carbone 4, the Group has deepened its analysis with the support of AXA Climate, working in conjunction with its insurers and specialised engineering partners. The analyses are based on the climate scenarios developed by the IPCC, in particular the SSP2‑4.5 (intermediate warming) and SSP5‑8.5 (high‑warming) scenarios, with the latter being chosen for worst-case planning purposes. The assessments cover multiple time horizons, including a medium‑term horizon aligned with budget cycles and a long‑term horizon consistent with the economic life of the Group’s key assets The work carried out covers all Group sites, including certain components of the value chain, and takes into account the geographical and operational specificities of each asset. The main contingencies analysed include: cyclones and storms affecting certain mining and industrial operations; the risks of fire, flooding and landslides that may impact industrial, rail or port infrastructure; and the risks associated with extreme heat and water stress, which can affect productivity, equipment availability and employee health. The physical risks identified are analysed to assess their capacity to generate operational impacts, such as temporary business interruptions or additional operating or maintenance costs. These factors are incorporated, where applicable, into the assessment of impairment indicators within the meaning of IAS 36 – Impairment of Assets, particularly in evaluating useful lives, future cash‑flow assumptions and the discount rates applied in impairment tests. As of the reporting date, the available analyses did not reveal any indications of impairment losses that would warrant recognising specific asset impairments related to the physical risks of climate change Similarly, no material liability or provision has been recognised for these risks, given the information currently available and the degree of uncertainty associated with their materialisation. The Group considers that these analyses constitute a robust but evolving basis. Additional work will be carried out in 2026 to: • refine the quantitative assessment of the potential financial impacts of physical risks • strengthen the consistency between climate analyses and the assumptions used in financial projections, • and, where appropriate, incorporate these risks more explicitly into future accounting judgments and estimates, in accordance with IFRS requirements. A specific analysis was carried out on the physical risk exposure of the PT Weda Bay Nickel partnership's activities in Indonesia, highlighting risks related to extreme heat and flooding, likely to affect industrial and port infrastructure. These elements are taken into account in the Group's overall risk assessment, with no accounting impact identified at this stage. 2 117ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 4 Basis of preparation of the consolidated financial statements 4.1 General principles and declaration of compliance Pursuant to European Regulation 1606/2002 of 19 July 2002 on the application of international accounting standards, the consolidated financial statements of the Eramet Group for the financial year ended 31 December 2025 have been prepared in euros rounded to the nearest million, unless instructed otherwise, in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union at 31 December 2025. The accounting principles applied for the preparation of the annual consolidated financial statements are in line with IFRS and the related interpretations, as adopted by the European Union at 31 December 2025. The accounting principles and methods applied for the consolidated financial statements at 31 December 2025 are identical to those used for the consolidated financial statements at 31 December 2024, while also taking into account the IFRS standards and IFRIC interpretations, the application of which has been mandatory since 1 January 2025. The Group has therefore applied the following standards and amendments since 1 January 2025, which have no material impact on the consolidated financial statements: • amendments to IAS 21 – Lack of exchangeability (issued by the IASB on 15 August 2023) International tax reform: Pillar Two The Group falls within the scope of the Pillar Two Model Rules (also known as the “Global Anti-Base Erosion Model Rules” or “GloBE Rules”). The Group proceeded to assess its potential exposure to the rules. This assessment is based on the most recent information available concerning the financial performance of the entities that make up the Group. Based on the assessment performed, the Group will not have to pay any additional tax for the 2025 financial year. Consequently, the exposure to additional taxation under the GloBE Rules is estimated to be immaterial. IFRS 18 - Presentation of the financial statements IFRS 18, applicable to financial years beginning on or after 1 January 2027, overhauls the presentation of financial statements. The Group is preparing for compliance by adapting the structure of its financial statements, its reporting processes and the identification of the performance measures chosen by management. Transition work is underway to ensure a consistent and comparable application of the new standard. 118 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 5 Operating performance of the Group’s activities – Segment reporting The Eramet Group consists of the Nickel, Manganese, Mineral Sands and Lithium Activities. Each Activity offers different products and services and relies on distinct technologies and sales strategies. Their operating and financial performance is therefore monitored separately. Their contribution to the main financial indicators of the Group is given below. ACCOUNTING METHOD Financial information on the Activities is prepared in accordance with the accounting principles adopted for the Group’s reporting. Transactions between different Activities are carried out under market conditions. The scope and principles of the financial management data set out in the Group’s reporting are the same as those of its reported financial data. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The Executive Committee, the chief operating decision-maker, regularly assesses the performance of each Activity against the following indicators: • Turnover; • Adjusted turnover (excluding SLN), corresponding to Turnover including Eramet’s share of turnover from significant joint ventures accounted for using the equity method in the Group’s financial statements, restated for the off-take of all or part of the activity where applicable; and also excluding the turnover related to SLN's nickel ore and other sales, as a standalone company (turnover from ferronickel trading still included in adjusted turnover); • EBITDA, which is current operating income restated for depreciation, amortisation and provisions and including net changes in impairment of current assets (stock, trade and other receivables); • Adjusted EBITDA (excluding SLN), corresponding to the EBITDA including Eramet’s share in the EBITDA of material joint ventures accounted for using the equity method in the Group’s financial statements; and excluding the EBITDA of SLN as a standalone company (with the EBITDA relating to ferronickel trading activity still recognised in adjusted EBITDA); • Current operating income (COI), including EBITDA, depreciation and amortisation and provisions for liabilities and charges. COI excludes material transactions that are considered to be unusual in nature, in particular events relating to restructuring, impairment losses and disposals of assets. The current operating income (excluding SLN) is defined as current operating income, restated for SLN’s operating income; • Cash flow generated by operating activities including EBITDA, other operational cash flows not impacting EBITDA and the change in working capital requirement (WCR); • Industrial investments, including acquisitions of intangible assets and property, plant and equipment. The Executive Committee also monitors consolidated indicators such as: • Net income, Group share, defined as the net profit after tax attributable to Eramet shareholders, after accounting for the percentage of non-controlling interests in each Group subsidiary; The net income (excluding SLN), Group share is defined as net income, restated for the Group’s share in SLN’s net income; • Net financial debt is gross financial debt (long- and short-term borrowings) less current financial assets and cash and cash equivalents. These items include the valuation of debt-hedging derivatives; • Gearing, defined as the ratio of net financial debt to shareholders’ equity (Group and non-controlling interests). The holding companies that provide the Group’s central services (cash management, currency risk management, Group reinsurance management) do not constitute an Activity. Their aggregates are shown in a column with the eliminations of inter- Activity transactions (Holding and eliminations). 2 119ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 5.1 Reconciling EBITDA of reported financial indicators (in millions of euros) FY 2025 FY 2024 Turnover 2,753 2,933 Other income 36 93 Raw materials and purchases consumed (1,014) (971) External expenses (1,028) (1,063) Personnel cost (595) (588) Taxes (18) (16) Net change in impairment of current assets (5) (16) EBITDA 130 371 Operating amortisation expense (270) (248) Net change in operating provisions and impairment allowances (excluding current assets) 8 (27) Current operating income (132) 97 Other operating income and expenses (240) (46) Operating income (372) 51 Net debt cost (148) (118) Other financial income and expenses (65) (57) Financial income (213) (175) Share of income from joint ventures and associates 58 166 Income taxes (43) (94) NET INCOME FOR THE PERIOD (570) (52) • attributable to non-controlling interests (93) (66) • attributable to the Group (477) 14 5.2 Performance indicators by Activity Mining Activities Holding and eliminations and other Total continuing operations SLN Total of activities (in millions of euros) Manganese Nickel Mineral sands Lithium excluding SLN FY 2025 Turnover 1,843 169 241 41 412 2,706 47 2,753 Raw materials and purchases consumed (542) (169) (32) (68) (13) (825) (189) (1,014) External expenses (720) (8) (78) (14) 1 (819) (210) (1,028) Personnel cost (272) (7) (41) (8) (125) (453) (142) (595) EBITDA 357 (7) 78 (51) (106) 270 (140) 130 Operating depreciation and amortisation (194) (0) (31) (15) (16) (256) (14) (270) Current operating income 161 (8) 46 (66) (121) 11 (143) (132) Net cash flow generated by operating activities 264 (12) (4) (103) (248) (103) (210) (313) Industrial investments (intangible assets and property plant and equipment) 237 1 70 135 10 454 19 473 FY 2024 Turnover 2,025 138 311 - 405 2,879 54 2,933 Raw materials and purchases consumed (519) (126) (72) (1) (40) (757) (214) (971) External expenses (753) (7) (83) (4) (13) (860) (203) (1,063) Personnel cost (253) (6) (40) (21) (123) (443) (145) (588) EBITDA 563 (5) 120 (26) (110) 542 (171) 371 Operating depreciation and amortisation (181) (0) (33) (0) (16) (230) (18) (248) Current operating income 354 (5) 87 (26) (128) 281 (184) 97 Net cash flow generated by operating activities 364 (202) 110 (99) (293) (121) (4) (125) Industrial investments (intangible assets and property, plant and equipment) 273 28 59 327 11 698 (12) 687 120 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 5.3 Adjusted turnover, Adjusted EBITDA, Current operating income (excluding SLN), Net income (excluding SLN), Group share and adjusted Free cash flow (in millions of euros) FY 2025 FY 2024 TURNOVER 2,753 2,933 Share of turnover from joint ventures and associates: PT Weda Bay (38.7%) 449 498 Adjusted TURNOVER 3,202 3,431 (-) SLN turnover (47) (54) ADJUSTED TURNOVER EXCLUDING SLN 3,155 3,377 (in millions of euros) FY 2025 FY 2024 EBITDA 130 371 Share of EBITDA from joint ventures and associates: PT Weda Bay (38.7%) 102 271 Adjusted EBITDA 232 642 (-) SLN EBITDA 140 171 ADJUSTED EBIDTA EXCLUDING SLN 372 814 (in millions of euros) FY 2025 FY 2024 Group current operating income (132) 97 (-) SLN current operating income 143 184 CURRENT OPERATING INCOME (EXCLUDING SLN) 11 281 (in millions of euros) FY 2025 FY 2024 Net income - Group share (477) 14 (-) Net income - SLN Group share 107 130 NET INCOME - GROUP SHARE EXCLUDING SLN (370) 144 (in millions of euros) 31 December 2025 31 December 2024 Free Cash Flow (723) (669) Restated from the following items: (1) Tsingshan capital injection into the Centenario project - 104 (2) Financing granted by the French State to SLN (TSDI) to neutralise the consumption of cash by the Caledonian entity in 2025 242 257 ADJUSTED FREE CASH FLOW (481) (308) 2 121ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 5.4 Sales, industrial investments and non-current assets by geographical area (in millions of euros) France Europe North America China Other Asia Oceania Africa South America Total TURNOVER (SALES DESTINATION) FY 2025 25 680 422 657 846 16 87 21 2,753 FY 2024 34 764 370 696 855 24 100 90 2,933 INDUSTRIAL INVESTMENTS (INTANGIBLE ASSETS AND PROPERTY PLANT AND EQUIPMENT) FY 2025 13 40 5 - - 20 260 135 473 FY 2024 32 34 3 - 1 15 274 328 687 NON-CURRENT ASSETS (EXCLUDING DEFERRED TAX ASSETS) 31 December 2025 190 310 58 - 367 86 1,839 968 3,818 31 December 2024 316 332 70 - 389 99 1,881 872 3,959 5.5 Consolidated performance indicators Segment reporting information is supplemented with the main consolidated performance indicators monitored by the Executive Committee. These indicators are taken from Group reporting and are used for the financial disclosure of the Group’s results and performance. 5.5.1 Income statement (in millions of euros) FY 2025 FY 2024 Turnover 2,753 2,933 EBITDA 130 371 Amortisation and depreciation of non-current assets (270) (248) Provisions for liabilities and charges 8 (27) Current operating income (132) 97 (Impairment of assets)/Reversals (183) (13) Other operating income and expenses (57) (32) Operating income (372) 51 Financial income (213) (175) Share of income from associates 58 166 Income taxes (43) (94) NET INCOME FOR THE PERIOD (570) (52) • attributable to non-controlling interests (93) (66) • attributable to the Group (477) 14 Basic earnings per share (in euros) (16.67) 0.50 122 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 5.5.2 Statement of changes in net debt (in millions of euros) FY 2025 FY 2024 OPERATING ACTIVITIES EBITDA 130 371 Cash impact of items in EBITDA (331) (311) Cash flow from operations (201) 60 Change in WCR (112) (186) Net cash flow generated by activity (A) (313) (126) INVESTING ACTIVITIES Industrial investments (473) (687) Other investment flows 63 144 Net cash used in investing activities (B) (410) (543) Net cash used in financing activities (1) 119 14 Impact of fluctuations in exchange rates and other (12) (22) Acquisition of IFRS 16 rights of use (23) (6) (INCREASE)/DECREASE IN NET FINANCIAL DEBT (638) (683) Opening (net financial debt) (1,297) (614) Closing (net financial debt) (1,935) (1,297) FREE CASH FLOW (A) + (B) (723) (669) (1) In 2025, this balance includes the €215 million positive impact of the TSDI (SLN) offset by the payment of dividends for -€98 million (in 2024, the impact of the TSDI amounted to €656 million. It was offset by the impact of -€663 million corresponding to the price paid for the buyback of the Eramine shares in Tsingshan and -€82 million in dividends paid) The reconciliation of cash and cash equivalents in the statement of cash flows to the net financial debt in the Eramet Group reporting is as follows: (in millions of euros) 31 December 2025 31 December 2024 Cash and cash equivalents 568 631 Other current financial assets 23 282 Financial instruments (Fair value of debt) - 14 Loans (2,456) (2,151) Lease liabilities (IFRS 16) (70) (73) NET FINANCIAL DEBT - REPORTING (1,935) (1,297) 2 123ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 5.5.3 Economic balance sheet (in millions of euros) 31 December 2025 31 December 2024 Non-current assets 3,808 3,943 Inventories 648 692 Customers 225 217 Suppliers (371) (384) Simplified WCR 502 525 Other items of WCR 5 (78) Total WCR 507 447 Derivatives (5) (8) TOTAL ASSETS 4,310 4,382 (in millions of euros) 31 December 2025 31 December 2024 Shareholders’ equity – Group share 718 1,441 Non-controlling interests 777 698 Shareholders’ equity 1,495 2,139 Cash and cash equivalents and other current financial assets (591) (927) Loans 2,526 2,224 Net financial debt 1,935 1,297 Net financial debt/shareholders’ equity (gearing) 129% 61% Employee-related liabilities and provisions 783 789 Net deferred tax 97 157 Derivatives - - TOTAL LIABILITIES 4,310 4,382 124 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 6 Current operating income (COI) Current operating income (COI) reflects the performance of the Eramet Group’s ordinary business activities as presented and defined in Note 5. 6.1 Turnover ACCOUNTING METHOD Turnover mainly consists of sales of ores (nickel and manganese) and manufactured products (special steels, alloys, superalloys, etc.) to third parties, as well as related performance obligations such as transport or insurance services depending on contractual Incoterms. Turnover from the sale of these products and services is recorded when control over the product sold and the service rendered has been transferred to the customer. Turnover related to performance obligations for transport and insurance is determined based on the contractual price of these obligations and is recognised as the work progresses. Consolidated turnover for 2025 was €2,753 million, compared with €2,933 million in 2024, a decrease of -6.1% (-€180 million). Note 5 gives the breakdown by Activity. 6.2 Other income, raw materials and purchases consumed, external expenses and taxes ACCOUNTING METHOD Costs and expenses mainly comprise costs incurred in industrial, mining and metallurgical facilities. “Other income” includes items related to current operating income, such as currency translation differences on turnover and insurance proceeds. “Raw materials and purchases consumed" include the consumption of raw materials, energy costs, and logistics and transport costs on purchase. It also accounts for the impacts of the change in and measurement of raw material inventories, work-in-progress and finished products. “External expenses” include transport expenses on sales, maintenance and other external expenses. This item also includes non- IFRS 16 lease costs. "Taxes” comprise levies on the business that are not classed as corporation tax. Currency transactions are recognised at the monthly exchange rate for the month of the transaction effective date. Gains and losses arising from the conversion of operating receivables and payables are recognised in current operating income. In the case of hedged transactions, the currency translation differences arising from the difference between the monthly exchange rate used to recognise sales and receipts or purchases and payments and the hedging rate for the settlement of transactions are also recognised in Current operating income. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The transaction date is the date on which it is executed. For practical reasons, the currency transaction date used is the month in which the transaction is booked. The rate applied to recognise currency transactions in a given month corresponds to the average daily rate applicable in the previous month. Other income amounted to €36 million for the 2025 financial year, compared with €93 million for the 2024 financial year, a decrease of -61.3% (-€57 million), mainly due to the foreign exchange loss on revenue (-€60 million) for sales made in US dollars, partly offset by proceeds from the sale ofCO2 allowances for €46 million. 2 125ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 6.3 Operating depreciation and amortisation and net change in operating provisions and impairment allowances ACCOUNTING METHOD OPERATING DEPRECIATION AND AMORTISATION Non-current assets can be depreciated when their expected use is limited in time or based on production units. Where the duration or the pace of utilisation of an asset cannot be determined reliably, the straight-line method is applied. The selected depreciation method is applied across all similar assets with the same conditions of use. Depreciation begins at the date on which the asset is put into service. Any significant change in the planned use of the asset, in terms of duration or pace, for example, will result in the depreciation being revised for the current and subsequent years. Likewise, in the case where impairment loss provisions are set aside or reversed following the comparison between the recoverable amount of a non-current asset and its carrying amount (Note 11 “Investments”), the depreciation basis is modified prospectively, i.e. the depreciation and amortisation is adjusted based on the new duration or the new pace of use for the current and future reporting periods. The depreciation for the reporting period is recognised under a separate heading, Operating depreciation and amortisation, between EBITDA and current operating income. Assets for lease rights of use on the balance sheet (IFRS 16) are amortised over the identified period of the right of use. In the income statement, lease impairments are posted to Current operating income on the “Operating amortisation expense” line. Rights of use for 3-6-9 commercial leases are amortised over the estimated terms of these leases. PROVISIONS FOR LIABILITIES AND CHARGES See Note 14. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The Eramet Group uses two depreciation methods: the straight-line method and the units of production method. STRAIGHT-LINE DEPRECIATION METHOD The Group’s mining production remained relatively stable and a straight-line depreciation was chosen. The depreciation of property, plant and equipment is calculated on a straight-line basis over the estimated useful life at 31 December 2025: • buildings between 10 and 50 years; • industrial and mining facilities – between 5 and 50 years; • other property, plant and equipment between 2 and 10 years. Assets invested in the Group’s concessions (Setrag, Comilog and Grande Côte, Eramine) are depreciated over the shorter of their useful life or the remaining period of the concession. Computer software is amortised over a variable period not exceeding five years. 126 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year UNITS OF PRODUCTION METHOD The economic benefits generated by the use of certain industrial assets are determined in relation to the level of production, in particular in the start-up phase of new production units. These assets are depreciated using the units of production method. The depreciation calculation accounts for the quantities produced during the reporting period, expressed as a percentage of the total quantities of product to be extracted or produced in the current and future reporting periods. If the production is not deemed to fluctuate significantly from one year to the next, as with the assets whose material lifespan is shorter than the life of the plant or the mine to which they relate, the assets are depreciated using the straight-line method mentioned above over the life of the plant or the mine. REVISION OF DEPRECIATION PERIODS The residual values and useful life of non-current assets are revised and adjusted at the end of each reporting period, as appropriate. Change is seen as a change in estimates and impacts only the current and subsequent reporting periods. The Eramet Group measures its existing assets and the depreciation and amortisation period when reviewing mining plans (Nickel Activity, Manganese Activity, Mineral Sands Activity and Lithium Activity) and plant operation plans at the end of each reporting period. When it is established that the life of the allocated assets no longer matches the remaining period of expected returns, their depreciation period is modified prospectively. Uncertainties are inherent in the estimation of reserve and resource quantities, especially as regards assumptions about future prices, the geology of the mines, the mining methods used and associated costs incurred to develop and mine the reserves and resources. Changes in these assumptions could lead to major adjustments in the estimation of reserves and resources, which may be the basis for impairment or modification in depreciation expense in future periods. In the event of an impairment loss, an impairment test is carried out and conclusions are drawn, as applicable. (in millions of euros) FY 2025 FY 2024 Intangible assets (26) (26) Property, plant and equipment (244) (222) TOTAL (270) (247) Net impairment of trade receivables 2 (3) Net allowances for stock depreciation (7) (15) Net provisions for liabilities and charges 9 (26) TOTAL (266) (291) 2 127ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 7 Net income, Group share and non‑controlling interest Net income, Group share is the net income for the period after tax, attributable to Eramet shareholders, after accounting for the non-controlling interest in each of the Group companies. Apart from the Current operating income, the Net income for the period includes the following items: • other operating income and expenses (see below); • financial income (Note 8); • share of income from joint ventures and associates (Note 11); • income tax (Note 12). 7.1 Other operating income and expenses ACCOUNTING METHOD Other operating income and expenses includes only very limited, unusual, abnormal and infrequent income and expenses for significant amounts that the Eramet Group presents separately in its income statement in order to facilitate the understanding of current operating performance. In particular, it includes the following items: • restructuring costs; • costs incurred for development projects whose technical feasibility and profitability have not yet been demonstrated; • defined benefits plan settlements and amendments; • disputes and unusual risks; • capital gains and losses on disposals of assets; • impairment losses on goodwill and non-current assets. 7.1.1 Breakdown by category (in millions of euros) FY 2025 FY 2024 Impairment of assets and impairment losses (183) (13) Other operating income and expenses excluding impairment (57) (32) OTHER OPERATING INCOME AND EXPENSES (240) (46) (in millions of euros) FY 2025 FY 2024 Relieve project (battery recycling project in France) (2) (5) Argentina Lithium project (9) (9) Sonic Bay project (partnership with BASF) - (3) Ageli project (Lithium Alsace) (2) (3) Other projects (2) (2) Development projects (17) (22) Restructuring and redundancy plans (1) (3) Costs in New Caledonia (28) (32) Other items (12) 24 Other income and expenses (41) (11) TOTAL – OTHER OPERATING INCOME AND EXPENSES INCLUDING IMPAIRMENT (57) (32) 128 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 7.1.2 Impairment of assets and impairment losses (in millions of euros) FY 2025 FY 2024 Losses on impairment tests – Assets (183) (13) Impairment reversals - - TOTAL – IMPAIRMENT OF ASSETS AND IMPAIRMENT LOSSES (183) (13) (in millions of euros) FY 2025 FY 2024 Nickel activity (12) (13) Mineral Sands activity (171) - TOTAL – IMPAIRMENT OF ASSETS AND IMPAIRMENT LOSSES (183) (13) In 2025, the balance of €171 million corresponds to the impairment loss recognised for EGC's assets in Senegal as part of the Mineral Sands activity (see Note 2.2). The €12 million in impairments on the Nickel activity corresponds to asset impairments at SLN. In 2024, the balance corresponded to the costs related to the abandonment of the Sonic Bay project in Indonesia. 7.2 Net income per share – Group share ACCOUNTING METHOD Net earnings per share can be obtained by dividing the Group share of net income by the average number of shares outstanding during the reporting period. This average number of shares outstanding excludes treasury shares. Diluted earnings per share are calculated by taking into account net income, Group share and the number of shares adjusted for potentially dilutive effects, mainly represented by employee share subscription. FY 2025 FY 2024 Net income, Group share (in millions of euros) Average number of shares Profit (loss) per share (1) Net income, Group share (in millions of euros) Average number of shares Profit (loss) per share (1) Basic earnings per share (477) 28,607,674 (16.67) 14 28,623,741 0.50 Diluted earning per share (1) (477) 28,948,009 (16.67) 14 28,915,370 0.50 (1) Where basic earnings per share are negative, the diluted earnings per share are deemed equal to them, in which case the instruments are considered to be antidilutive. 2 129ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 7.3 Non-controlling interest share in earnings – non-controlling interests (in millions of euros) Share of Share of % of non- controlling interests results shareholders’ equity results shareholders’ equity FY 2025 31 December 2025 FY 2024 31 December 2024 AT BEGINNING OF PERIOD - 698 - 394 Profit (loss) for the period - (93) - (66) Change in revaluation reserve for financial instruments - (1) - (1) Currency translation differences - 0 - 52 Sub-total other comprehensive income - (94) - (15) Distributions of dividends - (56) - (39) Disposal of Eramine shares by Tsingshan to Eramet - - - (408) Undated fixed-rate subordinated bonds ("TSDI") SLN - 215 - 656 Eramine Sudamerica capital increase - 109 Other movements - 14 - 1 AT PERIOD CLOSE (93) 777 (66) 698 Setrag 67.51% (28) (58) (24) (44) Le Nickel-SLN 44.00% (84) 220 (102) 90 Comilog S.A. 36.29% 31 605 69 631 Grande Côte Operations 10.00% (12) 10 5 22 Eramine Sudamerica 0.00% - - - - Eramine Sudamerica 100.00% - - (14) (1) See "Statement of changes in shareholders' equity" table. 130 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 8 Net financial debt and shareholders’ equity 8.1 Net financial debt Net financial debt is gross financial debt (long- and short-term borrowings) less current financial assets and cash and cash equivalents. These items include the valuation of hedging derivatives related to borrowings. ACCOUNTING METHOD Borrowings are initially recognised on the basis of the amount received, less financing costs incurred. Borrowings are subsequently measured at amortised cost. Any variance between the amounts received and the redemption value of the borrowing is recognised in the income statement under net financial income (Borrowing costs) over the term of the borrowing, using the effective interest rate (EIR) method. When the renegotiation of a loan does not substantially modify the debt in accordance with IFRS 9 criteria, it is maintained on the balance sheet and revalued at the overall effective interest rate on the basis of the new contractual flows. The impact of this revaluation is recognised in the income statement. Lease-purchases and financial leases are treated like purchases and are recognised as financial debts. Other lease contracts under IFRS 16 are recognised as lease liabilities. They are posted to the balance sheet upon lease commencement for the present value of the future fixed payments. The discount rates used by the Group are the incremental borrowing rates per currency per portfolio of asset leases, grouped according to the lease term, the underlying financed asset (asset category) and the economic environment. Rates are determined by country and by duration. The average rate of IFRS 16 net debt was 11.3% at 31 December 2025 (10.4% at 31 December 2024). (in millions of euros) 31 December 2025 31 December 2024 Loans (2,456) (2,151) • Borrowings on financial markets (1,190) (1,092) • Borrowings from credit institutions (706) (831) • Bank overdrafts and creditor banks (168) (68) • Finance lease liabilities (8) (11) • Other borrowings and financial debts (385) (149) Lease liabilities (70) (73) Derivatives – Fair value of debt - 14 Other current financial assets 23 282 Cash and cash equivalents 568 631 • Cash equivalents 7 29 • Cash 561 602 NET FINANCIAL DEBT (1,935) (1,297) Net financial debt – due in more than one year (2,031) (1,883) Net financial debt – due in less than one year 96 586 8.2 Loans 8.2.1 Borrowings and lease commitments by type (in millions of euros) 31 December 2025 31 December 2024 Loans 2,456 2,151 • Borrowings on financial markets 1,190 1,092 • Borrowings from credit institutions 706 831 • Bank overdrafts and creditor banks 168 68 • Finance lease liabilities 8 11 • Other borrowings and financial debts 385 149 Lease liabilities 70 73 TOTAL 2,526 2,224 Long-term portion 2,031 1,883 Short-term portion 495 341 2 131ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.2.2 Borrowings on financial markets and credit institution loans (in millions of euros) Nominal (currency unit million) Interest rates Maturity 31 December 2025 31 December 2024 Bond issue – ERAMET S.A. €500 million 7.000% 2028 522 524 Bnd issue – ERAMET S.A.(1) €600 million 6.500% 2029 595 496 Euro private placement – ERAMET S.A.(2) €50 million 5.290% 2026 21 21 Euro private placement – ERAMET S.A.(2) €50 million 5.100% 2026 51 51 BORROWINGS ON FINANCIAL MARKETS 1,190 1,092 European Investment Bank – ERAMET S.A. €80 million 1.736% 2025 - 9 European Investment Bank – ERAMET S.A. €60 million 1.580% 2030 38 46 European Investment Bank – ERAMET S.A. $67 million 3.550% 2030 37 50 Bilateral loan - ERAMET S.A. €20 million Euribor 3 m + 4% 2028 20 - IFC/PROPARCO - Setrag €85 million Euribor +4%/ 5% 2031 119 141 Syndicated credit facility (3) €935 million Euribor +1.15% 2027 - - Term Loan (Multicurrency Term Loan Facility Agreement) €502 million Euribor 3 m.+ 3.00% 2027 428 452 CAT Finance – Comilog Euribor 3 m. +4.00% 2026 2 9 CAT Finance – Setrag Euribor 3 m. +4.40% 2031 20 23 Eramet Norway - Energy transition loan €16.25 million 4.050% 2029 12 16 Repo market - Metal Securities €67 million 2025 - 67 Eramine loan 2027 $15 M SOFR (3-6 m) + [4%-4.5%] 2027 13 - Other borrowings from credit institutions 17 18 BORROWINGS FROM CREDIT INSTITUTIONS 706 831 (1) Tap issue of €100 M to be assimilated with the 2029 bond issue (2) With investor put options that may be exercised after the seventh year, i.e. since 2021 (3) The credit facility was renewed in 2022 in the amount of €935 million Certain borrowings need to comply with financial ratios or covenants (Note 9.4.6). 132 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.2.3 Change during the period (borrowings and lease liabilities) (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 2,151 2,144 New borrowings 474 847 Loan repayments (216) (482) Change in bank overdrafts 100 (29) Change in accrued interest not yet due (9) (8) Changes to consolidation scope 3 0 Currency translation differences and other movements (46) (321) AT PERIOD CLOSE - BORROWINGS 2,456 2,151 (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 73 83 Change in lease liabilities (IFRS 16) 1 (12) Changes to consolidation scope - (0) Currency translation differences and other movements (4) 2 AT PERIOD CLOSE - LEASE COMMITMENTS 70 73 New borrowings mainly relate to: • the APR of the sustainability‑linked bond issue by Eramet S.A., for an amount of €100 million; • the new loan contracted by Eramet S.A. for €20 million; • the new loan taken out by Eramine for €13 million; • the full drawdown of the $320 million prepayment made available by Glencore; • the increase of the Meridiam shareholder loan by an additional amount of €21 million. Borrowing repayments mainly correspond to: • the repayment by MSEC of the repo, amounting €67 million; • the repayment of the €24 million EIB loan; • the repayment of the Term Loan for €24 million at Eramet S.A.; • the repayment of the financing granted by IFC/Proparco to Setrag for €22 million; • the repayment of the prepayment made available by Glencore for $63 million. 8.2.4 Borrowings and lease liabilities by currency (in millions of euros) 31 December 2025 31 December 2024 Euro 2,135 2,026 US dollar 357 160 CFA franc 16 13 Norwegian krone 6 5 Other currencies 11 20 TOTAL 2,526 2,224 8.2.5 Confirmed credit facilities (in millions of euros) 31 December 2025 31 December 2024 Unused confirmed credit facilities 935 1,243 Revolving Credit Facility (RCF) 935 935 Lithium prepayment – Glencore - 308 The banking covenant attached to the RCF credit line concerns the Group's net financial debt-to-shareholders' equity ratio. At 31 December 2025, the covenant was greater than 1. Eramet had previously requested and obtained a waiver from its lenders for the 2025 closing (see Note 9.4.6). 2 133ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.2.6 Borrowings and lease liabilities by interest rate (in millions of euros) 31 December 2025 31 December 2024 Interest-free 6 5 Fixed interest rates 1,599 1,596 • below 5% 222 210 • between 5% and 10% 1,359 1,371 • above 10% 18 15 Variable interest rates 921 623 • below 5% 891 605 • between 5% and 10% 30 18 • above 10% - - TOTAL 2,526 2,224 8.2.7 Borrowings and lease liabilities by maturity BORROWINGS MATURITY (EXCLUDING LEASE COMMITMENTS, INCLUDING LEASE PURCHASE COMMITMENTS) (in millions of euros) 31 December 2025 31 December 2024 Less than one year 477 322 One to five years 1,862 1,692 More than five years 116 137 TOTAL 2,456 2,151 FINANCE LEASE LIABILITIES AND LEASE LIABILITIES BY MATURITY (in millions of euros) 31 December 2025 31 December 2024 Nominal value Present value Nominal value Present value LEASE PURCHASE LIABILITIES Less than one year 4 4 6 6 One to five years 4 4 5 5 More than five years - - - - Total before interest expense 8 8 11 11 Future interest expense - - - - LEASE LIABILITIES Less than one year 23 16 26 19 One to five years 48 34 52 38 More than five years 36 20 32 16 Total before interest expense 107 70 110 73 Future interest expense - 39 - 37 TOTAL 115 117 121 121 134 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.3 Cash and cash equivalents ACCOUNTING METHOD Cash includes cash in hand and demand deposits, excluding bank overdrafts, which appear under borrowings. Cash equivalents correspond to investment securities and consist of investments held to meet short-term cash commitments. Investment securities are recognised at their fair value in the balance sheet. To be considered a cash equivalent, they must be readily convertible to cash and subject to negligible risk of fluctuations in value. Changes in fair value are recognised in net income for the period. 8.3.1 Breakdown by category (in millions of euros) 31 December 2025 31 December 2024 Cash 561 602 Cash equivalents 7 29 TOTAL 568 631 8.3.2 Breakdown by currency (in millions of euros) 31 December 2025 31 December 2024 Euro 279 349 US dollar 160 149 Yuan Renminbi (China) - - Norwegian krone 34 40 Other currencies 96 93 TOTAL 568 631 8.3.3 Breakdown by interest rate type (in millions of euros) 31 December 2025 31 December 2024 Interest-free 553 586 Fixed interest rates - 16 Variable interest rates 15 29 TOTAL 568 631 8.3.4 Breakdown by investment type Interest-free items mainly consist of non-interest-bearing sight deposits. The cash item includes cash and cash equivalents. Cash equivalents mainly comprise interest-bearing deposits. (in millions of euros) 31 December 2025 31 December 2024 Money market fund shares/units - 19 Grande Côte investments - 10 Eras investments 7 - Cash equivalents 7 29 Cash 561 602 CASH AND CASH EQUIVALENTS 568 631 The change from one period to the next is analysed through the statement of cash flows prepared using the indirect method. 2 135ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.4 Statement of cash flows 8.4.1 Non-cash income and expenses (in millions of euros) FY 2025 FY 2024 Depreciation, amortisation, impairment and provisions 466 151 Accretion expenses 11 8 Financial instruments (60) (22) Deferred tax 16 112 Unrealised translation differences (8) 29 Share of income from joint ventures and associates (58) (166) NON-CASH INCOME AND EXPENSES 367 112 8.5 Current financial assets ACCOUNTING METHOD These assets consist mainly of short- or medium-term bonds and capitalisation bonds of listed European companies issued by insurance companies, whose objective is to receive contractual flows. These bonds are measured at their fair value on initial recognition. The fair value used for listed bonds is the stock-market value, and for unlisted bonds it is based on estimates using specific financial criteria that reflect the specific situation of each bond (similar transactions or discounted value of future cash flows). Other investments classified as financial assets are largely negotiable debt securities and are valued at fair value through profit or loss. Changes in the fair value of these assets are recognised in the income statement. The net change in current financial assets of -€259 million between 2025 and 2024 (-€240 million between 2024 and 2023) is presented in net cash flows from investing activities and mainly corresponds to the disposal of investment securities by MSEC. 8.6 Financial income (in millions of euros) FY 2025 FY 2024 Net debt cost (148) (118) Other financial income and expenses (65) (57) FINANCIAL INCOME (213) (175) 136 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.6.1 Net debt cost ACCOUNTING METHOD Net debt costs include expenses relating to gross debt, interest expense on “lease liabilities” (IFRS 16) and financial revenue in connection with bonds and investment securities. Borrowing costs relate to interest payable on the debt and other costs incurred in connection with the borrowing of funds. Borrowing costs directly linked to the acquisition, building or production of an asset that requires more than 12 months to be put into service are deducted from the financing expense to which they relate. All the other borrowing costs are expensed in the period in which they are incurred. (in millions of euros) FY 2025 FY 2024 Interest income 12 37 Interest expense (155) (163) Amortised cost on borrowings (7) (7) Net income on investment securities 0 11 Change in fair value of investment securities (0) 0 Net translation differences 2 4 NET DEBT COST (148) (118) 8.6.2 Other financial income and expenses ACCOUNTING METHOD Other financial income and expenses include all the components of net financial income except for income and expenses relating to the net debt cost. (in millions of euros) FY 2025 FY 2024 Investment and dividend income 1 0 Employee benefits – net interest (2) (4) Profit (loss) on disposal of equity investments 0 (0) Accretion expenses (13) (14) Financial instruments ineligible as hedges – currency 3 6 Securitisation financial expense (7) (11) Impairment of securities and current accounts (37) 10 Net translation differences (10) (52) Other 1 8 OTHER FINANCIAL INCOME AND EXPENSES (64) (57) Accretion expenses relate to provisions for mining site restoration and the decommissioning of industrial facilities, as detailed in Note 14 “Provisions”. The financial instruments that do not qualify as hedges correspond to the portion of hedging instruments recognised in profit or loss. 2 137ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.7 Shareholders’ equity 8.7.1 Changes to the share capital The share capital of €87,702,893.35 (as at 31 December 2024) comprises 28,755,047 fully paid-up shares (as at 31 December 2024) with a par value of €3.05 each. 31 December 2025 31 December 2024 Capital Voting rights Capital Voting rights Registered shares % number of shares % number of shares % number of shares % number of shares Sorame and Compagnie d’Études Industrielles du Rouvray (CEIR) 37.22 10,702,062 43.48 21,363,624 37.08 10,661,562 43.47 21,356,124 FSI Equation (a subsidiary of Bpifrance) and the French State (Caisse des Dépôts et Consignations) 27.13 7,801,093 31.76 15,602,186 27.13 7,801,093 31.76 15,602,186 S.T.C.P.I. 4.03 1,159,994 4.72 2,319,988 4.03 1,159,994 4.72 2,319,988 Eramet S.A. 0.88 253,039 0.00 - 0.61 175,492 0.00 - Eramet S.A. share fund 0.65 188,210 0.61 300,868 0.65 188,210 0.62 303,061 Other 30.09 8,650,649 19.42 9,542,665 30.50 8,768,696 19.43 9,548,105 TOTAL NUMBER OF SHARES 100.00 28,755,047 100.00 49,129,331 100.00 28,755,047 100.00 49,129,464 of which registered shares 73.35 21,092,444 84.57 41,548,629 72.97 20,981,580 84.36 41,446,079 of which bearer shares 26.65 7,662,603 15.43 7,580,702 27.03 7,773,467 15.64 7,683,385 Pursuant to a Shareholders’ Agreement concluded on 16 March 2012, which entered into force on 16 May 2012, tacitly renewed by six-month period as of 1 January 2021 (as per the amendment on 30 November 2020, which was notified to the Autorité des marchés financiers (AMF) under No. 220C5283), which was the subject of a decision and information of the Autorité des marchés financiers under No. 212C0647 when it was concluded, and decision and information No. 216C1753 relating to the change within the group acting in concert at the time of the acquisition by the Agence des participations de l’État (APE) of the entire share capital of FSI Equation, the Company is majority controlled by a group of shareholders having declared to be acting in concert, including: • a subgroup between Sorame and CEIR, companies controlled by the Duval family, under a concurrent Shareholders’ Agreement dated 19 July 1999, which came into force on 21 July 1999 and was the subject of an amendment on 13 July 2009; • the Agence des Participations de l’État (APE), through its subsidiary FSI Equation. The provisions of the shareholders’ agreement mentioned above, and those of the subgroup agreement, are contained in key extracts from the AMF decision and notice texts numbered 220C5283, 216C1753, 212C0486 and 209C1013 (amended on 13 July 2009). Since 1 January 2002, registered shares that meet the necessary conditions have benefited from double voting rights. 138 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 8.7.2 Treasury shares The table below summarises the treasury share transactions: Total number of shares Stock market activities (1) Allocations to employees Total Position at 1 January 2024 28,755,047 85,116 177,084 262,200 As a percentage of capital 0.30% 0.62% 0.91% Buyback mandate - 95,000 95,000 Final allocation of bonus shares - (186,250) (186,250) Purchases/Sales 4,542 - 4,542 Position at 31 December 2024 28,755,047 89,658 85,834 175,492 As a percentage of capital 0.31% 0.30% 0.61% Buyback mandate - 150,000 150,000 Final allocation of bonus shares - (64,272) (64,272) Purchases/Sales (8,181) - (8,181) POSITION AT 31 DECEMBER 2025 28,755,047 81,477 171,562 253,039 As a percentage of capital 0.28% 0.60% 0.88% (1) Liquidity agreement signed with Exane BNP Paribas. Eramet treasury shares are classified under “Other reserves” and recognised at purchase cost for an amount of €22.1 million at 31 December 2025 (€17.7 million at 31 December 2024). These transaction amounts were allocated to shareholders’ equity. NOTE 9 Financial instruments and risk management This note gives an overview of the financial instruments of the Eramet Group, the associated risks, its risk management objectives, sensitivity and monitoring of the financial risk management strategy. ACCOUNTING METHOD FINANCIAL INSTRUMENTS Derivative assets and liabilities, current financial assets, and cash and cash equivalents are initially recognised in the balance sheet at their fair value (transaction price) adjusted for transaction costs. At each period closing, the change in fair value is recognised in income (other financial income and expenses) unless a designated and documented cash flow hedge exists. In that case, the change is recognised in other comprehensive income and shown in shareholders' equity (change in the revaluation reserve of hedging instruments). Variations of time value are accounted in other comprehensive income. DERIVATIVES The Eramet Group uses derivatives to hedge certain risks. To manage its currency risk, the Eramet Group uses foreign currency forwards/futures, foreign currency swaps and foreign currency options. Foreign currency forwards/futures are recognised as hedges where the Eramet Group has defined and documented the hedging relationship and demonstrated its effectiveness. Interest rate risk is managed using interest-rate swaps or options. Lastly, the Eramet Group also uses derivatives when hedging raw material purchases and sales (electricity). Derivatives are measured at their fair value upon initial recognition. Subsequently, the fair value of derivatives is remeasured at each reporting date in shareholders' equity if a hedging relationship has been designated, documented and recognised in currency translation differences or in the income statement where no hedging relationship exists. The fair value of foreign currency forwards/futures is estimated on the basis of market conditions. The fair value of interest rate derivatives is that which the Eramet Group would receive (or pay) to transfer current contracts at the reporting date. The fair value of commodity derivatives is estimated on the basis of market conditions. Derivatives are shown in the balance sheet under current assets or liabilities. 2 139ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year ACCOUNTING METHOD HEDGING TRANSACTIONS Gains or losses on hedging instruments are recognised symmetrically with the gains or losses on the hedged items. However, changes in the fair value of hedges, independently of the hedged transactions, are recognised as profit or loss for the period under current operating income or other financial income and expenses, depending on the nature of the hedge. The Eramet Group identifies the hedging item and hedged item when the hedge is set up and formally documents the hedging relationship by identifying the hedging strategy, the hedged risk and the hedge effectiveness measurement method: • fair value hedge: the hedged item is remeasured in respect of the hedged risk and the hedging instrument is measured and recognised at fair value. The changes in both items are recognised simultaneously in current operating income; • cash flow hedge: the hedged item is not remeasured. Only the hedging instrument is remeasured at fair value. To offset the remeasurement, the effective portion of the change in fair value that can be ascribed to the hedged risk is recognised net of tax in shareholders’ equity. The Group qualifies the ineffective portion (i.e. the time value of options and the swap points of forward transactions) as the cost of hedging, and recognises it as shareholders’ equity. The cumulative amounts in shareholders’ equity are recognised in income for the period when income is affected by the hedged item; • hedging of net investment in foreign subsidiaries: derivatives intended to hedge net foreign currency investment in foreign subsidiaries are treated as net foreign currency investment hedges. The gains or losses from such hedges, and the changes in fair value (apart from the time value) are recognised in shareholders' equity as currency translation differences and transferred to income when the subsidiary is sold; • recognition of derivatives that do not fulfil hedge accounting conditions: the Eramet Group uses these derivatives only to hedge future cash flows, and changes in fair value are immediately recognised in “Other financial income and expenses”. FAIR VALUE MEASUREMENT The Eramet Group measures its financial instruments at fair value at each reporting date. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. When measuring fair value, it is assumed that the transaction to sell the asset or transfer the liability is carried out: • on the main market for that asset or liability; • if there is no main market, on the best market for that asset or liability. The fair value measurement of a non-financial asset considers the capacity of a market participant to generate economic benefits by making full use of the asset or by selling it to another market participant who will make full use of the asset. The fair values of financial instruments are ranked according to a three-level hierarchy: • Level 1: Listed price (unadjusted) of the same assets and liabilities on an active market; • Level 2: Listed price of a similar instrument on an active market or another measurement technique based on observable parameters; • Level 3: Measurement technique incorporating non-observable parameters. The criteria for classifying and recognising financial assets and liabilities and any transfer from one level to another in the fair value hierarchy where applicable are given below. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The uncertainties and estimates as well as the judgements used are considered for the valuation of forward/futures contracts, the application of hedge accounting and the valuation of derivatives measured at fair value. To continue to apply hedge accounting to raw material purchases and sales (electricity), the Eramet Group determines that the hedging instrument is efficient so as to offset the currency risk on its raw material purchases and sales, and ensures that the documentation complies with the requirements. The process for testing the efficiency of the hedge calls for the use of judgements and estimates. FAIR VALUE MEASUREMENT Fair value represents an estimate at a given date and can change from one period to another due to market conditions and other factors. The Eramet Group gives priority to the assumptions that the market participants would use to determine the price of the asset or the liability, considering that the market participants act in their own best economic interests. The Eramet Group uses measurement techniques that are appropriate in the circumstances and for which sufficient data is available to determine the fair value, maximising the use of pertinent observable inputs while minimising the use of non-observable inputs. 140 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 9.1 Financial instruments shown in the balance sheet (in millions of euros) 31 December 2025 Breakdown by type of instrument Balance sheet Fair value through profit or loss Fair value through shareholders’ equity Loans and receivable at amortised cost Liabilities at amortised cost Derivatives Non-consolidated equity investments 8 8 - - - - Other non-current financial assets 84 - - 84 - - Other non-current assets 10 - - 10 - - Trade receivables 225 - - 225 - - Other current assets 467 - - 467 - - Derivatives 9 - - - - 9 Current financial assets 23 23 - - - - Cash and cash equivalents 568 568 - - - - ASSETS 1,395 599 - 786 - 9 Borrowings – due in more than one year (incl. lease commitments) 2,031 - - - 2,031 - Other non-current liabilities 0 - - - 0 - Borrowings – due in less than one year (incl. lease commitments) 495 - - - 495 - Trade payables 371 - - 371 - - Other current liabilities 453 - - 453 - - Derivatives 14 - - - - 14 LIABILITIES 3,363 - - 823 2,526 14 (in millions of euros) 31 December 2024 Breakdown by type of instrument Balance sheet Fair value through profit or loss Fair value through shareholders’ equity Loans and receivable at amortised cost Liabilities at amortised cost Derivatives Non-consolidated equity investments 106 106 - - - - Other current/non-current financial assets 110 - - 110 - - Other non-current assets 16 - - 16 - - Trade receivables 217 - - 217 - - Other current assets 526 - - 526 - - Derivatives 17 - - - - 17 Current financial assets 282 282 - - - - Cash and cash equivalents 631 631 - - - - ASSETS 1,905 1,019 - 869 - 17 Borrowings – due in more than one year (incl. lease commitments) 1,883 - - - 1,883 - Other non-current liabilities 8 - - - 8 - Borrowings – due in less than one year (incl. lease commitments) 341 - - - 341 - Trade payables 384 - - 384 - - Other current liabilities 557 - - 557 - - Derivatives 10 - - - - 10 LIABILITIES 3,183 - - 941 2,232 10 2 141ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year The classification of financial assets and liabilities has been revised to comply with IFRS 9 classifications. Equity investments and other current financial assets are recognised in the balance sheet at fair value. Other non-current financial assets are measured at amortised cost calculated using the effective interest rate (EIR). Borrowings are recognised at amortised cost measured at the effective interest rate (EIR). The fair value of trade receivables and trade payables is equal to the value shown in the balance sheet, since for the most part they fall due in less than one year. (in millions of euros) Nature of hedging instrument Notional amount of hedging instruments Carrying amount of hedging instrument Assets Liabilities FAIR VALUE HEDGE (FVH) Interest rate risk Interest rate swap - - - Currency risk Balance sheet hedges (customers/suppliers/banks 2023) Forward and currency option - - - Commodity risk Cash Flow Hedge (CFH) Interest rate risk Trading Interest rate swap - - - Eramet Swap Hedging Interest rate option - - - Setrag EUR borrowing Interest rate swap 36 1 - Currency risk Trading Currency options 4 - (0) Group future turnover foreign exchange hedge Forward and currency option 108 3 (0) Commodity risk Electricity supply Future on electricity 169 5 (13) The fair value of financial instruments broken down by fair value hierarchy is as follows: (in millions of euros) 31 December 2025 31 December 2024 Value on balance sheet Breakdown by fair value category Value on balance sheet Breakdown by fair value category Level 1 Level 2 Level 3 (1) Level 1 Level 2 Level 3 (1) Current financial assets 23 23 - - 282 282 - - Cash and cash equivalents 568 568 - - 631 631 - - Derivatives 9 - 9 - 17 - 27 (10) ASSETS 600 591 9 - 929 912 27 (10) Derivatives 14 - 1 13 10 - 10 - LIABILITIES 14 - 1 13 10 - 10 - (1) The amount shown under Level 3 corresponds to the fair value of Eramet Norway’s electricity price hedging contract maturing in 2034 142 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 9.2 Effects of financial instruments on the income statement (in millions of euros) 2025 Financial year Effects in profit (loss) Financial income and (expenses) Amortised cost Fair value Monetary conversion Profit (loss) on disposal Net impairment Equity investments (10) 1 - - - (10) (1) Other current/non-current financial assets (67) (5) - - (26) - (36) Derivatives 3 - - 3 - - - (Net debt)/Net cash (148) (143) (7) (0) 3 - - TOTAL (222) (148) (7) 2 (23) (10) (37) (in millions of euros) FY 2024 Effects in profit (loss) Financial income and (expenses) Amortised cost Fair value Monetary conversion Profit (loss) on disposal Net impairment Equity investments (28) 0 - - - (90) 63 Other current/non-current financial assets (45) (2) - - (52) - 10 Derivatives 6 - - 6 - - 0 (Net debt)/Net cash (118) (116) (7) 0 5 - - TOTAL (184) (118) (7) 7 (48) (90) 72 The financial revenue from equity investments consists of dividends of non-consolidated companies. The gains or losses on currency and commodity hedging instruments are, for the most part, recognised in current operating income. The portion that does not qualify as hedges is recognised in other financial income and expenses. 9.3 Details of derivatives shown in the statement of financial position (in millions of euros) 31 December 2025 31 December 2024 Assets Liabilities Assets Liabilities AT BEGINNING OF PERIOD 17 10 35 10 Change in hedging instruments for the period – shareholders' equity (1) 7 3 (22) 2 Change in hedging instruments for the period – financial income (2) (7) 0 5 (3) Net change in hedging instruments (3) (1) 0 (4) 6 Other movements (7) (1) 3 (5) AT PERIOD CLOSE 9 14 17 10 Net position in hedging instruments (3) - 0 - - Financial instruments – currency hedging 3 1 1 5 Financial instruments – interest rate hedges 1 - 16 2 Financial instruments – commodity hedges 5 13 - 3 (1) The impact corresponds to the effective portion of the change in fair value of currency, interest-rate and commodity hedging derivatives. (2) The impact corresponds to the non-effective portion of the change in fair value of currency, interest-rate and commodity hedging derivatives. (3) Receivables and debts denominated in foreign currencies are converted at the closing rate and the difference between the closing rate and the coverage rate is recorded in the “Financial instruments, assets and liabilities" section. 2 143ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 9.4 Risk management The Eramet Group uses derivatives to control its exposure to currency, interest rate and commodity risks. The Executive Committee has delegated the management of the main risks to the Eramet Group Finance Department. This management is carried out directly by Eramet or via Metal Currencies, which was set up specifically to manage the Eramet Group’s currency risk. In terms of interest rates, the Eramet Group’s policy is to reduce the exposure of its net debt to variable interest rates. With regard to transactional foreign currency risk, the Group adopts a selective policy depending on the currency. Positions are traded either on organised markets, or over the counter with leading banking counterparties. Gains or losses on hedging instruments are recognised symmetrically with the gains or losses on the hedged items. However, unrealised gains and losses on financing hedging transactions that are ineligible under hedging standards are recognised in net income for the period. All transactions outstanding at the reporting date are recognised in the statement of financial position, without an offsetting entry. 9.4.1 Currency risk The Eramet Group is exposed to two types of currency risk, namely: • transactional risk, where a Group company has purchases or revenue in a currency other than its functional currency that is not offset by purchases in that currency; • balance sheet risk, related to changes in the net assets of subsidiaries valued in currencies other than the euro. The Eramet Group uses financial instruments to limit its exposure to transactional currency risks on its costs denominated in Norwegian krone. 9.4.2 Transactional risks Until 31 December 2025, in the context of transactional risk management, foreign exchange hedges mainly relate to purchases by its subsidiary Eramet Norway, whose account currency is the euro. The transactions are carried out via the company Metal Currencies. Subsequent to the end of the financial year, foreign exchange hedging instruments (forward sale of USD against EUR) were implemented for the 2026 fiscal year, covering 66% of the projected net exposure in dollars at an average hedged exchange rate of 1.1975. The breakdown of the hedging portfolio by currency is shown below: As at 31 December 2025 2025 turnover 2026 turnover Turnover in 2027 and beyond (currency unit million) Amount Currency Price Amount Currency Price Amount Currency Price COMMERCIAL HEDGES EUR/NOK (915) NOK 12.046 (550) NOK 12.586 OTHER HEDGES – TOTAL AMOUNT NOT DETAILED BY YEAR EUR/NOK (45) NOK 11.523 NOK As at 31 December 2024 2024 turnover 2025 turnover Turnover in 2026 and beyond (currency unit million) Amount Currency Price Amount Currency Price Amount Currency Price COMMERCIAL HEDGES EUR/USD EUR/NOK (965) NOK 11.590 (715) NOK 11.950 OTHER HEDGES – TOTAL AMOUNT NOT DETAILED BY YEAR EUR/USD EUR/NOK (150) NOK 11.050 (45) NOK 11.520 144 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 9.4.3 Balance sheet risks The Eramet Group manages currency risks to the balance sheet, primarily related to the US dollar, for example by issuing financial debt denominated in the same currency as the net assets in question, or via currency swaps. The Eramet Group may be required to manage the balance sheet foreign exchange risk associated with intra-group financing via currency swaps or through debt issues in the same currency as the assets. Hedges are not systematic. At 31 December 2025, the fair value of currency hedging represented a net asset of +€2 million (31 December 2024: net liability of +€5 million). For hedges of NOK turnover, an increase or decrease of 10% in the EUR/NOK exchange rate would have a pre-tax impact on the hedging instruments recognised in net income at 31 December 2025 of around -€9.9 million should exchange rates rise, and around +€15.1 million should exchange rates fall. The notional amount of currency hedging contracts breaks down as follows: (currency unit million) 31 December 2025 31 December 2024 Forward sales Forward purchase Call options Put options Forward sales Forward purchase Call options Put options CURRENCY AGAINST EUR • NOK - 1,375 90 135 178 1,468 390 585 The pre-tax impact on shareholders’ equity and profits of financial instruments hedging currency risks is shown below: (in millions of euros) 31 December 2025 31 December 2024 Transactional risks Balance sheet risks Transactional risks Balance sheet risks AT BEGINNING OF PERIOD (4) (355) (0) (486) Change in unexpired hedging portion (1) 6 - (4) - Change in ineffective portion via income (2) 0 - 1 - Change in effective portion via income (3) - - (1) - Currency translation differences and other movements - (210) - 131 AT PERIOD CLOSE 2 (565) (4) (355) Changes recognised in shareholders’ equity: • hedging reserve 6 - (4) - • translation reserve - (210) - 131 TOTAL 6 (210) (4) 131 Changes recognised via income: current operating income 0 - - - financial income - - - - TOTAL 0 - - - (1) The impact corresponds to the effective portion of the change in fair value of currency hedging derivatives. (2) The impact corresponds to the non-effective portion of the change in fair value of currency hedging derivatives. (3) Receivables and payables denominated in foreign currencies are converted at the closing rate, and the difference between the closing rate and the hedge rate is recorded under "Financial instruments, assets and liabilities". 2 145ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 9.4.4 Interest rate risk Depending on market conditions and forecast changes in net financial debt, the Eramet Group’s Finance Department monitors the allocation between fixed and floating rate gross debt and cash investments and decides on whether to set up interest rate hedges. The financial instruments used are interest rate swaps, caps and floors . The Group’s Treasury Department is responsible for setting up hedges. The cash surpluses managed by Metal Securities are invested in: • instruments linked to the ESTR (Euro Short-Term Rate) or the Euribor (Euro Interbank Offered Rate), or equivalent rates in other currencies (e.g. SOFR/Fed Funds rate for the US dollar) within the context of bank deposits or the subscription of OPVCM shares; • bond-type fixed-rate instruments. 9.4.5 Commodity risk The Eramet Group is exposed to commodity price volatility, affecting both its turnover as a nickel and manganese producer and its production costs, as a consumer of energy (fuel oil and electricity) and commodities (nickel and aluminium). The Eramet Group only hedges electricity purchases for its manganese alloy activity via forward purchases or long- term electricity supply contracts that are qualified as hedging derivatives under IFRS (intended for own use). Hedges can also be taken out via forward purchases of CO2 permits. 9.4.6 Liquidity risk The Eramet Group must ensure that it maintains a sufficient level of liquidity to meet its contractual obligations, including servicing its debt. In this context, the Eramet Group anticipates the regular renewal of its existing borrowings (credit facilities, bonds, IFRS 16 leases, etc.) and establishes new modes of financing according to the opportunities available. Furthermore, financing is occasionally implemented directly in the Eramet Group’s subsidiaries. Eramet also aims to diversify its sources of funding, particularly between the bond and banking markets. Subject to foreign exchange regulations, Eramet centralises almost all of the cash requirements and surpluses of the companies it controls. Centralisation is ensured by the Metal Securities, which is responsible for managing the investment of cash surpluses. The Eramet Group’s financial liquidity, defined as the sum of cash and cash equivalents, current financial assets and confirmed credit facilities, stood at €1,526 million at 31 December 2025 (31 December 2024: €2,156 million (restated)), of which €568 million is classified as cash and cash equivalents (31 December 2024: €631 million). The cash surpluses are, for the most part, transferred to Metal Securities, the Group company in charge of centralising and investing the Eramet Group’s cash surpluses. Revolving credit facility The Revolving Credit Facility (RCF) was renegotiated in June 2022 for an amount of €935 million with a maturity of five years, accompanied by two successive upfront one-year extension options (June 2023 and June 2024). The Group has extended €915 million to June 2029. The balance of €20 million will be due in June 2028. At the end of December 2025, the RCF had not been drawn down. 146 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year The Eramet Group is liable to repay its borrowings, primarily comprising financial market borrowings and credit institution borrowings, and its other liabilities and derivatives, for which the repayment schedule is given below: (in millions of euros) Balance sheet Future payment schedule 31 December 2025 Less than one year One to five years More than five years Total Borrowings on financial markets 1,190 97 1,093 - 1,190 Borrowings from credit institutions 706 137 554 15 706 Bank overdrafts and creditor banks 168 168 - - 168 Finance lease liabilities 8 4 4 - 8 Other borrowings and financial debts 385 72 211 102 385 IFRS 16 lease liabilities 70 16 34 20 70 TOTAL BORROWINGS 2,526 494 1,896 137 2,526 Derivatives 14 14 - - 14 Trade and other payables 823 823 - - 823 TOTAL OTHER FINANCIAL LIABILITIES 837 837 - - 837 The schedule of future receipts on financial assets is set out below: (in millions of euros) Balance sheet Future receipts at fair value schedule 31 December 2025 Less than one year One to five years More than five years Total Cash and cash equivalents 568 568 - - 568 TOTAL CASH AND CASH EQUIVALENTS 568 568 - - 568 Other non-current financial assets 92 40 49 6 95 Current financial assets 23 23 - - 23 Derivatives 9 9 - - 9 Trade and other receivables 702 692 10 - 702 TOTAL OTHER FINANCIAL ASSETS 827 764 59 6 827 2 147ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Where appropriate, financial debts are covered by banking covenants at Group level or locally; the main covenants are described below: Company Type of credit facility Contractual ratios Nominal amount (currency unit million) ERAMET S.A. Revolving credit facility (RCF) Net debt, excluding SLN’s loan from the French State and IFRS 16 lease liabilities/shareholders’ equity < 1 €935 million UMR Bond Net debt excluding IFRS 16 lease liabilities/shareholders’ equity < 1 €50 million Term Loan Net debt, excluding SLN’s loan from the French State and IFRS 16 lease liabilities/shareholders’ equity < 1 €425 million Bilateral loan Net debt, excluding SLN’s loan from the French State and IFRS 16 lease liabilities/shareholders’ equity < 1 €20 million European Investment Bank Net debt, excluding SLN’s loan from the French State and IFRS 16 lease liabilities/shareholders’ equity < 1 €74 million Comilog S.A. CAT Finance Net debt/EBITDA on a rolling 12-month basis < 3 $1 million Net cash flow/Debt servicing >1.30 €1 million Net debt/Shareholders' equity < 2 IFC/Proparco Net debt/Shareholders' equity < 1.15 €119 million Net debt/EBITDA on a rolling 12-month basis < 4 Debt service coverage > 1.3 OHADA: Shareholders’ equity <= Share capital SETRAG CAT Finance Net debt/Shareholder’s equity including subordinated debt < 3 €20 million IFC/Proparco Net debt/Shareholder’s equity including subordinated debt < 3 €119 million OHADA: Shareholders’ equity <= Share capital Debt service account 1 expiry Eramet’s covenants are determined on the basis of the published consolidated accounts. Comilog’s covenants are determined on the basis of Comilog’s individual and consolidated financial statements. At 31 December 2025, there were no circumstances of accelerated maturity. Moreover, at 31 December 2025, no cases of cross-default likely to impact funding at the level of Eramet were recorded. As at 31 December 2025, the Group's net debt to shareholders' equity covenant was greater than 1. A waiver has been obtained from its lenders in advance of the 2025 closing. In 2026, the Group will continue to monitor its banking covenants and will approach its banking partners if necessary. 148 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 9.4.7 Credit or counterparty risk The Eramet Group may be exposed to credit risk in the event of counterparty default in relation to its customers, financial partners and financial product providers within the framework of its investment activity, mainly carried out by the dedicated company Metal Securities Group. The Eramet Group has several means of limiting client credit risk: gathering information ahead of entering into transactions (rating agencies, published financial statements, etc.), credit insurance and the establishment of letters of credit and documentary credits. Cash surpluses are almost exclusively invested in vehicles or with "Investment-Grade" counterparties, and the Group continuously monitors its risks in accordance with its investment policy, which governs eligible products and issuers. The age of the Group’s trade receivables and overdue receivables is shown below: (in millions of euros) 31 December 2025 31 December 2024 Gross values Impairment Net values Gross values Impairment Net values On time or not due 159 (1) 157 142 (1) 141 Delays: • less than one month 40 (1) 39 51 (0) 51 • one to three months 4 (0) 4 7 - 7 • three to six months 4 - 4 4 - 4 • six to nine months 1 (1) 0 3 (3) (1) • nine to twelve months 3 (2) 1 3 (2) 1 • over one year 26 (7) 19 21 (7) 14 TOTAL TRADE RECEIVABLES 236 (11) 225 230 (13) 217 No material unpaid or impaired receivables have been renegotiated. 9.4.8 Equity and bond risk Eramet and its subsidiaries do not speculate on the stock markets; the investments held relate to unlisted controlled companies entirely in line with the Group’s activities. In accordance with the Group’s investment policy, which defines and limits counterparty risk, the Eramet Group holds corporate bonds and capitalisation bonds issued by insurance companies subject to credit risk, which are recognised in other current financial assets and intended to be held to maturity. 2 149ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 10 Working capital requirement (in millions of euros) 31 December 2024 Change in WCR Statement of changes Change in trade payables on non- current assets Currency translation differences and other movements 31 December 2025 Inventories 692 (28) - (16) 648 Customers 217 10 - (2) 225 Suppliers (384) 10 - 3 (371) Simplified WCR 525 (9) - (15) 501 Other items of WCR (1) (77) 120 (44) 5 5 TOTAL WCR 448 112 (44) (10) 506 (1) Includes tax and payroll payables and receivables, other assets and liabilities, tax liabilities and receivables due, and liabilities on non-current assets. 10.1 Inventories Inventories consist mainly of products from the Group's Nickel, Manganese and Mineral Sands Activities at different stages of the production process and are recorded at the lower of the cost and net liquidation value. ACCOUNTING METHOD Inventories are valued using the WAC (weighted average cost per unit) method for the industrial activities of the High Performance Alloys Division, and on a FIFO (first-in-first-out) basis for the industrial and mining activities of the Nickel activity, the Manganese activity and the Mineral Sands activity. Inventories are carried at cost price and only include production costs, while not exceeding the realisable value. Costs stemming from sub-normal activity are eliminated from inventory measurement at the end of the reporting period. Impairment losses for raw materials are recognised when the net realisable value falls below the cost of entry into storage. Consumables are fully depreciated where the quantities are in storage over a much longer period than their estimated use. The impairment of spare parts that do not qualify for capitalisation is calculated on the basis of their use during the year. Spare parts inventory in excess of one year’s use is fully depreciated. For work-in-process, intermediate and finished products in inventory for over a year, the forward-looking approach is applied on the basis of the order book and market validation of achievements within one year; the quantities beyond one year of consumption are fully depreciated, except in specific cases. Fixed production costs relating to recognised or planned sub-normal activity are not incorporated in inventory measurement and are recognised as ordinary operating expenses for the period in which they are incurred. Sub-normal activity is taken into account when the actual production volume is considerably lower than the normal production volume (or normative capacity). JUDGEMENT AND ESTIMATES Judgement is exercised to determine the net realisable value, as well as to allocate the fixed and variable production overheads attributable directly to inventories. (in millions of euros) 31 December 2025 31 December 2024 AT BEGINNING OF PERIOD 692 619 Change in gross inventories (26) 94 (Impairment)/Net reversals for the period (17) (17) Increase/(Decrease) in net inventories – cash flows (43) 77 Currency translation differences and other movements (1) (4) AT PERIOD CLOSE 648 692 Raw materials 166 261 Merchandise and finished products 307 224 Work-in-progress and semi-finished goods 49 59 Consumables and spare parts 126 148 CO2 quotas (0) - Breakdown of impairment losses: AT BEGINNING OF PERIOD (208) (190) • (Impairment)/Net reversals for the period (17) (17) • Currency translation differences and other movements 16 (1) AT PERIOD CLOSE (209) (208) Impairment provisions mainly relate to raw materials, merchandise and finished products. 150 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 10.2 Trade and other receivables Trade and other receivables are amounts that the Eramet Group expects to collect from third parties. ACCOUNTING METHOD Receivables are booked at transaction value at initial recognition and are subsequently measured at each reporting date at amortised cost. Foreign currency receivables and payables are re-measured at the prevailing foreign exchange rate at period end. Currency translation differences are recognised in current operating income or in net financial income (other financial income and expenses) depending on the type of receivable or debt. The Group’s portfolio of trade receivables is measured to take into account the expected loss rate at maturity in this portfolio. This rate is determined by qualifying the customer portfolio according to its risk exposure, with secured receivables limiting the expected level of risk of loss, and by assessing the probability of default and the impact of the expected loss on the portfolio, based on historical losses on receivables, the age of the receivable and an assessment of the risks involved. Individual impairment losses are recognised for receivables when they are more than likely not to be recovered and it is possible to reasonably measure the amount of the impairment based on historical losses on receivables, the age of the receivable and an assessment of the risks involved. This impairment, offset in current operating income, is deducted from the gross value of the receivable. Receivables disposed of under a securitisation contract are removed from the balance sheet when the Eramet Group has transferred the contractual rights to collect the cash amount and where almost all the risks and rewards attached to these receivables have been transferred to the transferee. Where risks remain but do not prejudice the removal of the receivables from the balance sheet, they are recognised under other operating receivables together with the related security deposits (Note 10). Disposals with recourse against the Eramet Group in the event of payment default by the client means that these transferred receivables must be retained in the balance sheet. JUDGEMENT AND ESTIMATES Determining the expected level of loss on the collection of receivables requires judgement. The impairment loss is calculated consistently based on historical losses on receivables, the age of the receivable and an assessment of the risks involved for each receivable category. (in millions of euros) 31 December 2025 31 December 2024 Gross amount Impairment Net amount Net amount AT BEGINNING OF PERIOD 811 (52) 759 710 Change in gross amount (36) - (36) 18 Reversals (impairments) in the period - 5 5 (6) Changes in working capital requirement – cash flows - - (31) 12 Currency translation differences and other movements (27) 2 (25) 37 AT PERIOD CLOSE 748 (45) 702 759 Trade receivables 236 (11) 225 217 Tax and payroll receivables 247 (15) 232 193 Security deposit – securitisation agreement 0 - 0 4 Other operating receivables 254 (19) 235 329 Other current assets 501 (34) 467 526 Other receivables 10 (0) 10 16 Other non-current assets 10 (0) 10 16 TOTAL 748 (45) 702 759 The bulk of trade and other receivables are due in less than one year. Tax and payroll receivables of Comilog include a VAT credit amount to the Gabonese State of €74 million at 31 December 2025 (€37.2 million at 31 December 2024). Pursuant to a memorandum of understanding signed with the Gabonese State on 5 July 2022, €74.6 million in taxes (corporate income taxes and proportional mining taxes) were offset in 2024, and €36.6 million in 2025. A ministerial order suspended the compensation mechanism at the end of 2025. Discussions are underway with the authorities to find a solution to the payment of VAT. 2 151ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Factoring of customer receivables The Eramet Group uses factoring or securitisation as a source of funding for its receivables. Under these agreements, certain subsidiaries in France and the United States have committed to banking institutions (Société Générale for France, Wells Fargo for the US) to transfer their trade receivables totalling €145 million at 31 December 2025 (€187 million at 31 December 2024). The analysis of the transfer of risks and rewards resulted in full deconsolidation. A security deposit may be required to cover the commitments given by the transferor subsidiaries to the financing company and will be returned upon the settlement of the transaction. It consists of reserves to hedge against dilution risk. This deposit amounted to €0 million at 31 December 2025 (31 December 2024: €4 million). (in millions of euros) 31 December 2025 31 December 2024 Trade receivables – Invoices assigned (145) (187) Trade receivables – Invoices not deconsolidated - - Other operating receivables – Security deposit 0 4 10.3 Trade and other payables Trade and other payables mainly comprise amounts owed to suppliers and tax authorities that have already been billed or are already due. (in millions of euros) 31 December 2025 31 December 2024 AT BEGINNING OF PERIOD 949 900 Changes in working capital requirement (52) (51) Change in payables on non-current assets (42) 78 Currency translation differences and other movements (31) 22 AT PERIOD CLOSE 824 949 Trade payables 371 384 Tax and payroll payables 256 286 Payables on non-current assets 55 106 Deferred income 3 17 Other operating payables 138 148 Other current liabilities 453 557 Other non-current liabilities 0 8 Other non-current liabilities 0 8 TOTAL 824 949 Most of the trade and other payables are due in less than one year. 152 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 11 Investments The Eramet Group groups its investments into two categories: • industrial investments relating to assets in connection with extraction or production equipment: intangible assets and property, plant and equipment; • financial investments that mainly relate to interest held in joint ventures and non-consolidated companies, as well as other long-term financial investments. 11.1 Acquisition of non-current assets (in millions of euros) FY 2025 FY 2024 Capital expenditure on property, plant and equipment for the period 464 665 Capital expenditure on intangible assets for the period 8 22 Total industrial investments 472 687 Change in payables for the acquisition of non-current assets (1) (44) (85) TOTAL ACQUISITION OF NON-CURRENT ASSETS - STATEMENT OF CASH FLOWS 429 602 (1) Of which change in payables for the acquisition of non-current assets (other liabilities) Of which change in supplier advances on non-current assets (other receivables) 11.2 Property, plant and equipment and rights of use for leases on assets classified as Property, plant and equipment ACCOUNTING METHOD Property, plant and equipment are stated in the balance sheet at their carrying amount, which is the acquisition or manufacturing cost less depreciation and impairment of losses incurred. Land is not depreciated. Spare parts deemed to be items of property, plant and equipment are capitalised and depreciated on the basis of their actual use. Major repairs are deemed to be components of items of property, plant and equipment. Borrowing costs that are directly linked to the acquisition or production of an asset, in accordance with IAS 23, are incorporated into that asset’s cost. At the start-up of operations, a provision is made to take into account the obligations to restore the mining site, offset by an environmental and decommissioned asset. Decommissioned assets recognised against provisions are written down over the planned operating life of the mining reserves and resources intended for the plant or for export and are measured with respect to the estimated long-term nature of current licenses. Revisions to these restoration cost estimates correct the value of this asset and provision by prospectively allocating the result over the period of operation, including the current year. IFRS 16-eligible leases on eligible assets classified as “property, plant and equipment” are recognised on the balance sheet at lease commencement for the present value of the future fixed payments (on the asset line concerned by IFRS 16 lease-purchase and/or finance contracts and on a “Lease rights of use” line for operating leases). Leases where the underlying assets have a low value and/or are for a short term (12 months or less) are accounted for as a lease expense according to the exemptions permitted by the standard. The Trans-Gabonese railway concession was recognised as follows: property owned by the Eramet Group is recognised as a balance sheet asset and depreciated over the shorter of its useful life or the remaining period of the concession. Returnable assets representing the assets contributed to the concession by the Gabonese Republic that must be returned in the same state upon expiry of the agreement are not recognised in the balance sheet. Assets acquired by the Eramet Group following the signing of the concession agreement that must be turned over to the Gabonese Republic at the end of the concession are recognised as property, plant and equipment and depreciated over the term of the concession. A provision is made to cover the net value of the property, plant and equipment at the end of the concession based on investment assumptions. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Judgement is exercised to determine all the expenses (i.e. labour, overhead) directly associated with the acquisition, construction, improvement or development of a non-current asset, including the costs of bringing it to the location and in the state that is required for its use as planned by Management. Expenses for non-current assets are no longer capitalised once the non-current asset is practically completed and is capable of functioning as intended. In order to determine whether these conditions are met, a review must be carried out of the practices applied in the same industries, predetermined by Management’s judgement with reference to the factors affecting the expected production capacity. Where a non-current asset is composed of individual components which call for different methods or depreciation rates, judgement is exercised to determine how best to split the asset. Distinguishing between inspections and major revisions for repair and maintenance, and determining the appropriate period for amortising these costs, are a matter of judgement. 2 153ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 11.2.1 Property, plant and equipment by category (in millions of euros) 31 December 2025 31 December 2024 Gross amount Depreciation & amortisation Impairment losses Net amount Net amount Land and buildings (1) 1,213 (808) (88) 317 121 Industrial and mining facilities (2) 4,028 (2,186) (248) 1,594 905 Other property, plant and equipment (3) 1,388 (844) (9) 535 500 Work-in-progress, down-payments 517 - (24) 493 1,320 TOTAL 7,146 (3,838) (369) 2,939 2,846 (1) Including: • IFRS 16 lease assets 1 (1) - - - (2) Including: • IFRS 16 lease assets - - - - - • Decommissioned assets – site restoration 233 (139) (25) 69 60 (3) Including: • IFRS 16 lease assets 2 - - 2 - 11.2.2 Lease rights of use (type of property, plant and equipment) (in millions of euros) 31 December 2025 31 December 2024 Gross values Depreciation & amortisation Impairment losses Net values Net values Rights of use relating to land and buildings 28 (6) (0) 22 11 Rights of use relating to industrial and mining facilities 11 (4) - 7 7 Rights of use relating to other property, plant and equipment 95 (63) - 32 37 TOTAL 134 (73) (0) 62 55 11.2.3 Change for the financial year (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 2,846 2,236 Investments for the period 463 663 Disposals for the period (5) (25) Depreciation and amortisation for the period (225) (204) Impairment losses for the period (109) (62) Reversals in the period 55 59 Change in the gross amount of decommissioned assets 15 (5) Change in lease non-current assets 1 3 Changes to consolidation scope 3 131 Currency translation differences and other movements (105) 51 AT PERIOD CLOSE 2,938 2,846 • Gross amount 7,146 6,813 • Depreciation & amortisation (3,838) (3,612) • Impairment losses (370) (355) 154 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 55 70 Change in rights of use 23 8 Depreciation and amortisation for the period (19) (18) Impairment losses for the period - - Currency translation differences and other movements 2 (5) AT PERIOD CLOSE 61 55 • Gross amount 134 129 • Depreciation & amortisation (73) (74) • Impairment losses (0) (0) 11.3 Intangible assets ACCOUNTING METHOD Intangible assets are stated in the balance sheet at their carrying amount, which is the acquisition cost less amortisation and any impairment of losses incurred. IFRS 16-eligible leases on assets classified as “intangible” are recognised on the balance sheet at lease commencement for the present value of the future fixed payments (on the asset line concerned by IFRS 16 lease-purchase and/or finance contracts and on a “Lease rights of use” line for operating leases). Leases where the underlying assets have a low value and/or are for a short term (12 months or less) are accounted for as a lease expense according to the exemptions permitted by the standard. GOODWILL Goodwill is the difference between the acquisition price of an entity and the Eramet Group’s and non-controlling interests’ share in the fair value of the identifiable asset or liability (including possible liabilities) of the acquired entity at the acquisition date. It is recognised at cost, less accumulated impairment losses. Goodwill in associates and joint ventures is recognised under investments in joint ventures and associates (Note 11). MINING RESERVES Amounts capitalised with respect to mineral deposits relate to partial asset contributions or permits acquired since 1974. Depending on the specific operating characteristics, mining reserves are amortised on the basis of the ratio of annual production to the estimated reserves or the length of the concession. GEOLOGY, PROSPECTING AND RESEARCH EXPENSES Geology, prospecting and research expenses incurred prior to operation are recognised as intangible assets, in compliance with IFRS 6 “Exploration for and Evaluation of Mineral Resources”. The royalties paid for mining prospecting and exploration are also recognised under intangible assets. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Judgement must be used to determine whether the expenditure on intangibles can be recognised as an intangible asset. If its useful life is limited in time, the intangible asset is amortised on a straight-line basis over the estimated useful life. The goodwill is allocated to the cash-generating unit that it is recognised in, for the purposes of impairment testing. At 31 December 2025, as at 31 December 2024, the Group had no rights of use to an “intangible” asset under leases or lease- purchase arrangements (IFRS 16). 2 155ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 11.3.1 Intangible assets by category (in millions of euros) 31 December 2025 31 December 2024 Gross amount Depreciation & amortisation Impairment losses Net amount Net amount Goodwill 186 - (37) 149 187 Gabon mining reserves 67 (51) - 16 3 Senegal mining reserves 100 (22) (78) - 87 New Caledonia mining reserves 44 (39) (5) - 9 Mining rights Chile 81 - - 81 - Other geology, prospecting and research expenses 169 (73) (26) 70 100 Software 100 (89) - 11 15 Other intangible assets 29 (28) (1) - (7) Work-in-progress, down-payments 57 - (35) 22 44 TOTAL 833 (302) (182) 349 438 Net goodwill stood at €149 million at 31 December 2025 (€187 million at 31 December 2024). It mainly resulted from: • the acquisition of the Norwegian company Eralloys Holding A/S in 2008 for €149 million, allocated to the Eramet Norway CGU and now associated with the Manganese Alloys CGU; • the acquisition of Mineral Deposit Limited on 1 July 2018, leading to the release of goodwill of an initial amount of €58 million, allocated to the Mineral Sands CGU, of which €22 million was allocated to Eramet Titanium Iron (ETI); following the disposal of this subsidiary in September 2023, the amount of goodwill decreased by €22 million in 2023. Then in 2025, following the impairment loss recorded on the Mineral Sands CGU, the goodwill was fully impaired, in the amount of €35 million. As part of the recognition of the impairment loss on the Mineral Sands CGU, the Senegal mining area was also fully impaired, as well as all of EGC's geology, exploration and prospecting expenses. 11.3.2 Change for the financial year (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 438 434 Investments for the period 8 22 Disposals for the period 21 5 Depreciation and amortisation for the period (26) (26) Impairment losses for the period (158) (8) Changes to consolidation scope 91 3 Hyperinflation - - Currency translation differences and other movements (25) 8 AT PERIOD CLOSE 349 438 • Gross amount 833 766 • Depreciation & amortisation (302) (277) • Impairment losses (182) (51) 156 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 11.4 Impairment of assets and impairment losses ACCOUNTING METHOD Impairment tests are performed regularly: systematically at least once a year at the annual reporting date for goodwill and intangible assets with indefinite lives, and where there are indications of impairment. For intangible assets and items of property, plant and equipment with finite useful lives, impairment tests are carried out whenever there is an indication of impairment. Impairment testing consists in comparing the carrying amount of assets with their recoverable amount, which is defined as the higher of value in use (or recoverable amount through use) and fair value (or recoverable amount through sale), less selling costs. Impairment losses are calculated as the difference between the recoverable and net book value and are recognised in the income for the period under other operating income and expenses (Note 7). Impairment losses recognised in goodwill are not reversible. For the other assets, previously recognised impairment losses are measured at each reporting date to identify whether the losses have decreased or no longer exist. An impairment loss is reversed only if the carrying amount of the asset does not exceed its net book value, as it would have been determined had no impairment been recognised. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Cash-generating units (CGU) are homogeneous groups of assets whose continuous use generates independent cash flows. The Eramet Group has defined its CGUs with reference to the various production sites of the Nickel, Manganese Ore, Manganese Alloys, Mineral Sands and Lithium Activities. Impairment tests are performed for each CGU. All intangible assets, including goodwill, and all items of property, plant and equipment are allocated to CGUs. At 31 December 2025, the Eramet Group was divided into six CGUs as follows: • one CGU in the Nickel Processing Plant Activity in New Caledonia; • one CGU in the Nickel Ore Activity in New Caledonia; • one CGU in the Manganese Ore Activity in Gabon; • one CGU in the Manganese Alloys Activity (Europe, United States); • one CGU in the Mineral Sands activity in Senegal; • one CGU in the Lithium Activity in Argentina. Eramet Group’s General Management determines the existence of events calling for impairment testing based on several criteria. Impairment loss indicators correspond mainly to changes and fluctuations in: • raw material prices and the selling price of finished products; • economic and regulatory environment and market conditions; • interest rates; • technological level; • asset performance and obsolescence. An impairment test is carried out on the CGUs concerned when these indicators show a negative development. To determine the value in use, the Eramet Group uses the method of discounted future cash flows generated from the use of the assets. The data used to calculate the discounted forecast cash flows is taken from the annual budgets and multiyear plans prepared by the Management of the CGUs concerned. These plans are created on the basis of five-year projections, in keeping with mining and industrial cycles, plus a final value corresponding to the capitalisation to infinity of normative cash flows. Plans for certain CGUs are prepared for longer periods corresponding to the operating period of the sites without assigning a terminal value. 9The Group incorporates the investments it intends to make with regard to climate issues into its business plans. From 2025, in order to account for significant price volatility and broader market tensions, several scenarios - baseline, optimistic and pessimistic - were developed and weighted according to probabilities of occurrence assessed by the Group. The value in use used for the test is the average of the results of these scenarios. The growth rates used are the same as those used in budgets. The growth rates to infinity used for the terminal values are generally between 1% and 2%, depending on the CGU. The discount rate applied to calculate the value in use is the weighted average cost of capital (WACC), namely: • 11.0% for mining activities in Gabon (11% in 2024); • 10.5% for mining activities in Senegal (10% in 2024); • 10.0% for mining activities in New Caledonia (11% in 2024); • 9.5% for alloy activities (9.0% in 2024); • 13.5% for the lithium activity in Argentina (15.5% in 2024). The Eramet Group may measure the recoverable amount using other methods that it deems relevant in the context of the CGUs concerned. These methods may include estimated transaction values. Whatever the method used, the assumptions used are Management’s best estimates. The Eramet Group regularly reviews its estimates and assessments to take account of past experience and other factors that are deemed relevant with regard to economic conditions. 2 157ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year The change in impairment of assets and other impairment losses is broken down as follows: (in millions of euros) 31 December 2024 2025 impairment losses and reversals Translation and other movements 31 December 2025 Nickel activity (excl. Sandouville) (294) 19 (0) (275) Manganese activity (72) 5 (1) (68) Mineral Sands activity - (171) 0 (171) Lithium activity (3) - 3 - Holding and others (34) - (3) (37) TOTAL (403) (147) (1) (552) Goodwill (3) (35) 0 (37) Intangibles (45) (98) (3) (146) Property, plant and equipment (355) (15) 1 (369) IFRS 16 rights of use - - - - 11.4.1 Sensitivity Sensitivity is determined with reference to changes in future cash flows and discount rates. The Eramet Group’s cash projections for its mining and metallurgical businesses are highly dependent on the sale price assumptions, especially for ores (nickel, manganese, zircon, lithium, etc.), on euro-dollar parity, on raw materials (electricity, coal, coke, etc.) and on global demand for products sold by the Group. SLN CGU – Nickel activity The value in use is extremely sensitive to the prices of nickel and inputs (electricity and coal in particular, as well as the US dollar), which are key assumptions in the impairment testing of this CGU. The sale prices used are determined by reference to the average industry consensus, as well as to NPI (Nickel Pig Iron) prices. These selected prices are thus integrated into the multi-year business plan, which allows the cash flow projections of the CGU to be determined. However, there is strong interdependence between the different variables, namely the value of the dollar, the price of Brent crude oil and the prices of nickel and electricity, which generally do not impact the test in the same way. The electricity price used is based on the use of the CAT (Centrale Accostée Temporaire [Floating Power Plant]) and on the discussions held with the government of New Caledonia in the context of the agreement relating to the future path of Le Nickel-SLN. In 2025, changes in selling prices, the dollar and inflows had no impact on impairment as SLN's assets were fully impaired (see Note 2.6 "Operational and financial difficulties of SLN in New Caledonia and ability to continue as a going concern"). Manganese Ore CGU and Manganese Alloys CGU – Manganese activity Manganese ore is not a listed commodity. The price is adjusted according to supply and demand, particularly concerning alloy production forecasts and the marginal capacity of the South African producer. To determine the forecast price of manganese ore, the Eramet Group uses an internal model that takes into account the marginal cost of South African production, available logistical means (trains or trucks) and ZAR/USD parity. The price forecasts thus determined are integrated into the business plans of the Manganese Ore and Manganese Alloys CGUs. These price forecasts can be compared with studies published by the CRU (Commodities Research Unit), an independent body that carries out studies on certain metals, including manganese. Regarding the Manganese Ore CGU, a 0.5% increase in the discount rate, a 0.5% decrease in the long-term growth rate, or a 1% fall in the final-year EBITDA margin would not result in the recognition of an impairment loss. For the manganese alloys CGU, the following sensitivities would not result in the recognition of an impairment: • a 0.5% increase in the discount rate would have an impact of -€59 million; • a 0.5% decrease in the long-term growth rate would have an impact of -€46 million; • finally, a 1% decrease in the EBITDA margin rate for the final year would have an impact of -€60 million. Mineral Sands CGU More than half of the CGU’s revenues come from the sale of titanium raw materials, about one third from the marketing of zircon, and more marginally from ferrous materials. Titanium raw materials, in the form of titanium slag or titanium dioxide, are intended for the pigment market, while zircon is produced for the ceramics market. None of these products are listed. In both cases, the price forecasts used in the business plan are determined by reference to the analyses of sector specialists (TZMI), using the lower range of their forecast. For the reasons described in Note 2.2, the impairment test carried out on the Mineral Sands CGU led to the recognition of an impairment loss in the amount of €171 million. In terms of sensitivity: • a 0.5% increase in the discount rate would have an impact of -€26 million; • a 0.5% decrease in the long-term growth rate would have an impact of -€19 million; • finally, a 1% decrease in the EBITDA margin rate for the final year would have an impact of -€21 million. 158 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Lithium CGU For the Lithium CGU, the following sensitivities would not lead to the recognition of an impairment: • a 0.5% increase in the discount rate would have an impact of -€71 million; • a 0.5% decrease in the long-term growth rate would have an impact of -€52 million; • finally, a 1% decrease in the EBITDA margin rate for the final year would have an impact of -€30 million. 11.4.2 Residual values by CGU group The residual values of invested capital are detailed as follows by CGU group: (in millions of euros) 31 December 2025 31 December 2024 NICKEL ACTIVITY Net intangible assets and property, plant and equipment (1) 26 39 Working capital requirement 0 (50) Total 26 (10) MANGANESE ACTIVITY Net intangible assets and property, plant and equipment (1) 1,850 1,794 Working capital requirement 444 463 Total 2,294 2,257 MINERAL SANDS ACTIVITY Net intangible assets and property, plant and equipment (1) 447 586 Working capital requirement 9 (32) Total 456 554 LITHIUM ACTIVITY Net intangible assets and property, plant and equipment (1) 886 872 Working capital requirement 66 77 Total 952 948 HOLDING AND OTHERS Net intangible assets and property, plant and equipment (1) 140 48 Working capital requirement (12) (10) Total 128 38 Net intangible assets and property, plant and equipment (1) 3,349 3,339 Working capital requirement 507 448 TOTAL OF ACTIVITIES 3,856 3,787 (1) Including rights of use for leases Capital employed is defined as the sum of net property plant and equipment, intangible assets and working capital requirements. It is used to determine the accounting values of assets tested as part of asset impairment tests. 2 159ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 11.5 Investments in joint ventures and associates ACCOUNTING METHOD Joint ventures are companies over which Eramet has joint control, meaning that the decisions concerning the relevant activities require the unanimous consent of all controlling parties. Associates are companies over which the Eramet Group has significant influence. Joint ventures and associates are accounted for using the equity method of accounting and are initially recognised at the acquisition cost. Their carrying amount includes the goodwill determined at their acquisition less accumulated impairment. The consolidated financial statements include Eramet’s share in earnings and the shareholders' equity movements of the companies accounted for using the equity method, after adjustments to bring the accounting rules of those companies in line with those of the Eramet Group. The dividends received from joint ventures and associates are deducted from their balance sheet value. An impairment test is carried out when there are indicators that the recoverable amount may fall below its carrying amount (Note 10). ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Significant influence exists when Eramet has the powers to take part in financial and operating decisions of the Company but does not exercise control or joint control over these policies. Eramet has a significant presumed influence if it holds 20% to 50% of the voting rights of a company. Eramet Group’s senior management determines the existence of events calling for impairment testing under the same conditions as those given in the Impairment of assets section. 11.5.1 Breakdown by entity (in millions of euros) Companies Country % holding Share of Share of Results Sharehold ers’ equity Results Shareholde rs’ equity FY 2025 31 December 2025 FY 2024 31 December 2024 Strand Minerals – Weda Bay Indonesia 38.7% 58 367 166 389 TOTAL INVESTMENTS IN JOINT VENTURES AND ASSOCIATES 58 367 166 389 The -€21 million decrease in the value of Strand Minerals – Weda Bay's equity-accounted investments is mainly due to the Group share of income of €58 million, offset by dividends of €35 million and an unfavourable foreign exchange impact of - €45 million. This investment does not include goodwill. The uncertainty regarding the level of production authorisation in Indonesia (see Note 2.5) has not affected the value of this investment to date. 11.5.2 Key data for 100% of Weda Bay (in millions of euros) FY 2025 FY 2024 Turnover 1,571 1,617 EBITDA (1) 264 701 Current operating income 183 630 Net income 136 387 (1) Eramet share at 38.7%: €102 million in 2025 (€271 million in 2024) (in millions of euros) 31 December 2025 31 December 2024 Non-current assets 310 368 Current assets 556 650 Non-current liabilities 23 42 Current liabilities 182 296 160 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 11.6 Other non-current financial assets ACCOUNTING METHOD Other non-current financial assets include other long-term financial investments and non-consolidated equity investments. Other long-term financial investments relate to loans or current accounts extended to non-consolidated companies or companies under joint control. They are initially recognised at fair value plus acquisition costs and are measured on each reporting date at amortised cost using the effective interest rate (EIR) method, less any offsetting provisions for impairment losses recognised in financial income for the period. Non-consolidated equity investments are recognised in the balance sheet at their acquisition cost or their value on the date of their deconsolidation, less any offsetting provisions for impairment losses recognised in income for the period, to reflect changes in the fair value of this asset category. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The Eramet Group has divided its non-consolidated subsidiaries into two categories: • controlled companies that are not consolidated owing to their low cumulative impact on the Eramet Group’s financial statements; • non-controlled companies corresponding to holdings in companies over which the Eramet Group has no control or significant influence. 11.6.1 By category (in millions of euros) Gross amount Impairment Net amounts as at 31 December 2025 Net amounts as at 31 December 2024 Deposits and guarantees 70 0 70 70 Other financial assets 153 (139) 14 40 Other non-current financial assets 223 (139) 84 110 Non-consolidated equity investments 116 (108) 8 105 TOTAL OTHER FINANCIAL ASSETS 339 (247) 92 215 Since 2024, deposits and guarantees have included the SLN deposit under the Northern Province's environmental guarantees, amounting to €38.7 million in 2025 (€36 million in 2024). 11.6.2 Change (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 215 177 Net change in current financial assets (statement of cash flows) 2 27 Net change in financial assets of discontinued operations - - Impairment losses for the period (37) 9 Changes to consolidation scope (99) 3 Currency translation differences and other movements 10 (1) AT PERIOD CLOSE 92 215 In 2024, equity investments comprised €98 million relating to the investment in Chile. In 2025, Eramet Chile was consolidated, and the rights to the concession are now classified as intangible assets (see Note 11.3.1). This operation explains the decrease in non-consolidated equity investments on the change in scope line. The impairment for the period includes -€36 million of impairment on a loan to the Erasteel group (sold in June 2023). 2 161ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 11.6.3 By currency (excluding consolidated equity investments) (in millions of euros) FY 2025 FY 2024 Euro 6 41 US dollar 1 2 CFP franc 60 60 Other currencies 17 7 TOTAL 84 110 11.6.4 By interest rate type (excluding consolidated equity investments) (in millions of euros) FY 2025 FY 2024 Interest-free 19 (10) Fixed interest rates 58 113 Variable interest rates 7 6 TOTAL 84 110 Interest-free items mainly relate to deposits and guarantees, as well as certain loans to employees. 11.6.5 Non-consolidated equity investments (in millions of euros) Companies Country % holding Gross amount Impairment Net amounts as at 31 December 2025 Net amounts as at 31 December 2024 MAIN CONTROLLED COMPANIES: • Sodépal Gabon 100% 13 (13) - - • GCM Liquidation Co. (ex-GCMC) Gabon 100% 92 (92) - - • Eramet Chile S.A. Chile 100% - - - 98 MAIN NON-CONTROLLED COMPANIES: Other companies 11 (3) 8 7 TOTAL 116 (108) 8 105 Controlled but non-consolidated companies are mainly sales entities, the services of which are fully assigned to the Eramet Group, and industrial companies (shaping, wire-drawing and drawing of metallurgical products). Equity investments in controlled companies are not consolidated since they have no material impact on the Eramet Group’s consolidated financial statements. Eramet Chile S.A. was incorporated in early November 2024 and currently mainly holds mining concessions in Chile. This company entered the scope of consolidation on 1 January 2025. Eramet Chile is no longer part of the non-consolidated equity investments. Mining rights are now recorded in Eramet's balance sheet under intangible assets (see Note 11.3) 162 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 12 Taxes This note explains the income tax expense and related tax amounts shown in the income statement and balance sheet. The section on deferred tax provides information on expected future tax payments. ACCOUNTING METHOD Income tax includes both current and deferred tax. The income tax expense is recognised in the income statement, except where it relates to a business acquisition or items recognised directly in shareholders' equity or in other comprehensive income. Current income tax includes taxes that the Eramet Group expects to pay on its taxable income for the reporting period at the prevailing tax rates or rates substantively enacted at the reporting date, as well as any adjustments for tax relating to prior reporting periods. Deferred tax is recognised as temporary differences between the carrying amount of the assets and liabilities measured for the purposes of financial reporting and the tax basis of those assets and liabilities measured at the income tax rate and tax laws enacted or substantively enacted at the reporting date and effective in the period in which these temporary differences should be used. Deferred tax assets, including those related to loss carry-forwards, which are determined by fiscal entity, are recognised whenever it can be shown that they are likely to be realised. The deferred tax assets and liabilities are classified in the balance sheet as non-current items and are offset if the entity has a legally enforceable right of set-off, as is the case with the French tax consolidation group. Deferred tax liabilities on investments in subsidiaries, associates and joint ventures are recognised except where the Eramet Group can determine the timetable for the reversal of the related temporary differences, and where it is likely that such differences will not reverse in the foreseeable future. Provisions are made for non-recoverable tax on dividends planned in the foreseeable future. The Group does not report deferred taxes on first-time recognition of the right of use and the lease liability. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The Eramet Group operates in several countries. Its income is therefore taxed at various income tax rates. Given the magnitude of the operations and the complexity of tax regulations, the Eramet Group must assess uncertainties and exercise judgement to estimate the tax amount that it will eventually pay. The tax amount ultimately paid depends on various factors that include negotiations with tax authorities and the outcome of tax audits. The Eramet Group estimates deferred tax based on the temporary differences between the assets and liabilities shown in its consolidated financial statements and the tax bases of these assets and liabilities determined under the applicable tax laws. The deferred tax asset amount is generally recognised insofar as a probable taxable profit will be available in the future against which deductible temporary differences can be used. Consequently, the deferred tax asset that is recognised and considered as realisable can be reduced if the projected profit cannot be obtained. To assess the likelihood that these assets will be realised, the Eramet Group reviews the following information in particular: • projected future profitability; • extraordinary losses not expected to recur in the future; • past taxable profits; • tax strategies. 12.1 Income tax (in millions of euros) FY 2025 FY 2024 Current tax (68) (117) Deferred tax 25 23 INCOME TAX INCOME (EXPENSE) (43) (94) 2 163ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 12.2 Effective tax rate (in millions of euros) FY 2025 FY 2024 Operating income (372) 51 Financial income (213) (175) Pre-tax profit (loss) of consolidated companies (585) (124) Standard tax rate in France (in percent) 25.83% 25.83% Theoretical tax income/(expense) 151 32 Impact on theoretical tax of: • permanent differences between accounting and taxable profit (24) 48 • taxes on dividend distribution (withholding tax) (7) (6) • standard rate differences in foreign countries 30 15 • tax credits 2 4 • unrecognised or limited deferred tax assets (192) (187) • use or activation of deferred tax assets previously not recognised - - • miscellaneous items (3) 0 ACTUAL TAX INCOME (EXPENSE) (43) (94) TAX RATE -7% -76% Unrecognised or limited deferred tax assets relate mainly to the tax loss carry-forwards of Le Nickel-SLN, tax loss carry- forwards in France and the limited deferred taxes on asset impairments over the period. At 31 December 2025, in view of the provisional tax results in France, no deferred tax assets of the tax consolidation group were recognised (compared to €39.8 million at 31 December 2024). 12.3 Main standard tax rates in foreign countries FY 2025 FY 2024 Argentina 25.0% 25.0% China 25.0% 25.0% United States 23.1% 23.1% Gabon 35.0% 35.0% Indonesia 17.0% 17.0% Norway 22.0% 22.0% New Caledonia 35.0% 35.0% Senegal 25.0% 25.0% 12.4 Change in tax receivables and tax payables (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD (56) (78) Current tax (income) (68) (117) Tax paid 101 138 Currency translation differences and other movements 2 1 AT PERIOD CLOSE (21) (56) • Current tax receivables 36 47 • Current tax payables (57) (103) 164 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 12.5 Deferred taxes in the balance sheet 12.5.1 Breakdown by category (in millions of euros) 31 December 2025 31 December 2024 Tax loss carry-forwards (1) 14 56 Intangible assets and property, plant and equipment 56 21 Inventory measurement 19 21 Financial instruments (0) 70 Employee-related liabilities 28 23 Other provisions for liabilities and charges 52 55 Other items (5) 6 Deferred tax assets before netting 165 252 Deferred tax netting by tax entity (78) (159) Deferred tax assets 87 93 Regulated provisions and special amortisation and depreciation (191) (212) Intangible assets and property, plant and equipment (44) (66) Inventory measurement (17) (18) Financial instruments (0) (69) Employee-related liabilities (0) (0) Other provisions for liabilities and charges (7) (12) Distribution of dividends (1) (5) Other items (2) (28) Deferred tax liabilities before netting (262) (410) Deferred tax netting by tax entity 78 159 Deferred tax liabilities (184) (251) NET DEFERRED TAX LIABILITIES (97) (158) (1) Limited deferred tax assets for tax loss carry-forwards 1,036 845 12.5.2 Change in deferred taxes in the balance sheet (in millions of euros) Assets Liabilities Net FY 2025 Net FY 2024 AT BEGINNING OF PERIOD 93 (251) (157) (182) Deferred tax offset in shareholders’ equity 1 (2) (1) - Deferred tax on profit (loss) (16) 77 61 21 Deferred tax netting by tax entity 8 (8) - - Other movements 0 (2) (2) 5 Currency translation differences 1 2 3 (2) AT PERIOD CLOSE 87 (184) (96) (158) 2 165ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 13 Employee charges and benefits 13.1 Workforce and personnel costs 13.1.1 Average workforce and workforce at end of period by Activity/Division The average workforce and workforce at closing include all fully consolidated companies at 31 December of each year. FY 2025 31 December 2025 FY 2024 31 December 2024 Average workforce Workforce at period end Average workforce Workforce at period end Workers 1,139 1,114 1,389 1,176 Administrative, Technical and Supervisory Staff 562 551 602 559 Management 232 228 244 242 Nickel activity 1,933 1,893 2,235 1,977 Workers 2,128 2,109 2,364 2,393 Administrative, Technical and Supervisory Staff 1,696 1,714 1,533 1,500 Management 801 813 797 798 Manganese activity 4,625 4,636 4,694 4,691 Workers 365 364 250 370 Administrative, Technical and Supervisory Staff 292 290 413 291 Management 174 179 175 176 Mineral Sands activity 831 833 838 837 Workers 203 232 113 105 Administrative, Technical and Supervisory Staff 188 140 244 252 Management 140 165 126 123 Lithium activity 531 537 483 480 Workers Administrative, Technical and Supervisory Staff 159 148 173 170 Management 542 525 539 544 Holding and others 701 673 712 714 Workers 3,835 3,819 4,115 4,044 Administrative, Technical and Supervisory Staff 2,897 2,843 2,964 2,772 Management 1,889 1,910 1,882 1,883 TOTAL 8,621 8,572 8,961 8,699 The total workforce managed in the human resources reporting system implemented by the Group, including non- consolidated companies, was 8,684 at 31 December 2025 (8,828 at 31 December 2024). 166 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 13.1.2 Personnel costs by category (in millions of euros) FY 2025 FY 2024 Wages and salaries (409) (393) Social security contributions and other personnel costs (157) (160) Profit sharing (5) (8) Share-based payment (10) (10) Personnel costs sub-total (581) (571) Personnel costs – temporary staff (15) (17) TOTAL PERSONNEL COSTS INCLUDING TEMPORARY STAFF (596) (588) Personnel costs (including temporary staff) as % of turnover 22% 20% 13.2 Employee-related liabilities The Eramet Group offers its employees many long-term benefits, such as retirement packages, pension plans, healthcare plans and long-service awards. The characteristics of these benefits vary in line with the governing laws and regulations in each country and the agreements in force in each company. ACCOUNTING METHOD Employee-related liabilities are either defined benefit plans or defined contribution plans. Defined benefit plans specify the amount that an employee will receive at the time of retirement, whereas defined contribution plans specify how the contributions are calculated. DEFINED CONTRIBUTION PLANS For these plans, the Eramet Group makes payments to a fund manager and is released from its obligations for the current period and prior periods. As a result, these plans do not show any deficit or surplus and are not included in the balance sheet. The contributions are expensed when paid. DEFINED BENEFIT PLANS AND OTHER LONG-TERM BENEFITS A defined benefit plan is a post-employment benefit plan that is distinct from the defined contribution plan. The cost of the retirement benefits and other benefits accrued to employees is established actuarially for each plan using the projected unit credit cost method. They are assessed annually by independent actuaries. The obligations of the Eramet Group are recognised as balance sheet liabilities and correspond to the difference between the present value of the obligations in respect of defined benefits and the fair value of plan assets at the reporting date. Plan assets consist of assets held in pension funds or insurance policies. The costs of services rendered are recognised in current operating income in the period in which they are incurred. The costs of past services resulting from amendments and curtailments to the plan, as well as the gains and losses upon plan settlement are recognised in other operating income and expenses. The interest expense for net obligations is included in other financial income and expenses. The actuarial gains (losses) (including the impact of foreign exchange) on plan assets and the obligation in respect of defined benefits are recognised directly in other comprehensive income for the period in which they arise. They are recognised immediately in income in the case of long-term benefits. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The cost of employee benefits and the value of the obligations are calculated using assumptions such as discount rates, salary increases, retirement age, life expectancy, inflation and cost of healthcare. These assumptions are determined annually by the Eramet Group’s Management. The discount rates used are mostly calculated for each zone or country based on the average rates of private issuers observed in those zones or countries at each reporting date. The rates vary from country to country: • in the Eurozone and in the United States, the discount rates were determined on the basis of corporate bonds; • in Norway, the discount rate is determined based on secured bonds (such as mortgage-backed bonds); • in New Caledonia, given that the corporate and government bond markets are illiquid, the rate used is determined with reference to the French sovereign bond rate adjusted for discounting and local inflation; • in Gabon and Senegal, the discount rates used are based on the local governments bonds rates. 2 167ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 13.2.1 Main actuarial assumptions and related sensitivity The actuarial assumptions used vary according to the economic and demographic conditions existing in the country in which the plan is in force. The main actuarial assumptions used for measuring these liabilities are as follows: 31 December 2025 31 December 2024 Rate Rate Discount Inflation Discount Inflation Eurozone 3.60% 2.00% 3.50% 2.00% United States 5.20% 2.25% 5.00% 2.25% Norway 4.00% 2.50% 4.00% 3.00% New Caledonia 3.60% 2.00% 3.50% 2.00% Gabon 5.00% 3.00% 6.00% 3.00% Senegal 5.90% 3.00% 5.90% 4.00% 13.2.2 Sensitivity An increase or decrease of 0.5 percentage point in the discount rate or inflation rate, with other actuarial assumptions remaining constant, will have the following impact on period-end commitments: 31 December 2025 Discount rate 31 December 2025 Inflation rate Increase +0.5% Decrease -0.5% Increase +0.5% Decrease -0.5% (in millions of euros) in % (in millions of euros) in % (in millions of euros) in % (in millions of euros) in % France (1) -1% 1 1% 1 1% (1) -1% United States (1) -1% 1 1% - 0% - 0% Norway - 0% - 0% - 0% - 0% New Caledonia (1) -1% 1 1% - 0% - 0% Gabon (2) -2% 2 2% - 0% - 0% Senegal - 0% - 0% - 0% - 0% TOTAL (5) -4% 5 4% 1 1% (1) -1% 13.2.3 Description of the main defined benefit plans and associated risks The Eramet Group’s main defined benefit plans are offered in France, United States, Gabon and New Caledonia. The main plan assets are therefore located in these countries. The main characteristics of the plans described below relate to these four countries. Retirement packages are generally paid as a lump sum or annuities determined on the basis of the employee’s length of service, final salary or average final compensation. Pre‑retirement and supplementary healthcare benefits and life insurance are also provided under the pension plan, along with long-service awards in the form of a lump sum that varies according to the number of years’ service completed. In the United States, most defined benefit plans are no longer accessible to new employees. They participate in defined contribution plans. In New Caledonia, the obligations also include the payment of a loyalty bonus awarded after 10 years of service and then every five years, calculated as a percentage of the basic salary, as well as the granting of plane tickets whose number, value and frequency depends on the employee’s professional category. 13.2.4 Risks associated with the plans The Eramet Group is exposed to the standard risks inherent to defined benefit plans, such as higher-than-expected salary increases, increased inflation rates or lower-than- expected returns, as well as actuarial risks, especially investment risk, interest rate risk and longevity risk. The plans are also exposed to the risk of internal negotiation to reach a more favourable agreement, and the risk of increase in taxes or annuities for supplementary pension plans. 13.2.5 Governance policy Under the laws governing defined benefit plans, it is the Eramet Group’s duty to manage the plan assets and design investment policies that establish, for each prefinanced plan, the investment objectives, asset allocation target, risk mitigation strategies and other components required by law for pension plans. 168 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 13.2.6 Investment policies and risk management initiatives The investment policies are designed to obtain long-term return on investment which, combined with contributions, will enable the plans to have sufficient assets to be able to pay the promised benefits while keeping risk at an acceptable level. The asset allocation target is determined on the basis of the expected market conditions and climate, the maturity profile of plan liabilities, the level of cover of the respective plans, and the risk tolerance of the plans’ beneficiaries. In France, the plans are funded by insurers through group life insurance policies. The investments are made by the insurers in their respective euro funds. These funds, of which over 80% is invested in buy and hold rate products, have suffered from a deterioration in bond returns for some years now and are still exposed to default risk on returns in a protracted low interest rate period. In the United States, the financial management of funds is entrusted to various asset managers who are among the key players in the business. Index-based management is used for the most part and active management for the remainder. Globally, 80% of the asset allocation is in US corporate bonds denominated in USD, with the objective of matching the liability duration. The remaining 20% is invested in funds in American equities, world equities and emerging market equities and bonds. The risks inherent to these financial assets are therefore curve risk, duration risk, credit risk and inflation risk for bonds, and market risk and capital risk for equities. 13.2.7 Overall cost of employee-related liabilities The cost of employee-related liabilities is recognised in the income statement and in the statement of comprehensive income below: (in millions of euros) Pension plans Retirement package Other benefits Total employee-related liabilities 2025 2024 2025 2024 2025 2024 2025 2024 Service cost 1 - 5 6 2 3 8 9 Past service cost (1) - - (2) 1 (1) - (3) 1 Net interest expense - - 3 3 1 1 4 4 Other adjustments - - - - - (3) - (3) Cost recognised in income 1 - 6 10 2 1 9 11 Impact of revaluation on commitments - 1 2 (4) - - 2 (3) • experience - 1 - - - - - 1 • demographic assumptions - - - (1) - - - (1) • financial assumptions - - 2 (3) - - 2 (3) Impact of revaluation on plan assets (2) (3) - - - - (2) (3) Cost recognised in other comprehensive income (2) (2) 2 (4) - - - (6) TOTAL RECOGNISED IN COMPREHENSIVE INCOME (1) (2) 8 6 2 1 9 5 (1) Pension plan changes and curtailments 2 169ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 13.2.8 Change in obligations and plan assets The table below illustrates the change in obligation by plan type, distribution by beneficiary and based on whether or not pre-financing is used, as well as the change in the fair value of the plan assets and its differentiation by category (listed and unlisted assets). (in millions of euros) Pension plans Retirement package Other benefits Total employee- related liabilities 2025 2024 2025 2024 2025 2024 2025 2024 CHANGE IN OBLIGATIONS Obligations at beginning of period 38 37 66 67 26 28 130 132 • Cost recognised in income 2 1 6 10 2 1 10 12 • Impact of revaluation - 1 2 (4) - - 2 (3) • Contributions and benefits paid (3) (2) (4) (7) (2) (3) (9) (12) • Unrealised translation differences (2) 1 - - - - (2) 1 • Change to consolidation scope and other movements (1) - - - - - (1) - Obligation at period close (I) 34 38 70 66 26 26 130 130 Obligations attributable to: • working beneficiaries 5 7 70 66 24 24 99 97 • beneficiaries entitled to deferred benefits 2 3 - - - - 2 3 • pensioners 27 28 - - 2 2 29 30 34 38 70 66 26 26 130 130 Commitments • prefinanced 31 91% 34 89% 52 74% 7 11% 26 100% - 0% 109 84% 41 32% • not financed 3 9% 4 11% 18 26% 59 89% - 0% 26 100 % 21 16% 89 68% 34 38 70 66 26 26 130 130 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of period 32 29 3 4 - - 35 33 • Interest income recognised in income 1 1 - - - - 1 1 • Impact of revaluation 2 3 - - - - 2 3 • Contributions paid 1 1 - (1) - 1 1 1 • Benefits paid (2) (2) - - - (1) (2) (3) • Unrealised translation differences (2) - - - - - (2) - • Change to consolidation scope and other movements - - - - - - - - Fair value of plan assets at period close (II) 32 32 3 3 - - 35 35 Plan assets • listed on an active market 30 94% 30 94% 3 100% 3 100 % - - - - 33 94% 33 94% • unlisted 2 6% 2 6% - 0% - 0% - - - - 2 6% 2 6% 32 32 3 3 - - 35 35 Net obligations (I) - (II) 2 6 67 63 26 26 95 95 Asset cap effect 3 - - - - - 3 - Net liabilities in the balance sheet 5 6 67 63 26 26 98 95 170 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year The table below shows the breakdown between the main countries, the obligations in connection with employee-related liabilities, plan assets, net liability and financial cover ratio. 31 December 2025 31 December 2024 Current value of bonds Fair value of assets plan Asset cap effect Net liabilities in the balance sheet Financial cover ratio Current value of bonds Fair value of assets plan Net liabilities in the balance sheet Financial cover ratio (in millions of euros) (a) (b) (c) (a) + (b) + (c) - (b)/(a) (a) (b) (a) + (b) - (b)/(a) France 25 (16) 3 12 64.0% 24 (13) 11 54.2% United States 21 (17) - 4 81.0% 25 (20) 5 80.0% Norway 6 (2) - 4 33.3% 7 (2) 5 28.6% New Caledonia 31 - - 31 0.0% 32 - 32 0.0% Gabon 40 - - 40 0.0% 36 - 36 0.0% Senegal 7 - - 7 0.0% 6 - 6 0.0% TOTAL 130 (35) 3 98 26.9% 130 (35) 95 26.9% The chart below illustrates how the funds are invested. Distribution as a percentage of fund investments by asset class (in millions of euros) 31 December 2025 31 December 2024 Assets listed on a market Unlisted assets Total Assets listed on a market Unlisted assets Total in value in % in value in % Bonds 24 0 24 69% 10 0 10 29% Shares 4 0 4 11% 19 0 19 54% Insurance policy 3 2 5 14% 3 2 5 14% Cash and cash equivalents 1 0 1 3% 0 1 1 3% Property 1 0 1 3% 0 0 0 0% TOTAL 33 2 35 100% 32 3 35 100% 13.2.9 Projected cash outflows • The global average term was 9 years at 31 December 2025 (31 December 2024: 9 years). • For 2026, contributions for employee-related liabilities are estimated to be €1 million (€0.822 million). Future benefits, whether paid by levies on investments or directly by the Eramet Group, are estimated at €9 million (€8.727 million). 13.3 Bonus share plan and share-based payments ACCOUNTING METHOD The Eramet Group has established various share award plans that are all equity-settled plans: “democratic” plans open to all employees that are not subject to performance criteria, and “selective” plans open to certain employees and Directors subject to performance requirements. The fair value of the services received in consideration for the granting of these options is definitively measured with reference to the fair value of the options on the award date and the number of options that will have vested by the end of the vesting period. The total fair value thereby determined is apportioned on a straight-line basis over the full vesting period for the plans, with the number of vested exercisable options assumed at the beginning of the vesting period being reviewed at every reporting date. This fair value is recognised in current operating income as administrative and selling expenses, offset by shareholders’ equity. 2 171ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Judgement must be exercised to determine the fair value of share award plans at the award date. The fair value of “democratic” plans is estimated using the Black-Scholes-Merton model. “Selective” plans are subject to two performance conditions: one intrinsic condition based on the Eramet Group’s financial performance and one external condition based on the Eramet stock performance. The fair value of these plans is measured using the Monte Carlo model. The assumptions used to measure the plans are based on: • an expected volatility determined on the basis of an observation of the share’s history; • a zero-coupon risk-free rate over the term of the plan; • a future distribution rate based on the average for the last five years. The bonus shares awarded to all employees with tax residence in France or outside France fully vest and are transferable after a three-year period. Share-based payments relate only to bonus share plans for the benefit of employees and settled in the form of shares. They represent an expense of €9.3 million for the 2025 financial year (€9.6 million for the 2024 reporting period). Two new bonus share plans were granted in March 2025 and May 2025, respectively. These two plans concern a category of employees and Directors, including: • a portion of the shares is subject to three performance conditions. The first, tied to corporate social responsibility, covers 25% of the shares. The second relates to internal conditions with the EBITDA indicator which covers 50%, and an external condition, covering 25%, yields an initial total of 206,457 shares; and • a portion of the shares is not subject to performance conditions, for an initial total of 26,482 shares. The criteria for share awards and the assessment of the accounting expense are the same as those described above. The characteristics of the two new bonus share plans for 2025 are as follows: Number of shares Exercise price (in euros) Maturity (in years) (1) Risk-free rate Average dividend rate Fair value of the option (in euros) (2) Plan open to all employees France/Italy 0 free 3 + 0 0.00% 0% 0 Worldwide 0 free 3 + 0 0.00% 0% 0 Plan open to certain employees and Directors France/Italy 118,885 free 3 + 0 2.48% 2.50% 51.72 / 35.00 France/Italy 14,834 free 3 + 0 2.13% 2.50% 46.53 / 30.07 Worldwide 99,220 free 3 + 0 2.48% 2.50% 51.72 / 35.00 (1) Maturity = vesting period + lock-in period. (2) Free share plans whose shares are subject to two performance conditions have three fair values: the first relating to the intrinsic condition and the second to the external condition. The change in the number of bonus share awards in the 2024 and 2025 reporting periods was as follows: (in number of bonus shares) 31 December 2025 31 December 2024 AT BEGINNING OF PERIOD 462,102 546,261 New plans 2024/2025 232,939 174,144 Definitive allocations (64,272) (186,250) Prescribed shares (24,661) (29,117) Lapsed shares (40,816) (42,936) AT PERIOD CLOSE 565,292 462,102 DISTRIBUTION BY YEAR OF ALLOCATION 2025 - 92,044 2026 192,285 198,387 2027 150,319 171,671 2028 222,688 - 172 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 14 Provisions A provision is a debt recorded in the balance sheet. It is an estimated value owing to uncertainty as to the time of payment and the amount to be paid. The main provisions set aside by the Eramet Group relate to site restoration and environmental and social risks (especially restructuring). ACCOUNTING METHOD The Eramet Group sets aside a provision, where its amount can be reliably estimated, to cover all liabilities arising from past events that are known at the reporting date and the settlement of which is likely to result in an outflow of resources to settle the liability. PROVISIONS FOR SITE RESTORATION AND DECOMMISSIONING, PROVISIONS FOR ENVIRONMENTAL RISKS The provisions for mining site restoration are recognised when mining sites are opened and as and when they show degradation and are then remeasured and accreted at each reporting date. Where there is a legal or contractual obligation to restore mining or industrial sites, a restoration provision is made, offset by an environmental and decommissioned asset. The provision is based on site-by-site estimates of the cost of this work. The asset is amortised over the life of the operation of the mine or the industrial site. Restoration costs are discounted over the period remaining until the expected end of operation of the mine or site, and the effects attributable to the passage of time (accretion expenses) are recognised in net income for the period under other financial income and expenses (see Note 8.6). Provisions are made for all other environmental contingencies on the basis of estimated future costs without, however, making any allowance for insurance indemnities receivable. For industrial sites where there are no plans to discontinue operations, no provision is made for site restoration. Depending on the governing laws in each country, an environmental bond issued by a banking or financial institution to the benefit of local authorities may need to be set up for the rehabilitation of mining and industrial sites. RESTRUCTURING AND REDUNDANCY PLANS Provisions are made for restructuring and redundancy costs where such measures have been planned in detail and announced before the reporting date or whose implementation has begun. ESTIMATES, ASSUMPTIONS AND JUDGEMENTS PROVISIONS FOR SITE RESTORATION AND DECOMMISSIONING The Group’s industrial sites comply with the environmental regulations in force in each country where they are located. The Eramet Group must meet regulatory and constructive obligations with regard to the restoration of certain mining sites at the end of operation. Provisions for site restoration and decommissioning of industrial sites are estimated on the basis of forecast cash flows by maturity and discounted using an inflation rate and a discount rate determined in accordance with local economic conditions. These provisions are recognised in relation to the immediate deterioration of an asset to be restored or decommissioned and changes in assumptions will therefore correct this value with a prospective effect. The Eramet Group measures its provision for mining site restoration and decommissioning at each reporting date or as new information becomes available. The final costs of site restoration and decommissioning are, by their very nature, uncertain. These uncertainties may lead to actual expenditure in the future whose amount may differ from the current provision amount. Therefore, major adjustments may be made to the provisions set aside, which may impact future income. The provisions made are based on good practice in the sector and are calculated as follows: • for mining, calculation of a cost per hectare for site restoration (replanting, landscaping, soil management, etc.) based on the cleared areas. The costs are based on estimated internal costs or the cost of providers, depending on the nature and complexity of the areas to be restored; • for the decommissioning of facilities, cost estimation based on external estimates or experience from decommissioning/ remediation work performed on other Group sites; • these costs are inflated and accreted based on the estimated useful lives. The estimated rates, including the discount rate, are fixed, without exception, according to the same terms as those used for the assessment of employee-related liabilities (see Note 12). The provision for site restoration represents the best estimate of the discounted value of future costs to be incurred. 2 173ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 694 711 Allocations (reversals) for the period (30) (34) • allocations for the period 27 45 • used (reversals) for the period (57) (79) • unused (reversals) for the period - - Accretion expenses 13 14 Decommissioned assets 13 5 Changes to consolidation scope 0 (0) Reclassification under IFRS 5 - - Currency translation differences and other movements (5) (2) AT PERIOD CLOSE 685 694 • Long-term portion 632 617 • Short-term portion 53 76 Environmental contingencies and site restoration 518 507 Personnel 12 21 Other liabilities and charges 155 166 14.1 Site restoration, decommissioning and environmental risks (in millions of euros) 31 December 2025 31 December 2024 Site restoration (1) 465 448 Environmental risks 53 59 TOTAL 518 507 (1) Of which provisions offsetting a decommissioned asset 90 375 • Long-term portion 518 507 • Short-term portion - - 14.1.1 Site restoration and decommissioning (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 448 427 Allocations (reversals) for the period (8) (4) • allocations for the period (0) 0 • used (reversals) for the period (8) (4) • unused (reversals) for the period - - Accretion expenses 13 12 Decommissioned assets 12 5 Currency translation differences and other movements 1 8 AT PERIOD CLOSE 465 448 Le Nickel-SLN (New Caledonia) – Nickel activity 364 354 Comilog (Gabon) – Manganese activity 67 57 Eramet Marietta (United States) – Manganese activity 17 20 Comilog France – Manganese activity 10 10 Other companies 7 7 174 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 14.1.2 Regulatory framework of provisions for site restoration and decommissioning New Caledonia The Mining Code, adopted in 2009, sets the regulatory framework for mining sites . The operating authorisation orders issued by the Chairs of the competent provincial regional assemblies also set this framework. The regulatory framework for the Doniambo industrial site is set by the Environmental Code of the South Province, more specifically codified under the provisions of the South Province Assembly's deliberation of 25 September 2008 and included in the operating license issued to SLN by the President of the Province Assembly on 12 November 2009. The ore processing units at the Népoui and Tiébaghi mining sites are governed by the ICPE regulations in force in the North Province and included in the environment code specific to that province. Gabon The existing provisions used as a reference for Gabon have not been set out in detail (no implementing circular). However, rehabilitation projects are based on the decree establishing the conditions for application of Act No. 005/ 2000 of 12 October 2000 (Mining Code), as amended and supplemented by Order 2002 on the Mining Code in the Gabonese Republic. The provision under Article 78 was also accounted for, in line with Article 21.5 of the Comilog Mining Convention. United States Provision is made for two key components: • restoration of wastewater basins, a regulatory requirement contained in the local permit (“Permit to Install”); Senegal The new Mining Code in force in Senegal since 8 November 2016 specifies that the dismantling and restoration obligations are not applicable to GCO. However, a provision has been set aside to meet the obligations inherent in the Group’s new environmental responsibility policy. It only covers the obligations to dismantle the facilities. Rehabilitation of sites for which mining constraints have been lifted are being provisioned gradually. • The discount and inflation rates used to determine the site restoration and decommissioning provisions are detailed below: 31 December 2025 31 December 2024 Discount rate Inflation rate Discount rate Inflation rate United States 5.20% 2.25% 5.00% 2.25% New Caledonia 3.60% 2.00% 3.60% 2.00% Gabon 5.00% 3.00% 6.00% 3.00% An increase or decrease of 0.25% in the discount rate would result in an increase or decrease of around €26.7 million in provisions at 31 December 2025 (€27.2 million at 31 December 2024), mainly affecting Le Nickel-SLN in New Caledonia. Estimated expenditure is allocated as follows: 31 December 2025 31 December 2024 2026-2030/2025-2029 4% 5% 2031-2035/2030-2034 2% 2% 2036-2040/2035-2039 3% 6% 2041-2045/2040-2044 19% 11% 2046 and beyond/2045 and beyond 72% 75% 14.2 Personnel (in millions of euros) 31 December 2025 31 December 2024 Other labour liabilities and charges 12 21 TOTAL 12 21 2 175ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 14.3 Other liabilities and charges (in millions of euros) FY 2025 FY 2024 AT BEGINNING OF PERIOD 166 210 Allocations (reversals) for the period (11) (46) • allocations for the period 18 25 • used (reversals) for the period (28) (71) Currency translation differences and other movements (0) 2 AT PERIOD CLOSE 155 166 Tax risks 0 0 Other provisions for liabilities and charges (1) 155 166 (1) Of which €55 million in 2025 mainly corresponded to liability guarantees related to the 2023 disposals (compared to €79 million in 2024) NOTE 15 Related-party transactions ACCOUNTING METHOD Transactions with related parties comprise the following: • ordinary transactions with non-consolidated companies and associates; • gross compensation and benefits to Directors and members of the Executive Committee. 15.1 Ordinary transactions with non-consolidated companies and associates 15.1.1 Income statement (in millions of euros) FY 2025 FY 2024 TURNOVER • Non-consolidated controlled subsidiaries - - • Associates and joint ventures - - EXPENSES INCLUDED IN THE CURRENT OPERATING INCOME • Non-consolidated controlled subsidiaries (8) (10) • Associates and joint ventures (161) (127) NET DEBT COST • Non-consolidated controlled subsidiaries - - • Associates and joint ventures - - The above figures include continuing operations and operations to be divested. Costs relate primarily to ore purchases by entities of the Weda Bay tier amounting to €161 million (€127 million in 2024) (equity-accounted company). 15.1.2 Balance sheet (in millions of euros) 31 December 2025 31 December 2024 TRADE AND OTHER RECEIVABLES • Non-consolidated controlled subsidiaries 7 8 • Associates and joint ventures 13 20 TRADE AND OTHER PAYABLES • Non-consolidated controlled subsidiaries 2 9 • Associates and joint ventures 18 28 NET FINANCIAL ASSETS (FINANCIAL DEBTS) • Non-consolidated controlled subsidiaries 4 - • Associates and joint ventures - - The above figures include assets and liabilities classed as assets and liabilities held for sale. 176 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 15.2 Gross compensation and benefits to Directors and members of the Executive Committee (in thousands of euros) FY 2025 FY 2024 SHORT-TERM BENEFITS • Fixed compensation 3,025 2,766 • Variable compensation 2,256 2,687 • Directors’ fees 950 947 OTHER BENEFITS • Post-employment benefits 1,136 1,067 • Retirement package - - • Compensation paid in shares 1,208 1,561 TOTAL 8,575 9,028 NOTE 16 Off-balance sheet commitments, other commitments, contingent liabilities and other disclosures The Eramet Group reached agreements with third parties to cover the good performance of its obligations. These obligations are dependent upon subsequent events that may result in the Eramet Group’s making or receiving a payment. They are not recognised in the balance sheet if they are not likely to increase the obligations already reported in the balance sheet. 16.1 Off-balance sheet commitments (in millions of euros) 31 December 2025 31 December 2024 Commitments made 47 48 • Operating activities 47 48 • Financing activities - - Commitments received 58 52 • Operating activities 58 52 • Financing activities - - These commitments mostly relate to: • operating activities: client and environmental bank guarantees, other endorsements and bank guarantees (customs, leases), letters of credit; • financing activities: guarantees, pledges, collateral and mortgages for external financing of equity method and non-consolidated companies. SLN: retention of mining rights On 5 February 2019, the New Caledonia Congress adopted a law which amended the provisions of Article Lp 131.12-5 of the Mining Code and imposed on operators a requirement for exhaustive recognition of the resource, under penalty of incurring the forfeiture of their mining rights. Since September 2019, SLN has conducted geophysical surveys in accordance with the new provisions of the Mining Code; to date, it has not been notified of the initiation of any administrative procedure to withdraw its mining rights. SLN is committed to a continuous process of preserving and conserving its mining rights by providing the decision- making administrative authorities with all the information needed to assess the compliance of its reserves with the applicable regulatory framework. 2 177ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 16.2 Other commitments Trans-Gabonese railway concession – Setrag Under the terms of the 2005 agreement, signed for an initial period of thirty years, Setrag, the concession holder, is required to meet operating capacity targets (volume of goods and number of passengers). The concession holder is free to set prices. Its main shareholder, Comilog, is committed to ensuring that the necessary funding is made available to cover the capital expenditure required to achieve the operating capacity targets. On 16 October 2015, Setrag and the Gabonese Republic signed a first amendment to the concession agreement for the Management and Operation of the Trans-Gabonese Railway. The aim of the amendment is to sustainably restore the technical capacity of the railway and the economic viability of the concession holder. This amendment thus provides for a remedial investment plan estimated at €316 million over eight years, of which €93 million will be provided by the Gabonese state and €223 million by Setrag. The financing required to implement this plan was put in place in 2016. Work to renovate the railway began in 2017 and has since been ramped up. In addition, work to restore the railway platform (“unstable areas”), overseen by the Gabonese government, began in 2018. On 25 June 2021, a second amendment to the concession agreement was signed, which revalued the amount of the remedial investment plan at €509 million, comprising €158 million borne by the Gabonese State and €351 million borne by Setrag. This work continued in 2022. On 8 September 2021, a third amendment to the concession agreement was signed, authorising Meridiam’s acquisition of a 40% interest in Setrag’s capital and the sale of 9% of the capital to the State, which took place at the beginning of 2022. The third amendment to the concession agreement also confirmed a 10-year extension of the concession until 2045. Work continued in 2024 and was scheduled to be completed by the end of 2024. Amendment 4, dated 6 March 2025, extends the duration of the work until the end of 2028. It also revises the nature and estimated cost of the works: the project, renamed PMS - Programme de Modernisation et de Sécurisation de la voie ferrée ("Railway Modernisation and Security Programme"), was reassessed at €1,120 million, of which €360 million is to be paid by the Gabonese State and €759 million by Setrag. Other commitment given Eramet has agreed to extend certain environmental guarantees on behalf of SLN until 31 December 2026 for an amount of €47 million. There were no major changes in other contingent liabilities. 16.3 Contingent liabilities Contingent liabilities arise from: • past events which, by their nature, can be solved only if one or more unpredictable future events occur or do not occur; • a current obligation resulting from past events, but not recognised because: • it is not likely that an outflow of resources embodying economic benefits will be required to settle the obligation, or • the amount of the obligation cannot be measured with sufficient reliability. To measure their potential impact, the Eramet Group exercises judgement to a great extent and may rely on estimated outcomes of future events. Contingent liabilities are not recognised in the financial statements unless they result from a business combination. Any material contingent liabilities are described in the notes to the financial statements. Commitments made during sales As part of the significant disposals that took place in 2023, Eramet granted a certain number of guarantees or customary indemnities, some of which were lifted in 2024 and 2025, leading to a net provision reversal of €24 million in 2025. Based on the estimates and judgements made on each item that is yet to be finalised and which may lead to an outflow of resources in the short or medium term, a provision for risk has been recorded in the financial statements. The residual amount is considered a contingent liability. 178 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 16.4 Other information SLN: Energy, operating licences and financial guarantees Energy To compensate for the loss of a tranche of plant B in May 2021 and given its age, SLN organised the installation of a power plant on a barge: the Centrale Accostée Temporaire [Floating Power Plant] (CAT). On 6 January 2023, the commercial commissioning of the Floating Power Plant (CAT) was announced, for a regulatory period of three years (ending on 6 January 2026). A new operating permit for the Floating Power Plant was issued on 20 November 2025, marking an important milestone in the region's energy transition. This authorisation brings an end to the temporary arrangements introduced in 2022 to secure the Doniambo metallurgical site and now incorporates environmental requirements aligned with the site’s actual capabilities observed in recent years. Discussions surrounding the New Caledonia Energy Transition Scheme (STENC) are continuing. This plan could lead to either the construction of a new onshore facility near Nouméa or the continued operation of the existing Floating Power Plant. Operating licences and Financial guarantees The operation of the mining centres and the Doniambo plant requires financial guarantees to be obtained (in accordance with the Mining Code and the Environment Code). These guarantees are granted in the provinces of New Caledonia for a period of up to 5 years. In 2025, SLN set up guarantees for a total amount of €2.45 million relating to the environmental guarantees of the Opoué mine, located in the South Province. These are in addition to those set up in 2024 for €39.5 million relating to mines located in the Northern Province, the duration of which corresponds to that of the operating orders. Of this amount, €38.7 million is recognised as cash assets, which are reflected in Other non-current financial assets for the same amount. The financial guarantee for the plant and that of the mines located in the South Province were renewed until 31 December 2026 by Eramet. Regarding waste and by‑product management, the permit for the storage of desulphurisation slag in Doniambo has been extended until 2027. Their shipment to New Zealand began in the second half of 2019. As for ore exports, on 16 April 2019, SLN received authorisation to export 3 Mwmt in 2020 and a maximum of 4 Mwmt from 2021 onwards of 1.8% Ni medium-grade ore. These authorisations were increased to 6 Mwmt in February 2022 and expire in April 2029. In 2025, SLN exported 0.65 Mt. Within the context of the arrival of the CAT, SLN provided KPS with a bank guarantee for a total amount of US$15 million, recorded as €12.8 million. This commitment is reflected in non-current financial assets. 16.5 Information on current procedures To the best of the Company’s knowledge, there are no governmental, legal or arbitration proceedings either pending or threatened that could have, or have had in the past twelve months, a material impact on the Company’s financial position or profitability. 2 179ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 17 Fees of the Statutory Auditors (in thousands of euros) Grant Thornton KPMG Other Total 2025 2024 2025 2024 2025 2024 2025 2024 STATUTORY AUDIT, CERTIFICATION, EXAMINATION OF INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS Eramet S.A. 364 375 400 447 - - 764 822 Fully consolidated companies 794 628 499 590 32 24 1,325 1,242 Sub-total 1,158 1,003 899 1,037 32 24 2,089 2,064 86% 83% 80% 82% 100% 100% 84% 83% OTHER WORK AND SERVICES DIRECTLY RELATING TO THE STATUTORY AUDIT Eramet S.A. 39 45 73 54 - - 112 99 Fully consolidated companies 7 7 - 15 - - 7 22 CSRD - Sustainability report 135 150 135 150 270 300 Sub-total 181 202 208 219 - - 389 421 14% 17% 19% 17% 16% 17% OTHER SERVICES PROVIDED BY THE NETWORKS TO FULLY CONSOLIDATED COMPANIES Legal, tax and employee-related - - - 13 - - - 13 Other - - 12 2 - - 12 2 Sub-total - - 12 15 - - 12 15 0% 0% 1% 1% 0% 0% 0% 1% TOTAL 1,339 1,205 1,119 1,271 32 24 2,490 2,500 180 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year NOTE 18 Events after the reporting date The RCF of €935 million was drawn down in full at the end of January in order to meet short-term cash requirements. A minority shareholder has announced its intention to withdraw from SLN’s shareholding structure and has asked Eramet to purchase its 10% stake for a symbolic amount in the coming weeks. Eramet has responded favourably to this request, which does not impact the Group’s level of economic exposure. This operation would serve as a temporary measure designed to maintain maximum flexibility within the framework of the ongoing efforts to develop a long‑term solution for SLN. To the best of the Company’s knowledge, no other events occurred after the reporting date. NOTE 19 Consolidation principles and scope 19.1 Consolidation principles The consolidated financial statements of the Eramet Group comprise the financial statements of Eramet and those of its fully consolidated and equity-accounted subsidiaries. The subsidiaries are fully consolidated if Eramet holds exclusive direct or indirect control. Eramet has exclusive control over a subsidiary when it is exposed to variable returns from its involvement with that subsidiary and has the ability to affect those returns through its power over the subsidiary. Eramet reassesses its control over a subsidiary if facts and circumstances indicate a change to any audit elements. The subsidiaries are accounted for using the equity method if Eramet exercises joint control or has significant influence (Note 11.5). The equity method of accounting consists of replacing the carrying amount of the holding in a joint venture or an associate by the acquisition cost of these shares adjusted for Eramet’s share in the shareholders' equity at the reporting date. 19.2 Translation of foreign currency-denominated transactions and financial statements Foreign currency transactions are translated at the applicable exchange rate at the time of the transaction. Foreign currency debts and receivables are measured at the closing rate. Currency translation differences resulting from this conversion are recognised in income for the period, except those involving loans and borrowings between the Eramet Group companies, considered an integral part of the net investment in a foreign subsidiary. These are recognised directly in shareholders’ equity under "Currency translation differences" and linked to the foreign subsidiary. The financial statements of foreign entities with functional currencies other than the euro were translated using the official exchange rates at 31 December 2025 for balance sheet items, except for shareholders’ equity, for which historical rates were applied. For cases where the hyperinflation criteria do not apply, items from the income statement and statement of cash flows are translated at the average rate over the period. Currency translation differences stemming from currency fluctuations used to translate shareholders’ equity and profit (loss) for the period are allocated to reserves. Currency translation differences are carried as a change to shareholders’ equity and broken down between Group and non-controlling interests. Where a foreign subsidiary ceases to be consolidated, the cumulative amount of translation differences is recognised in profit or loss for the period. The main currencies used to prepare the consolidated financial statements for the 2025 and 2024 reporting periods are as follows (conversion into euro): Currency/conversion rate for €1 FY 2025 FY 2024 closing average closing average US dollar 1.175 1.12851 1.0389 1.08282 Norwegian krone 11.843 11.72158 11.795 11.62427 Yuan Renminbi 8.2262 8.11199 7.5833 7.78877 Argentine peso 1,703.6161 1,406.34417 1,067.4819 988.58376 CFA franc (pegged) 655.957 655.957 655.957 655.957 CFP franc (pegged) 119.33174 119.33174 119.33174 119.33174 2 181ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 19.3 Scope of consolidation (in number of companies) 31 December 2025 31 December 2024 Fully consolidated companies 31 30 Equity method companies 2 2 NUMBER OF CONSOLIDATED COMPANIES 33 32 FY 2025 At 31 December 2025, the following movements were noted in the scope of consolidation compared to 31 December 2024: • consolidation of Georg Tveit in Norway • consolidation of Eramet Chile. These two companies were fully consolidated. FY 2024 At 31 December 2024, the following movements were noted in the scope of consolidation compared to 31 December 2023: • change in the consolidation method of PT Eramet Halmahera Nickel, fully consolidated in 2024 (and which was previously accounted for using the equity method), due to the abandonment of the Sonic Bay project in Indonesia • consolidation of Eramet International, which holds 1% of Eramine shares following the buyback of shares from Tsingshan. 182 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year 19.4 List of companies within the scope of consolidation at 31 December 2025 Company Country Registered office Consolidation method Percentage (%) control interest Eramet France Paris Consolidating entity - - Nickel Le Nickel-SLN New Caledonia Nouméa Fully consolidated 56 56 Strand Minerals Pte Ltd Singapore Singapore Equity method 43 43 PT Weda Nickel Ltd Indonesia Jakarta Equity method 38.7 38.7 PT Eramet Halmahera Nickel Indonesia Jakarta Fully consolidated 100 100 PT Eramet Indonesia Mining Indonesia Jakarta Fully consolidated 100 100 Eramet Holding Nickel France Paris Fully consolidated 100 100 Manganese Eramet Holding Manganèse France Paris Fully consolidated 100 100 Eramet Marietta Inc. United States Marietta Fully consolidated 100 100 Eramet Norway A/S Norway Porsgrunn Fully consolidated 100 100 Georg Tveit Norway Sannidal Fully consolidated 100 100 Comilog S.A. Gabon Moanda Fully consolidated 63.71 63.71 Setrag S.A. Gabon Libreville Fully consolidated 100 32.49 Comilog Holding France Paris Fully consolidated 100 63.71 Port Minéralier d’Owendo S.A. Gabon Libreville Fully consolidated 97.24 61.95 Comilog France France Paris Fully consolidated 100 63.71 Comilog Dunkerque France Paris Fully consolidated 100 63.71 Mineral Sands Eramet Mineral Sands France Paris Fully consolidated 100 100 Eralloys Holding A/S Norway Baerum Fully consolidated 100 100 Mineral Deposit Ltd Australia Melbourne Fully consolidated 100 100 Mineral Deposit Ltd Mining Australia Melbourne Fully consolidated 100 100 TiZir Ltd United Kingdom London Fully consolidated 100 100 Grande Côte Operations S.A. Senegal Dakar Fully consolidated 90 90 Lithium Eramet Lithium (formerly Eramine) France Paris Fully consolidated 100 100 Bolera Minera S.A. Argentina Buenos Aires Fully consolidated 93.29 93.29 Eramine Sudamerica S.A. Argentina Buenos Aires Fully consolidated 100 100 Eramet Chile S.A. Chile Paris Fully consolidated 100 100 Holding and others ERAS S.A. Luxembourg Luxembourg Fully consolidated 100 100 Metal Securities France Paris Fully consolidated 100 100 Metal Currencies France Paris Fully consolidated 100 100 Eramet Services France Paris Fully consolidated 100 100 Eramet Ideas (previously Eramet Research) France Trappes Fully consolidated 100 100 Eramet International France Paris Fully consolidated 100 100 Eramet Holding Alliages France Paris Fully consolidated 100 100 2 183ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Glossary Adjusted turnover (excluding SLN) Turnover, including Eramet’s share in the revenues of material joint ventures accounted for by the equity method in the Group’s financial statements, restated for the off-take of all or part of the activity. Adjusted turnover excluding SLN also excludes turnover related to SLN’s sales of nickel ore and others, as a standalone company. However, turnover from ferronickel trading is still included in adjusted revenue. EBITDA Earnings before financial income and expenses and other operating income and expenses, income tax, provisions for liabilities and charges, and depreciation of property, plant and equipment and amortisation of intangible assets. Adjusted EBITDA (excluding SLN) EBITDA including Eramet’s share in the EBITDA of material joint ventures accounted for by the equity method in the Group’s financial statements. Adjusted EBITDA (excluding SLN) excludes the SLN's EBITDA as a standalone company. However, EBITDA related to the ferronickel trading activity remains recognised in adjusted EBITDA. Net financial debt Represents the gross financial debt (long- and short-term borrowings) less cash and cash equivalents and current financial assets. These items include the valuation of debt- hedging derivatives. Adjusted Free Cash Flow Corresponds to Free Cash Flow net of Tsingshan’s capital injection in the Centenario project and financing granted by the French State to SLN (in the form of undated fixed rate subordinated bonds (Titres Subordonnés à Durée Indéterminée – “TSSDI”) to neutralise the New Caledonian entity’s cash consumption. Gearing Ratio of net financial debt to total shareholders' equity (Group share and non-controlling interests). Industrial investments Includes the acquisition of property, plant and equipment and intangible assets. Financial liquidity Includes cash and cash equivalents, current financial assets and the available amount in the credit facilities made available to Eramet Group companies. OCI (Other Comprehensive Income) Transactions for which the change in value of an asset or liability is recognised directly in shareholders' equity without passing through the income statement. This is the case, for example, for unrealised gains or losses on hedging instruments, actuarial gains and losses relating to employee-related liabilities, and certain currency translation differences. Group reporting Financial information prepared for the Executive Committee, the chief operating decision-maker (CODM). This information is reconciled with published data and is used to measure the performance of the Eramet Group's Divisions and Activities (segment information – see Note 4). It is also used for the Eramet Group’s financial reporting. Net income, Group share Net income for the period after tax, attributable to Eramet shareholders, after accounting for the non-controlling interest in each of the Eramet Group companies. Net income (excluding SLN)/Net income (excluding SLN), Group share Net income (excluding SLN) is defined as net income, restated due to SLN’s net income. Net income Group share (excluding SLN) is defined as net income, restated due to the Group’s share in SLN’s net income. Current operating income (COI) Includes EBITDA (as defined above), depreciation of property, plant and equipment, amortisation of intangible assets and provisions for liabilities and charges. COI excludes material transactions that are considered unusual in nature, in particular events related to restructuring and impairment losses, shown in operating income and expenses. Current Operating Income (excluding SLN) Current operating income (excluding SLN) is defined as current operating income, restated due to SLN’s operating income. 184 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Statutory Auditors’ report on the consolidated financial statements For the year ended December 31, 2025 This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users. This statutory auditors’ report includes information required by European regulation and French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders, Opinion In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated financial statements of Eramet, for the year ended December 31, 2025. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2025 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (Code de commerce) and the Frenc h Code of Ethics (Code de déontologie) for statutory auditors for the period from January 1, 2025 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014. Justification of Assessments - Key Audit Matters In accordance with the requirements of Articles L.821-53 et R.821-180 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matter relating to risks of material misstatement that, in our professional judgment, was the most significant in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks. This matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements. Going concern Key audit matter As disclosed in notes “2.1 Activity in a difficult environment and financing”, “8.2 borrowings” and “9.4.6 Liquidity risk” to the consolidated financial statements, the 2025 financial year was marked by an unfavorable macroeconomic environment, characterized by a downcycle in commodity markets, which had a significant impact on the Group’s profitability and cash generation. The Group recorded an accounting loss of €570 million for the year ended 31 December 2025. At that date, consolidated equity amounted to €1,495 million and net indebtedness stood at €1,935 million. In response to this deteriorated financial situation, the Group has in particular: • Drawn, at the end of January 2026, the full amount of the RCF (Revolving Credit Facilities) of €935 million to cover its general needs. • Defined a detailed financing plan aimed at improving cash generation and strengthening its balance sheet. This plan, presented at the Board of Directors’ meeting on February 18, 2026, will enable the Group to normalize its credit ratios (gearing and leverage) while securing its liquidity through monitoring covenants with its finance partners. The plan comprises three components: • Continued operational improvement with the implementation of the “ReSolution” program launched at the end of 2025; • An equity strengthening project of approximately €500 million in 2026; and 2 185ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year • A strategic review of assets with monetization options in 2026. The completion of these measures is expected by the end of 2026 and should allow the Group to restore its financial position. Management prepared the consolidated financial statements on a going concern basis, relying on cash flow forecasts covering a period of at least twelve months from the reporting date of the consolidated financial statements for the year ended 31 December 2 025. The assessment of going concern is based on assumptions, notably those related to forecast cash flows. Given the significance of the judgements made by management, we considered that the appropriateness of applying the going concern basis for the presentation of the consolidated financial statements as at 3 1 December 2025 and the related disclosure in the notes constituted a key audit matter. Audit approach Our work mainly consisted of: • Reviewing the analyses prepared by the Group to document the going concern assumption as at the consolidated financial statement date of December 31, 2025; • Obtaining cash flow forecasts for the current financial year through the end of 2026 and, based on our knowledge of the Group, assessing the consistency of the assumptions used (activity, margins, operating expenses, working capital requirements) with its past performance, business model and the 2026 budget as approved by the Board of Directors; • Comparing the forecasts with the actual results to date up to the date of our report in order to assess the quality of the cash flow forecasting process; • Inquiring of the Group about events or circumstances subsequent to the reporting date that could call these forecasts or the execution of the planned measures into question, and applying professional scepticism to the responses received, notably with respect to the sensitivity analyses prepared by the Group; • Making enquiries with the Group regarding any discussions with its banks since the reporting date and assessing the Group’s ability to comply with its Gearing ratios during the 2026 financial year. Impairment testing of goodwill, intangible assets and property, plant & equipment Key audit matter As of December 31, 2025, intangible assets and goodwill, property, plant and equipment, and right‑of‑use assets relating to lease contracts amounted to €3,349 million. As indicated in Note 11.4 to the consolidated financial statements, the Group performs impairment tests on goodwill and intangible assets with indefinite useful lives systematically at least once a year during the annual closing process, or whenever there is an indication of impairment. For intangible and tangible assets with finite useful lives and IFRS 16 rights of use, impairment tests are carried out when there is an indication of impairment. Cash-generating units (CGUs) are homogeneous groups of assets whose continuous use generates independent cash flows. Impairment tests are performed at the level of each CGU. All intangible assets, including goodwill, as well as tangible assets and IFRS 16 rights of use, have been allocated to CGUs. The determination of whether events require the performance of an impairment test is subject to Management’s judgment based on several criteria. An impairment test is performed for the relevant CGUs whenever these indicators show an adverse development. The impairment test consists of comparing the carrying amount of the assets with their recoverable amount, defined as the higher of (i) value in use (i.e., value recoverable through use) and (ii) fair value (i.e., value recoverable through sale) less costs of disposal. To determine value in use, the Group mainly uses the discounted cash flow method based on the future cash flows generated by the use of the assets, or other methods when circumstances allow for a different fair market valuation approach. The data used to prepare the discounted forecast cash flows are derived from the annual budgets and multi‑year plans prepared by the management of the respective CGUs. Impairment losses are recognized for the difference between the recoverable amount and the net carrying amount when the latter exceeds the recoverable amount. Impairment testing represents a key audit matter due to the significant value of fixed assets in the Group’s financial statements and because the determination of their recoverable amount—most often based on discounted future cash flow projections—requires the use of assumptions, estimates, and judgments. 186 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Audit approach We reviewed the process for identifying indicators of impairment as well as the procedures for performing impairment tests, where applicable, for the following CGUs: Nickel Mine & Plant (SLN) CGUs, Manganese Alloys CGU, Manganese Ore CGU, Mineral Sands CGU, and Lithium CGU. As part of our audit of the consolidated financial statements, our work in this area mainly consisted of: • Assessing the completeness of the components included in the carrying amount of the CGUs subject to testing, and the consistency between the determination of this carrying amount, the method used to prepare the cash-flow projections for value in use, and the assumptions retained for the fair value assessment; • Evaluating the consistency: • of past and future cash flows with the latest estimates presented by management to the Audit Committee as part of the budget process; • of the information included in these models with our knowledge of the sector and the business acquired through our engagement, including the review of the strategic plan and discussions held with management; • of the price assumptions used by the Group with sector consensus for nickel and with the analyses used by the company for manganese; • Assessing the discount rates applied to the projected cash flows, notably by analysing whether the various components used to determine each CGU’s weighted average cost of capital reasonably approximate the rate of return that market participants would expect for similar activities, with the assistance of our valuation specialists (members of the audit team); • Reviewing the sensitivity analyses of the value in use performed by management, taking into account changes in the key assumptions used; • Verifying the mathematical accuracy of the calculations. Finally, we assessed the appropriateness of the disclosures provided in Note 11.4 to the consolidated financial statements. Provisions for site decommissioning and restoration Key audit matter As mentioned in Note 14 to the consolidated financial statements, the Group recognizes provisions for site restoration and decommissioning to cover its environmental obligations, mainly in New Caledonia. As of December 3 1, 2025, these provisions for the Group as a whole amount to €465 million. These provisions are estimated based on projected cash flows scheduled by maturity and discounted using an inflation rate and a discount rate determined from local economic parameters. The provisions are initially recognized against an asset for restoration or dismantling corresponding to the immediate degradation, and subsequent changes in assumptions will adjust this value prospectively. These provisions are reassessed at each reporting date or when new information becomes available. The ultimate costs related to site restoration and dismantling are inherently uncertain. Such uncertainties may result in actual future expenditures differing from the current estimates used as the basis for measuring the provision. We considered this matter a key audit point due to the materiality of the amounts involved, the distant deadlines underlying the estimates, the sensitivity of the assumptions, and the level of management judgment required in determining these provisions. Audit approach As part of our audit of the consolidated financial statements, our work on this matter mainly consisted of: • Conducting interviews with the environmental managers of Le Nickel-SLN (New Caledonia) and the Group as part of its obligations, as well as on communications with the authorities; • Analyzing the procedures implemented by the Group to identify and record all its obligations; • Reviewing the accounting framework and consistency of the methods applied; • Reviewing the Group’s analysis of the relevant documentation, including consultations with external advisors; • Assessing the various parameters and assumptions used by management to estimate the amount of these provisions, notably: • The inventory of assets and factory workshops to be dismantled, and areas to be restored; • The restoration costs, particularly based on external quotations and feedback from past experience; • The remaining useful life of facilities and mine operations, in line with technical analyses and the mining plan; • The assumptions regarding inflation and discount rates. Finally, we reviewed the information provided in Note 14 to the consolidated financial statements on this matter, including the sensitivities disclosed. 2 187ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Specific Verifications We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations of the Group information given in the management report of the Board of Directors. We have no matters to report as to its fair presentation and consistency with the consolidated financial statements. Report on Other Legal and Regulatory Requirements Format of presentation of the financial statements intended to be included in the annual financial report We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the statutory auditor relating to the annual and consolidated financial statements presented in the European single electronic format, that the presentation of the consolidated financial statements intended to be included in the annual financial report mentioned in article L. 451-1-2, I of the French Monetary and Financial Code (code monétaire et financier), prepared under the responsibility of the President and CEO, complies with the single electronic format defined in the European Delegated Regulation no. 2019/815 of 17 December 2 018. As it relates to consolidated financial statements, our work includes verifying that the tagging of these consolidated financial statements complies with the format defined in the above delegated regulation. Based on the work we have performed, we conclude that the presentation of the consolidated financial statements to be included in the annual financial report complies, in all material respects, with the European single electronic format. We have no r esponsibility to verify that the consolidated financial statements that will ultimately be included by your company in the annual financial report filed with the AMF are in agreement with those on which we have worked. Appointment of the Statutory Auditors We were appointed as statutory auditors of Eramet by the combined shareholders’ meeting held on May 29, 2015 for KPMG Audit, and by the annual shareholders’ meeting held on May 28, 2021 for Grant Thornton. As at December 31, 2025, KPMG Audit was in its eleventh year of total uninterrupted engagement and Grant Thornton in the fifth year of its engagement. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations. The Audit, Risk and Ethic s Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The consolidated financial statements were approved by the Board of Directors. 188 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Objectives and audit approach Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As specified in Article L.821-55 of the French Commercial Code ( Code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company. As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore: - Identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the consolidated financial statements. • Assesses the appropriateness of management ’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein. • Evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. The statutory auditor is responsible for the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on the consolidated financial statements. 2 189ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for the 2025 financial year Report to the Audit, Risk and Ethics Committee We submit a report to the Audit, Risk and Ethics Committee which includes a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit, Risk and Ethics Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters that we are required to describe in this audit report. We also provide the Audit, Risk and Ethics Committee with the declaration provided for in Article 6 of Regulation (EU) N° 537/ 2014, confirming our independence within the meaning of the rules applicable in France such as they are set out in Articles L.821-27 to L.821-34 of the French Commercial Code (Code de commerce) and in the French Code of Ethics (Code de déontologie) for statutory auditors. Where appropriate, we discuss with the Audit, Risk and Ethic s Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards. Paris La Défense and Neuilly-sur-Seine, April 3, 2026 The Statutory Auditors, KPMG S.A. Grant Thornton French member firm of Grant Thornton International Laurent Genin Jérémie Lerondeau Jean-Francois Baloteaud Alexandre Mikhail Partner Partner Partner Partner 190 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 2.2 2025 Statutory accounts Income statement (in thousands of euros) Notes FY 2025 FY 2024 Sales of goods and merchandise 2,567,434 2,793,485 Income from ancillary activities 86,510 102,628 Turnover 5.1 2,653,944 2,896,113 Capitalised production - - Grants 5 4 Reversals of depreciation, amortisation and provisions 30,193 17,438 Income from disposal of intangible assets and property, plant and equipment. - - Other income 185 189 Other income 30,383 17,631 Total operating income 2,684,328 2,913,744 Purchase of goods (2,254,455) (2,393,946) Changes in inventories (goods) (113) (1,266) Purchase of raw materials and other supplies (19,109) (27,375) Other external purchases and expenses (366,516) (395,145) Taxes, duties, and other levies (5,224) (3,433) Wages (69,340) (72,327) Social security contributions (42,252) (29,958) Depreciation and amortisation (8,202) (15,649) Provisions for current assets (1,308) (6,075) Provisions for liabilities and charges (1,618) (37,654) Carrying amounts of intangible assets and property, plant and equipment sold (250) - Other expenses (1,506) (1,396) Total operating expenses (2,769,893) (2,984,224) Operating revenue (85,565) (70,479) Financial income (loss) 5.4 (136,362) (26,947) Current income before taxes (221,928) (97,426) Extraordinary income 5.5 1,139 7,888 Employee shareholding - (13) Income taxes 1,653 4,577 NET INCOME (219,136) (84,975) 2 191ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Balance sheet – Assets (in thousands of euros) Notes Gross amount Depreciation, amortisation and provisions 31/12/2025 Net amount 31/12/2024 Net amount Patents, licences, rights and similar assets 45,467 36,918 8,549 9,766 Goodwill 5,200 - 5,200 5,264 Intangible assets in progress, advances and deposits 34,727 34,727 - 1,641 Intangible assets 85,394 71,645 13,749 16,671 Technical installations, industrial machinery and equipment - - - - Other property, plant and equipment 9,563 8,713 849 1,431 Property, plant and equipment in progress, advances and deposits 9,485 - 9,485 7,688 Property, plant and equipment 19,047 8,713 10,334 9,119 Equity investments 4,248,175 2,014,724 2,233,451 2,499,519 Receivables from equity investments 4.2 493,274 - 493,274 283,649 Other long-term investments 22,077 17,832 4,245 4,683 Loans 440,233 379,465 60,768 34,451 Other non-current financial assets 4.2 5,835 - 5,835 4,706 Non-current financial assets 5,209,594 2,412,021 2,797,573 2,827,008 Non-current assets 4.1 5,314,035 2,492,379 2,821,656 2,852,797 Goods 36,190 975 35,216 32,189 Inventories and work in progress 4.7 36,190 975 35,216 32,189 Advances and down payments on orders 39 - 39 5,719 Trade receivables 199,802 5,200 194,602 198,909 Other receivables 55,500 - 55,500 140,006 Prepaid expenses 7,525 - 7,525 4,623 Operating receivables 4.2 & 4.7 262,827 5,200 257,627 343,539 Cash and cash equivalents 144,642 - 144,642 21,212 Cash 144,642 - 144,642 21,212 Loan issue costs 16,613 - 16,613 19,608 Bond redemption premiums 3,042 - 3,042 4,017 Translation adjustments - assets 27,205 - 27,205 61,044 Adjustment accounts 4.4 46,860 - 46,860 84,669 Current assets 490,559 6,175 484,384 487,327 TOTAL ASSETS 5,804,593 2,498,553 3,306,040 3,340,124 192 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Balance sheet – Liabilities (in thousands of euros) Notes 31/12/2025 31/12/2024 Capital 87,703 87,703 Issue, merger and contribution premiums 460,882 466,485 Legal reserve 8,770 8,770 Other reserves 171 37,530 Retained earnings (232,159) (147,184) Result for the financial year (219,136) (84,975) Net position 4.5 106,232 368,329 Regulated provisions 4.8 7,608 7,608 Shareholders’ equity 113,840 375,937 Provisions for liabilities 29,432 95,559 Provisions for charges 8,135 6,806 Provisions for liabilities and charges 4.8 37,567 102,365 Bond issues 1,196,698 1,089,879 Borrowings and debt with credit institutions 659,673 563,771 Other borrowings and financial debts 286,674 77,005 Current account liabilities with the Group 560,794 695,293 Financial debts 4.9 2,703,839 2,425,948 Advances and deposits received on current orders 279 279 Trade payables and related accounts 347,293 346,639 Tax and payroll payables 43,861 39,046 Operating debts 4.9 & 4.10 391,154 385,685 Liabilities on non-current assets and related accounts 648 576 Other liabilities 26,227 18,598 Miscellaneous liabilities 4.9 & 4.10 26,875 19,174 Deferred income 4,939 703 Translation adjustments - liabilities 27,546 30,034 Adjustment accounts 4.10 32,486 30,737 Liabilities 3,154,633 2,861,822 TOTAL LIABILITIES 3,306,040 3,340,124 2 193ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Net debt table (in thousands of euros) 2025 Financial Year 2024 Financial Year OPERATING ACTIVITIES Net income (219,136) (84,975) Elimination of income and expenses with no impact on cash flow or not related to operating activities 127,856 163,110 Cash flow from operations (91,280) 78,135 Change in operating working capital requirement 135,297 (254,250) Net cash flow generated by operating activities 44,017 (176,115) INVESTING ACTIVITIES Net payments for non-current financial assets 110,071 (1,654,315) Outflow of non-current financial assets - - Payments for intangible assets and PP&E (6,746) (7,165) Disposal of intangible assets and PP&E 250 16,135 Disposal of intangible assets and PP&E - 1,234 Change in other receivables and payables (867) (3,255) Net cash used in investing activities 102,708 (1,647,367) EQUITY TRANSACTIONS Dividends paid to Eramet S.A. shareholders (42,961) (43,026) Share capital increases - - Net cash flows from financing activities (42,961) (43,026) INCREASE (DECREASE) IN NET CASH 103,764 (1,866,508) Net cash (borrowings) at beginning of period (1,729,454) 137,054 Net cash (borrowings) at period end (1,625,690) (1,729,454) Notes to the individual financial statements Contents NOTE 1 Description of activities 195 NOTE 2 Key events in the reporting period 195 NOTE 3 Accounting principles, rules and methods 198 NOTE 4 Explanatory notes to the balance sheet 201 NOTE 5 Explanatory notes to the income statement 210 NOTE 6 Off-balance sheet commitments 212 NOTE 7 Risk management 213 NOTE 8 Fees of the Statutory Auditors 214 NOTE 9 Consolidation of the Company’s financial statements 214 NOTE 10 Employee charges and benefits 215 NOTE 11 Events after the reporting date 216 NOTE 12 Table of subsidiaries and equity investments 216 194 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 1 Description of activities The Group is one of the world’s leading producers of alloy metals, especially manganese and nickel, which are used to improve the properties of steel. The Group is divided into Activities under the Operations Department. Eramet S.A., the parent company, has two main functions: • a pure holding function called Eramet Holding, bringing together the various support services including the Administrative and Financial Department, the Health and Security Department, the Sustainability and Corporate Engagement Department, the Legal Department, the Information Systems Department and the Strategy and Innovation Department; • the operating and marketing activities of the Nickel, Manganese Ore and Alloys, Mineral Sands and Lithium activities. The costs of these various services are billed to the Group subsidiaries through management fee contracts. Other operating costs relating to Nickel, Manganese, Mineral Sands and Lithium are directly allocated to their respective activity. The marketing of the products from the Group's mining and metallurgical activities has been managed by Eramet S.A. since 1 January 2023. Eramet has directly held subsidiaries acting on behalf of the various entities or for the parent company. These include: • Eramet Services: a company which includes accounting functions, payroll and IT support for the Group’s French companies; • Eramet Ideas: Eramet’s Research Centre, which brings together Research and Development and project and technology engineering activities; • Eramet International: a company that brings together Eramet’s sales network for certain activities. Eramet International has subsidiaries and branches throughout the world. The activity of Eramet International is generally compensated by agency commission contracts; • Metal Securities: the Group’s cash management company, which centralises cash surpluses and short- term requirements for the Group as a whole; • Metal Currencies: the Group’s foreign exchange management company; • ERAS: reinsurance company. NOTE 2 Key events in the reporting period Activity in a challenging environment and financing In 2025, the Eramet Group operated in an unfavourable macroeconomic environment characterised by a low commodities cycle, which significantly impacted the Group's profitability and cash generation. The macroeconomic environment remained uncertain at the beginning of 2026 and continues to weigh on demand from all of the Group's markets, despite a slight increase in commodity prices. Financing transactions completed in 2025 Faced with this context, Eramet carried out several financing operations in 2025: • Glencore loan: a loan from Glencore was subscribed in full in February 2025 for an amount of $320 million. • Sustainability-linked bond issue : the Group issued sustainability-linked bonds for €100 million. This issue, with an annual coupon of 6.5% and maturing on 30 November 2029, is equivalent to the €500 million bond issue issued in May 2024. The total nominal amount of these bonds maturing in 2029 is therefore €600 million, with a residual maturity of 4.5 years. The average maturity of all bond debt, with a nominal amount of €1,100 million, is now around 3 years, compared to 3.2 years at 31 December 2024. Credit rating reviews In September 2025 and January 2026, Eramet's long-term credit ratings were downgraded by Moody's (to B1) and Fitch (to B), both with a negative outlook. This revision reflects the unfavourable market environment, operational difficulties and pressures on the Group's balance sheet. Obtaining a waiver A waiver on the December 2025 gearing covenant was obtained from Eramet's banking pool, guaranteeing the availability of the €935 million revolving credit facility (RCF). Use of the RCF (Revolving Credit Facility) and the plan to strengthen profitability and equity in 2026 At the end of January 2026, Eramet drew down all of the RCF, amounting to €935 million, to cover its general needs. At the end of 2025, the Group put in place a performance improvement plan, entitled "ReSolution". This plan aims to increase the Group's EBITDA from €130 million to €170 million annually. At the same time, capital expenditure (CapEx) was revised and subject to strict authorisation constraints. The Group's liquidity enabled it to maintain its operations. However, a restoration of the balance sheet is necessary in order to reduce the debt and return to financial ratios in line with the initial agreements. Faced with this deteriorating financial situation, a detailed financing plan is underway to improve cash generation and strengthen its balance sheet. This plan, presented to the Board of Directors meeting on 18 February 2026, will enable the Group to standardise its credit ratios (gearing and leverage) while securing its liquidity by monitoring covenants with financial partners and by accessing the 2 195ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts bond market. This plan has three components: • continued operational improvement with the implementation of the ReSolution programme launched at the end of 2025; • plan to strengthen equity by approximately €500 million in 2026; and • strategic review of assets with monetisation options in 2026; These measures are expected to be completed by the end of 2026 and should enable the Group to return to a restored financial position. Impairment in Mineral Sands The zircon market remained in oversupply in 2025. Global demand decreased throughout 2025, impacted by macroeconomic uncertainty and the weakness of real estate activity around the world, particularly in China. In parallel, production over the year did not adjust sufficiently, notably owing to increased volumes of heavy mineral concentrates imported into China. Lithium project in Argentina In Argentina, Eramet’s Centenario plant ramped up its lithium carbonate production. After a first half hampered by a technical problem in the commissioning of the Forced Evaporation equipment, production increased sharply throughout the year to reach almost 75% of its nominal daily capacity in December, compared to 10% in June, in line with the plan. Lithium carbonate production volumes totalled 6,690 t-LCE in 2025 (of which 5,980 t-LCE in during the second half of the year). Given the priority placed on ramping up production and the low market price premium, the plant currently produces only limited quantities of battery-grade material. At the same time, volumes sold reached 5,420 t- LCE (including 4,900 t-LCE in the second half of the year). Sales, made mainly to CAM (Active Cathode Materials) producers in China, were set at the Chinese market reference price for battery-grade lithium carbonate, less a discount (of around 10%) to reflect the refining costs required to transform the initial industrial and technical grade product into battery-grade. In 2025, Eramet's growth CapEx totalled €96 million. The Centenario plant is designed to extract and produce 24,000 t/year of battery-grade lithium carbonate at full capacity. Announcement by the Gabonese government to ban crude manganese exports from 2029 Following the announcement in 2025 by the Gabonese authorities of the intention to transform more ore locally, Eramet and Comilog continue to conduct studies and discussions with the authorities regarding ore processing and value creation options in a robust win-win partnership approach. The objective is to establish a joint roadmap with the authorities that will enable value creation by positively contributing to Gabon’s industrial development as well as the viability of the associated economic ecosystem. At this preliminary stage, and in the absence of tangible elements, no new elements were taken into account in the valuation of the financial statements at 31 December 2025. Nickel – PT Weda Bay Nickel (“PT WBN”) In Indonesia, following an upward adjustment of the RKAB29 in July 2025, nickel external ore sales totalled 38.5 Mwmt over the year, up by 27%. However, this increase was accompanied by a less favourable product mix. Saprolite volumes sold accounted for 64% of the total, at 25.5 Mwmt, declining 11% year-on-year. To quickly market the volumes authorised by the revised RKAB, low-grade saprolite was sold as a supplement to higher-grade saprolite, thereby weighing on the average grade (averaging around -13%). Limonite volumes represented 34% of the total, at 13.1 Mwmt (x6 vs. 2024), driven by growing demand from HPAL plants in the IWIP industrial park. Internal consumption for the NPI plant reached 3.4 Mwmt over the year. In early February, PT WBN received an initial notification from the Indonesian authorities to submit a RKAB application for an annual production and sales volume of 12 Mwmt of nickel ore in 2026 (including 3 Mwmt of internal sales), with an overall stable grade. In coordination with the Indonesian authorities and in support of their policy to rebalance the nickel market, PT WBN plans to submit, as soon as possible, a request to increase this quota. The initial RKAB granted in 2025 was 32 Mwmt and was subsequently revised upward to 42 Mwmt in mid-July. PT WBN will therefore begin the preparation of this RKAB and assess, with the local authorities, its subcontractors, its customers and other local stakeholders, the modalities of adapting its mining system. 196 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts In this context of increasing pressure on the local ore supply, the premiums that PT WBN benefits from relative to the HPM benchmark price index, as well as the latter, are expected to increase further from 2025 levels. Operational and financial situation of SLN in New Caledonia in a very unstable societal situation In New Caledonia, SLN’s mining activity remained heavily impacted by the closure of certain mining sites following the riots during the first half of 2024. SLN’s mining production amounted to 3.0 Mwmt in 2025, up 2% year-on- year. Similarly, SLN’s nickel ore exports remained constrained in 2025, at 0.6 Mwmt, down 12% versus the same period last year. As a result, SLN generated a negative free cash flow of - €228 million in 2025. Given the critical cash position since the end of the 2023 financial year, and following Eramet's decision to no longer finance the deficit of its New Caledonian subsidiary, an agreement was signed between Eramet and the French State in April 2024. The first part of this agreement was the conversion of the existing loans into a subscription by both parties to fixed-rate undated subordinated bonds (TSSDI), issued by SLN. At 31 December 2023, these loans thus converted amounted to €332 million for the Eramet share and €266 million for the State portion, i.e. a total of €598 million. In line with this agreement, and Eramet having reiterated its decision to continue its operational support, but not to provide new financing to SLN, the State has fully subscribed to the additional financing necessary to cover SLN's financial needs, also through new undated fixed-rate subordinated bonds ("TSDI") issued by SLN, for a total amount of €390 million for 2024. A new €100 million undated fixed-rate subordinated bond ("TSDI") programme was subscribed by the State in April 2025, followed by a second for €115 million in December 2025, bringing the total amount subscribed by the State to €871 million at the end of December 2025. This financial support should enable the New Caledonia entity to continue its activity in 2026. The guarantees granted temporarily by Eramet to its subsidiary in connection with the operation of the Doniambo plant and the mining sites located in the South province have been extended until 31 December 2026, totalling €47 million. Guarantees concerning the other mining sites were put in place until the expiry of the operating permits directly by SLN in the form of a security deposit amounting to €38.7 million. 2 197ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 3 Accounting principles, rules and methods The financial statements of Eramet S.A. as at 31 December 2025 were approved by the Board of Directors on 18 February 2026. Review of principles From the financial year beginning on 1 January 2025, the Company applies Regulation No. 2022-06 of the French accounting standards authority (Autorité des Normes Comptables - ANC), approved by decree of 26 December 2023 and published in the Official Journal of 30 December 2023. This regulation amends ANC Regulation No. 2014-03 on the General Accounting Plan, as part of the modernisation of financial statements. This text notably introduces: - a new presentation of the financial statements, with an overhaul of the balance sheet, income statement and note templates, aimed at improving the readability and comparability of the accounts; - a clarification of accounting categories, with new titles and a reorganisation of positions, having an impact on the distribution of the result between operating, financial and extraordinary, in particular for the amortisation of loan issuance costs and during disposals of fixed assets; - the abolition of certain obsolete concepts, such as transfers of charges; The application of this regulation has no impact on previous financial statements. The Company has adapted its accounting plan in SAP to ensure compliance with new regulatory requirements. The Company also applies ANC recommendation No. 2013- 02 of 7 November 2013, amended on 5 November 2021, relating to the valuation and recognition rules for retirement commitments and similar benefits. The general accounting conventions have been applied in accordance with the principle of prudence and in compliance with the basic assumptions: a going concern, consistency of accounting methods, independence of financial years and in accordance with the rules for drawing up and presenting the annual financial statements. The basic method used to value recorded items is the historical cost method. Change of method Apart from the effects induced by the application of ANC Regulation No. 2022-06, no other methodological changes occurred during the financial year. (in thousands of euros) 2024 actual 2024 restated ANC2022-06 Deviations Operating income 2,291,374 2,911,219 2,526 Operating expenses (2,984,224) (2,991,082) 6,857 Operating revenue (70,479) (79,863) 9,383 Financial income (loss) (26,947) (48,150) 21,203 Extraordinary income 7,888 38,475 (30,587) NET INCOME (84,975) (84,975) 0 The difference in extraordinary income is explained by the reclassification of the net carrying amounts of scrapped non- current assets and expenses related to the allocation of bonus shares from extraordinary income to financial income. 198 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Rules and methods applied to the various balance sheet and income statement items 3.1 Intangible assets and property, plant and equipment The gross value of non-current assets is the value at which the items were recorded when first acquired by the Company and includes any expenses required to bring them into working order. Non-current assets not used or whose market value is lower than the carrying value are generally written down through extraordinary depreciation or provisions. The economically justified method for calculating depreciation and amortisation is on a straight-line basis. This depreciation and amortisation is calculated over the expected life of the assets. The useful lives of property, plant and equipment for depreciation purposes are, except in exceptional cases, as follows: • buildings: between 20 and 30 years; • technical installations: between 12 and 20 years; • equipment and tooling: between 3 and 10 years; • installations, fixtures and fittings: between 5 and 10 years; • transport equipment: between 5 and 8 years; • office equipment, computers and furniture: between 3 and 8 years. The impact of the difference between straight-line depreciation and amortisation and declining-value depreciation and amortisation is recognised through a special depreciation allowance. 3.2 Non-current financial assets The gross value of non-current financial assets consists of the purchase price excluding incidental expenses. Loans are stated at their nominal value. At the end of the financial year, securities are estimated at their value in use, which takes into account both the net asset value and expected future profitability. When the value in use is less than the gross value, an impairment provision is recognised to the amount of the difference. 3.3 Ongoing development projects Costs incurred on these projects are initially recognised either as assets or as expenses. If these development projects do not meet sufficient economic criteria or do not succeed, these costs are recognised as expenses, or written down or recognised as exceptional losses. 3.4 Inventories Inventories of nickel-bearing products are valued at cost price calculated on a “first-in, first-out” basis. When the value thus obtained is greater than the net realisable value (selling price less selling costs), a provision corresponding to this difference is recognised. Other inventories are valued using the weighted average unit cost method. The gross value of goods and supplies includes the purchase price and incidental costs. When the gross value determined according to the above methods is higher than the realisable value less proportional selling costs, an impairment of inventories is recognised for the difference. 2 199ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 3.5 Receivables and payables Currency receivables and payables are re-measured at the prevailing rate at period end. Translation differences are recorded in transitional accounts, pending subsequent adjustments: as assets on the balance sheet when the difference represents an unrealised loss and as liabilities when the difference represents an unrealised gain. The net debit value of translation differences by type is recognised in profit or loss. Provisions for impairment of trade receivables are valued on a customer-by-customer basis according to the estimated risk. 3.6 Marketable securities These are valued at acquisition cost and are subject to impairment provisions if their net asset value (average share price for the last month) is lower than the acquisition cost. Unrealised gains are not recognised. 3.7 Provisions for liabilities and charges Provisions are made when the risk is estimated to be probable and the amount can be reliably estimated to cover all liabilities arising from past events that are known at the reporting date and the settlement of which is likely to result in an outflow of resources representing the economic benefits necessary to settle the liability. Personnel salaries and allowances Eramet offers its employees various long-term benefits such as retirement packages and other post-employment benefits, such as long-service awards. Certain commitments are covered completely or partially by contracts with insurance companies. In this case, commitments and hedging assets are valued independently. A provision is therefore made for the level of commitments and financial assets. Eramet’s commitments are valued by independent actuaries. The actuarial assumptions used (Eramet’s probability of maintaining active staff, probability of mortality, retirement age wage trends, etc.) vary according to the demographic and economic conditions prevailing in the country. The discount rates are based on the rate of government bonds or qualified companies of “Premium Quality”, with a duration equivalent to the commitments at the valuation date. The expected returns on assets over the long term have been determined taking into account the investment portfolio structure. Bonus share plan for employees The corresponding provision has been valued based on the value of the treasury shares and the share price at 31 December 2025. The provision is spread over the vesting period (from two to four years depending on the plan) for Eramet S.A. employees. For other beneficiaries (excluding Eramet S.A.), the provision is recognised on the grant date of the plans. 3.8 Turnover Turnover comprises: • sales of ferronickel (sales and purchases of SLN products); • sales of Pig iron nickel (sales and purchases of Weda Bay products); • sales of manganese ore; • sales of manganese alloys; • sales of mineral sands; • lithium carbonate sales; • provision of services and billing back of shared costs. Revenue is recognised as turnover when the business has transferred the risks and rewards of property ownership to the buyer. 3.9 Net Debt Table The Net Debt Table presents the changes in the following balance sheet items: • receivables from equity investments (gross value). See Note 4.2; • cash and cash equivalents. See Note 4.3; • other equity. See Note 4.8.; • financial debts. See Note 4.9. 200 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 4 Explanatory notes to the balance sheet 4.1 Non-current assets & depreciation and amortisation Intangible assets (in thousands of euros) Acquisition values 31/12/2024 Acquisitions Reclassification Outflows (1) Acquisition values 31/12/2025 Concessions, patents, licences, trademarks, processes, rights and similar assets 39,121 592 5 753 - 45,467 Goodwill 5,264 - - (64) 5,200 Other intangible assets 36,368 - (1,641) - 34,727 TOTAL 80,753 592 4,113 (64) 85,394 (1) Disposals, retirements and adjustments Acquisitions during the year mainly include expenses incurred to continue the Group's information system structuring projects. They concern, in particular, the continuation of SAP-related investments aimed at maintaining and upgrading the Group's application base, as well as the development and deployment of the LIMS Core Model across new entities, to digitise, harmonise and secure analysis processes within a common governance framework. During the financial year, the Company also incurred expenses for the development of a new payroll and time management solution in France, selected by ERAMET to simplify the functional rules and support the evolution of its organisation. Lastly, investments were made as part of a cybersecurity project to renew the solution for detecting and protecting IT environments, thereby strengthening the security of the Group's Information System. (in thousands of euros) Type of depreciation and amortisation Average depreciation and amortization duration Depreciation, amortisation and provisions at 31/12/2024 Allocation s Reversals Outflows (1) Depreciation, amortisation and provisions at 31/12/2025 Concessions, patents, licences, trademarks, processes, rights and similar assets Linear between 1 and 3 years 29,355 7 563 - - 36,918 Other intangible assets (2) 34,727 - - - 34,727 TOTAL 64,082 7 563 - - 71,645 (1) Disposals, retirements and adjustments (2) Provisions for impairment of non-current assets under construction Depreciation and amortisation mainly concern investments related to the migration to SAP S/4, aimed at modernising and harmonising existing information systems and deploying the solution at the Group's sites concerned. Depreciation and amortisation also relate to the Optimistik solution, making it possible to generalise the use of operational data (production, laboratory, processes, procurement, maintenance, HSE) throughout the Group, as well as the LIMS Core Model deployed across new entities to digitise and standardise analysis processes within a common governance framework. As a reminder, the non-current assets related to the development of hydrometallurgical technology were fully depreciated in 2015 for €18.5 million following the decision to suspend the hydrometallurgical process. Property, plant and equipment (in thousands of euros) Acquisition values 31/12/2024 Acquisitions Reclassification Outflows (1) Acquisition values 31/12/2025 Technical installations, industrial machinery and equipment 496 - - (496) 0 Other property, plant and equipment 9,529 - 70 (37) 9,563 Property, plant and equipment in progress 7,688 6,154 (4,183) (174) 9,484 TOTAL 17,713 6,154 (4,113) (707) 19,047 (1) Disposals, retirements and adjustments 2 201ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts (in thousands of euros) Type of depreciation and amortisation Average depreciation and amortization duration Depreciation, amortisation and provisions at 31/12/2024 Allocation s Reversals Outflows (1) Depreciation, amortisation and provisions at 31/12/2025 Technical installations, industrial machinery and equipment Linear between 12 and 20 years 496 - - (496) - Other Linear between 5 and 10 years 8,099 639 - (24) 8,713 Non-current assets under construction - - - - - TOTAL 8,595 639 - (520) 8,713 (1) Disposals, retirements and adjustments Non-current financial assets (in thousands of euros) Acquisition values 31/12/2024 Acquisitions Reclassification Outflows (1) Acquisition values 31/12/2025 Equity investments 4,366,829 - - (118,654) 4,248,175 Receivables from equity investments 304,181 209,799 - (20,707) 493,274 Other long-term investments 17,692 7,850 - (3,465) 22,077 Loans 371,101 69,132 - - 440,233 Other 4,706 1,130 - - 5,835 TOTAL 5,064,508 287,911 - (142,826) 5,209,593 (1) Disposals, retirements and adjustments The decrease in "Equity investments" is explained by the repayment of MDL's capital of €118.6 million. The increase in "Receivables from equity investments" is explained by Eramet Lithium for €208 million. The decrease in "Receivables from equity investments" is explained by the liquidation of Eramet Cameroun of €20.5 million following the abandonment of the project. And the increase in "Loans" is explained by: 1. The subscription of a new €50 million loan to Grande Cote Opération 2. The subscription of a new €10 million loan to Comilog Dunkerque 202 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts (in thousands of euros) Depreciation, amortisation and provisions at 31/12/2024 Allocations Reversals Reclassification Outflows (1) Depreciation, amortisation and provisions at 31/12/2025 Equity investments 1,867,309 159,208 (11,778) - (15) 2,014,724 Receivables from equity investments 20,533 - - - (20,533) 0 Loans 336,649 42,816 - - - 379,465 Other long-term investments 13,009 - (195) 5,017 - 17,832 TOTAL 2,237,501 202,024 (11,973) 5,017 (20,548) 2,412,021 (1) Disposals, retirements and adjustments A provision for impairment of securities of 159 million was recorded for Eramet Lithium. The liquidation of Eramet Cameroun resulted in an outflow of receivables related to equity investments of €21 million. Provisions for loan impairment of €36 million and €7 million were recorded for Erasteel and SLN, respectively. Breakdown of equity investments (in thousands of euros) 31/12/2025 31/12/2024 Gross amount Impairment Net amount Gross amount Impairment Net amount Eramet Mineral Sands 50 - 50 50 - 50 Eralloys Holding 419,445 (260,750) 158,695 419,445 (260,750) 158,695 Mineral Deposit Limited 100,168 - 100,168 218,807 - 218,807 Comilog S.A. 53,407 - 53,407 53,407 - 53,407 Eramet Holding Manganèse 310,156 - 310,156 310,156 - 310,156 Eramet Holding Nickel 229,652 (212,994) 16,657 229,652 (213,691) 15,960 Strand 384,323 - 384,323 384,323 - 384,323 Eramet Halmahera Nickel 11,189 (11,189) - 11,189 (11,189) - Eramet Indonesia Mining 1,100 - 1,100 1,100 - 1,100 Agence Calédonienne de Transit 151 - 151 151 - 151 Enercal 305 (260) 45 305 (260) 45 Eramet Lithium 1,314,375 (159,208) 1,155,167 1,314,375 - 1,314,375 Eramet Holding Alliages 1,396,612 (1,370,313) 26,299 1,396,612 (1,381,394) 15,218 Eramet Cameroun - - - 15 (15) - Eramet Ideas 9,161 - 9,161 9,161 - 9,161 Eramet International 14,297 - 14,297 14,297 - 14,297 Eramet Services 1,540 - 1,540 1,540 - 1,540 Eras 1,986 - 1,986 1,986 - 1,986 Metal Currencies 1 - 1 1 - 1 Metal Securities 247 - 247 247 - 247 Relieve 10 (10) - 10 (10) - TOTAL 4,248,174 (2,014,724) 2,233,451 4,366,828 (1,867,309) 2,499,519 2 203ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Breakdown of receivables from equity investments (in thousands of euros) 31/12/2025 31/12/2024 Gross amount Impairment Net amount Gross amount Impairment Net amount Eramet Lithium 244,364 - 244,364 32,738 - 32,738 Eralloys Holding 27,653 - 27,653 29,739 - 29,739 Eramet Cameroun - - - 20,533 (20,533) - Eramet Mineral Sands 221,037 - 221,037 221,049 - 221,049 Eramet Indonesia Mining 219 - 219 123 - 123 Metal Securities 1 - 1 - - - TOTAL 493,274 - 493,274 304,181 (20,533) 283,649 4.2 Schedule of receivables (in thousands of euros) Gross amount 31/12/2025 1 year or less Over 1 year Reminder 31/12/2024 Receivables from equity investments (1) 493,274 32,266 461,008 304,181 Loans 440,233 54,713 385,520 371,101 Other non-current financial assets (2) 5,835 4,030 1,805 4,706 Trade receivables and related accounts 199,802 199,802 - 205,904 Other receivables (3) 55,500 55,500 - 140,006 Prepaid expenses (4) 7,525 7,053 472 4,623 TOTAL 1,202,169 353,364 848,805 1,030,521 (1) Receivables from equity investments: loans to Group companies (2) Including 3.9 million in deposits and guarantees (3) Other receivables include, among other things, €24 million from the Group, including €12 million from WBN Compensation, €8 million from Eramet Norway and €1.8 million from SLN (4) Prepaid expenses related to prepaid insurance premiums of €0.7 million, software maintenance expenses and licensing costs of €3.9 million and the spreading of the residual premium of CAPS following the hedging of the bond issue for €1.7 million 4.3 Cash and cash equivalents Cash and cash equivalents are only made up of bank accounts. 4.4 Prepaid expenses and accrued income (in thousands of euros) 31/12/2025 31/12/2024 Loan issue costs to be deferred (1) 16,613 19,608 Bond redemption premiums (2) 3,042 4,017 Translation adjustments - assets 27,205 61,044 TOTAL 46,860 84,669 (1) Loan issue costs (revolving credit facility, bonds, Borrowing Base, BEI, Term Loan and Glencore) spread over the term of repayment of the loan. (2) Premium related to the issue of bonds of €500 million in May 2023 and €500 million in May 2024. 204 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 4.5 Net position The share capital is broken down as follows: 31/12/2025 31/12/2024 capital voting rights capital voting rights % number of shares % number of shares % number of shares % number of shares Registered shares Sorame and Compagnie d’Études Industrielles du Rouvray (CEIR) 37.22 10,702,062 43.48 21,363,624 37.08 10,661,562 43.47 21,356,124 FSI Equation (owned by the French State) and State (Caisse Des Dépôts et Consignations) 27.13 7,801,093 31.76 15,602,186 27.13 7,801,093 31.76 15,602,186 S.T.C.P.I. 4.03 1,159,994 4.72 2,319,988 4.03 1,159,994 4.72 2,319,988 ERAMET S.A. 0.88 253,039 - - 0.61 175,492 - - ERAMET S.A. share fund 0.63 179,915 0.61 300,868 0.65 188,210 0.62 303,061 Other 30.11 8,658,944 19.42 9,542,665 30.49 8,768,696 19.43 9,548,105 TOTAL NUMBER OF SHARES 100.00 28,755,047 100.00 49,129,331 100.00 28,755,047 100.00 49,129,464 • Of which registered shares 73.35 21,092,444 84.57 41,548,629 72.97 20,981,580 84.36 41,446,079 • Of which bearer shares 26.65 7,662,603 15.43 7,580,702 27.03 7,773,467 15.64 7,683,385 Pursuant to a Shareholders’ Agreement concluded on 16 March 2012, which entered into force on 16 May 2012, tacitly renewed by six -month period as of 1 January 2021 (as per the amendment on 30 November 2020, which was notified to the Autorité des marchés financiers (AMF) under No. 220C5283), which was the subject of a decision and information of the AMF under No. 212C0647 when it was concluded, and decision and information No. 216C1753 relating to the change within the group acting in concert at the time of the acquisition by the Agence des participations de l’État (APE) of the entire share capital of FSI Equation, the Company is majority controlled by a group of shareholders having declared to be acting in concert, including: • a subgroup between Sorame and CEIR, companies controlled by the Duval family, under a concurrent Shareholders’ Agreement dated 19 July 1999, which came into force on 21 July 1999 and was the subject of an amendment on 13 July 2009; • the Agence des Participations de l’État (APE), through its subsidiary FSI Equation. The provisions of the shareholders’ agreement mentioned above, and those of the subgroup agreement, are contained in key extracts from the AMF decision and notice texts numbered 220C5283, 216C1753, 212C0486 and 209C1013 (amended on 13 July 2009). Since 1 January 2002, registered shares that meet the necessary conditions benefit from double voting rights. The net position is broken down as follows: (in thousands of euros) Number of shares Capital Premiums, reserves and retained earnings Result for the financial year Total Net position as at 31 December 2023 28,755,047 87,703 415 316 (6,689) 496,330 Appropriation of 2023 result - - (6,689) 6,689 - Profit as at 31/12/2024 - - - (84,975) (84,975) Dividend and related costs - - (43,026) - (43,026) Net position as at 31 December 2024 28,755,047 87,703 365,601 (84,975) 368,329 Appropriation of 2024 result - - (84,975) 84,975 - Profit at 31/12/2025 - - - (219,136) (219,136) Dividend and related costs - - (42,961) - (42,961) NET POSITION AT 31 DECEMBER 2025 28,755,047 87,70, 237,665 (219,136) 106,232 The share capital of €87,702,893.35 (31 December 2024: €87,702,893.35) is composed of 28,755,047 fully paid-up shares (31 December 2024: 28,755,047 shares) with a nominal value of €3.05 each. 2 205ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 4.6 Treasury shares The table below summarises the treasury share transactions: Number of shares Market making (1) Allocations to employees Total Position at 1 January 2024 28,755,047 85,116 177,084 262,200 As a percentage of capital - 0.30% 0.62% 0.91% Buyback mandate - - 95,000 95,000 Final allocation of bonus shares - - (186,250) (186,250) Purchases/sales - 4,542 - 4,542 POSITION AT 31 DECEMBER 2024 28,755,047 89,658 85,834 175,492 As a percentage of capital - 0.31% 0.30% 0.61% Buyback mandate - - 150,000 150,000 Final allocation of bonus shares - - (64,272) (64,272) Purchases/sales - (8,181) - (8,181) POSITION AT 31 DECEMBER 2025 28,755,047 81,477 171,562 253,039 As a percentage of capital - 0.28% 0.60% 0.88% (1) Liquidity agreement signed with BNP Paribas The balance of 253,039 shares corresponds to: • the shares purchased under a market maker contract entered into with Exane BNP Paribas; • the shares to be allocated under the bonus share plans. 4.7 Provisions for impairment of current assets (in thousands of euros) 31/12/2024 Allocations Reversals 31/12/2025 Raw materials and other supplies - - - - Semi-finished and finished products - - - - Goods 4,114 975 (4,114) 975 Trade receivables 6,994 333 (2,128) 5,200 TOTAL 11,108 1,308 (6,242) 6,175 4.8 Provisions in liabilities 31/12/2024 Allocations Reversals Re classification 31/12/2025 (in thousands of euros) Used during the financial year Not used during the financial year Special depreciation allowances 7,608 - - - - 7,608 Personnel (1) 6,806 1,382 (53) - - 8,135 Other provisions for liabilities (2) 72,508 4,359 - (66,507) - 10,360 Other provisions for charges (3) 23,051 6,223 (3,962) (1,222) (5,017) 19,072 Total provisions for liabilities and charges 102,364 11,965 (4,015) (67,729) (5,017) 37,567 PROVISIONS FOR LIABILITIES 109,972 11,965 (4,015) (67,729) (5,017) 45,175 (1) Eramet makes provisions for pension and similar commitments according to the actuarial valuation carried out by an independent firm. Detailed calculations were made as of 31 December 2025. The corridor method is used to calculate pension commitments (2) The provision for financial risk relates to the provision for foreign exchange loss, amounting to €4 million. It also includes the impact relating to the signing of the Aubert & Duval disposal agreement in 2023 (3) Other provisions for charges concern the free share allocation plans for €15 million, a provision for the Erasteel liability guarantee for €3 million, and a provision for HR risks of €1 million 206 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Employee-related liabilities (in thousands of euros) Actuarial value of obligations Fair value of assets plan Financial position Surplus/(deficit) Supplementary pension plan 9,415 (12,856) (3,441) Retirement package 6,620 (3,116) 3,504 Long service awards 4,849 - 4,849 Plans for medical expenses - - - TOTAL 20,884 (15,972) 4,912 (in thousands of euros) Unrecognised actuarial (gains)/ losses Unrecognised services recorded Provision on the balance sheet Supplementary pension plan 1,637 - (1,804) Retirement package (189) (31) 3,284 Long service awards - - 4,849 Plans for medical expenses - - - TOTAL 1,448 (31) 6,329 Personnel provisions 8,133 Plan assets (other non-current financial assets) (1,804) Details of pension fund investments (in thousands of euros) Insurance contract Other investments Total Amount 15,972 - 15,972 Percentage 100% - 100% Change in pension liabilities (in thousands of euros) FY 2025 AT BEGINNING OF PERIOD 1,372 Expenses recognised 573 • service cost 478 • amortisation of actuarial gains (losses) - • interest expense 441 • return on plan assets (346) Contributions and benefits paid (458) AT PERIOD CLOSE 1,487 The actuarial assumptions used for the valuations are as follows: Actuarial assumptions FY 2024 FY 2025 Discount rate 3.50% 3.60% Inflation rate 2.00% 2.00% Salary increase rate 2.30% 2.30% Rate of return on plan financial assets 3.50% 3.60% 2 207ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 4.9 Breakdown of liabilities and maturity schedule Net amount (in thousands of euros) 31/12/2025 1 year or less More than 1 year and up to 5 years More than 5 years 31/12/2024 Bond issues (1) 1,196,698 96,698 1,100,000 - 1,089,879 Borrowings and debt with credit institutions (2) 659,673 240,820 418,854 - 563,771 Other borrowings and financial debts (3) 286,674 71,669 215,006 - 77,005 Current account liabilities with the Group (4) 560,794 560,794 - - 695,293 Trade payables and related accounts (5) 347,293 347,293 - - 346,639 Tax and payroll payables 43,861 43,861 - - 39,046 Liabilities on non-current assets and related accounts 648 648 - - 576 Other liabilities 26,227 26,227 - - 18,598 TOTAL 3,121,868 1,388,009 1,733,859 - 2,830,806 (1) This item includes several bond issues: • 2014 issue for €70 million (the initial issue of €100 million was partially redeemed for €22.5 million in July 2020 and €7.5 million in April 2024); • May 2023 issue for €500 million; • May 2024 issue for €500 million (increased by €100 million in May 2025) (2) Borrowings from credit institutions include the Term Loan for €426 million and two loans from the European Investment Bank for a total of €73 million and one loan from Deutsche Bank for €20 million (3) In December 2023, Eramet took out a loan with its business partner Glencore for €77 million, increased by €309 million in February 2025 (4) The Eramet loan is provided by the Metal Securities company, a wholly owned subsidiary of Eramet. The amount at 31 December 2025 was €561 million, compared with €695 million at 31 December 2024 (5) The Company has a trade payable more than 60 days from the invoice date of €0.2 million 4.10 Information on related companies Balance sheet (in thousands of euros) 31/12/2025 31/12/2024 Equity investments 4,270,251 4,384,521 Financial receivables 897,333 640,830 Trade receivables and related accounts 106,835 220,073 Eramet Marietta Inc. (Group company) 34,575 Le Nickel-SLN (interest) 18,927 Eramet Norway A/S (Group company) 12,002 Other 41,331 Other receivables 1,884 5,859 Other borrowings and financial debts 560,793 695,292 Metal Securities (subsidiary) 560,793 Trade payables and related accounts 277,715 278,235 Comilog S.A. (interest) 139,663 Eramet Norway A/S (Group company) 53,308 Le Nickel-SLN (interest) 25,956 Other 58,788 Other liabilities 12,965 6,803 208 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Income statement (in thousands of euros) 31/12/2025 31/12/2024 Operating income 380,410 429,335 Eramet Marietta Inc. (Group company) 190,012 Eramet Norway A/S (Group company) 105,961 Comilog S.A. (interest) 33,689 Other 50,748 Operating expenses (2,321,256) (2,437,076) Comilog S.A. (interest) (889,057) Eramet Norway A/S (Group company) (537,481) Le Nickel-SLN (interest) (381,991) Other (512,727) Financial income 28,509 48,861 Financial expenses (18,242) (34,909) 2 209ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 5 Explanatory notes to the income statement 5.1 Turnover (in thousands of euros) Total France Foreign Sales of products and goods (1) 2,567,434 9,974 2,557,460 Income from ancillary activities 86,510 6,646 79,865 TURNOVER 2,653,944 16,619 2,637,325 (1) Turnover includes a negative currency difference of €32.6 million 5.2 Increases and reductions in future tax liabilities (in thousands of euros) 31/12/2025 31/12/2024 Increases in taxable base • Regulated provisions 7,608 7,608 Currency translation adjustments at the end of the financial year 27,205 61,044 Reductions in taxable base • Provisions not deductible in the accounting period 15,051 16,435 • Accrued expenses 433 414 Translation adjustments - liabilities at the end of the financial year 27,546 30,034 • Financial expense carryforwards 100,138 70,214 • Tax loss carryforwards 1,257,999 1,074,770 Net reduction in taxable base 1,366,354 1,184,258 REDUCTION IN FUTURE TAXATION 352,929 305,894 Breakdown of income tax (in thousands of euros) Gross amount Tax owed 31/12/2025 Net income 31/12/2024 Net income Current income (221,928) - (221,928) (97,426) Extraordinary income 1,139 - 1,139 7,888 Employee shareholding - - - (13) Impact of tax consolidation and tax credits: - - - - • Research tax credits 539 539 586 • Family tax credits 31 31 25 • Sponsorship tax credits 115 115 394 • Foreign tax credits - - (1,592) • Income tax 1,070 1,070 5,178 • Withholding taxes due abroad (102) (102) (14) TOTAL (220,789) 1,653 (219,136) (84,974) Corporate taxes The tax consolidation agreement signed between Eramet and its subsidiaries respects the principle of neutrality and places the subsidiaries in the situation they would have been in without consolidation. Each subsidiary determines its tax as if it were not part of the consolidated tax group and pays its corporate tax contribution to Eramet as the parent company of the Group. The subsidiaries keep their deficits to determine the amount of the corporate tax contribution they have to pay Eramet. As a result of the tax consolidation, the corporate income tax account can be broken down as follows: • €6.7 million in tax income from the fiscally integrated group (including €0.9 million from the 2024 research tax credit, €6.2 million in 2025 tax credits and -€0.4 million from a tax reassessment for the years 2020-2022); • €1.4 million in 2025 tax consolidation income; • -€6.4 million of tax consolidation expenses (including tax credits returned to subsidiaries: -€5.6 million in 2025 tax credit). 210 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 5.3 Tax consolidation All French subsidiaries that are at least 95% owned are consolidated for tax purposes, Eramet being the Group’s parent company. The scope of tax consolidation in France includes the following companies: Tax-consolidated companies 31/12/2025 31/12/2024 31/12/2023 31/12/2022 31/12/2021 31/12/2020 CONSOLIDATED COMPANIES Eramet X X X X X X Eramet Holding Alliages X X X X X X Eramet Holding Manganese (EHM) X X X X X X Eramet Holding Nickel (EHN) X X X X X X Eramet Mineral Sands X X X X X X Eramet Marketing Services X X X Eramet Ideas X X X X X X Eramet International X X X X X X Eramet Services X X X X X X Eramet Lithium X X X X X X Erasteel X X X Erasteel Champagnole X X X Metal Securities X X X X X X NON-CONSOLIDATED COMPANIES AD TAF X X X Campus Eramet X X X Forges de Monplaisir X X 5.4 Financial income (loss) (in thousands of euros) 31/12/2025 31/12/2024 Investments - Dividends (1) 138,271 264,859 Investments – Interest 22,057 44,692 Other dividends and interest 8,580 6,716 Reversals of provisions (2) 81,053 692,380 Income on disposals of financial assets (1,778) - Expenses on disposals related to portfolio activity - - Exchange rate differences (3) 10,040 - Net proceeds from sale of marketable securities - - Financial income 258,223 1,008,646 Depreciation, amortisation and provisions (4) (206,724) (836,746) Expenses on disposals of financial assets (3,480) - Expenses on disposals related to portfolio activity - - Depreciation and amortisation of loan issue costs (7,008) - Interest and similar expenses (5) (155,914) (168,133) Exchange rate differences (3) - (30,714) Losses on receivables related to equity investments (21,459) - Financial expenses (394,585) (1,035,593) FINANCIAL INCOME (136,362) (26,947) (1) Dividends paid by Eramet Holding Manganèse (€73 million), Strand (€34 million) and Comilog S.A. (€32 million) (2) Reversal of financial exchange provision for €39.5 million, reversal of impairment of the Eramet Cameroun loan of €20.5 million following the dissolution of the entity, reversals of impairment of Eramet Holding Alloys shares for €11 million, reversals of impairment of Eramet Holding Nickel shares for €0.7 million, reversal of provision for MSEC bonds for €3.5 million following the termination of the guarantee on the value of the bonds and reversal of provision for financial risk Eramet Holding Alloys for €2 million (3) Net foreign exchange gain of €10 million, mainly due to the capital reduction of the subsidiary MDL (4) Impairment of Eramet Lithium equity investments by €159 million, impairment of loans to Erasteel by €36.2 million and to Société Le Nickel by €6.6 million. Provision for financial exchange rate risk of €4.4 million (5) Consists mainly of interest expenses on financial debt for €130.7 million (Loan Term, Bond issues, BEI, syndicated credit facility), interest on Metal Securities current accounts for €18 million and €6 million in pre-deducted factoring interest 2 211ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 5.5 Extraordinary income (in thousands of euros) 31/12/2025 31/12/2024 Gains on capital transactions (1) (1,492) 18,171 Reversals of extraordinary provisions (2) 3,267 32,114 Extraordinary income 1,775 50,285 Charges on management transactions - (162) Expenses on capital transactions (3) (626) (42,214) Exceptional depreciation, amortisation and provisions (11) (21) Extraordinary expenses (637) (42,396) EXTRAORDINARY INCOME 1,139 7,888 (1) Having been done to BASF as part of the Sonic Bay project (-€1.4 million) (2) Reversal of provision for Erasteel liability guarantee (€3 million) and reversal of provision for Cameroon closure (€0.1 million) (3) Reclassification of the Sonic Bay project (€0.6 million) as an extraordinary item following the shutdown 5.6 Workforce FY 2025 FY 2024 Managers and engineers 412 404 Clerical, technical and management staff 74 77 AVERAGE NO. OF EMPLOYEES 486 481 NOTE 6 Off-balance sheet commitments (in thousands of euros) 31/12/2025 31/12/2024 COMMITMENTS MADE: Securities, endorsements and guarantees 86,689 82,550 COMMITMENTS RECEIVED: Securities, endorsements and guarantees - - Internal USD exchange contracts (MCUR) - - Multi-currency revolving credit facility & term loan 935,000 935,000 Glencore financing of Lithium - 308,018 Interest rate hedging (Swap & Cap) - 1,000,000 Guarantee received from Marietta for CITI 3,891 - Credit facilities - - The table above does not include current orders for the business or commitments on non-current asset orders related to investment projects. The zero stock of interest rate hedging instruments at 31/12/2025 results from the termination of Eramet S.A.'s caps and swaps. Commitments made during sales In connection with significant sales that took place in particular during the 2023 financial year, Eramet granted a number of customary guarantees or specific indemnities, some of which were released in 2024 and 2025. Based on estimates and opinions on each item not yet finalised to date, which could lead to an outflow of resources in the short or medium term, a provision for liabilities has been recognised in the financial statements. The residual amount is considered a contingent liability. 212 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 7 Risk management 7.1 Currency risk ERAMET is exposed to exchange risk on two levels: - in its commercial activity, ERAMET collects its sales mainly in US dollars, while some of its costs are denominated in euros (particularly purchases of minerals from subsidiaries). The USD foreign exchange exposure was not hedged in 2025. - by way of its Holding activity, ERAMET puts medium- or long-term loans in place in foreign currencies for the benefit of Group companies and may enter into foreign exchange hedges on a case-by-case basis. As at 31 December 2025, there was no currency hedging on medium- or long-term loans. 7.2 Risks on raw materials ERAMET is exposed to the volatility of raw material prices with regard to its turnover. ERAMET may be required to set up term hedges on a limited portion of nickel sales. As at 31 December 2025, there was no hedging on raw materials (31 December 2024: no hedging). 7.3 Credit or counterparty risk The counterparty risks of ERAMET relate mainly to its commercial operations and, by extension, to customer accounts. Thus, ERAMET may be exposed to credit risk in the event of counterparty default. To limit this risk, of which the maximum exposure is equal to the net receivables recognised in the balance sheet, ERAMET uses different tools: gathering information ahead of financial transactions (from rating agencies, published financial statements, etc .), credit insurance and the establishment of letters of credit and documentary credits in order to prevent certain specific risks inherent to, for example, the geographical situation of customers. 7.4 Interest rate risk Eramet issues bank financing and bonds at fixed or floating rates. Eramet may hedge its interest rate exposure in order to reduce the interest expense paid on its debt. As at 31 December 2025, Eramet no longer had any active interest rate hedging. The breakdown between fixed-rate and variable-rate debt was as follows: 54%/46% Following the end of the financial year, foreign exchange hedging instruments (forward sale of USD against EUR) were set up for the 2026 financial year, covering 66% of the forecast net exposure in US dollars at an average hedged exchange rate of 1.1975. 7.5 Liquidity risk The Eramet Group must ensure that it maintains a sufficient level of liquidity to meet its contractual obligations, including servicing its bank and bond debt. In this context, the Eramet Group anticipates the regular renewal of its existing borrowings (credit facilities, bonds, IFRS 16 leases, etc.) and establishes new modes of financing according to the opportunities available. Eramet also aims to diversify its sources of funding, particularly between the bond and banking markets. Eramet centralises virtually all the cash requirements and surpluses of its controlled companies, through Metal Securities, the Eramet Group's central treasury department, which is responsible for managing investment of cash surpluses. The Eramet Group had financial liquidity of €1,526 million as at 31 December 2025 (€2,156 million as at 31 December 2024), of which €591 million was classified as cash and cash equivalents (31 December 2024: €920 million). 2 213ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Revolving credit facility The Revolving Credit Facility (RCF), initially set up in June 2022 for an amount of €935 million over a period of five years, was successively extended in 2023 and 2024, bringing the new maturity date to June 2029 for an amount of €915 million (with €20 million remaining to mature in 2028). The amount available under this revolving credit facility is €935 million. As at 31 December 2025, this credit line had not been drawn down. As at 31 December 2025, the outstanding balance on the loan from the European Investment Bank to finance investments in research, development, and innovation (RDI) related to digitisation and advanced manufacturing amounted to €73 million. On 31 January 2023, the Group signed a Multicurrency Term Loan Agreement for €515 million to fund general and investment requirements. The maturity of this financing is January 2028, with the option to extend for a further year having been exercised in 2024. Following early repayments, the outstanding amount of this loan, which is repayable gradually from 30 January 2026, is €426 million. Lastly, on 26 July 2023 the Group signed a joint marketing agreement, for the lithium production in Argentina by the Eramet Group with Glencore International AG, including a prepayment facility for a total amount of $400 million. At 31 December 2025, this line, which had been fully drawn, showed an outstanding balance of $337 million. Financial debts are subject to the bank covenants described below: Type of credit facility Ratio Amount Revolving Credit Facility Net debt decreased by the French State’s loan to SLN and the amount of liability pursuant to IFRS 16/Shareholders’ equity < 1 €935 million Term Loan Net debt decreased by the French State’s loan to SLN and the amount of liability pursuant to IFRS 16/Shareholders’ equity < 1 €450 million Euro private placement Net debt/Shareholder’s equity < 1 €70 million European Investment Bank Net debt decreased by the French State’s loan to SLN and the amount of liability pursuant to IFRS 16/Shareholders’ equity < 1 €102 million Eramet’s covenants are determined on the basis of the published consolidated accounts. At 31 December 2025, there were no circumstances of accelerated maturity. Moreover, as of 31 December 2025, no cases of cross-default were recorded that were likely to impact funding at the Eramet Group level. At 31 December 2025, the Group's net debt-to-equity covenant exceeded 1. A waiver was obtained in advance from its lenders for the 2025 closing. In 2026, the Group will continue to follow its banking covenants and, where necessary, will approach its banking partners. NOTE 8 Fees of the Statutory Auditors (in thousands of euros) KPMG Grant Thornton Others As part of the statutory audit of the financial statements 400 364 - Consulting and services provided within the scope of the due diligence procedures directly related to the statutory audit mission 73 39 - In respect of the sustainability report 135 135 0 TOTAL 608 538 - NOTE 9 Consolidation of the Company’s financial statements Eramet S.A. is consolidated in the Eramet Group, of which it is the parent company. The financial statements are available on the Eramet.com website. Name and registered office Legal form Capital Identification number ERAMET - 10 boulevard de Grenelle -75 015 PARIS S.A. 87,702,893 632 045 381 214 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 10 Employee charges and benefits Compensation of administration and management bodies (in thousands of euros) FY 2025 FY 2024 SHORT-TERM BENEFITS • Fixed compensation 3,025 2,766 • Variable compensation 2,256 2,687 • Directors’ fees 950 947 OTHER BENEFITS: • Post-employment benefits 1,136 1,067 TOTAL 7,367 7,467 Bonus share plans Three bonus share plans were granted in March and May 2025: Plan open to certain employees and corporate officers, for which: • some of the shares are subject to three performance conditions: the first relating to the Company's corporate social responsibility (25%), the second to internal conditions with the EBITDA indicator (50%) and an external condition (25%), for an initial total of 206,457 shares (191,623 shares under the March 2025 plan and 14,834 under the May 2025 plan); and • a portion of the shares are not subject to performance conditions for an initial total of 26,482 shares, solely under the March 2025 plan. The criteria for share awards and the assessment of the accounting expense are the same as those described above. The characteristics of the three new bonus share plans for 2025 are as follows: Number of shares Exercise price (euros) Maturity (years) (1) Risk-free rate Average dividend rate Fair value of the option (euros) (2) Plan open to all employees France/Italy 0 free 3 + 0 0 0 0 Worldwide 0 free 3 + 0 0 0 0 Plan open to certain employees and corporate officers France/Italy 118,885 free 3 + 0 2.48% 2.50% 51.72 / 35.00 France/Italy 14,834 free 3 + 0 2.13% 2.50% 46.53 / 30.07 Worldwide 99,220 free 3 + 0 2.48% 2.50% 51.72 / 35.00 (1) Maturity = vesting period + lock-in period. (2) Bonus share plans whose shares are subject to three performance conditions have two fair values: the first relates to the intrinsic condition and the second relating to the external condition The change in the number of bonus share awards in the 2024 and 2025 reporting periods was as follows: Number of bonus shares 31/12/2025 31/12/2024 AT BEGINNING OF PERIOD 462,102 546,261 New plans 2024/2025 232,939 174,144 Definitive allocations (64,272) (186,250) Prescribed shares (24,661) (29,117) Lapsed shares (40,816) (42,936) AT PERIOD CLOSE 565,292 462,102 Distribution by year of allocation 2025 - 92,044 2026 192,284 198,387 2027 150,319 171,671 2028 222,689 - 2 215ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts NOTE 11 Events after the reporting date The RCF of €935 million was drawn down in full at the end of January in order to meet short-term cash requirements. To the best of the Company’s knowledge, no other event occurred after the reporting date. NOTE 12 Table of subsidiaries and equity investments As at 31 December 2025 Capital Equity other than share capital Share of capital held Gross carrying amount of shares held Net carrying amount of shares held Loans and advances granted and not repaid Endorse ments and guarant ees given Dividends received during the year Turnover in last financial year Profit (loss) in last complet ed financial year (in thousands of euros or currencies) Currency Currency % EUR EUR EUR EUR EUR Currency Currency - Subsidiaries (at least 50% of share capital owned) Eralloys Holding NOK 12,800 1,494,933 100% 419,445 158,695 27,653 - - - 19,426 Eramet Holding Alliages EUR 10,000 16,300 100% 1,396,611 26,298 - - - 36 11,081 Eramet Holding Exploration (formerly Relieve S.A.S.) EUR 10,000 (6) 100% 10 - - - - - (6) Eramet Holding Manganèse EUR 310,156 65,019 100% 310,156 310,156 - - 72,727 - 72,678 Eramet Holding Nickel EUR 7,500 9,158 100% 229,652 16,658 - - - - 697 Eramet Ideas EUR 9,410 9,439 100% 9,162 9,162 - - - 29,440 2,988 Eramet International EUR 13,564 1,894 100% 14,297 14,297 - - - 1,082 (3,975) Eramet Lithium EUR 1,314,375 (158,944) 100% 1,314,375 1,155,167 244,364 - - - (153,288) Eramet Mineral Sands EUR 50 (19,892) 100% 50 50 221,037 - - - 5,771 Eramet Services EUR 1,540 364 100% 1,540 1,540 - - - 8,670 347 Eras EUR 2,000 9 100% 1,986 1,986 - - - - - MD 064 377 420 Pty Ltd (MDL) AUD 310,827 (157,565) 100% 100,167 100,167 - - - - (6,352) Metal Currencies EUR 1 1,995 100% 1 1 - - - - (10) Metal Securities EUR 38 (32,231) 100% 247 247 1 - - - (44,601) PT Eramet Halmahera Nickel EUR 11,868 (11,787) 100% 11,189 - - - - 79 - PT Eramet Indonesia Mining EUR 1,148 344 100% 1,100 1,100 219 - - 10,345 17 3,809,988 1,795,524 - Equity investments (between 10 and 50% held) Agence Calédonienne de Transit EUR - - 28% 151 151 - - - - - Comilog XAF 40,811,593 693,592,453 23% 53,407 53,407 - - 31,857 583,415,369 21,621,696 Enercal EUR - - 16% 304 44 - - - - - Strand Minerals Pte Ltd USD 720 7 736 43% 384,323 384,323 - - 33,686 261 87,598 438,185 437,925 TOTAL SUBSIDIARIES AND EQUITY INVESTMENTS 4,248,173 2,233,449 216 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Siren No. Head office address DETAILED INFORMATION ON EACH SECURITY (GROSS VALUE NOT EXCEEDING 1% OF THE COMPANY'S SHARE CAPITAL) - Subsidiaries (at least 50% of share capital owned) Eralloys Holding N/A Strandv 50 1366 Lysaker Norway Eramet Holding Alliages 562 013 995 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Holding Exploration (formerly Relieve S.A.S.) 984 054 197 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Holding Manganèse 414 947 275 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Holding Nickel 335 120 515 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Ideas 301 608 634 1, avenue Albert Einstein BP 120 78193 Trappes, France Eramet International 398 932 939 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Lithium 428 739 627 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Mineral Sands 879 061 968 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eramet Services 529 241 895 10, boulevard de Grenelle 75015 Paris Cedex 15 France Eras N/A 6B, route de Trèves L - 2633 Senningerberg R. C. Luxemburg B 35,721 MD 064 377 420 Pty Ltd (MDL) N/A Level 17 530 Collins St, Melbourne, Victoria 3000, Australia Metal Currencies 493 227 482 10, boulevard de Grenelle 75015 Paris Cedex 15 France Metal Securities 418 457 362 10, boulevard de Grenelle 75015 Paris Cedex 15 France PT Eramet Halmahera Nickel N/A Sopo Del Office Towers And Lifestyle Tower A 21th Floor Unit D-E Jl. Mega Kuningan Barat III Lot. 10 Kota Administrasi Jakarta Selatan, DKI Jakarta, 12950 Indonesia PT Eramet Indonesia Mining N/A Sopo Del Office Towers And Lifestyle Tower A 21th Floor Unit D-E Jl. Mega Kuningan Barat III Lot. 10 Kota Administrasi Jakarta Selatan, DKI Jakarta, 12950 Indonesia - Equity investments (between 10 and 50% held) Agence Calédonienne de Transit N/A 14 Rue du Commandant Alexandre Babo, Nouméa, South Province, New Caledonia Comilog N/A I.Z. de Moanda BP 27-28 Gabon Enercal N/A 87 avenue du Général de Gaulle, 98800 Nouméa, New Caledonia Strand Minerals Pte Ltd N/A 8 Marina Boulevard #05-02 – Marina Bay Financial Centre – Singapore 018981 2 217ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Statutory auditors’ report on the financial statements Year ended 31 December 2025 This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users. This statutory auditors’ report includes information required by European regulations and French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to the shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders’ Meeting of Eramet, Opinion In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying financial statements of Eramet for the year ended 31 December 2025. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 December 2025 and of the results of its operations for the year then ended in accordance with French accounting principles. The audit opinion expressed above is consistent with our report to the Audit, Risks and Ethics Committee. Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (Code de commerce) and the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes) for the period from 1 January 2025 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No. 537/2014. Emphasis of matter Without qualifying the opinion expressed above, we draw your attention to the effects of the first-time application of ANC Regulation No. 2022-06 described in the paragraph “Change in accounting policy” of note 3 “Principles, rules and accounting methods” of the notes to the annual financial statements. Justification of Assessments – Key Audit Matters In accordance with the requirements of Articles L. 821‑53 and R. 821‑180 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements. Going Concern Key audit matter As stated in the paragraph “Activity in a difficult environment and financing” of note “2. Significant events of the year” and in note “4.9. Detail of liabilities and maturity schedules” to the notes to the annual financial statements, the 2025 financial year was marked by an unfavorable macroeconomic environment, characterized by a downcycle in commodity markets, which had a significant impact on the Group’s profitability and cash generation. The macroeconomic environment remained uncertain at the beginning of 2026 and continued to weigh on demand across the Group’s markets, despite a slight increase in commodity prices. The company recorded an accounting loss of €219 million for the year ended 31 December 2025. At that date, equity amounted to €114 million and external borrowings and financial liabilities totalled €2,143 million. In response to this deteriorated financial situation, the Group implemented the following action plan : • Drawn, at the end of January 2026, the full amount of the RCF (Revolving Credit Facilities) of €935 milli on to cover its general needs. 218 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts • Defined a detailed financing plan aimed at improving cash generation and strengthening its balance sheet. This plan, presented at the Board of Directors’ meeting on 18 February 2026, will enable the Group to normalise its credit ratios (gearing and leverage) while securing its liquidity through monitoring covenants with its financing partners. The plan comprises three pillars : • Continued operational improvement with the implementation of the “ReSolution” programme launched at the end of 2025 ; • An equity-strengthening project of approximately €500 million in 2026 ; and • A strategic review of assets with monetisation options in 2026. The completion of these measures is expected by the end of 2026 and should allow the Group to restore its financial position. Management prepared the parent company financial statements on a going concern basis, relying on cash flow forecasts covering a period of at least twelve months from the reporting date of the consolidated financial statements for the year ended 31 December 2025. The assessment of going concern is based on assumptions, notably those related to forecast cash flows. In view of the significance of the judgements made by management, we considered that the appropriateness of applying the going concern basis for the presentation of the parent company financial statements as at 31 December 2025 constituted a key audit matter. Audit approach Our work mainly consisted of : • Reviewing the analyses prepared by management to document the going concern assumption as at the reporting date of the annual financial statements of December 31, 2025 ; • Obtaining projected cash flows for the current financial year through the end of 2026 and, based on our knowledge of the Group, assessing the consistency of the assumptions used (activity, margins, operating expenses, working capital requirements) with its past performance, business model and the Group’s 2026 budget as approved by the Board of Directors ; • Comparing the projected cash flows with the corresponding actual results up to the date of our report in order to assess the quality of the cash flow forecasting process ; • Questioning management about events or circumstances subsequent to the reporting date that could call these forecasts or the implementation of the planned measures into question, and applying professional skepticism to the responses received, notably with respect to the sensitivity analyses prepared by management ; • Enquiring of manageme nt about any discussions with its banks since the reporting date and assessing the company’s ability to comply with its Gearing ratios during the 2026 financial year. Impairment tests on equity investments and related receivables Key Audit Matter Equity investments and related receivables are recorded on the balance sheet at 31 December 2025 for €2,727 million net. They are initially recognised at acquisition cost and depreciated based on their value in use, in accordance with the approach described in note 3.2 to the annual financial statements. Management generally estimates value in use by taking into account both the net asset value and expected future profitability, When the value in use is less than the gross value, an impairment provision is recognized to the amount of the difference. In estimating the value in use of these equity investments and related receivables, Management uses its judgement to select the items to be taken into consideration, depending on which equity investments and related receivables are concerned. Impairment testing is a key audit matter due to the material importance of the value of the equity investments and related receivables in the company’s financial statements and because the calculation of their recoverable value, when it is based on projected discounted future cash flows, requires the use of assumptions, estimates, judgments or assessments. Audit approach We examined indicators of impairment as well as how impairment tests were conducted. For impairment tests based on the historical data, our procedures consisted, in particular, in : • reconciling the shareholders’ equity used with the financial statements of the entities that were audited or were subject to other procedures where necessary ; • assessing whether any adjustments made to equity were based on documentation that provides the grounds for such adjustments. For impairment tests based on the forecasts, our procedures consisted, in particular, in : • obtaining cash flow forecasts for the activities of the entities concerned and assessing their consistency with the medium- and long-term plans, if so, reviewed by management in the context of the crisis. • assessing the consistency of the assumptions used with our knowledge of the economic environment on the date the financial statements were prepared ; • comparing the forecasts used for the previous periods with the corresponding actual results to assess whether the past targets have been achieved ; • assessing whether any adjustments made to tge cash flow forecasts were based on documentation that provides the grounds for such adjustments. Our work also consisted in assessing the degree to which receivables from equity investments are recoverable, in the light of the audit procedures performed on the equity investments. 2 219ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Specific verifications We have also performed, in accordance with the professional standards applicable in France, the specific verifications required by laws and regulations. Information given in the management report and in other documents with respect to the financial position and the financial statements provided to the shareholders We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the Board of Directors and in other documents with respect to the financial position and the financial statements provided to the shareholders. We attest the fair presentation and the consistency with the financial statements of the information relating to payment ratios mentioned in Article D. 441-6 of the French Commercial Code (Code de commerce). Report on Corporate Governance We attest that the Board of Directors’ Report on Corporate Governance sets out the information required by Articles L. 225- 37-4, L. 22-10-10 et L. 22-10-9 of the French Commercial Code (Code de commerce). Concerning the information given in accordance with the requirements of Article L. 22-10-9 of the French Commercial Code (Code de commerce) relating to the compensation and benefits received by, or allocated to the directors and any other commitments made in their favour, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from companies controlled thereby, included in the consolidation scope. Based on these procedures, we attest the accuracy and fair presentation of this information. With respect to the information relating to items that your company considered likely to have an impact in the event of a takeover bid or exchange offer, provided in accordance with the provisions of Article L.22-10-11 of the French Commercial Code, we have agreed this information to the source documents communicated to us. Based on these procedures, we have no observations to make on this information. Other information In accordance with French law, we have verified that the required information concerning the acquisition of investments and controlling interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the management report. Report on Other Legal and Regulatory Requirements Format of presentation of the financial statements intended to be included in the annual financial report We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the statutory auditor relating to the annual and consolidated financial statements presented in the European single electronic format, that the presentation of the financial statements intended to be included in the annual financial report mentioned in Article L. 451-1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared under the responsibility of the President and CEO, complies with the single electronic format defined in the European Delegated Regulation No. 2019/815 of 17 December 2018. Based on the work we have performed, we conclude that the presentation of the financial statements intended to be included in the annual financial report complies, in all material respects, with the European single electronic format. We have no responsibility to verify that the financial statements that will ultimately be included by your company in the annual financial report filed with the AMF correspond to those which we have performed our work on. Appointment of the Statutory Auditors We were appointed as statutory auditors of Eramet S.A. by your combined shareholders’ meeting of May 29, 2015 for KPMG SA and by your combined shareholders’ meeting of May 28, 2021 for GRANT THORNTON. At 31 December 2025, KPMG SA was in the eleventh year of its uninterrupted engagement and GRANT THORNTON in the fifth year. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with French accounting principles and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations. The Audit, Risks and Ethics Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The financial statements were approved by the Board of Directors. 220 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Statutory Auditors’ Responsibilities for the Audit of the Financial Statements Objectives and audit approach Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As specified in Article L. 821‑55 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company. As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore : • Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the financial statements. • Assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein. • Evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation. Report to the Audit, Risks and Ethics Committee We submit to the Audit, Risks and Ethics Committee a report which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report significant deficiencies, if any, in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit, Risks and Ethics Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the financial statements of the current period and which are therefore the key audit matters that we are required to describe in this report. We also provide the Audit, Risks and Ethics Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/ 2014, confirming our independence within the meaning of the rules applicable in France as set out in particular in Articles L. 821‑27 to L. 821‑34 of the French Commercial Code (Code de commerce) and in the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes). Where appropriate, we discuss with the Audit, Risks and Ethics Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards. Paris La Défense and Neuilly-sur-Seine, April 3, 2026 The Statutory Auditors French original signed by The Statutory Auditors, KPMG S.A. Grant Thornton French member firm of Grant Thornton International Laurent Genin Jérémie Lerondeau Jean-Francois Baloteaud Alexandre Mikhail Partner Partner Partner Partner 2 221ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Statutory auditors’ report on related party agreements Annual General Meeting held to approve the financial statements for the year ended 31 December 2025 This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users. This statutory auditors’ report includes information required by European regulations and French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to the shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Annual General Meeting of Eramet, In our capacity of the statutory auditors of your Company, we hereby present to you our report on the related party agreements. We are required to inform you, on the basis of the information provided to us, of the terms and conditions of those agreements indicated to us, or that we may have identified in the performance of our engagement, as well as the reasons justifying why they benefit the Company. We are not required to give our opinion as to whether they are beneficial or appropriate or to ascertain the existence of other agreements. It is your responsibility, in accordance with Article R.225-31 of the French Commercial Code (Code de commerce), to assess the relevance of these agreements prior to their approval. We are also required, where applicable, to inform you in accordance with Article R.225-31 of the French Commercial Code (Code de commerce) of the continuation of the implementation, during the year ended 31 December 2025 , of the agreements previously approved by the Annual General Meeting. We performed those procedures which we deemed necessary in compliance with the professional guidance issued by the French Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this type of engagement. These procedures consisted in verifying the consistency of the information provided to us with the relevant source documents. Agreements submitted for approval to the Annual General Meeting In accordance with Article L.225-38 of the French Commercial Code (Code de commerce), we have not been notified of any related party agreements authorized during the year ended 31 December 2025 that should be submitted to the approval of the Shareholders’ Meeting. Agreements previously approved by the Annual General Meeting Agreements approved in prior years In accordance with Article R.225-30 of the French Commercial Code (Code de commerce), we have been notified that the implementation of the following agreements, which were approved by the Annual General Meeting in prior years, continued during the year ended 31 December 2025. With Société Le Nickel-SLN Person performing the duties of director at both companies: Mrs. Christel Bories (President and CEO of your Company) 1. Technical assistance contract Nature and purpose Under the terms of the technical assistance contract signed in 1999, your Company provides general support to Société Le Nickel-SLN in strategic, industrial, financial, tax and human resource management matters. This agreement was amended with retroactive effect from 1 January 2010. Terms and conditions The services are remunerated on the basis of the costs actually incurred by your Company for these services, plus a margin of 8%. Exceptionally, as part of the operational support provided by the Company to SLN, these services were not invoiced for 2025 as for 2024. 222 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts 2. Marketing agreement Nature and purpose The marketing agreement entered into between your Company and Société Le Nickel-SLN in 1985, under which your Company markets the products of Société Le Nickel-SLN (excluding ore), was amended with retroactive effect as from 1 January 2010. Terms and conditions Under this agreement, your Company purchased nickel matt and ferro-nickel from Société Le Nickel-SLN, based on a purchase price at which Eramet could realise a 3% sales margin plus a bonus, the calculation terms and trigger threshold price of which have been redefined. The total amount of purchases billed by Société Le Nickel-SLN to your Company was €381,927,429 in 2025 compared with €374,857,837 in 2024. Under the same agreement, your Company, as an agent of Société Le Nickel-SLN, billed Société Le Nickel-SLN a 1.5% commission on sales of low-grade or intermediate-grade ore or washing by-products or Demag slag. Exceptionally, as part of the operational support provided by the Company to SLN, these services were not invoiced for 2025 as for 2024. Under an amendment that took effect on 9 May 2016, the terms for full or partial early payment were set at the fourth business day of the month, in exchange for remuneration at a rate of 1-month Euribor + 2.10% Paris La Défense and Neuilly-sur-Seine, April 3, 2026 The Statutory Auditors French original signed by KPMG S.A. Grant Thornton French member firm of Grant Thornton International Laurent Genin Jérémie Lerondeau Jean-Francois Baloteaud Alexandre Mikhail Partner Partner Partner Partner 2 223ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Table of the financial results of the Company over the past five years 2021 2022 2023 2024 2025 SHARE CAPITAL AT END OF PERIOD a) Share capital 87,702,893 87,702,893 87,702,893 87,702,893 87,702,893 b) Number of shares issued 28,755,047 28,755,047 28,755,047 28,755,047 28,755,047 OPERATIONS AND RESULTS FOR THE YEAR (IN THOUSANDS OF EUROS) a) Turnover excluding tax 1,069,505 1,193,329 3,158,634 2,896,113 2,653,944 b) Result before tax, employee shareholding, depreciation, amortisation and provisions 87,115 358,411 (274,170) 67,200 (110,431) c) Income tax 74,646 88,539 4,370 4,577 1,653 d) Employee shareholding 2,067 1,358 225 13 - e) Result after tax, employee shareholding, depreciation, amortisation and provisions 330,923 142,591 (6,689) (84,975) (219,136) f) Amount of proposed dividend 71,888 100,643 43,133 43,133 - EARNINGS PER SHARE (IN EUROS) a) Result after tax, employee shareholding but before depreciation, amortisation and provisions 0.36 9.34 (9.69) 2.18 (3.90) b) Result after tax, employee shareholding, depreciation, amortisation and provisions 11.51 4.96 (0.23) (2.96) (7.62) c) Proposed dividend per share 2.50 3.50 1.50 1.50 - PERSONNEL a) Average number of employees 201 224 445 481 486 b) Payroll (in thousands of euros) 42,423 41,843 65,504 72,328 69,340 c) Sums paid for social security benefits (in thousands of euros) 15,709 15,557 29,373 29,957 42,252 224 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS 2025 Statutory accounts Invoices received and issued not settled at the end of the financial year and past due (table provided under I of Article D.441-4) (in thousands of euros) Article D. 441.-I°: Invoices received and not settled at the end of the financial year and past due Article D. 441.-I°: Invoices issued and not settled at the end of the financial year and past due 0 day (for informati on) 1–30 days 31–60 days 61–90 days 91 days or more Total (1 day or more) 0 day (for informati on) 1–30 days 31–60 days 61–90 days 91 days or more Total (1 day or more) LATE PAYMENT TRANCHES Number of invoices concerned 295 343 11 1,334 Total amount of invoices concerned inc. tax 35,775 -2,393 122 19 81 -2,172 427 16,143 5,644 1,873 17,540 41,200 Percentage of total amount of purchases in the year inc. tax 1.33 -0.09 0 0 0 -0.08 Percentage of sales for the year inc. tax 0.02 0.59 0.21 0.07 0.65 1.52 INVOICES EXCLUDED (A) RELATING TO DISPUTED OR UNBOOKED PAYABLES AND RECEIVABLES Number of invoices excluded 0 0 Total amount of invoices excluded inc. tax 0 0 REFERENCE PAYMENT PERIODS USED (CONTRACTUAL OR LEGAL – ARTICLE L. 441-6 OR ARTICLE L. 443-1 OF THE FRENCH COMMERCIAL CODE) Payment periods used to calculate late payments Contractual periods Contractual periods Reincorporation of general costs and sumptuary expenses Not applicable. 2 225ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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2 CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Consolidated financial statements for 2024 and 2023 2.3 Consolidated financial statements for 2024 and 2023 In accordance with Article 19 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, the following information is included by reference in this Universal Registration Document: a) For the financial year ended 31 December 2024, the consolidated financial statements and the individual financial statements as well as the reports of the Statutory Auditors relating thereto and their special report on regulated agreements and commitments and the M anagement R eport appearing respectively in Chapter 2 “Consolidated financial statements and individual financial statements” (pages 117-235), the Integrated Report (page 2) and Chapter 1 “Activities” (pages 59 et seq.) of the 2024 Universal Registration Document filed with the Autorité des marchés financiers (AMF) on 3 April 2025 under number D. 25- 0221. b) For the financial year ended 31 December 2023, the consolidated financial statements and the individual financial statements, the reports of the Statutory Auditors relating thereto and their special report on regulated agreements and commitments and the Management Report appearing respectively in Chapter 2 “Consolidated financial statements and individual financial statements” (pages 116-231), the Integrated Report (page 26) and Chapter 1 “Activities” (pages 55, 67 and 79) of the 2023 Universal Registration Document filed with the Autorité des marchés financiers (AMF) on 10 April 2024 under number D. 24-0268. The parts not included in the 2022 and 2023 Universal Registration Documents are either not applicable to investors or are covered elsewhere in this Universal Registration Document. The two documents cited above are available on the Company’s website (www.eramet.com) and on the AMF’s website (www. amf-france.org). 2.4 Dividend distribution policy Dividend payment methods Dividends are paid out annually at the time and place established by the Shareholders’ Meeting, or, failing this, by the Board of Directors, within a maximum period of nine months from the end of the financial year. Dividends duly received cannot be repeated. An interim dividend may be paid out before the date of the Shareholders’ Meeting, by setting the amount, as decided by the Board of Directors, under the conditions established in Article L. 232-12, paragraph 2, of the French Commercial Code. It may be proposed to shareholders, in whole or in part, that they opt for payment in new shares of the Company, under the conditions of Article L. 232-18, paragraph 1 of the French Commercial Code. In accordance with the provisions in force in France, the limitation period for unclaimed dividends is five years from their payment date. Unclaimed sums are paid to the French State, in accordance with the applicable provisions. Allocation and division of results (Article 24 of the Articles of Association) "From the net profits, as defined by law, less previous losses where applicable, 5% shall be deducted to establish the reserve fund provided for by law, until this fund has reached one-tenth of the share capital. Distributable profit is made up of net profit for the financial year, less previous losses and the deduction provided above and increased by profit carryforwards. From the distributable profit, the Ordinary Shareholders’ Meeting may deduct any sum it deems appropriate to set, either to be carried forward to the next financial year, or to be carried in one or more reserve funds, general or special, the assignment or use of which it shall determine. Any surplus shall be distributed evenly across all of the shares. The Shareholders’ Meeting may grant each shareholder, for all or part of the dividend distributed, the option of a dividend payment in shares under legal conditions, or in cash." Table of allocation of 2025 result The proposed allocation of the 2025 result and the recap of the dividends paid over the last three financial years appear in the resolutions proposed to the next Shareholders’ Meeting in the Shareholders’ Meeting chapter of this document. 226 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CONSOLIDATED FINANCIAL STATEMENTS AND INDIVIDUAL FINANCIAL STATEMENTS Dividend distribution policy Dividend policy Payment methods The Company does not usually pay out an interim dividend. Dividends are paid out each year after the Shareholders’ Meeting called to vote on the management and the financial statements for the previous year. A mixed pay-out in cash and in shares may be proposed as an option for shareholders. Amount of dividend The Company strives to pay regular, substantial dividends. 2 227ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 Corporate Governance Report 3.1 GOVERNANCE INFORMATION 230 3.1.1 The Board of Directors and its Committees 230 3.1.2 Senior Management methods and practices 261 3.1.3 Miscellaneous provisions 262 3.2 INFORMATION RELATING TO THE COMPENSATION OF MANAGEMENT AND ADMINISTRATION BODIES 263 3.2.1 Ex-Post Say On Pay – Total compensation and benefits paid during the 2025 financial year or granted during this financial year to the directors 264 3.2.2 Components of compensation paid or granted for the 2025 financial year submitted for shareholder approval 285 3.2.3 Ex-Ante Say On Pay – Compensation policy for directors for the 2026 financial year 293 229ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information This report, provided for in the last paragraph of Article L. 225-37 of the French Commercial Code, covers the points provided for in Articles L. 225-37-4, L. 22-10-9, L. 22-10-10 and L. 22-10-11 of the French Commercial Code. 3.1 Governance information 3.1.1 The Board of Directors and its Committees 3.1.1.1 Composition of the Board of Directors – Lead Director The Articles of Association specify that the Company is administered by a Board of Directors with seventeen members at most. Where relevant, the members include a State representative and directors appointed on the proposal of the State, pursuant to Articles 4 and 6 of Order No. 2014-948 of 20 August 2014 on the governance and share capital transactions of partially state-owned companies. Under this Order, one G overnment representative (Mr Romain Valenty) was appointed successively by the decrees of 18 October 2022 and 23 May 2023. Furthermore, in accordance with Article L. 22-10-7 of the French Commercial Code and Article 10.9 of the Articles of Association, two directors representing employees were appointed, one by the Social and Economic and the other by the European Works Council. Their term of office is four years from their appointment. In accordance with the Shareholders’ Agreement of 16 March 2012 between Sorame and CEIR, on the one hand, and FSI Equation (wholly owned by the State) on the other, as set out in section 6.4 of this document, entitled “Eramet and its shareholders”, the Board of Directors is comprised as follows: • eight directors, proposed by the Sorame-CEIR concerted action, including at least three independent directors: the Sorame-CEIR concerted action proposed the appointment of Mr Jérôme Duval, Ms Nathalie de La Fournière, Ms Héloïse Duval and Ms Manoelle Lepoutre, as well as four directors classed as independent by the Board of Directors: Mr François Corbin, Ms Miriam Maes, Mr Émeric Burin des Roziers and Ms Christine Coignard; • five directors, proposed by the APE, of whom at least two independent directors; Mr Romain Valenty was appointed as Government representative by order of the Minister of the Economy in accordance with Order No. 2014-948 of 20 August 2014, and the State proposed the appointment of Mr. Jean-Yves Gilet, as well as three directors classed as independent by the Board of Directors: Ms Solenne Lepage, Mr Ghislain Lescuyer and Mr Arnaud Soirat; • two directors proposed by STCPI (Mr Jean-Philippe Vollmer, the second post being currently vacant); • one director proposed by mutual agreement of Sorame- CEIR and the APE (Murielle Minkoué Mézui from 27 May 2026); • one director called on to chair the Board of Directors (Christel Bories). In accordance with the Articles of Association and the Directors’ Charter, each individual director must become the holder of one hundred shares within eighteen months of joining the Board and retain them for the duration of their term of office. The current terms of office of the 15 directors appointed by the Shareholders’ Meeting are as follows: eight terms of office will expire during the Shareholders’ Meeting called to approve the financial statements for the financial year ended 31 December 2026, three terms of office will expire during the Shareholder’s Meeting called to approve the financial statements for the financial year ending 31 December 2027, four terms of office will expire during the Shareholders’ Meeting called to approve the financial statements for the financial year ending 31 December 2028. Other member of the Board of Directors (without voting rights): Mr Jean-Philippe Letellier (delegate of the Social and Economic Committee). 230 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Lead Director The Articles of Association provide that, after seeking the opinion of the Appointments Committee, the Board may appoint a Lead Director, chosen from among the independent directors. The Lead Director’s duties include: ensuring that the Company’s governance bodies function effectively; collaborating with the Compensation and Governance Committee in the annual self-assessment and three-year external assessment of the Board; and organising at least one annual meeting between the non- executive Board members and the independent directors to facilitate access, on the part of directors – whether independent or not – to the information they require to perform their duties in the best conditions possible. The full list of the Lead Director’s duties is set out in the Company’s internal regulations, which is regularly updated and published on the Company’s website. The Board appointed Mr François Corbin as Lead Director with effect from 30 March 2021 and reappointed him on 23 May 2023. During 2025, the Group's governance changed and the decision was made to retain the role of Lead Director in order to contribute to the proper functioning of governance, particularly in this new context. The exercise of this position has given rise to the following achievements: • preventing conflicts of interest: the Group guarantees that directors have no ongoing conflicts of interest vis-à- vis their various duties. When opening each session, the Chair asks each director to indicate whether they have a conflict of interest regarding one of the agenda items. If a director in fact does, they must leave the meeting; this is overseen by the Lead Director; • organising non-executive meetings: from 26 May 2025 to 1 February 2026, Eramet's executive corporate officer did not sit on the Board and only took part in certain Board meetings. As a result, the Board regularly held non-management sessions; • organising meetings solely for independent directors: this meeting took place on 18 December 2025. Feedback on this was given to the Chair and Chief Executive Officer (CEO); • ensuring a clear structure for the roles of Chair and CEO, and that Committee meetings run smoothly: the Lead Director meets frequently with the Chair and CEO for this purpose; • participating, in collaboration with the Compensation and Governance Committee, in the annual self-evaluation. The Lead Director was involved in the 2025 assessment; • discussing the Group’s governance issues. The Lead Director makes himself available to the shareholders who so request. He also takes the initiative to regularly meet with the shareholders of the concerted action, making every effort to anticipate any differences of opinion that may arise. Said shareholders also regularly take the initiative to meet with the Lead Director. 3 231ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information On the date of filing of the URD Committees Christel Bories 61 F (French) 1 23/05/2017 (8) 2028 100% ● Émeric Burin des Roziers (1) 45 M (French) 0 23/05/2019 (6) 2026 100% ● Christine Coignard (1) 62 F (French and Canadian) 1 23/05/2017 (7) 2028 78% C ● François Corbin (1) (2) 68 M (French) 0 23/05/2019 (5) 2026 100% ● ● ● Jérôme Duval 53 M (French) 0 23/05/2019 (5) 2026 100% ● ● Héloïse Duval 37 F (French) 0 23/05/2023 (1) 2026 100% Jean-Yves Gilet 70 M (French) 0 23/07/2016 (9) 2026 100% ● Nathalie de La Fournière 58 F (French) 0 29/05/2015 (10) 2026 100% ● ● ● Solenne Lepage (1) 54 F (French) 0 22/03/2024 (1.5) 2028 89% Manoelle Lepoutre 66 F (French) 1 11/05/2011 (15) 2026 89% ● Ghislain Lescuyer (1) 68 M (French) 0 23/05/2023 (2) 2026 100% C C Miriam Maes (1) 69 F (Dutch) 1 27/05/2016 (9) 2027 78% C ● Murielle Minkoué Mézui 55 F (Gabonese) 0 from 27/05/2026 2028 N/A Nicolas Noël (3) 48 M (French) 0 23/06/2022 (2) 22/06/2026 100% ● Franck Pecqueux (3) 56 M (French) 0 12/11/2022 (2) 11/11/2026 100% ● Arnaud Soirat (1) 61 M (French and Australian) 0 30/05/2024 (1.5) 2027 100% ● ● Romain Valenty (4) 42 M (French) 0 18/10/2022 (3) N/A 89% ● ● ● ● Jean-Philippe Vollmer 49 M (French) 0 15/10/2020 (5) 2027 78% C Committee Chair. (1) Independent director. (2) Lead Director. (3) Director representing employees. (4) Government representative. Age Women/Men/ Nationality Number of terms of office in listed companies excluding Eramet Initial date of appointment/ Seniority on the Board (in years) End of term of office (at close of financial year) Attendance rate at Board of Directors’ meetings in 2025 CSR and Strategy Committee Audit, Risks and Ethics Committee Appointments Committee Compensation and Governance Committee 232 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information 3.1.1.2 Detail of terms of office Full details of the composition of the Board of Directors and of the terms of office of its members at the date of this report can be found below. Christel Bories DIRECTOR (D) CHAIR OF THE BOARD, ACTING CHIEF EXECUTIVE OFFICER (1) Age: 61 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 55,340 (80,899 voting rights) Training and professional career Christel Bories joined Eramet in February 2017 and served as Chair and Chief Executive Officer of Eramet Group from May 2017 to May 2025. In addition, since 2012, she has been a Director and Chair of Committees of other listed companies (Smurfit Kappa, then Legrand and now Forvia). Christel Bories was previously Deputy CEO of Ipsen (listed company) from 27 February 2013 until March 2016. Before that, she held various positions of responsibility with the Pechiney Group from 1995 onwards. After Pechiney was taken over by the Alcan Group in 2003, Christel Bories was appointed Chair and CEO of Alcan Packaging, and then Chair and CEO of Alcan Engineered Products, and finally CEO of Constellium (formerly Alcan), from which she resigned in 2012. From 1993 to 1995, she was Director of Strategy and Control at Umicore. She began her career in 1986 as a strategy consultant at Booz-Allen & Hamilton, and then at Corporate Value Associates. Christel Bories is a graduate of the École des Hautes Études Commerciales (HEC Paris). Date of first appointment Director and Chair-CEO: Shareholders’ and Board Meeting of 23 May 2017 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meetings of 28 May 2021 and 26 May 2025, each for a four-year term Expiry date: Shareholders’ Meeting called to approve the 2028 financial statements Other offices held • Within Group companies – None • Within non-Group companies (listed and unlisted companies) – Director of Forvia (listed company) – Director of the France Industrie organisation Offices held and completed during the past five years • Within non-Group companies – Director of Legrand (listed company) (until 31 May 2023) – Director of Smurfit Kappa (listed company) (until December 2019) • Within Group companies – Director of Le Nickel SLN (until 21 September 2023) – Director of Comilog SA(until September 2025) (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. (1) On 1 February 2026, the Board of Directors appointed Christel Bories as Group Chief Executive Officer for an interim period, while a process to appoint a new Chief Executive Officer is conducted. Once this appointment has been finalised, the functions of Chair and Chief Executive Officer will again be separated. 3 233ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Émeric Burin des Roziers INDEPENDENT DIRECTOR (D) Age: 45 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 1,067 (1,938 voting rights) Training and professional career Émeric Burin des Roziers is the Chair of Heos. From 2023 to 2025, he was CEO of the NW Group, the first French energy transition unicorn, specialising in distributed electricity storage units and high- power EV charging stations. From 2016 to 2022, he was Deputy CEO of Engie Solution’s Industry BU and CEO of Endel, the French leader in nuclear maintenance, which at the time was a subsidiary of Engie. From 2023 to 2025, Émeric Burin des Roziers was CEO of the NW Group, the first French unicorn in the energy transition sector, specialising in distributed energy storage and high-power EV charging stations. From 2011 to 2016, he served the Eramet Group in a series of capacities: as Director of Business Development of the Manganese Branch, as CEO of the Recycling activity and as Director of Central Operations Restructuring. He has previously worked for the Ministry of Energy as adviser and then Deputy Cabinet Director to the Minister. He began his career in 2003 as a consultant with the Boston Consulting Group. Émeric Burin des Roziers graduated from the École Polytechnique and ENSTA. Date of first appointment Shareholders’ Meeting of 23 May 2019 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meeting of 23 May 2023, for a four-year term Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted companies) – Chair of Heos (since July 2022) Offices held and completed during the past five years – Chair of Endel SAS and of Technical Engineering Support SAS (an Endel subsidiary) (until April 2022) – Manager of SN Europipe (until April 2022) – CEO of NW Energy and NW Storm (until January 2026) (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 234 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Christine Coignard INDEPENDENT DIRECTOR (A) (D) Age: 62 (E) Nationality: French and Canadian Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 418 (518 voting rights) Training and professional career Christine Coignard has been a Managing Partner of the former Coignard & Haas, now CHInvest GmbH, a strategy and development consultancy since 2001, where she holds senior management and financing consultancy positions for several clients, mainly active in the mining sector. Christine Coignard was Head of Investments and Financing at Norilsk Nickel from 1997 to 2000 and has worked for the investment firm Interros. She began her career in 1988 at the Royal Bank of Canada (1988-1991), followed by Société Générale (1991-1994) and Citibank (1994-1996). Christine Coignard is a graduate of EM Lyon and holds an MBA from the Schulich School of Business (Canada). Date of first appointment Shareholders’ Meeting of 23 May 2017 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meeting of 28 May 2021, for a four-year term Expiry date: Shareholders’ Meeting called to approve the 2024 financial statements Other offices held • Within Group companies None • Within non-Group companies (listed and unlisted companies) – Managing Partner of CHInvest GmbH (Germany) – Director of Ecora Resources plc (listed company – United Kingdom and Canada) Offices held and completed during the past five years – Director of Rigel Resource Acquisition Corporation (listed company – United States) from 2021 to 2025 (A) Audit, Risks and Ethics Committee. (D) CSR and Strategy Committee (Chair). (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 235ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information François Corbin LEAD DIRECTOR – INDEPENDENT DIRECTOR (A) (B) (C) Age: 68 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 2,101 (3,201 voting rights) Training and professional career François Corbin is Vice President of Medef International in charge of coordination in the ASEAN region, and the French Minister for Europe and Foreign Affairs’ special representative for economic relations in the ASEAN region. François Corbin joined the Michelin Group in 2004 where he worked until 2021, holding senior management positions in Business Units in France and abroad, then as member of the Group’s Executive Committee, where he supervised the geographical areas of the world, the Strategy and Mergers & Acquisitions Department, and then as General Delegate for International Affairs to the Chair of the Michelin Group. François Corbin began his career in 1980 at the Pechiney Group, where he held several positions as head of the operating department, after which he was Human Resources Director and Business Units Chief Executive Officer. François Corbin graduated from the École Centrale de Paris. Date of first appointment Shareholders’ Meeting of 23 May 2019 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meeting of 23 May 2023, for a four-year term Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted companies) – Director and Vice-President Medef International (France) – Director, Medef International (United States) Offices held and completed during the past five years – Director, France/China Committee (until 2020) (A) Audit, Risks and Ethics Committee. (B) Compensation and Governance Committee. (C) Appointments Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 236 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Jérôme Duval DIRECTOR (A) (D) Age: 53 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Cousin of Héloïse Duval and Nathalie de La Fournière Eramet shares held: 600 (1,200 voting rights) Indirect holding: CEIR and Sorame shareholder Training and professional career Jérôme Duval has been Director of Intermodal Financing Activities at Crédit Agricole CIB since September 2022. He was previously Director of Maritime and Americas Intermodal Financing at Crédit Agricole CIB New York from 2013. In New York, he established the regional maritime financing platform and went on to create the "Intermodal" financing activity for the bank. He began his career at Crédit Lyonnais in New York, followed by experience in professional client coverage at Crédit Agricole in Île-de-France. He then joined Crédit Agricole CIB where, after coordinating international maritime financing activities, he developed a portfolio of the sector’s key accounts from London. Jérôme Duval holds a Director’s certificate from Sciences Po-IFA and a Master’s degree from ISG. Date of first appointment Shareholders’ Meeting of 23 May 2019 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders' Meeting of 23 May 2023 for a four-year term (as representative of Sorame) Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted companies) – Chair of SORAME SAS – CEO of CEIR SAS Offices held and completed during the past five years None (A) Audit, Risks and Ethics Committee. (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 237ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Héloïse Duval DIRECTOR (D) Age: 37 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Cousin of Jérôme Duval and Nathalie de La Fournière Eramet shares held: 100 (100 voting rights) Indirect holding: CEIR and Sorame shareholder Training and professional career Héloïse Duval is a Mergers & Acquisitions Project Director for the SEB Group. She joined the Group in 2018 in the Group Strategy and Mergers & Acquisitions Department, where she coordinated strategic projects and oversaw the integration of acquired companies. She has been focused solely on M&A projects since 2021. Héloïse Duval began her career with Unibail-Rodamco-Westfield, where she was responsible for investments and transaction structuring. Héloïse Duval has a degree from the École des Hautes Études Commerciales (HEC Paris) and holds a Director’s certificate from Sciences Po-IFA. Date of first appointment Shareholders’ Meeting of 23 May 2023 Date of last reappointment, and expiry date of term of office Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted company) – CEO of SORAME SAS Offices held and completed during the past five years (non-Group companies) (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 238 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Jean-Yves Gilet DIRECTOR (D) Age: 70 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 100 (100 voting rights) Training and professional career Jean-Yves Gilet has been Chair of Gilet Trust Invest SAS, a strategy and management consulting company, since 2017. He is an engineer in the Corps des Mines. Jean-Yves Gilet was Executive Director of BPI France from 2013 to 2016 and prior to that, CEO of the Fonds Stratégique d’Investissement (FSI) from 2010 to 2013. Beginning in 1990, he held various senior management roles in the Usinor Sacilor Group, including as CEO of Acesita in Brazil (1998-2002), followed by Arcelor (2002-2005) and ArcelorMittal (2006-2010). After having held various positions in the Direction Générale de l’Industrie (DGI) and DATAR (1981- 1988), Jean-Yves Gilet was Cabinet Director to the Deputy Minister in charge of Regional Planning and Conversions (1988-1990). He began his career in 1981 as deputy to the Regional Director of Industry and Research in Picardy. Jean-Yves Gilet is a graduate of the École Polytechnique and the École Nationale Supérieure des Mines de Paris (ENSMP). Date of first appointment Co-opted by the Board on 23 September 2016 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meetings of 23 May 2019 and 23 May 2023, each for a four-year term Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted companies) – Chair of Gilet Trust Invest SAS – Director of Fondation Mines-Télécom (since 2017) – Chair of Initiative Grandes Écoles et Université (since 2020) – Member of the Supervisory Board of la Brigade du Buyer (since 2022) – Member of the Supervisory Board of Thermo Technologie (since 2023) – Director of Telos Transition (Brazil) (since 2022) Offices held and completed during the past five years None (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 239ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Nathalie de La Fournière DIRECTOR (B) (C) Age: 58 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Cousin of Jérôme Duval and Héloïse Duval Eramet shares held: 100 (200 voting rights) Indirect holding: CEIR and Sorame shareholder Training and professional career Nathalie de La Fournière is currently Secretary General of the Toulouse Aire Métropolitaine Planning and Development Agency, having previously been in charge of the Finance Department and the Human Resources Department. Since 1999, she has held positions as research officer and Research Director at the Toulouse Aire Métropolitaine Planning and Development Agency. Nathalie de La Fournière began her career in 1990 at the RATP as a research officer followed by operational manager of the network. Nathalie de La Fournière graduated from the École Centrale de Paris and holds a Master’s degree in auditing and management control from Toulouse Business School, as well as a Director’s certificate from Sciences Po-IFA. Date of first appointment Shareholders’ Meeting of 29 May 2015 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meetings of 23 May 2019 and 23 May 2023, each for a four-year term (as representative of CEIR) Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted company) – CEO of Sorame SAS Offices held and completed during the past five years None (B) Compensation and Governance Committee. (C) Appointments Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 240 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Solenne Lepage INDEPENDENT DIRECTOR Age: 54 (E) Nationality: French Business address: ASF - 24, Avenue de la Grande Armée, 75017 Paris, France Eramet shares held: 100 (100 voting rights) Training and professional career Since 15 January 2024, Solenne Lepage has been General Delegate of the Association française des Sociétés Financières (ASF – French Association of Financial Companies). From April 2019 to that date, Solenne Lepage was Deputy CEO at the French Banking Federation (FBF) where she was in charge of the retail and remote banking, digital, payments and operational resilience departments, as well as the legal and compliance department. Appointed Head of the “EDF and other shareholdings” office of the French Government shareholding agency in 2009, she was, from 2012 to 2019, Director of Transportation Shareholdings at the French Government shareholding agency and was a member, as Government representative, of the Boards of Directors of Air France-KLM, Aéroports de Paris, SNCF Mobilités and RATP. A graduate of the École nationale des chartes, holder of a degree in philosophy and an MPhil in history, a graduate of the Institut d’études politiques de Paris and the École nationale d’administration, Solenne Lepage began her career in 2002 as Deputy Head of the State Shareholdings Department at the Ministry of Economy, Finance and Industry, then Deputy Head of the European Coordination and Strategy Office at the Treasury and Economic Policy Directorate General. In 2006, she joined HSBC France as Customer Relations Manager for Large Companies in the banking and insurance sector. Date of first appointment Co-opted by the Board of Directors on 22 March 2024 Date of last reappointment, and expiry date of term of office Expiry date: Shareholders’ Meeting called to approve the 2024 financial statements Other offices held • Within Group companies None • Within non-Group companies None Offices held and completed during the past five years (non-Group companies) None (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 241ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Manoelle Lepoutre DIRECTOR (D) Age: 66 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris Eramet shares held: 100 (200 voting rights) Training and professional career Manoelle Lepoutre has been President of the French Academy of Technologies since 1 January 2026 and has been working as a strategy and CSR consultant at MSML Tech Conseil since June 2022. Manoelle Lepoutre has worked in the energy sector for many years, at ELF and then at TotalEnergies. She has held various corporate positions within the Group: SVP, Sustainable Development in 2009, SVP, Human Resources (Managers and High-Flyers) in 2013 and SVP, Civil Society Engagement (CSR) from 2016 to the end of 2021. In 2004, she was appointed R&D Director of the Exploration & Production division. In 2000, she was appointed to the Executive Committee of Total E&P USA, where she held the position of Geosciences SVP, responsible for exploration and the management of permits and reserves for North America. In 1998, she was appointed to the Executive Committee of Elf Norge, as Exploration SVP. Her career began in 1982 in the exploration and production sector, and she has held various roles in exploration and R&D in France and the Netherlands. Manoelle Lepoutre is a graduate of the École Nationale Supérieure de Géologie de Nancy (ENSG) and the École Nationale Supérieure des Pétroles et des Moteurs (ENSPM). Date of first appointment Shareholders’ Meeting of 11 May 2011 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meetings of 29 May 2015, 23 May 2019 and 23 May 2023, each for a four‑year term Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted companies) – Since 1 January 2026, President of the French Academy of Technologies (administrative public body), prior to which she was Vice-President responsible for promotion (from 2024) – Director of the TotalEnergies Foundation (since 2025) – Permanent representative of Arosco (Director of Arverne Group) (listed company) since November 2024 – Director of several non-profits (Chair of lndustreet) Offices held and completed during the past five years – Co-Chair of the CCUS working group of the French Energy Regulatory Commission (Commission de régulation de l’énergie – CRE) (until 2025) (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 242 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Ghislain Lescuyer INDEPENDENT DIRECTOR (B) (C) Age: 68 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 300 (300 voting rights) Training and professional career From 2015 to April 2022, Ghislain Lescuyer was Chair of the Management Board and then CEO of the Saft Group following its acquisition by TotalEnergies; he founded the Automotive Cells Company (a JV between Stellantis, Daimler and Saft/TotalEnergies), where he was Chair of the Board of Directors from September 2020 to September 2022. In 2007, he was appointed Executive Vice-President of Areva T&D’s Products division, then, when it was taken over by Alstom, Senior Vice-President of Strategy & Development and Chief Information Officer (2010-2015). In 2003, he became a member of the Executive Committee and Director of various activities with Thomson/Technicolor in France and the United States. From 2000 to 2003, he was Managing Director of Europ@web (Arnault Group). Within the Bull Group (1994-1999), he was a member of the Executive Committee and led various Divisions. Ghislain Lescuyer began his career as a Sales Engineer at SAT and Hewlett Packard, before becoming a consultant at McKinsey (1989-1994). Ghislain Lescuyer holds degrees from Télécom Paris (1980) and INSEAD (MBA 1988). Date of first appointment Shareholders’ Meeting of 23 May 2023 Date of last reappointment, and expiry date of term of office Expiry date: Shareholders’ Meeting called to approve the 2026 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted company) – Chair of GreenTouch Conseil Offices held and completed during the past five years (non-Group companies) – Chair of the Management Board (2015/2016), then CEO of SAFT SAS (Paris) (until April 2022) – Chair of the Board of Directors of Automotive Cells Company (European Company – Paris) (until September 2022) (B) Compensation and Governance Committee (Chair). (C) Appointments Committee (Chair). (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 243ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Miriam Maes INDEPENDENT DIRECTOR (A) (B) Age: 69 (E) Nationality: Dutch Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 100 (200 voting rights) Training and professional career Since 2007, Miriam Maes has been Chair of Foresee, a London-based consulting firm that provides sustainable development and energy management advice to companies. She worked in the energy sector from 2002 to 2007, and was CEO of EDF Energy Development in London from 2003 to 2007. Prior to that, Miriam Maes held senior management roles in Europe in several international groups in the agri-food sector (Unilever and Imperial Chemical Industries). Her career began in marketing in 1977. Miriam Maes holds a degree in business administration from the Nijenrode Business School. Date of first appointment Appointed by the Ordinary Shareholders’ Meeting of 27 May 2016 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meetings of 26 May 2020 and 30 May 2024, each for a four‑year term Expiry date: Shareholders’ Meeting called to approve the 2027 financial statements Other offices held • Within Group companies None • Within non-Group companies (listed and unlisted companies) – Director of Assystem SA (France) (listed company) – Chair of Foresee (United Kingdom) Offices held and completed during the past five years – Director of Urenco (England) and member of the Supervisory Board of Ultra Centrifuge Netherlands (Netherlands) until 30 September 2023 – Chair of the Supervisory Board of the Port of Rotterdam (Netherlands) (until 31 December 2023) (A) Audit, Risks and Ethics Committee (Chair). (B) Compensation and Governance Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 244 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Murielle Minkoué Mézui DIRECTOR (FROM 27 MAY 2026) Age: 55 (E) Nationality: Gabonese Business address: Presidency of the Gabonese Republic, Libreville, Gabon Training and professional career Murielle Minkoué Mézui has held the position of Secretary General of the Presidency of the Gabonese Republic since May 2025. Prior to this appointment, she held the position of Member of the Government as Minister for the Reform of Institutions since September 2023. A magistrate by training, she also held the positions of Auditor, Public Auditor, Senior Counsellor and then Chamber Chair at the Court of Auditors in Gabon between 1998 and 2023. Murielle Minkoué Mézui holds a Master's degree in Economics, with a focus on Business Economics, from Libreville (Gabon), a diploma in Judicial Studies from the Ecole Nationale de la Magistrature du Gabon, and a Master's degree in Audit and Management Control from the Institut Supérieur de Management de Dakar (Senegal). Date of first appointment Co-opted by the Board of Directors on 19 March 2026, with effect from 27 May 2026 Date of last reappointment, and expiry date of term of office Expiry date: Shareholders’ Meeting called to approve the 2028 financial statements Other offices held • Within Group companies – None • Within non-Group companies (unlisted company) – Director of the Centre International de Recherches Médicales de Franceville (Gabon) Offices held and completed during the past five years – None (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 245ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Nicolas Noël DIRECTOR REPRESENTING EMPLOYEES (D) Age: 48 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 35 (60 voting rights) Training and professional career Nicolas Noël has been Front Office Treasurer at Eramet since 2015. From 2009 to 2014, he was Quality Manager and Project Engineer at Aubert & Duval. From 2001 to 2009, he held a series of engineering and manufacturing support manager positions in the Renault and Safran groups. Nicolas Noël has a degree in mechanics from the École Supérieure d’Ingénierie Léonard de Vinci and holds a Director’s certificate from Sciences Po-IFA. Date of first appointment Appointed by the Social and Economic Committee from 23 June 2022 in accordance with Article 10.9 of the Articles of Association Date of last reappointment, and expiry date of term of office Expiry date: 22 June 2026 Other offices held • Within Group companies None • Within non-Group companies None Offices held and completed during the past five years None (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 246 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Franck Pecqueux DIRECTOR REPRESENTING EMPLOYEES (B) Age: 56 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 22 (34 voting rights) Training and professional career Franck Pecqueux has been an employee of the Group since 2000, at Comilog Dunkerque, where he served as Management Controller, then from 2023 as ICRMO (Head of Internal Control and Risk Management). He has previously held various positions in accounting and management control in industrial groups. Franck Pecqueux holds a certificate in management control, a technical diploma (BTS) in accounting and management, and Director’s certificate from Sciences Po-IFA. Date of first appointment Appointed by the European Works Council at its meeting on 12 November 2022 in accordance with Article 10.9 of the Articles of Association Date of last reappointment, and expiry date of term of office Expiry date: 11 November 2026 Other offices held • Within Group companies None • Within non-Group companies None Offices held and completed during the past five years None (B) Compensation and Governance Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 247ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Arnaud Soirat INDEPENDENT DIRECTOR (A) (D) Age: 61 (E) Nationality: French and Australian Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 100 (200 voting rights) Training and professional career Arnaud Soirat was previously World Operations CEO at the Rio Tinto mining group as from 2021, where he successively held various roles as Deputy CEO for Europe, Middle East and Africa, then as CEO Northern Hemisphere Aluminium, then as CEO Copper and Diamonds and member of its Executive Committee. Previously, at the Alcoa Group, one of the leading global aluminium companies, he held various managerial positions in production, then Plant Manager and Regional Manager in Australia from 2001 to 2010. A graduate of the École Nationale Supérieure de Chimie de Paris (Chimie ParisTech) and holder of a PhD in theoretical physics and chemistry from City University of New York, Arnaud Soirat began his career as a research engineer in the United States, then as a computer engineer at Dassault Systèmes, before holding various engineering positions at Péchiney in France and Queensland Alumina in Australia. Date of first appointment Appointed by the Ordinary Shareholders’ Meeting of 30 May 2024 Date of last reappointment, and expiry date of term of office Expiry date: Shareholders’ Meeting called to approve the 2027 financial statements Other offices held • Within Group companies None • Within non-Group companies None Offices held and completed during the past five years – Director of Rio Tinto Diamonds Ltd until January 2022 – Director of the Escondida mining company (JV-Chile) until January 2021 – Director of the Oyu Tolgoi mining company (JV-Mongolia) until January 2021 (A) Audit, Risks and Ethics Committee. (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 248 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Romain Valenty GOVERNMENT REPRESENTATIVE (A) (B) (C) (D) Age: 42 (E) Nationality: French Business address: Agence des participations de l’État, 139, rue de Bercy, Teledoc 229, 75012 Paris, France Number of Eramet shares held: not applicable Training and professional career Romain Valenty has been Head of Equity Investments in charge of the Energy Sector at the APE since 30 September 2022. From 2020 to 2022, he was Director of Organisation, then Secretary General of the Nexity Group’s housing division. From 2016 to 2020, he was with the Casino Group, first as Head of Strategy, then as Group Head of Data and Strategic Partnerships. From 2014 to 2016, he was investment adviser to the Government in the cabinet of the French Minister of Finance and Public Accounts. In 2009, he joined the French Ministry of Economy and Finance, firstly at the APE as GDF Suez manager (2009-2011), then from 2011 to 2014, as head of market operations at the French Treasury Agency (AFT). He began his professional career in 2007 as a project officer at the French Postal and Electronic Communications Regulator (ARCEP). Romain Valenty is a Chief Engineer in the Corps des Mines. He is a graduate of the École Polytechnique and the École Nationale Supérieure des Télécommunications (ENST). Date of first appointment Appointed as Government representative on 18 October 2022 and again on 23 May 2023, in accordance with the Order of 20 August 2014 Date of last reappointment, and expiry date of term of office N/A Other offices held • Within Group companies None • Within non-Group companies – Government representative on the Board of Directors of Orano – Government representative on the Board of Directors of Enedis Offices held and completed during the past five years – Government representative on the Board of Directors of Areva (A) Audit, Risks and Ethics Committee. (B) Compensation and Governance Committee. (C) Appointments Committee. (D) CSR and Strategy Committee. (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 3 249ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Jean-Philippe Vollmer DIRECTOR Age: 49 (E) Nationality: French Business address: 10, boulevard de Grenelle, 75015 Paris, France Eramet shares held: 1 (1 voting right) Training and professional career Jean-Philippe Vollmer is Chair and CEO of Société des Hôtels de Nouméa in New Caledonia, Co- Manager of SNC Casino de Nouméa, Director of CAFAT (New Caledonia’s local social security fund), and pf SMIT, and Chair and CEO of the transport company Carsud SA and Chief Executive Officer of Promosud (SAEM). Jean-Philippe Vollmer has spent most of his career with French groups specialising in services to local authorities (environment and public transport), where he has participated in the development and restructuring of activities. Jean-Philippe Vollmer holds a Master 2 in Business Administration. Date of first appointment Co-opted by the Board on 15 October 2020 Date of last reappointment, and expiry date of term of office Reappointment: Shareholders’ Meeting of 30 May 2024, for a four-year term Expiry date: Shareholders’ Meeting called to approve the 2027 financial statements Other offices held • Within Group companies None • Within non-Group companies (unlisted companies) – Chair and CEO of Société des Hôtels de Nouméa – Permanent representative of Société des Hôtels de Nouméa on the Boards of Directors of Société Hôtelière de Deva, Maguenine SEO and the EIG Nouvelle Calédonie Tourisme – Co-manager of SNC Casino de Nouméa – Director of CAFAT and SMIT – Chair and CEO of the transportation company Carsud SA – Chief Executive Officer of Promosud SAEM – Director of Agence pour la Desserte Aérienne de la Nouvelle Calédonie (ADANC) Offices held and completed during the past five years – Director of the Banque Calédonienne d’Investissement (until July 2019) – Director representing the government of New Caledonia on the Board of the EIG, Tourisme Pointe Sud (until 2022) – Director of the public interest groups: Union pour le Handicap, Handicap Dépendance and Bien Vieillir (until 2023) (E) Age as at 19 March 2026, the date on which the Board of Directors approves the Management report. 250 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information 3.1.1.3 Composition of Committees The internal regulations specifying the operating rules and duties of each Committee are available on the Company’s website. Regarding the social and environmental issues that are taken into account by the Board when establishing and reviewing the Group’s strategy, it should be noted that, within the Board of Directors, the CSR and Strategy Committee is tasked with assessing the compliance of the Group’s strategy with the CSR principles adopted by the Group, while the other Specialist Committees of the Board of Directors are responsible for CSR matters that are relevant to their functions (the Audit, Risks and Ethics Committee monitors developments in the area of non- financial reporting requirements; the Compensation and Governance Committee ensures the proper integration of CSR criteria, in particular those relating to climate change and the environment, in the annual variable compensation and in the long-term compensation of the CEO and managers; the Appointments Committee ensures that CSR expertise is represented on the Board). The Audit, Risks and Ethics Committee currently comprises six directors: Miriam Maes (Committee Chair and independent director), Christine Coignard (independent director), François Corbin (independent director), Jérôme Duval, Arnaud Soirat (independent director) and Romain 4 members of this Committee have distinctive skills in Auditing and Finance, as detailed in section 3.1.1.8 "Directors' skills". The Compensation and Governance Committee currently comprises six directors: Ghislain Lescuyer (Committee Chair and independent director), François Corbin (independent director), Nathalie de La Fournière, Miriam Maes (independent director), Franck Pecqueux (director representing employees) and Romain Valenty. The Appointments Committee currently comprises four directors: Ghislain Lescuyer (Committee Chair, Chair of the Compensation and Governance Committee and independent director), François Corbin (independent director), Nathalie de La Fournière and Romain Valenty. The CSR and Strategy Committee currently comprises ten directors: Christine Coignard (Committee Chair and independent director), Christel Bories (Chair of the Board), Émeric Burin des Roziers (independent director), Jérôme Duval, Héloïse Duval, Jean-Yves Gilet, Manoelle Lepoutre, Nicolas Noël (director representing employees), Arnaud Soirat (independent director) and Romain Valenty. 3.1.1.4 Changes in the composition of the Board and its Committees during the 2025 financial year and up to the date of filing of this document - Information relating to directors referred to in Annex 1 of Delegated Regulation (EU) 2019/980 Departure Appointment Renewal BOARD OF DIRECTORS T. Gahouma Békalé (18/11/2025) SORAME (26/05/2025) CEIR (26/05/2025) M. Minkoué Mézui (19/03/2026) with effect from 27/05/2026 J. Duval (26/05/2025) N. de La Fournière (26/06/2025) C. Bories (26/05/2025) C. Coignard (26/05/2025) T. Gahouma Békalé (26/05/2025) S. Lepage (26/05/2025) COMMITTEES Audit, Risks and Ethics Committee None None None Compensation and Governance Committee None None None CSR and Strategy Committee N. de la Fournière (19/03/2026) H. Duval (19/03/2026) None Appointments Committee C. Coignard (18/02/2026) F. Corbin (18/02/2026) None 3 251ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Pursuant to section 12.1 of Annexes 1 and 2 of Delegated Regulation (EU) 2019/980, the Company hereby confirms that, to the best of its knowledge and at the time of writing this report: • no conviction of fraud has been handed down in the last five years against any member of the Board of Directors or of Senior Management; • no member of the Board of Directors or Senior Management has been involved in a bankruptcy, receivership, insolvency or placement of companies under judicial administration as a member of an administrative, management or supervisory body or as Chief Executive Officer over the past five years, with the exception of Jean-Philippe Vollmer, permanent representative of Société des Hôtels de Nouméa, on the Board of Maguenine SEO, which was placed in receivership on 6 December 2024 by the Nouméa Mixed Commercial Court. This receivership ended in February 2026. • there have been no proceedings and/or official public penalties in the last five years against any member of the Board of Directors or of Senior Management by statutory or regulatory authorities (including the relevant professional bodies); and • no director or member of Senior Management has in the last five years been stripped by a court of his or her right to act as a member of an administrative, management or supervisory body or from participating in the management or business affairs of a listed company. No director has a conflict of interest within the meaning of section 12.2 of Annexes 1 and 2 of Delegated Regulation (EU) 2019/980 or has entered into a service contract with Eramet. 3.1.1.5 Changes to the composition of the Board in 2025 and 2026 Co-option of Ms Murielle Minkoué Mézui to replace Mr Tanguy Gahouma Békalé, who resigned Following work carried out by the Appointments Committee, the Board of Directors' meeting of 19 March 2025 decided to co-opt, with effect from 27 May 2026, to replace Mr Tanguy Gahouma Békalé, who resigned, for the remainder of his term of office (i.e. until the Meeting called to approve the financial statements for the 2028 financial year), Ms Murielle Minkoué Mézui. Consequently, the Board recommends that the ratification of this appointment be submitted to a vote at the 2026 Shareholders’ Meeting. Since May 2025, Murielle Minkoué Mézui has held the position of Secretary General of the Presidency of the Gabonese Republic, having held various positions within the Gabonese administration, including as a member and then as Chamber Chair at the Court of Auditors in Gabon and as Minister of Reform & Relations with Institutions. Murielle Minkoué Mézui holds a Master's degree in Economics, with a focus on Business Economics, from Libreville (Gabon), a diploma in Judicial Studies from the Ecole Nationale de la Magistrature du Gabon, and a Master's degree in Audit and Management Control from the Institut Supérieur de Management de Dakar (Senegal). Co-option of Mr Jérôme Duval to replace SORAME and Ms Nathalie de La Fournière to replace CEIR, who have resigned Following work carried out by the Appointments Committee, the Board of Directors' meeting of 26 May 2025 decided to co-opt, to replace SORAME (resigned), Mr Jérôme Duval, for the remainder of SORAME's term of office (i.e. until the Meeting called to approve the financial statements for the 2026 financial year), and, to replace CEIR (resigned), Ms Nathalie de La Fournière, for the remainder of CEIR's term of office (i.e. until the Meeting called to approve the financial statements for the 2026 financial year). Following this change, Mr Jérôme Duval and Ms Nathalie de La Fournière, previously permanent representatives of SORAME and CEIR, and directors of the Company, remain directors of the Company. Consequently, the Board recommends that the ratification of these appointments be submitted to a vote at the 2026 Shareholders’ Meeting. Terms of office expiring at the 2026 Annual Shareholders' Meeting No terms of office are due to expire at the 2026 annual Shareholders' Meeting. 252 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information 3.1.1.6 Work of the Board and its Committees during the 2025 financial year Board of Directors The Board met nine times in 2025. During the financial year, the Board decided to change its governance and to separate the functions of Chair and Chief Executive Officer at the end of the Shareholders' Meeting held in May 2025. In addition to examining recurring items relating to the business of the Group and its subsidiaries, the Board's work notably included: • approval of the Group’s and Company’s financial statements for 2024 and of the documents relating to the convening of the annual Shareholders’ Meeting and the disclosure of information to shareholders; • review of the report required by Article L. 225-102-3 of the French Commercial Code on payments made to the authorities of countries where the Group conducts mining activities; • review of the 2025 interim financial statements; • review of occupational safety action plans and outcomes within the Group; • review of the Group’s strategy; • review of the Group's sustainability report and progress on the Group’s "Act for Positive Mining" CSR roadmap (2024-2026); • review of budget items, monitoring of results and operational KPIs, as well as income and cash flow forecasts; • review of the activities’ investment and divestment plans and, in general, the Group’s strategic expansion projects and major operations; • review of development financing options for the Group and its main subsidiaries; • review of the Group’s HR policy; • review of the Group’s risk mapping; Individual attendance at meetings of the Board of Directors and the Committees in 2025 is shown in the table below. Board of Directors Audit, Risks and Ethics Committee Compensation and Governance Committee CSR and Strategy Committee Appointments Committee Christel Bories 100% - - 100% - Émeric Burin des Roziers 100% - - 100% - Christine Coignard 78% 88% - 86% 100% François Corbin 100% 100% 100% - - Jérôme Duval 100% 100% - 100% - Héloïse Duval 100% - - - - Tanguy Gahouma Békalé (until November 2025) 38% - - - - Jean-Yves Gilet 100% - - 100% - Nathalie de La Fournière 100% - 100% 100% 100% Solenne Lepage 89% - - - Manoelle Lepoutre 89% - - 100% - Ghislain Lescuyer 100% - 100% - 100% Miriam Maes 78% 88% 67% - - Nicolas Noël 100% - - 100% - Franck Pecqueux 100% - 100% - - Arnaud Soirat 100% 100% - 100% - Romain Valenty 89% 88% 89% 86% 100% Jean-Philippe Vollmer 78% - - - - AVERAGE ATTENDANCE RATE 91% 94% 93% 97% 100% Audit, Risks and Ethics Committee The Audit, Risks and Ethics Committee monitors issues relating to the preparation and control of accounting and financial information and sustainability information (monitoring of the process of preparing the information, monitoring the effectiveness of internal control and risk management systems, monitoring the performance of the Statutory Auditors and certification of information in terms of sustainability). The Company refers to the AMF working group’s report on Audit Committees when organising the Committee’s work (AMF recommendation of 22 July 2010). Meetings of the Committee are notably attended by the CEO, the Chief Operating Officer, the Chief Financial Officer in charge of procurement and IT, the Statutory Auditors, the Group Risk, Control and Audit Director, the Group Director of Accounting, Consolidation and Taxation, the Group Director of Management Control, the Director of Financing and Treasury, the Chief Ethics and Compliance and the General Counsel. The Committee met eight times in 2025, including three times jointly with the CSR and Strategy Committee to review the work on the Group's sustainability information report. 3 253ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information In addition to presenting the financial statements for the previous year in February and examining the interim financial statements in July, the Committee conducts an annual review of the internal audit reports for the year, as well as the internal audit programme for the following year. The examination of the financial statements by the Committee is accompanied by a presentation by the Statutory Auditors describing the findings of their work and the main issues involved. In 2025, the Committee examined the following points in particular: • monitoring of budget items and changes in the Group’s and its main subsidiaries’ profit, cash flow and working capital requirement forecasts; • monitoring of the financial disclosure process; • monitoring the preparation of the Group’s sustainability information report; • monitoring of progress in the Group’s and its subsidiaries’ projects; • monitoring of the Group’s acquisition and disposal plans; • monitoring of the Group’s financing and investment operations; • the process for monitoring the Group’s risk management, including social and environmental risks; • monitoring the management of the Group’s internal control systems and in particular the Eramet Management System (EMS); • internal auditing work for the current year and the draft work plan for the following year; • the process for monitoring the relevance and consistency of accounting methods, the Group’s off-balance sheet commitments and tax matters; • monitoring of the Group’s ethics and compliance programme; • monitoring of the Group’s procurement roadmap; • monitoring of cybersecurity risks; • monitoring of certain Group functions; • primary changes to the Group’s insurance; • in addition to the conclusions of the Statutory Auditors' work, the monitoring of their fees and their independence, as well as the conditions for the certification of sustainability information; • draft reports to shareholders. Compensation and Governance Committee The Committee met nine times in 2025. Over the course of the year, in addition to proposing the components of the compensation for executive and non- executive Corporate Officers, which are detailed below in this chapter, the Committee reviewed the collective criteria for the variable compensation of management and proposed a plan, which was later approved by the Board, pertaining to an annual performance share plan for directors and senior managers of the Company and its subsidiaries. As per every year, the Committee reviewed the conditions for the annual assessment of the Board's functioning and its conclusions, as well as the "Ex-Ante Say on Pay" and "Ex-Post Say on Pay" elements to be submitted to the Annual Shareholders' Meeting. Appointments Committee The Committee held five meetings in 2025, during which it conducted an annual review of the independence criteria for independent directors, the short-, medium- and long- term succession plans for the Group’s main senior managers, as well as the distinctive skills grid of Eramet’s directors, and the proposals for the co-opting of new directors and the renewal of terms of office expiring at the Shareholders’ Meeting. The Appointments Committee, having been informed of the Chair and CEO's intention to step down from her executive duties at the end of her current term of office, at the Shareholders' Meeting in May 2025, was actively involved in the process to select the future CEO. It held several extraordinary meetings for this purpose, and also relied on the experience and skills of certain other members of the Board, in particular the Lead Director. The Executive Corporate Officer is associated with the work of the Appointments Committee for all recommendations that do not fall within his or her mandate. CSR and Strategy Committee In particular, the Committee’s mission is to assist the Board in determining multi-year strategic CSR guidelines and, in particular, to assess the alignment between the CSR strategy and the methods by which it is implemented, its action plan and the timescales in which these actions are carried out. It also assists the Board in setting strategic lines of action for the activity, in particular through the development of the Group’s innovation and exploration projects and strategies. The Committee met seven times in 2025, including three joint meetings with the Audit, Risks and Ethics Committee to monitor the work on the Group’s sustainability information report. During 2025, the Committee also conducted the annual review of the rate of achievement of the Group's multi-year CSR roadmap for 2024-2026. Throughout the year, the Committee also examined the evolution of the markets in which the Group operates and their competitiveness, as well as the resulting strategic options. On a case by case basis, the Committee examined the progress of the Group’s projects, as well as its investment or divestment plans. During the year, the Committee also reviewed the Group’s exploration strategy and its innovation strategy. Assessment of the Board of Directors and its Committees Every three years, the Board of Directors arranges for an assessment to be carried out by a specialist external consultant. For the 2025 financial year, this assessment focused on the improvements made since the previous external assessment (2022) and on the implementation of the separation of the roles of Chair of the Board and Chief Executive Officer. The assessment involved a documentary review, an anonymous online questionnaire, individual interviews with each director and a comparative analysis with around ten relevant companies. The results were presented to the Compensation and Governance Committee, then to the Board of Directors in the first half of 2026. 254 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information The consultants noted the practical implementation of the recommendations made as part of the 2022 assessment (e.g. on the importance of CSR, or in terms of the recruitment of new directors with mining and energy expertise), as well as the ability to mobilise quickly, as was the case in February 2026, to deal with a serious governance crisis. Among the areas for improvement proposed by the consultants, the question of the size of the Board is yet to be resolved, as is the continuation of work on the succession plans for directors, and the improvement of the skills portfolio. On 1 February 2026, the Board of Directors decided to end the term of office of its Chief Executive Officer and appointed its Chair as Chief Executive Officer of the Group, for an interim period to allow it the time to conduct a process to appoint a new Chief Executive Officer. Once this appointment has been finalised, the functions of Chair and Chief Executive Officer will once again be separated. As of the date of the review of the assessment results, the process for recruiting a new Chief Executive Officer and the implementation of the separation of these roles have yet to be finalised. 3.1.1.7 Internal Regulations of the Board and its Committees, Directors’ Charter, and Securities Trading Code of Conduct The Internal Regulations, which are available on the Company’s website, set out the composition, organisation and functioning of the Board and its Committees, the roles and powers of the Chair of the Board and the CEO and the rights and duties of the directors. The internal regulations are binding on all directors, as well as on any other person who may attend meetings of the Board or its Committees in any capacity whatsoever. In addition to its general powers defined by law and the rules, the Board reviews and approves all decisions relating to the Group’s major strategic directions and ensures that they are effectively implemented by Senior Management. Board and Committee members may, in the performance of their respective duties and having first informed the CEO, confer with members of the Group’s management team. They report on the information obtained and advice received. The Group’s key management executives regularly take part in the various meetings of the Board and its Committees on matters that concern them. The Committee members may request any advice or opinion from any external consultant or expert, if they consider it necessary. To this end, they may request external technical studies relating to matters falling within the remit of the Committee’s competence, at the expense of the Company, after being put out to competitive tender and having informed the Chair or the Board of Directors itself, subject to reporting back to the Board thereon. The Board meets as often as the interests of the Company require on dates that are adapted to legal obligations. Convening notices are sent by the means judged to be the best adapted for ensuring traceability of the convening notice and within sufficient time to allow the directors to examine the files with the appropriate advance notice. If specified in the convening notice, Board meetings may be held by videoconference or telecommunications on subjects authorised by the Company’s Articles of Association or by law. In accordance with the provisions of Article 12 of the Company's Articles of Association, decisions of the Board of Directors may also be adopted by means of written consultation with the directors. The decision to use this method of consultation is taken by the Chair of the Board of Directors, in accordance with the provisions of the Board's Internal Regulations. The rules of quorum and majority are those applicable to decisions taken at meetings of the Board of Directors. The Chair is responsible for circulating to each director, in advance of the meeting, a file containing all the documents and information required for consideration of the items on the agenda. The Secretary of the Board draws up the minutes of each Board meeting, which the Chair submits to directors for approval at the subsequent Board meeting, the draft minutes being sent to each participant (directors and employee representative) before the scheduled meeting date. In the interest of good corporate governance, the Board has incorporated the Directors’ Charter into its internal regulations, which sets out the rights and duties of the directors and to which every director is accountable. Directors must adhere to the charter by signing it when they are appointed. This charter states in particular that: • directors must, in all circumstances, act in the corporate interest of the Company, and are committed to defending and promoting the Company’s values; • directors must ensure that the Board is fully informed in advance of any actual, potential or perceived conflict of interests. He or she must abstain from taking part in the debate on the related resolution; • directors must maintain their personal independence of analysis, judgement, decision and action, and reject any direct or indirect pressure that may be exerted on them, which may emanate from any third party or functions they perform elsewhere; • directors must contribute to the collective responsibility and efficiency of the work of the Board and the Committees, acting in good faith, with loyalty and duty of confidentiality; • directors must dedicate the necessary time and attention to their duties and, where possible, attend all meetings of the Board and the Committees of which they are a member, take the necessary time to prepare the work carried out therein and obtain all relevant information for such purpose. Directors undertake to keep the Board informed of mandates held in other companies. They attend Shareholders’ Meetings; • directors must seek the approval of the Board before committing themselves personally to a competitor of the Group; • directors must treat all the files submitted to them for the performance of their duties in the strictest confidence, as well as the debates and information to which they have access as part of the Board and the Committees and, as such, must not disclose them to anyone in any way whatsoever; 3 255ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information • directors must ensure that they receive in a timely manner all documents and information required for the fulfilment of their duties. It is their responsibility to request from the Chair all documents they deem necessary for such purposes. Any director who believes that the information provided in advance is not sufficient may request that the Chair or the Board postpone ruling on this issue; • if a director is no longer in a position to perform his or her duties, either by his or her own decision or for any other reason, he or she must inform the Chair of the Board of Directors, seek solutions to remedy the situation and, failing this, draw the personal conclusions with regard to the exercise of his or her mandate. The Securities Trading Code of Conduct, drawn up in compliance with the European “market abuse” regulation, aims to prevent insider trading offences and infringements and establishes closed periods for any transactions involving Eramet securities prior to publication of the Company’s annual and interim financial statements and its quarterly turnover. All directors shall follow this procedure. 3.1.1.8 Governance principles Corporate Governance Code In accordance with the decision of the Board of Directors taken on 9 December 2008, Eramet uses the AFEP-MEDEF Corporate Governance Code for listed companies (AFEP- MEDEF Code) as its reference framework; this Code is available on the AFEP and MEDEF websites. The Company considers that its practices are compliant with the recommendations of the AFEP-MEDEF Code. In some cases, certain adjustments have been made to the recommendations for reasons detailed in the table set out in the Annex to this report. Diversity policy applied to members of the Board (excluding directors representing employees): description of its objectives, its implementation methods and the results obtained during the past financial year Pursuant to Article L. 22-10-10 of the French Commercial Code, the Board of Directors reflected on the desirable balance of its composition and that of the Committees it has set up, particularly in terms of diversity (representation of women and men, nationalities, age, qualifications and professional experience). In general, the Board recognises the benefits of diversity in its broadest sense and considers the diversity of its members as an essential element for its discussions and decision- making, which promotes effective functioning and good governance. A diversified Board is a Board that has a balance of skills, experience and expertise, as well as a diversity of perspectives that are relevant to the Company’s interests and strategic objectives. With regard to the composition of the Board during the past financial year, and as at the date of filing of this document, the following points should be noted: • 47% of the directors are female (7 out of 15, i.e. 14 members chosen by the Shareholders' Meeting plus the Government representative). From 27 May 2026, this percentage will increase to 50% (8 out of 16 members, i.e. 15 chosen by the Shareholders' Meeting plus the Government representative). This complies with the gender balance requirements provided for in the first paragraph of Article L. 22-10-3 of the French Commercial Code. In addition, the composition of the directors representing employees (which has two representatives) complies with the relevant gender balance requirements; • the directors are between 37 and 70 years old. The average age of directors is 56 . Under Article 10 of the Articles of Association, directors may not be over seventy years of age at the time of their appointment. A director who has reached the age of seventy during their term of office may have their term of office renewed once. The number of directors over the age of seventy may not exceed one-third of the Board’s membership. Directors are appointed for a term of four years; • on the date of the 2026 Shareholders’ Meeting, as regards the directors chosen by the shareholders, the length of service of each director is detailed in the summary table in section 3.1.1.1 above. The distribution between the older directors on the Board and those most recently appointed combines new vision with long-term consistency; • ten of the directors chosen by the shareholders reside in metropolitan France, two elsewhere in the European Union, one in the United Kingdom, one in New Caledonia and one in Gabon. The Government representative resides in metropolitan France. Training for directors All directors can, upon appointment and throughout their term of office, receive training on the Group’s specificities, its activity, its business lines and its challenges (particularly regarding CSR).This programme includes various Group presentation documents (including presentations of strategy seminars by the Board of Directors), meetings with members of the Group’s Executive Committee and the opportunity for regular site visits. In addition, presentations are regularly organised in the form of working meetings on a dedicated topic. Directors’ competencies In its deliberations on 12 March 2020, the Board decided: “to structure the process for appointing new directors to bring it more in line with best governance practices as follows: adoption of a competency matrix approved by the Board on the proposal of the Committee; review of candidates by an external firm; short-listing of candidates; presentation to the Board of several fully documented, alternative candidate files.” The competency matrix used by the Board incorporates the requirement to promote diversity in the composition of the Board, while at the same time enhancing it by appointing members with specific professional skills in mining, metallurgy and finance, non- financial competencies (CSR, HR, etc.), skills in digital technologies and innovation, and knowledge of the Group’s key geographical territories. 256 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information During its work, the Board chose to select the most distinctive skills of each director and to limit these to a maximum of four skills each. Following this work, the table of distinctive skills of members of the Eramet Board is as follows: Mining and geology Metallurgy Energy transition, battery value chain International experience/ Geopolitical issues in Africa, Asia, South America Management of a profit centre and senior management of an international group Audit and Finance CSR and climate Management of large- scale projects Governance Christel Bories ● ● ● ● Émeric Burin des Roziers ● ● Christine Coignard ● ● ● ● François Corbin ● ● ● ● Héloïse Duval ● ● ● Jérôme Duval ● ● ● Jean-Yves Gilet ● ● ● ● Nathalie de La Fournière ● ● ● Solenne Lepage ● ● ● ● Manoelle Lepoutre ● ● ● ● Ghislain Lescuyer ● ● ● ● Miriam Maes ● ● ● ● Murielle Minkoué Mézui ● ● Nicolas Noël ● ● ● Franck Pecqueux ● ● ● Arnaud Soirat ● ● ● ● Romain Valenty ● ● Jean-Philippe Vollmer ● ● ● 3 257ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Christel Bories Mining and geology: Director of Strategy and Control of Umicore; Director of Comilog and SLN International experience/Geopolitical issues: Chairwoman and Chief Executive Officer of Eramet, Director of international listed companies (Smurfit, Legrand, Forvia), previous experience in the management of international groups (Pechiney, Alcan, Rio Tinto, Constellium) Management of a profit centre and senior management of an international group: Chair and CEO of Alcan Packaging and Alcan Engineered Products, then CEO of Constellium. Deputy CEO of Ipsen Governance: Director of listed companies (Smurfit, Legrand, Forvia), Chair of the Commitments/CSR Committee (Legrand), Member of the Audit Committee (Smurfit and Legrand) and Member of the Compensation Committee (Smurfit, Forvia). Émeric Burin des Roziers Metallurgy: CEO of Eramet Recycling BU Energy transition: consultant in energy transition strategy, advisor to various ministries, CEO of Eramet Recycling BU, CEO of the NW group, specialising in renewable electricity generation and electricity storage by lithium-ion batteries connected to the electricity grid Management of a profit centre and senior management of an international group: CEO Eramet Recycling BU, CEO of Endel (subsidiary of Engie) and later of NW group Christine Coignard Mining and geology: international financing advisor in the field of mining, Investment and Financing Director at Norilsk Nickel International experience/Geopolitical issues: Director of listed companies in the United Kingdom and the United States Audit and Finance: international financing advisor, Investment and Financing Director at Norilsk Nickel, MBA from Schulich Business School (Canada) CSR and climate: consultancy and teaching in the field of sustainable development for financing , member of the Board of Directors and of the Sustainable Development Committee of Ecora Resources François Corbin International experience/Geopolitical issues : General Delegate for International Affairs to the Chairman of the Michelin Group, Vice-President of Medef International in charge of coordination in the ASEAN region, Special Representative of the French Minister for Europe and Foreign Affairs Management of a profit centre and senior management of an international group: senior management roles in Business Units at the Pechiney and later Michelin groups in France and abroad CSR and climate: HR experience at the Pechiney Group Management of large-scale projects: at the Pechiney and Michelin groups Héloïse Duval Audit and Finance: Mergers & Acquisitions Project Director for the SEB Group, investment and transaction structuring for the Unibail-Rodamco-Westfield group Management of large-scale projects: coordination of strategic projects for the SEB group Governance: Director’s certificate from Sciences Po-IFA Jérôme Duval International experience/Geopolitical issues: as part of his responsibilities as Director of Maritime and Americas Intermodal Financing activities at Crédit Agricole CIB London, New York, then Paris: dialogue with private and multilateral players in Latin America (including Chile and Argentina) and Asia (including China, Korea and Singapore) Audit and Finance: more than 25 years’ experience in corporate and investment banking Governance: Director’s certificate from Sciences Po-IFA Jean-Yves Gilet Metallurgy: engineer in the Corps des Mines, senior management positions at Usinor (Imphy, Ugitech, Ugine SA, etc.), then Arcelor, then ArcelorMittal International experience/Geopolitical issues: CEO of Acesita in Brazil (now Aperam Brazil), Director of Telos Transition (Brazil), CEO of the Strategic Investment Fund and Executive Director of BPI France Management of a profit centre and senior management of an international group: senior management at Usinor, then Arcelor, then ArcelorMittal (Global CEO of ArcelorMittal Stainless) with subsidiaries in Europe, USA, Thailand, China, etc. CSR and climate: strategy and transformation consulting, Co- Chair of Club IFA-ESG, implementation of an SRI strategy within the Strategic Investment Fund, former Chair of Enterprises for the Environment (EpE) and the MEDEF Commission for the Environment and Sustainable Development Nathalie de La Fournière Energy transition: knowledge of mobility practices and prospective work on changes in usage patterns CSR and climate: HR Director of the Toulouse Aire Métropolitaine Planning and Development Agency, taking into account climate issues in public mobility and planning policies since the 2000s Governance: Director’s certificate from Sciences Po-IFA 258 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information Solenne Lepage Audit and Finance: Head of Corporate Client Relations for the Banking and Insurance sector at HSBC France, Director of Shareholdings at the French Government Shareholding Agency (APE) and member of several audit committees (Air France-KLM, Aéroports de Paris, SNCF, RATP), Deputy Director General of the French Banking Federation (FBF), General Delegate of the Association française des Sociétés Financières (ASF – French Association of Financial Companies) CSR and climate : Deputy Director General of the French Banking Federation (FBF), General Delegate of the Association française des Sociétés Financières (ASF – French Association of Financial Companies) Management of large-scale projects: Head of the “EDF and other shareholdings” office of the French Government Shareholding Agency, Director of Transportation Shareholdings at the French Government Shareholding Agency, Deputy Director General of the French Banking Federation (FBF) in charge of the retail and remote banking, digital, payments and operational resilience departments Governance: Head of the “EDF and other shareholdings” office of APE, Director of Transportation Shareholdings at APE, and member of boards of directors (in particular Air France-KLM, Aéroports de Paris, SNCF, RATP) Manoëlle Lepoutre Mining and geology: graduate of the National School of Geology of Nancy (ENSG), 20 years in exploration and development of oil and gas deposits Energy transition: SVP, Sustainable Development at TotalEnergies International experience/Geopolitical issues: experience in the Netherlands, Norway and the USA in the exploration branch of TotalEnergies, numerous assignments in the Middle East and Africa CSR and climate: SVP, Sustainable Development, SVP, Human Resources and SVP, Civil Society Engagement at TotalEnergies Ghislain Lescuyer Energy transition: Director of the Saft group from 2015 to 2022, CEO of the group from 2015 to 2022 International experience/Geopolitical issues: senior management experience in large industrial companies Management of a profit centre and senior management of an international group: senior management experience at Saft, Areva T&D, Alstom, Thomson/Technicolor, Bull Governance: Chair of Boards of Directors, CEO roles Miriam Maes Energy transition: CEO EDF Energy Distribution Networks, Chair of the Energy Transition Forum since 2012, member of the Board of Directors of Urenco (uranium enrichment) and Assystem (nuclear engineering), Chair of Elia Board (national energy distribution operator in Belgium) Management of a profit centre and senior management of an international group: CEO EDF Energy Distribution Networks, CEO Unilever, CEO Imperial Chemical Industries Audit and Finance: Chair of the Audit Committee of Vilmorin/Limagrain (listed company), member of the Audit Committee of Urenco and Assystem CSR and climate: Chair of the Urenco Sustainable Development Committee, Chair of the CSR and Compensation Committee of Assystem, member of the CSR and Compensation Committee of the Port of Rotterdam (energy projects: heating networks, carbon capture and storage, hydrogen), Chair of the Energy Transition Forum since 2012 Murielle Minkoué Mézui International experience/Geopolitical issues: since 8 May 2025, Secretary General of the Presidency of the Gabonese Republic and from September 2023 to May 2025, Minister of Reform and Relations with Institutions. Audit and finance: from 1998 to 2023, Auditor, then Public Auditor, then Senior Counsellor, then Chamber Chair at the Court of Auditors in Gabon. A magistrate by training, holder of a Master's degree in Economics, specialising in Business Economics, a Diploma in Judicial Studies and a Master's degree in Auditing and Management Control. Nicolas Noël Audit and Finance: Front Office Treasurer in the Financing and Treasury Department of Eramet CSR and Climate: experience implementing PSE and member of the Eramet S.A. Social and Economic Committee from 2019 to 2022 Governance: Director’s certificate from Sciences Po-IFA Franck Pecqueux Audit and Finance: accounting, management control, internal control and risk management for industrial groups CSR and Climate: experience within the works council Governance: Director’s certificate from Sciences Po-IFA Arnaud Soirat Mining and geology: CEO of the Copper and Diamonds Business of Rio Tinto from 2016 to 2021, Director of Group Operators of Rio Tinto from 2021 to 2024 Metallurgy: operational experience at Péchiney and QAL from 1992 to 2000, operational experience at Alcoa (aluminium) from 2000 to 2010 then at Rio Tinto (aluminium) from 2010 to 2016 International experience/Geopolitical issues: experience in operations and international business management from 1992 to 2024 Management of a profit centre and senior management of an international group: management of an international profit centre from 1998 to 2021, Senior Management at Rio Tinto from 2016 to 2024 3 259ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information Romain Valenty Audit and Finance: Head of Shareholding at the APE (since 2022), Secretary General of the Housing division of Nexity group (2020-2022), Director of Strategy of Casino Group (2016-2018), Head of Market Operations at Agence France Trésor (2011-2014) Governance: responsible for shareholding at the APE from 2009 to 2011, Advisor on State shareholdings in the Office of the Minister of Finance and Public Accounts (2015-2016), Head of Shareholding at the APE (since 2022) Jean-Philippe Vollmer Management of a profit centre and senior management of an international group: Senior Management within various companies, including Société des Hôtels de Nouméa Audit and Finance: Master 2 in Business Administration CSR and social policies: Director of public interest groups: Union pour le Handicap, Handicap Dépendance and Bien Vieillir Independence of directors The AFEP-MEDEF Code considers a director to be independent “when he or she has no relationship of any kind whatsoever with the Company, its Group or its management that could compromise his or her freedom of judgement. Therefore, an independent director means any non-executive corporate officer of the Company or its Group who does not have any special ties (significant shareholder, employee, other) with the Company, its Group or its management”. The AFEP-MEDEF Code also identifies a number of criteria that the Board must consider to determine whether a director can be classified as independent: • “not being or not having been in the preceding five years: • an employee or an executive corporate officer of the Company, • a salaried employee, executive corporate officer or director of a company consolidated by the Company, • a salaried employee, executive corporate officer or director of the parent company or of a company consolidated by the latter”; • “not being an executive corporate officer of a company in which the Company directly or indirectly holds a directorship or in which a directorship is held by a salaried employee designated as such or by an executive corporate officer (current or former within the past five years) of the Company”; • “not being a customer, supplier, investment banker, commercial banker or advisor (or being directly or indirectly related to these persons): • whose role vis-à-vis the Company or its Group is considered significant, • or for which the Company or its Group represents a significant percentage of its business activity. The assessment of the significance of the relationship with the Company or its Group is debated by the Board, and the quantitative and qualitative criteria leading to this assessment (continuity, economic dependency, exclusivity, etc.) are explained in the report on corporate governance.”; • “not having close family ties with a corporate officer”; • “not having been a Statutory Auditor of the Company in the past five years”; • “not having been a director of the Company for more than twelve years. After twelve years, a director is no longer considered to be independent”; • “a non-executive corporate officer cannot be considered independent if he or she receives variable compensation in cash or in the form of securities, or any compensation linked to the performance of the Company or the Group”; • “directors representing major shareholders of the Company or its parent company may be considered independent, provided these shareholders do not take part in the control of the Company. Nevertheless, beyond a 10% threshold in capital or voting rights, the Board, upon a report from the Appointments Committee, should systematically review the qualification of a director as independent in the light of the make-up of the Company’s capital and the existence of potential conflicts of interest”. As at the date of this report, based on the Board’s annual review of the aforementioned criteria, 7 of the 14 Board members chosen by the S hareholders' Meeting and the Government representative are considered to be independent directors. The two directors representing employees were not counted, in accordance with the provisions of the AFEP‑MEDEF Code. As such, more than one third of Board members are independent, in accordance with recommendation 8.3 of the AFEP-MEDEF Code, applicable to controlled companies. As from 27 March 2026, the Board will comprise 15 members selected by the Shareholders' Meeting, 7 of whom are independent, plus the Government representative. It is noted that, as part of the annual review of the independent status of directors, the Board performed an appraisal of the business relationships that may exist between the Eramet Group and the group within which certain independent directors work or hold a corporate office, based on both quantitative criteria (size of Eramet Group’s turnover in comparison with the concerned company) and qualitative criteria (type of services and exclusivity, if any). As at the date of this document, the conclusion of this appraisal is that there are no business relationships between the Eramet Group and its directors. 260 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Governance information 3.1.1.9 Implementation of the “Comply or Explain” rule AFEP-MEDEF Code recommendation Eramet Corporate Governance Recommendation 18.1 – Composition of the Appointments Committee: “It must comprise a majority of independent directors”. The Appointments Committee comprises two independent directors out of its four members, including the Chair of the Compensation and Governance Committee, who is also Chair of the Appointments Committee. This is due to the control of the Company by a group of shareholders that holds 64% of the share capital and 74% of voting rights. For the Appointments Committee, the High Committee on Corporate Governance agreed that the presence of 50% independent directors (in lieu of a majority) meets the Code’s recommendations providing that the Committee Chair is independent. Recommendation 25.4 – Conclusion of a non- competition agreement with a Corporate Officer Under the compensation policy approved by the Shareholders' Meeting of May 2025, the Chief Executive Officer was subject to a non-competition obligation. The twelve-month obligation, renewable once, was applicable in the event of the termination of his duties, whatever the cause or date. In return for this commitment, a monthly indemnity equal to 6/10ths of the average monthly compensation (fixed and variable), calculated over the twelve months preceding the termination of his duties, was provided for. As the obligation did not provide for an age limit for the payment of the non-competition or exclusion indemnity once the executive officer asserts his right to retire, the Board of Directors, considering that this recommendation was not appropriate to the objective of protecting the Group's interests, arranged for a non-competition agreement intended to protect the Group on a long-term basis against the departure of its director to a competitor, given that many former executive corporate officers continue to work after retirement or beyond the age of 65, which would limit the protection sought by the Group. However, the Eramet Group reserves the right to reduce the period of application of this clause or to waive it, by informing the Chief Executive Officer no later than the date of his departure, or, in the event of renewal, six months before the end of the first blackout period. On the departure of Mr Castellari, the Group announced on 6 February 2026 that it had decided not to implement the non-competition obligation that Mr Castellari had agreed to for the benefit of the Company. 3.1.2 Senior Management methods and practices 3.1.2.1 Chair of the Board of Directors In January 2025, the Board of Directors, informed of the wish of the Chair and CEO to step down from her executive duties at the end of her term of office, at the Shareholders' Meeting of May 2025, and of her openness to continue her missions as Chair, decided to make a change in governance and to separate the functions of Chair and CEO at the end of the Shareholders’ Meeting of May 2025. In the context of the separation of the functions of Chair of the Board and Chief Executive Officer, the Chair oversees the work of the Board of Directors and exercises the powers conferred on her by law. She may also participate in the meetings of the Board Committees of which she is not a member, on the proposal of the Chair of each Committee. On 1 February 2026, the Board of Directors decided to terminate the term of office of its Chief Executive Officer and appointed its Chair, Christel Bories, as Chief Executive Officer of the Group, for an interim period to allow it the time to conduct a process to appoint a new Chief Executive Officer. Once this appointment has been finalised, the functions of Chair and Chief Executive Officer will again be separated. 3.1.2.2 Powers of the Chief Executive Officer The Chief Executive Officer exercises all powers conferred by law on the Chief Executive Officer of a public limited company. The CEO exercises full authority pursuant to the law and within the scope of the Company’s corporate purpose, subject to the proviso that, “no decision relating to the Company’s major strategic, economic, financial or technological direction may be taken without first being discussed by the Board”, as specified in Article 13, sub- section 2 of the Articles of Association. However, in accordance with the Board’s Internal Regulations, the following operations are subject to prior authorisation by the Board: all strategic investment projects, as well as any significant transactions, particularly acquisitions or disposals, exceeding €50m or that may significantly affect the Group’s results, the structure of its balance sheet or its risk profile. Lastly, projects and transactions of between €20m and €50m that are not significant in scope are submitted to the Board for information purposes. 3 261ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Governance information 3.1.2.3 Executive Committee The Executive Committee (Comex) is currently made up of the Chair and CEO, the Chief Operating Officer, the Director of Human Resources, the Chief Financial Officer, the Chief Sustainability and External Affairs Officer in charge of corporate affairs and communication, the Chief Officer in charge of Strategy, Innovation and Business Development, and the General Counsel. The fact that the Corporate heads of the Group’s support functions (Human Resources, Finance, Sustainability and Corporate Engagement in charge of public affairs and communication, Strategy, Innovation and Business Development, and Legal) are members of the Executive Committee strengthens the effectiveness and consistency of their actions. All members of the Executive Committee, as well as the Chief Safety Officer, Risk, Control and Audit Director, and the Chief Ethics and Compliance report directly to the Chair and CEO. The Chief Financial Officer supervises investor relations, the information systems, Group management control, insurance, financing and treasury, accounting, consolidation, Group taxation, Group real estate, mergers & acquisitions and Group procurement. 3.1.3 Miscellaneous provisions 3.1.3.1 Description of related-party agreements – internal procedure to assess current agreements entered into under normal conditions For full details on related-party agreements, please refer to the section of the Statutory Auditors’ special report entitled, “Individual Financial Statements”. An internal procedure has been implemented to assess current agreements entered into under normal conditions. The procedure follows the CNCC 2014 guidelines on agreement types. It is implemented by the Company’s internal departments, and provides for an annual review by the Audit Committee of the types of agreements entered into during the financial year and the conditions attached thereto. The Audit Committee’s conclusions are submitted annually to the Board for review. 3.1.3.2 Powers given by the Shareholders’ Meeting to the Board of Directors relating to capital increases and the status of their use – Information on shareholding, shareholders’ agreements and investments in associates This information is provided in the section on Eramet’s shareholding structure in this document. 3.1.3.3 Means of shareholder participation at Shareholders’ Meetings The means by which shareholders may participate in Shareholders’ Meetings are set out in Articles 8, 20, 21 and 22 of the Articles of Association. 3.1.3.4 Description of the main characteristics of the internal control and risk management systems as part of the financial reporting process This information is provided in the section on risk factors in this document. 262 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2 Information relating to the compensation of management and administration bodies This chapter describes, in accordance with the provisions of Articles L. 22-10-8, L. 22-10-9 and R. 22-10-14 of the French Commercial Code, all the components of the compensation and benefits of any kind paid or awarded to the directors of Eramet S.A. in respect of the 2025 financial year, as well as the compensation policies submitted for approval to the Shareholders' Meeting. The 2025 financial year was marked by a significant change in the Group's governance. In accordance with the announcement of 13 February 2025 and the decision of the Shareholders' Meeting of 26 May 2025, the roles of Chair of the Board of Directors and Chief Executive Officer were separated as of 27 May 2025. As such: From 1 January to 26 May 2025 From 27 May 2025 Christel Bories held the positions of Chair and Chief Executive Officer. As such, she was the only executive corporate officer of the Group. Christel Bories serves as Chair of the Board of Directors as a non- executive corporate officer. Paulo Castellari was appointed Chief Executive Officer and became the Group's sole executive corporate officer. Subsequent to the end of the 2025 financial year, the Board of Directors, meeting on 1 February 2026, decided to terminate the term of office of Paulo Castellari as Chief Executive Officer. On this date, Christel Bories was appointed as Group Chief Executive Officer on an interim basis, pending the appointment of a new Chief Executive Officer. The functions of Chair and Chief Executive Officer will once again be separated upon this appointment. This change in 2026 has no impact on the legal scope of the ex-post Say on Pay for the 2025 financial year, which relates exclusively to the components of compensation paid or awarded in respect of said financial year. However, in the interests of transparency, the Company also discloses, for information purposes, certain elements that occurred after the end of the 2025 financial year. Details regarding Paulo Castellari Paulo Castellari joined the Eramet Group on 22 April 2025. Between that date and 26 May 2025 inclusive, he performed his duties under an employment contract and received compensation in the form of a salary. In accordance with the applicable legal and regulatory provisions, the compensation received by Paulo Castellari under his employment contract for the period prior to his appointment as Chief Executive Officer: • does not fall within the scope of Say on Pay • is not submitted to a vote at the Shareholders' Meeting; • is presented for information purposes only. From 27 May 2025, the date of his appointment as Chief Executive Officer, Paulo Castellari performed his duties as a director until 1 February 2026. Only the components of compensation paid or awarded in respect of his corporate office for the period from 27 May to 31 December 2025 fall under the regime applicable to executive corporate officers and are therefore submitted to a shareholders' vote as part of the 2025 ex-post Say on Pay. The financial consequences related to the termination of his term of office on 1 February 2026 are presented below for information purposes. These items relate to the 2026 financial year and are not submitted to the vote at this Shareholders' Meeting. Scope of votes submitted to the Shareholders' Meeting In this context, this chapter distinguishes between: • the ex-post Say on Pay, relating to the components of compensation paid or awarded in respect of the 2025 financial year to directors; • the ex-ante Say on Pay, relating to the compensation policies applicable for the 2026 financial year. The Company has not deviated from the compensation policy approved by the Shareholders' Meeting, nor from the procedure for implementing this policy. The compensation policy will be published on the Company’s website on the next business day after the vote, where it will remain freely available to the public throughout the period it applies, together with the date and result of the vote by the Shareholders’ Meeting. 3 263ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.1 Ex-Post Say On Pay – Total compensation and benefits paid during the 2025 financial year or granted during this financial year to the directors The compensation awarded and paid in respect of the 2025 financial year was determined and paid within the framework and limits of the compensation policy approved by the shareholders at the Shareholders' Meeting of 26 May 2025, in accordance with the following resolutions: • 12th resolution (Article L. 22-10-8 of the French Commercial Code): approval of the compensation policy applicable to Christel Bories, as Chair and Chief Executive Officer, for the period from1 January to 26 May 2025, with an approval rate of 97.21%; • 13th resolution (Article L. 22-10-8 of the French Commercial Code): approval of the compensation policy applicable to Christel Bories, as Chair of the Board of Directors, for the period from 27 May to 31 December 2025, with an approval rate of 99.69%; • 14th resolution (Article L. 22-10-8 of the French Commercial Code): approval of the compensation policy applicable to Paulo Castellari, Chief Executive Officer, for the period from 27 May to 31 December 2025, with an approval rate of 99.43%. This policy, established by the Board of Directors on the recommendation of the Compensation and Governance Committee, is based on the principles of transparency, performance and alignment with the corporate interest and strategic objectives of the Eramet Group. The compensation components have been established in compliance with demanding performance criteria, assessed annually, and incorporating the key dimensions of value creation, sustainable growth and social responsibility. These provisions ensure consistency with short and long-term goals while ensuring alignment with the interests of the Group’s shareholders and employees. The Company did not deviate from the compensation policy implementation procedure nor from the compensation policy approved by the Shareholders' Meeting. The Company did not waive the compensation policy. No exceptional compensation No exceptional compensation, within the meaning of Article L. 22-10-9 of the French Commercial Code, was awarded to directors in respect of the 2025 financial year. No discretionary option was exercised by the Board of Directors other than the mechanisms and criteria strictly defined by the compensation policy approved by the Shareholders' Meeting. Consideration of the most recent ex-post vote of the Shareholders’ Meeting In accordance with the provisions of Article L. 22-10-34 of the French Commercial Code, the Shareholders' Meeting of 26 May 2025, in its twelfth resolution, approved by 96.59% the ex-post vote on the information relating to the total annual compensation of the Chair and Chief Executive Officer for the 2024 financial year, as presented in the 2024 Universal Registration Document, in Section 3.2.1.1 "Corporate Governance Report". 264 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.1.1 Total compensation and benefits paid in 2025 or granted during this financial year to the corporate officers N/A: Not Applicable (1) Including €33,286 for his employment contract and €210,367 for his corporate office. (2) In light of the dismissal of the Chief Executive Officer, Paulo Castellari, on 1 February 2026, given that the condition of presence provided for in the plan's rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were cancelled. (3) Including €1,137 for his employment contract and €6,555 for his corporate office. (4) Including €10,619 for his employment contract and €17,034 for his corporate office. 3 265ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies a. Summary tables of the compensation of executive corporate officers i. Summary tables of the compensation, options and shares granted to each executive corporate officer TABLE 1 OF THE CORPORATE GOVERNANCE CODE) From1 January to 26 May 2025 2025 2024 Christel Bories, Chair and CEO Compensation awarded in respect of the financial year(1) (detailed in Table 2) 644,054 2,014,291 Value of share options granted during the financial year 0 0 Value of performance shares granted during the financial year(2) 0 822,735 Value of other long-term compensation plans TOTAL 644,054 2,837,026 From 27 May 2025 2025 2024 Paulo Castellari - Chief Executive Officer Compensation awarded in respect of the financial year(1) (detailed in Table 2) 825,852 Value of share options granted during the financial year 0 Value of performance shares granted during the financial year(3)(4) (see Table 6 for details) 506,071 Value of other long-term compensation plans TOTAL 1,331,923 0 (1) The method used to calculate the value of performance shares does not permit the executive's actual compensation to be extrapolated from these figures for the years in question. (2) No performance shares were granted to Christel Bories during the 2025 financial year. The 2024 valuation corresponds to the granting of 13,914 shares subject to performance conditions. It is based on the fair value of the share on the grant date by the Board of Directors, namely €59.13 on 22 March 2024. (3) Calculated according to the fair value of the share on the grant date by the Board of Directors, namely €42.42 on 26 May 2025. (4) In view of the dismissal of the Chief Executive Officer, Paulo Castellari, on 1 February 2026, the condition of presence provided for in the plan rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were cancelled. ii. Summary tables of the compensation of each executive corporate officer (TABLE 2 OF THE CORPORATE GOVERNANCE CODE) From1 January to 26 May 2025 Amounts for FY 2025 Amounts for FY 2024 Granted Paid Granted Paid Christel Bories, Chair and CEO Fixed compensation 321,212 321,212 800,000 800,000 Annual variable compensation 172,732 744,820 744,820 951,200 Contribution to the Article 82 scheme 150,110 469,471 469,471 532,190 Compensation allocated for term of office as director Benefits in kind 0 0 TOTAL 644,054 1,535,503 2,014,291 2,283,390 266 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies From 27 May 2025 Amounts for FY 2025 Amounts for FY 2024 Granted Paid Granted Paid Paulo Castellari, Chief Executive Officer Fixed compensation(1) 554,545 554,545 Annual variable compensation(2) 243,653 0 International pension(3) 27,653 27,653 Compensation allocated for term of office as director Benefits in kind TOTAL 825,852 582,198 (1) of which fixed compensation under the employment contract from 22/04/2025 to 26/05/2025: €75,757, not submitted to a vote at the Shareholders' Meeting, and fixed compensation in respect of the corporate office from 27/05/25 to 31/12/25: €478,788 only submitted to an ex-post vote pursuant to Article L. 22-10-34 of the French Commercial Code (2) of which annual variable compensation under the employment contract from 22/04/25 to 26/05/25: €3 3,286, not submitted to a vote at the Shareholders' Meeting, and annual variable compensation in respect of the corporate office from 27/05/25 to 31/12/25: €210,367 only submitted to an ex-post vote pursuant to Article L. 22-10-34 of the French Commercial Code (3) of which €10,619 paid under the employment contract not submitted to a vote at the Shareholders' Meeting , and €17,034 paid in respect of the corporate office, submitted to a vote at the Shareholders' Meeting in accordance with the procedure for related-party agreements and commitments iii. Table of compensation awarded to non-executive corporate officers (TABLE 3 OF THE CORPORATE GOVERNANCE CODE) Table 3 of the Corporate Governance Code is presented in Section 3.2.1.3 of this document. iv. Table of share subscription or purchase options granted in 2025 to each executive corporate officer (TABLE 4 OF THE CORPORATE GOVERNANCE CODE) N/A v. Table of share subscription or purchase options exercised in 2025 by each executive corporate officer (TABLE 5 OF THE CORPORATE GOVERNANCE CODE) N/A vi. Table of performance shares granted in 2025 to each executive corporate officer (TABLE 6 OF THE CORPORATE GOVERNANCE CODE) Plan No. and date Number of shares granted Value of shares(1) Vesting date Availability date Performance conditions Christel Bories, Chair and Chief Executive Officer from 1 January to 26 May 2025 0 No shares were granted to Christel Bories in 2025 Paulo Castellari, Chief Executive Officer, from 27 May 2025 Plan of 26/05/2025 11,930(2) 506,071 26/05/2028 26/05/2028 The applicable performance criteria are described in Section 3.2.1.1.d.iii of this document. TOTAL 11,930 (1) Calculated according to the fair value of the share on the grant date by the Board of Directors, namely €42.42 on 26 May 2025. Although the compensation policy provides for the award of long-term variable compensation of up to 120% of the fixed compensation, calculated on the basis of the share price for the three months preceding the award; the fact that Say on Pay is governed by the AFEP-MEDEF Code means that the fair- value valuation of this award as at the award date must be disclosed. (2) In view of the dismissal of the Chief Executive Officer, Paulo Castellari, on 1 February 2026, the condition of presence provided for in the plan rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were cancelled. 3 267ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies vii. Table of performance shares that became available in 2025 for each executive corporate officer (TABLE 7 OF THE CORPORATE GOVERNANCE CODE) Plan date Vesting date Availability date Number of shares granted Number of shares that vested and became available during the financial year Vesting rate Christel Bories, Chair and Chief Executive Officer, from 1 January to 26 May 2025 Plan of 12/03/2020 12/03/2023 12/03/2025 15,000 9,253 61.7% Plan of 10/03/2022 10/03/2025 10/03/2025 10,568 6,669 63.1% TOTAL 25,568 15,922 Paulo Castellari - Chief Executive Officer, from 27 May 2025 0 0 TOTAL 0 0 Pursuant to Article 24 of the AFEP MEDEF Code, 20% of the shares vested under the performance share plans must be held until the end of the term of office. viii. History of share subscription or purchase options ▼ (TABLE 8 OF THE CORPORATE GOVERNANCE CODE) N/A 268 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies ix. Performance share grant history (TABLE 9 OF THE CORPORATE GOVERNANCE CODE) 2020 plan 2021 plans 2022 plan 2023 plan 2024 plan 2025 plan Date of Shareholders’ Meeting 24/05/2018 24/05/2018 and 28/05/2021 28/05/2021 28/05/2021 28/05/2021 30/05/2024 Date of Board Meeting 12/03/2020 11/03/2021 and 28/05/2021 10/03/2022 21/03/2023 22/03/2024 20/03/2025 and 26/05/2025 Vesting date of shares 12 March 2023 11/03/2024 and 28/05/2024 10/03/2025 21/03/2026 22/03/2027 20/03/2028 and 26/05/2028End date of the holding period 12 March 2025 ALL EMPLOYEES: Total number of shares granted(1) 188,013 217,054 114,175 124,809 174,144 232,939 Number of shares vested at 31/12/2025 (International Plan)(2) 24,453 161,797 64,272 67,755 Number of shares vested at 31/12/2025 (France Plan)(2) 83,563 Cumulative number of cancelled or lapsed shares 79,997 55,257 49,903 57,054 Performance shares remaining at financial year end 0 0 0 0 174,144 Of which directors C. Bories Total number of shares granted(3)(4) 15,000 19,480 10,568 10,667 13,914 Total number of shares vested and available 9,253 16,477 6,669 6,635 P. Castellari Total number of shares granted(4) 11,930 Total number of shares vested and available(5) 0 Performance conditions • Relative performance of the Eramet share (TSR) compared to that of companies belonging to the indices (Euromoney Global Mining Index: diversified metals & mining, steel) (30%) • Relative performance of the Eramet share (TSR) compared to a panel of comparable mining companies belonging to the Euromoney Global Mining Index (25%) • Intrinsic performance of economic indicators (25%) EBITDA and (25%) NET DEBT on a constant economic budget basis • Intrinsic performance of economic indicators: 50% EBITDA (4) on a constant economic budget basis • Intrinsic performance of economic indicators: 50% EBITDA(6) on a constant economic budget basis • Corporate Social Responsibility (CSR) performance (20%) • Corporate Social Responsibility (CSR) performance (25%): the vesting of performance shares is 20% linked to the achievement rate of the Group’s CSR roadmap and 5% to the CO2 emissions reduction objective presented in the Group’s CSR roadmap Achievement rate of the plan as a % of shares granted(3) 92.52% of the target, i.e. 61.7% of the maximum 84.58% 63.1% 62.2% (1) Number of shares at maximum performance (2) From 2021, there is no longer any distinction made between the international plan and the France plan (3) Until 2020, the number of shares awarded corresponded to the maximum level that could be acquired in the event of outperformance (150% achievement of the objective). Since 2021, the number of shares awarded corresponds to the target number associated with the 100% achievement of performance criteria, the possibility of outperformance having been removed. The aim of this change is to improve clarity and alignment between the level of award and the target performance. (4) Since 2024, the grant to the director corresponds to 120% of their annual fixed compensation (5) Following the dismissal of the Chief Executive Officer with effect from 1 February 2026, the condition of presence provided for in the plan rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were cancelled (6) For 2024, adjusted EBITDA under IFRS 5 (separate recognition of “non-current assets held for sale and discontinued operations”, i.e. EBITDA targets do not include Aubert & Duval and Erasteel) 3 269ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies x. Multi-year variable compensation of each executive corporate officer (TABLE 10 OF THE CORPORATE GOVERNANCE CODE) N/A xi. Summary of compensation and benefits payable on termination of the duties of executive corporate officers (TABLE 11 OF THE CORPORATE GOVERNANCE CODE) Director Employment contract Supplementary pension plan Compensation or benefits payable or that may become payable as the result of departure or a change in position Compensation related to a non- compete clause Christel Bories Chair and CEO: from 1 January to 26 May 2025 No No, but the Company is financing a life insurance contract Yes, but no compensation or benefit was paid as a result of the change in position No Paulo Castellari Chief Executive Officer: From 27 May 2025 No Yes, contribution paid to an international pension fund to compensate for the loss of pension rights in the country of origin No Yes b. Total compensation and benefits paid or awarded from 1 January to 26 May 2025 to Christel Bories, Chair and Chief Executive Officer i. Changes in the compensation of the Chair and Chief Executive Officer and in the Company’s performance over the past five years ▼ Change in the compensation of the CEO, Christel Bories, and in the Company’s performance Note: The compensation for 2025 is prorated over the period from 1 January 2025 to 26 May 2025, the end date of her term of office as Chair and Chief Executive Officer. 270 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies ii. Fixed compensation In view of the change in the duties of Christel Bories during the 2025 financial year, the components of fixed compensation were determined and paid prorata temporis to the effective duration of her duties as Chair and Chief Executive Officer. The reference annual fixed compensation for the 2025 financial year is set at €800,000. As a result, the fixed compensation paid in respect of the 2025 financial year was calculated prorata temporis for the period from 1 January to 26 May 2025 and amounted to €321,212. Amount for a full year Pro rata amount for the period from 1 January to 26 May 2025 Christel Bories, Chair and CEO €800,000 €321,212 iii. Annual variable compensation As a reminder, the gross variable compensation paid in 2025 in respect of the 2024 financial year was €744,820. This represents an overall objective achievement rate of 93.10%. This level of achievement is detailed in Section 3.1.1.1.d of the 2024 Universal Registration Document. In view of the change in the duties of Christel Bories during the 2025 financial year, variable compensation was awarded only for the period during which she held the positions of Chair and Chief Executive Officer. The collective criteria, representing 75% of the variable compensation, were assessed for the whole of the 2025 financial year, although Christel Bories no longer served as Chief Executive Officer from May 2025; however, the corresponding amount was calculated prorata temporis to the effective duration of her duties. These collective criteria are divided into financial objectives (70%), safety objectives (10%), CSR objectives (15%) and decarbonisation objectives (5%). The individual criteria, representing 25% of the variable compensation, were assessed solely over the period of service as Chair and Chief Executive Officer, i.e. five months. Given the rate of achievement of the 2025 objectives, which stands at 53.78%, the gross variable compensation awarded in respect of the 2025 financial year and paid in 2026 amounts to €172,732. It is calculated on the basis of the pro-rated fixed compensation paid in 2025. 3 271ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies A summary table of the objectives, expected thresholds and levels achieved in 2025 is presented below. LEVEL OF ACHIEVEMENT OF 2025 OBJECTIVES FOR VARIABLE COMPENSATION PAID IN 2026 Annual variable compensation Weighting Min Targets Max Results Rate of achievement Collective objectives: 75% Safety objectives Accident frequency rate & severe accidents 5% 0% if FR2 ≥ 1.6 100% if FR2 = 1 150% if FR2 ≤ 0.8 FR2 = 0.8 0.00%(1) Risk prevention indicator determined by initiatives relating to the causes of incidents or high-potential observations across all Group sites 5% 0% if actions closed and verified = <70% 100% if actions closed and verified = 90% 150% if actions closed and verified = 100% Actions closed and verified: 96% 130% CSR objectives Development of the Act for Positive Mining CSR roadmap 15% 105% 105% Decarbonisation: improvement in CO2 efficiency 2025 vs. 2024 5% 0% if 0% 100% if = -2.5% 150% if ≥ -3.75% -6.3% 150% Financial objective Intrinsic performance: adjusted EBITDA(2) and restated EBITDA(3) excluding SLN 70% 20% if ≥ €648 million 100% if = €770 million 150% if ≥ €846 million €650 million 21% 100% 44.5% Individual objectives from January to May 2025: 25% Organise the transition with the new CEO by preparing for his arrival with stakeholders and internal teams 25% 100% Settle the tax and customs dispute in Gabon to get operations back on a sound footing 25% 125% Oversee the ramp-up of lithium, on schedule and on budget 50% 51% 100% 82% Total variable compensation (as a % of pro-rated fixed compensation) 100% 53.78% (1) Despite an FR2 of 0.8, the occurrence of three fatal accidents involving subcontractors in Indonesia in 2025 leads, in accordance with applicable rules, to the conclusion that the objective linked to the performance indicator has not been achieved in line with the Group's commitment to zero fatal accidents. (2) EBITDA is said to be adjusted because it includes the share of EBITDA of PT Weda Bay Nickel, for the 38.7% interest held by ERAMET. (3) EBITDA is said to be restated because it is calculated at constant economic conditions in relation to the budget, i.e. it excludes the exogenous effects of the period on EBITDA (changes in prices of products sold, cost of inputs, currency conversion rates, impact of uncontrollable events, changes in the Group’s scope of consolidation or accounting standards). Integration of ESG and climate issues in variable compensation The non-financial performance criteria used to determine the variable compensation relate to indicators directly linked to the Group's CSR roadmap and its climate commitments. They include objectives relating to safety, social responsibility and the reduction of carbon intensity, defined according to precise, measurable and verifiable thresholds, and are subject to a transparent annual assessment. Analysis of results Safety objectives Safety is of the utmost priority for the Group. Safety performance in 2025 is assessed on the basis of performance indicators and a prevention indicator, each weighted at 50%. In 2025, the performance indicators are based on: • the frequency rate of accidents with and without lost time (FR2) for employees, temporary workers and subcontractors; • the fundamental objective of zero fatal accidents. The FR2 was 0.8 , reflecting an overall satisfactory quantitative performance. However, the occurrence of three fatal accidents involving subcontractors in Indonesia during the financial year leads, in accordance with the applicable rules, to the conclusion that the objective related to the performance indicator was not achieved, in line with the Group's commitment to zero fatal accidents. The prevention indicator is based on the percentage of incidents and high-potential observations that resulted in closed and verified actions. In 2025, 96% of the actions associated with these incidents and observations were closed and verified , thus exceeding the target set at 90% and bringing the achievement rate to 130%. CSR objectives In 2025, the overall performance of the "Act for Positive Mining" CSR roadmap, rolled out in all the countries where the Group operates, was 105%, reflecting an overall achievement exceeding the objectives set. Among the main advances of the year, the Group continued its efforts in terms of diversity and inclusion, with 1,386 "early careers" opportunities offered (compared to a target of 975), and strengthened its contributory impact in the regions via the "Eramet Beyond" programme, making it possible to support 1,846 additional jobs in 2025 (vs. +1,500 expected) and provide 354 young people with training support schemes. The Group also continued to roll out its common social standards, with the implementation of life insurance for all employees in Gabon and Senegal , illustrating its desire to harmonise social standards upwards and strengthen social protection in all the countries where it operates. 272 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies On the environmental aspect, the roll-out of action plans (water, biodiversity, fugitive dust) continued, with 84% of sites equipped with mapping and an action plan to reduce fugitive dust (vs. 70%), and an increase in commitments across the value chain (with 72% of suppliers and customers committed to an emissions reduction roadmap, above the 67% target). Lastly, obtaining IRMA 50 level following the independent external audit of Eramet Grande Côte is a fundamental step forward in the Group's responsible mining strategy and an important marker of transparency vis-à-vis stakeholders. Decarbonisation is an objective in its own right in the Group's CSR strategy. In 2025, indicator 7.1 of the roadmap ("improvement in the intrinsic efficiency of activities", excluding SLN) provided for an improvement of 2.5% compared to 2024. The result observed in 2025 was -6.30%, corresponding to an achievement level of 150%, reflecting a performance well above the target set. Financial objectives The financial objective is the main performance lever for variable compensation. It is based on a key metric which reflects the Group’s economic and operating results, adjusted and restated EBITDA, excluding SLN. In 2025, adjusted and restated EBITDA, excluding SLN, amounted to €650 million, against a target of €770 million, which gives an achievement rate of 21%. The main reasons for this result are negative volume effects, in particular related to logistical and operational difficulties in Gabon, disruptions to the mining plan in Indonesia and the lithium ramp-up penalised by a technical problem in the commissioning of the forced evaporation equipment. Productivity losses related to the performance of alloy furnaces were also offset by productivity gains related to grade (manganese ore and mineral sands). The performance of the Chair and Chief Executive Officer was assessed on the basis of predefined thresholds, targets and ceilings for each of the criteria, guaranteeing an objective and transparent allocation of variable compensation. The performance for the 2025 financial year was assessed on the basis of criteria previously approved by the Board of Directors. Analysis of individual results The individual objectives set for the Chair and Chief Executive Officer for the period from January to May 2025 mainly related to preparations for the managerial transition, the resolution of matters fundamental to the Group's operations and the implementation of industrial priorities. The achievement of these objectives was assessed by the Board of Directors, based on a recommendation from the Compensation and Governance Committee. The work undertaken notably helped in the organisation of the period of transition with the new Chief Executive Officer and to prepare for his arrival with the main internal and external stakeholders. The tax and customs dispute in Gabon has been settled, clarifying the framework of operations. Lastly, the ramp-up of the lithium activities was successful, but with a delay in start-up, due to the delivery of defective equipment by a key supplier. In light of all these elements, the Board of Directors deemed that the individual objectives had been achieved overall, leading to a weighted achievement rate of 82%. The final amount of variable compensation for the 2025 financial year was determined by the Board of Directors at its meeting called to approve the financial statements for the financial year, on the recommendation of the Compensation and Governance Committee. In accordance with Article L. 22-10-34 of the French Commercial Code, its payment is subject to ex-post approval from the Shareholders' Meeting called in 2026 to approve the financial statements for the 2025 financial year and will take place within one month of this approval, without any carry- forward mechanism. iv. Long-term compensation Maintenance of the long-term compensation provisions as part of the transition to a non-executive chair Following the Shareholders' Meeting of 2025, and in accordance with the decision to separate the functions of Chair of the Board of Directors and Chief Executive Officer, Christel Bories became non-executive Chair of the Board of Directors. In accordance with the rules of the long-term compensation plans in force, the performance shares granted previously and currently vesting have been maintained. The retention of the rights attached to these plans is part of the strict and automatic application of the rules of the plans in force and is exclusively subject to effective continued presence within the Group, a condition fulfilled by Christel Bories. This retention is not the result of any discretionary decision by the Board of Directors, does not confer any specific benefit linked to the change in position and does not lead to any more favourable treatment than that which would have been applicable if the executive functions had been maintained. No prorata temporis adjustment has been applied, as the Group's plan rules do not provide for such a provision in the event of a change in functions. In accordance with the recommendations of the AFEP- MEDEF Code, Christel Bories remains subject to the obligation to retain 20% of the shares vested under the performance share plans, until the termination of her duties as director. This obligation will be reviewed each time the term of office is renewed. No allocation in respect of the 2025 financial year In accordance with what was presented to the shareholders in the context of the ex-ante Say on Pay, no performance shares were granted to Christel Bories in respect of the 2025 financial year. Performance shares that became available during the 2025 financial year With respect to long-term compensation, the performance shares that became available to the Chair and Chief Executive Officer during the 2025 financial year, as presented in Table 7, fall under two separate share plans. With regard to the plan of 12 March 2020, the performance conditions were assessed at the end of the vesting period, i.e. in 2022. On this date, 9,253 shares had vested out of the 15,000 initially granted, i.e. a vesting rate of 61.7%. However, in accordance with the terms of the plan, these shares were subject to a holding period, so they only 3 273ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies became available during the 2025 financial year. As the vesting conditions were definitively established in 2022, there is no need to go into the details of their assessment in this report. The plan of 10 March 2022 resulted in the vesting and availability of 6,669 shares out of the 10,568 granted, corresponding to a vesting rate of 63.1%. The achievement rate for the 2022 plan, used to determine the number of shares vested in 2025 , was 63.1% of the shares granted. This rate was calculated over a three-year period, based on the level of achievement of the objectives set. These are divided into three major weighted categories, described below: Weighting Results Rate of achievement Rate of achievement of the 2022 plan EBITDA 50.00% 38.1% 2022 50% if EBITDA = €1,114 million 100% if EBITDA = €1,266 million 16.67% €1,229 million 88% 14.7% 2023 50% if EBITDA = €721 million 100% if EBITDA = €864 million 16.67% €753 million 61.2% 10.2% 2024 50% if EBITDA = €262 million 100% if EBITDA = €433 million 16.67% €362 million 79% 13.2% CSR Roadmap 2024 20.00% 95% 19% Rate of achievement of the CSR roadmap < 50%, 0% of shares vested Rate of achievement of the CSR roadmap = 50%, 50% of shares vested Rate of achievement of the CSR roadmap = 100%, 100% of shares vested TSR performance compared to the panel of comparable companies 2022 to 2024 30.00% 20% 6.0% Eramet ranking % of shares vested 18th out of 26 companies, 69th percentile of the panel [0 to 15%] 100% [15% to 30%] 80% [30% to 45%] 60% [45% to 57.5%] 40% [57.5% to 70%] 20% [70% to 100%] 0 OVERALL / MAXIMUM ACHIEVEMENT RATE 100% 63.1% In accordance with the recommendations of the AFEP- MEDEF Code, Christel Bories remains subject to the obligation to retain 20% of the shares vested and available under the performance share plans, until the termination of her duties as director. This obligation will be reviewed each time the term of office is renewed. v. Other compensation items Social protection scheme During the 2025 financial year, Christel Bories, in her capacity as Chair and Chief Executive Officer, benefited from the supplementary health insurance and supplementary disability and life insurance plans in force within the Eramet Group, under the same conditions as those applicable to employees. The supplementary healthcare plan, which is 56% financed by Eramet and 44% by beneficiaries, covers the hospitalisation, medical costs, dental and optical costs of beneficiaries and their assigns. The supplementary insurance plan, which is 67% financed by Eramet and 33% by beneficiaries , provides coverage in the event of lost days due to illness or accident, a disability allowance, as well as capital or income proportional to the gross annual pay in the event of death. In respect of her duties as Chair and Chief Executive Officer for the 2025 financial year: • the employer's contribution to the healthcare plan amounted to €581.20; • the employer's contribution to the insurance plan amounted to €3,876.24. Insurance policies related to these schemes can be cancelled under the statutory law conditions applicable in the field. Furthermore, the Board of Directors can unilaterally decide to revoke these schemes for Christel Bories. 274 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Life insurance (Article 82) During the 2025 financial year, Christel Bories benefited from a life insurance policy governed by Article 82 of the French General Tax Code, solely for the period during which she served as Chair and Chief Executive Officer. This policy, intended to supplement her income on retirement, guarantees the constitution of savings that can, on the date of retirement, be converted into an annuity or paid as a lump sum. It does not constitute a pension liability. In accordance with the compensation policy approved by the Shareholders' Meeting, the annual amount of the additional compensation relating to this policy is set at 30.39% of the total gross annual compensation, including fixed and variable compensation, this base being calculated on a pro rata basis to the effective duration of her duties as Chair and Chief Executive Officer in 2025. This additional compensation gives rise to two payments: • a payment by the Company to an insurer corresponding to 50% of the additional compensation determined pursuant to the above; • an annual payment in cash by the Company to Christel Bories, equal to 50% of the additional compensation determined pursuant to the foregoing provisions, in order to cover the related social security and tax expenses. For the 2025 financial year, the employer's contribution paid by the Company under this policy amounted to €150,110, broken down into: • €75,055 paid to the insurer; • €75,055 paid to Christel Bories to cover the related social security and tax expenses. The implementation of this life insurance policy was authorised by the Board of Directors on 26 July 2017 and approved by the Shareholders’ Meeting of 24 May 2018 as part of the procedure for related-party agreements. The Company's commitment is limited to the payment of the aforementioned contributions, and it remains free to terminate this policy under the statutory law conditions applicable to such matters. vi. No other forms of compensation Christel Bories did not receive any compensation listed below in her capacity as Chair and Chief Executive Officer: • exceptional compensation; • benefits in kind; • deferred variable compensation; • multi-year variable compensation; • compensation for her term of office as director; • compensation paid by a company within the scope of consolidation. vii. Severance package In accordance with the compensation policy approved by the Shareholders' Meeting, the term of office of the Chair and Chief Executive Officer provides for the payment of end-of-office severance pay in certain cases, subject to performance conditions and caps. It should be noted that following the separation of the functions of Chair and Chief Executive Officer on 27 May 2025, Christel Bories was appointed Chair of the Board of Directors and that no end-of-office severance pay was paid in respect of the 2025 financial year, in accordance with the compensation policy. c. Christel Bories as Chair of the Board of Directors from 27 May to 31 December 2025 i. Fixed compensation The Board of Directors, on the recommendation of the Compensation and Governance Committee of Eramet S.A., set the fixed annual compensation of Christel Bories at €350,000 in respect of her office as Chair of the Board of Directors, from 27 May 2025. As a result, the fixed compensation was paid prorata temporis from 27 May 2025 to 31 December 2025, i.e. a total of €209,470 for 2025. Amount for a full year Pro rata amount for the period from 27 May to 31 December 2025 Christel Bories, Chair of the Board of Directors €350,000 €209,470 ii. Other compensation items Social protection scheme During the period from 27 May to 31 December 2025 inclusive, Christel Bories, in her capacity as Chair of the Board of Directors, benefited from the supplementary health insurance and supplementary disability and life insurance plans in force within the Eramet Group, under the same conditions as those applicable to Group employees. In respect of her duties as Chair of the Board of Directors for the 2025 financial year: • the employer's contribution to the healthcare plan amounted to €813.67; • the employer's contribution to the insurance plan amounted to €2,647.10. 3 275ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Benefits in kind In accordance with the compensation policy approved by the Shareholders' Meeting, the Chair of the Board of Directors may be awarded a benefit in kind in the form of a company car. However, it should be noted that Christel Bories waived her right to this benefit in kind and that no company car was made available to her for the 2025 financial year. Provision of an office and a part-time assistant During the 2025 financial year, Christel Bories, in her capacity as Chair of the Board of Directors, was provided with an office and a part-time assistant, in accordance with the compensation policy. iii. No other forms of compensation Christel Bories, during the 2025 financial year, did not receive any compensation or benefits listed below in her capacity as Chair of the Board of Directors: • annual variable compensation; • long-term variable compensation; • exceptional compensation; • deferred variable compensation; • multi-year variable compensation; • life insurance (Article 82) or supplementary pension scheme; • compensation for her term of office as director; • compensation paid by a company within the scope of consolidation; • severance pay due to the termination of or change in position. d. Paulo Castellari, Chief Executive Officer from 27 May to 31 December 2025 i. Fixed compensation In accordance with the terms presented ex-ante for the 2025 financial year, the fixed compensation of the Chief Executive Officer was determined on the basis of his expertise, the scope of his responsibilities and the complexity of his duties. Paulo Castellari joined the Company in April 2025 as an employee and was then appointed Chief Executive Officer by the 2025 Shareholders' Meeting, the date on which he renounced his employment contract, in accordance with his commitment. On the basis of the decision made by the Board of Directors on 21 January 2025, the gross annual fixed compensation of the Chief Executive Officer was set at €800,000 for a full year. For the 2025 financial year, this compensation was pro-rated to take into account the periods exercised respectively under the employment contract and the corporate office. Thus, in respect of the 2025 financial year, Paulo Castellari received total gross fixed compensation of €554,545, paid partly in respect of his employment contract (€75,758) and partly in respect of his corporate office (€478,788), in accordance with the principles approved ex-ante. Amount for a full year Pro rata amount for the period from 22 April to 26 May 2025 (employment contract) Amount, subject to a shareholder vote, calculated pro rata for the period from 27 May to 31 December 2025 (corporate office) Paulo Castellari, Chief Executive Officer €800,000 €75,758 €478,788 276 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies ii. Variable compensation In accordance with the principles and procedures presented ex-ante for the 2025 financial year, the Chief Executive Officer's annual variable compensation aims to reward the achievement of the Group's strategic, operational, financial, safety and social responsibility objectives, as well as individual objectives related to the transition period. Given the rate of achievement of the 2025 objectives, which stands at 43.94%, the gross variable compensation awarded in 2025 and paid in 2026 amounts to €243,653. It is calculated on the basis of the pro rata fixed compensation paid in 2025, partly in respect of his employment contract and partly in respect of his corporate office. Variable compensation was determined according to the level of achievement: • collective targets representing 75% of variable compensation divided between financial objectives (70%), safety objectives (10%), CSR objectives (15%) and decarbonisation objectives (5%). • individual objectives representing 25% of variable compensation. Pro rata amount for the period from 22 April to 26 May 2025 (employment contract) Amount, subject to a shareholder vote, calculated pro rata for the period from 27 May to 31 December 2025 (corporate office) Paulo Castellari, Chief Executive Officer €33,286 €210,367 A summary table of the objectives, expected thresholds and levels achieved in 2025 is presented below. Level of achievement of 2025 objectives for variable compensation paid in 2026 Annual variable compensation Weighting Min Targets Max Results Rate of achievement Collective objectives: 75% Safety objectives Accident frequency rate & severe accidents 5% 0% if FR2 ≥ 1.6 100% if FR2 = 1 150% if FR2 ≤ 0.8 FR2 = 0.8 0%(1) Risk prevention indicator determined by initiatives relating to the causes of incidents or high-potential observations across all Group sites 5% 0% if actions closed and verified = <70% 100% if actions closed and verified = 90% 150% if actions closed and verified = 100% Actions closed and verified: 96% 130% CSR objectives Development of the CSR roadmap 15% 105% Decarbonisation: improvement in CO2 efficiency 2025 vs. 2024 5% 0% if 0% 100% if = -2.5% 150% if ≥ -3.75% -6.3% 150% Financial objectives Intrinsic performance: adjusted EBITDA(2) and restated EBITDA(3) excluding SLN 70% 20% if ≥ €648 million 100% if = €770 million 150% if ≥ €846 million €650 million 21% 100% 44.5% Individual objectives 25% Roll out an asset management system and steering tools to improve asset performance and health by the end of 2026 20% 30% Strengthen stakeholder relations and a structured public affairs strategy 20% 10% Ensure the effective assumption of duties. Embody a leadership focused on safety, operational excellence and ethics. Adapt the strategy by strengthening financial resilience 20% 10% Achieve the lithium production objective in accordance with the ramp-up plan 20% 112% Finalise the cost mapping and control production costs in Gabon 20% 50% 100% 42.4% Total variable compensation (as a % of pro-rated fixed compensation) 100% 43.94% (1) Despite an FR2 of 0.8, the occurrence of three fatal accidents involving subcontractors in Indonesia in 2025 leads, in accordance with the applicable rules, to the conclusion that the objective linked to the performance indicator has not been achieved in line with the Group's commitment to zero fatal accidents. (2) EBITDA is said to be adjusted because it includes the share of EBITDA of PT Weda Bay Nickel, for the 38.7% interest held by ERAMET. (3) EBITDA is said to be restated because it is calculated at constant economic conditions in relation to the budget, i.e. it excludes the exogenous effects of the period on EBITDA (changes in prices of products sold, cost of inputs, currency conversion rates, impact of uncontrollable events, changes in the Group’s scope of consolidation or accounting standards). Analysis of collective results The collective objectives applicable to the annual variable compensation of Paulo Castellari, including the financial, safety, corporate social responsibility (CSR) and decarbonisation objectives, are based on the same indicators, thresholds, weightings and assessment methods as those set for Christel Bories for the 2025 financial year. Consequently, a detailed analysis of the results achieved in respect of the 2025 financial year for all collective objectives, as well as their impact on the overall level of achievement of variable compensation, is presented in Section 3.2.1.1 – Analysis of results – Collective objectives, to which reference should be made. The Chief Executive Officer's performance was assessed on the basis of predefined thresholds, targets and ceilings for each of the criteria, ensuring an objective and transparent 3 277ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies allocation of variable compensation. The performance for the 2025 financial year was assessed on the basis of criteria previously approved by the Board of Directors, independently of the decision taken on 1 February 2026. Analysis of individual results The individual objectives set for the financial year focused on strengthening asset management and steering tools, developing relations with stakeholders and public affairs, supporting the governance transition and implementing the Group's operational priorities, in particular regarding the development of the lithium business and cost control in Gabon. The assessment carried out by the Board of Directors, on the recommendation of the Compensation and Governance Committee, took into account the state of progress on various projects and the results actually achieved during the year. Several objectives related to the deployment of tools to improve asset reliability and strengthen institutional relationships and the managerial transition fell short of expectations. On the other hand, the operational performance recorded in the development of the lithium business after the launch at the end of May was broadly in line with the objectives set. In view of all these elements, the Board of Directors determined an overall individual objective achievement rate of 42.4%. The final amount of variable compensation for the 2025 financial year was determined by the Board of Directors at its meeting called to approve the financial statements for the financial year, on the recommendation of the Compensation and Governance Committee. In accordance with Article L. 22-10-34 of the French Commercial Code, its payment is subject to ex-post approval from the Shareholders' Meeting called in 2026 to approve the financial statements for the 2025 financial year and will take place within one month of this approval, without any carry- forward mechanism. Clawback mechanism: In accordance with the provisions presented ex-ante, the Board of Directors has the option of a clawback mechanism allowing it to request, in certain exceptional circumstances, the repayment of all or part of the annual variable compensation paid to the Chief Executive Officer. In respect of the 2025 financial year, no circumstances were observed to justify the implementation of this mechanism. Consequently, the Board of Directors did not make use of the clawback mechanism. iii. Long-term compensation • Allocation of shares for the 2025 financial year At its meeting of 26 May 2025, the Board of Directors allocated performance shares to Paulo Castellari as part of the Group's performance share plan, in accordance with the compensation policy approved by the 2025 Shareholders' Meeting. This allocation is part of the Chief Executive Officer's long- term variable compensation and corresponded to 120% of his annual fixed compensation, in accordance with ex- ante principles. In view of the appointment of Paulo Castellari during the 2025 financial year, the number of shares allocated was calculated pro rata. Thus, the Board of Directors allocated 11,930 performance shares to Paulo Castellari, representing 0.04% of the share capital, for a valuation of €506,071, calculated in accordance with the method used for the consolidated financial statements, based on the fair value of the shares on the allocation date, i.e. €42.42. Following the dismissal of the Chief Executive Officer with effect from 1 February 2026, the condition of presence provided for in the plan's rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were cancelled. • Reminder of the procedures for the granting and valuation of shares The grant of shares for the Chief Executive Officer is based on clear principles aligned with market practices. The terms and conditions applicable to the 2025 plan are as follows: 1. Basis for calculating the grant • The annual fixed compensation is used as a reference to determine the potential volume of the shares granted. • In 2025, the value of the shares granted was set at 120% of this fixed compensation. For the 2025 financial year, this amount was adjusted pro rata from the date Paulo Castellari took up his position. 2. Determination of the maximum number of shares that may be granted • The number of shares granted is calculated by dividing the amount of the annual fixed compensation multiplied by the percentage of grant by the average share price in the last quarter of the previous year. 3. Valuation on the grant date for Say on Pay purposes • The fair value of the share is calculated on the grant date in accordance with IFRS 2. • The total valuation of the shares granted is calculated by multiplying the number of shares by this fair value. 278 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Due to the inherent volatility of the financial markets, it should be noted that the allocation of performance shares, initially established on the basis of 120% of fixed compensation, is calculated on the basis of the average share price during the reference period. The accounting valuation presented for Say on Pay is based on the fair value of the share on the allocation date, in accordance with IFRS. Thus, if there is a significant difference between the average price used to determine the number of shares and the fair value used for their valuation, the final percentage of the fixed compensation represented by this allocation may differ from the initial target of 120%, while remaining compliant with the allocation principles set ex-ante. 4. Summary Year Fixed compensation prorata temporis(1) % allocation Average price (Q4 2024) Maximum number of shares granted for 100% achievement of performance criteria Fair value of the share on the grant date Valuation 2025 €556,712 120% €56 11,930 €42.42 €506,071 (1) The pro-rated fixed compensation used to determine the maximum number of shares that may be granted under the plan of 26 May 2025 was calculated on the basis of the number of calendar days between 22 April 2025 and 31 December 2025 , in accordance with the terms and conditions approved by the Board of Directors on the grant date. The fixed compensation actually paid for the 2025 financial year was determined by the payroll department on the basis of internal rules for calculating working days. This methodological difference explains the non-material difference observed between the two amounts. Performance criteria for vesting The vesting of performance shares under the 2025 plan was initially conditional on the achievement of predefined criteria, assessed over a period of three years, in line with Eramet’s strategic priorities. These criteria combined financial, stock market and societal aspects, with an increased waiting for CSR matters. The performance structure was as follows: • Financial performance (50%): based on adjusted and restated EBITDA, excluding SLN, with straight-line vesting between the set minimum and maximum levels; • Relative performance of the Eramet share (25% - Total Shareholder Return): measured against a panel of 20 comparable companies on the Euromoney Global Mining Index; • CSR performance (20%): based on the "Act for Positive Mining" roadmap, structured around 26 indicators grouped into three strategic areas; • Specific decarbonisation criterion (5%): measuring the reduction in CO₂ emissions per metric ton produced. These performance conditions are presented for information purposes only. Following the dismissal of the Chief Executive Officer on 1 February 2026, the condition of presence provided for in the plan's rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were lost and no performance shares will vest in respect of this award. Performance shares that became available during the 2025 financial year No performance shares became available in 2025 for Paulo Castellari iv. Other compensation items In accordance with the principles and methods presented ex-ante for the 2025 financial year, the Chief Executive Officer benefited from the other components of compensation described below. Supplementary insurance scheme and healthcare plan For the 2025 financial year, Paulo Castellari benefited from the supplementary insurance scheme and healthcare plan in force within the Company, under the same conditions as those applicable to employees. For 2025, • the employer's contribution to the healthcare plan amounted to €1,046.16, including €813.67 for his corporate office from 27 May to 31 December 2025; • the employer's contribution to the insurance scheme amounted to €6,645.60, including €5,741.14 in respect of his corporate office from 27 May to 31 December 2025. Supplementary pension plan In accordance with the approved compensation policy, Eramet paid, for the 2025 financial year, an annual contribution equivalent to 5% of the Chief Executive Officer's gross annual fixed compensation to an international pension fund . For 2025, the contribution to the supplementary pension plan amounted to €27,652.96, including €17,033.91 in respect of his corporate office from 27 May to 31 December 2025. Benefits in kind In accordance with the compensation policy approved by the Shareholders' Meeting, Paulo Castellari was entitled to a benefit in kind in the form of a company car. However, it should be noted that he waived this benefit in kind and that no company car was made available to him for the 2025 financial year. Benefits related to impatriation For the 2025 financial year, and in accordance with the Group's international mobility policy applicable to all international executives, the Chief Executive Officer was awarded benefits in relation to his impatriation, notably: • a housing allowance of €16,000; • an allowance for personal and family travel to Brazil, amounting to €13,000. These benefits were granted within the limits set out in the internal policy and were not subject to change during the financial year. 3 279ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies v. No other forms of compensation Paulo Castellari received no compensation in respect of the following: • compensation for the directorships held within the Group’s companies, • exceptional compensation, • compensation under a service contract. It is specified that the compensation received by Paulo Castellari between 22 April 2025 and 26 May 2025 was exclusively related to his employment contract. As from the date of his appointment as Chief Executive Officer on 27 May 2025, his employment contract ceased to be effective and no compensation has been paid other than that pertaining to his corporate office. vi. Post-employment benefits Non-competition indemnity Paulo Castellari is subject to a non-compete obligation applicable in the event of the termination of his duties. The activation of this clause and the payment of the corresponding compensation are subject to a decision by the Board of Directors. No compensation was paid in respect of the 2025 financial year. Severance package In accordance with the approved compensation policy, there are no severance benefits associated with the Chief Executive Officer's corporate office . No compensation of this kind was therefore paid in respect of the 2025 financial year e. Additional information relating to the components of compensation paid or awarded after the end of the 2025 financial year: Paulo Castellari, Chief Executive Officer from 1 January to 1 February 2026 Subsequent to the closing of the 2025 financial year, the Board of Directors, meeting on 1 February 2026, decided to end the term of office of Paulo Castellari as Chief Executive Officer with immediate effect. In the interests of transparency vis-à-vis its shareholders, the Company presents below the components of compensation paid or awarded to Paulo Castellari for the period from 1 January 2026 to 1 February 2026, as well as the financial consequences associated with the termination of his corporate office. It should be noted that these items relate to the 2026 financial year and, as such, are not included in the scope of the 2025 ex-post Say on Pay submitted to the vote at this Shareholders' Meeting. They will be presented as part of the ex-post Say on Pay for the 2026 financial year. i. Fixed compensation for the 2026 financial year The fixed compensation paid to Paulo Castellari in respect of the 2026 financial year corresponds to the amount of his gross annual compensation calculated pro rata to the period from 1 January 2026 to 1 February 2026, i.e. €66,667. ii. Variable compensation for the 2026 financial year Subject to approval from the Shareholders' Meeting of 27 May 2026, no variable compensation will be paid with respect to the 2026 financial year. iii. Long-term compensation No other awards of performance shares or stock options were granted. iv. Other compensation items Supplementary insurance scheme and healthcare plan For the 2026 financial year, Paulo Castellari benefited from the supplementary insurance scheme and healthcare plan in force within the Company, under the same conditions as those applicable to employees. For 2026, • the employer's contribution to the healthcare plan amounted to €116,34; • no employer contributions were made to the insurance scheme. A temporary suspension of contributions to the insurance scheme was introduced in 2026 and applied uniformly to all Company employees. In this context, no employer contributions were payable for this period. Supplementary pension plan In accordance with the approved compensation policy, Eramet paid, for the 2026 financial year, an annual contribution equivalent to 5% of the Chief Executive Officer's gross annual fixed compensation to an international pension fund. For 2026, the contribution to the supplementary pension plan amounted to €3,334. Paulo Castellari retains the rights acquired on the date of termination of his duties under the supplementary pension plan financed by the Company. Benefits in kind In accordance with the compensation policy approved by the Shareholders' Meeting, Paulo Castellari was entitled to a benefit in kind in the form of a company car. However, it should be noted that he waived this benefit in kind and that no company car was made available to him for the 2026 financial year. v. Post-employment benefits Non-competition indemnity The Board of Directors has decided not to implement the non-competition obligation provided for the benefit of the Company. Consequently, no non-competition indemnity will be paid. Severance package In accordance with the applicable compensation policy, no severance pay will be paid to Paulo Castellari. 280 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.1.2 Compensation ratio: changes in compensation, performance and pay ratios In accordance with Article L. 22-10-9 of the French Commercial Code, information relating to the pay ratios between the level of compensation of the executive corporate officers and the average and median compensation of employees is presented below. This information aims to ensure the transparency of the compensation policy, to allow the assessment of its internal fairness and to verify its alignment with the Company's performance and corporate interest. Changes in governance in 2025 and their impact on the presentation The 2025 financial year was marked by the separation of the functions of Chair of the Board of Directors and Chief Executive Officer as of the Shareholders' Meeting of 26 May 2025. In this context, the pay ratios are presented by distinguishing between: • the period from 1 January to 26 May 2025, during which Christel Bories served as Chair and Chief Executive Officer; • the period from 27 May to 31 December 2025 , during which Paulo Castellari served as Chief Executive Officer. Consequently, for the 2025 financial year, the compensation used as the numerator of the ratios is calculated prorata temporis to the effective duration of the term of office during the financial year . Pursuant to the separation of functions in 2025, the pay ratios are presented for the executive corporate offices (Chair and Chief Executive Officer for the period prior to the 2025 Shareholders' Meeting, from 1 January to 26 May 2025, then Chief Executive Officer for the period after the 2025 Shareholders' Meeting, i.e. from 27 May 2025). As the Chair of the Board of Directors holds a non-executive office, her compensation (mainly fixed) is specifically presented in the Say on Pay section, but is not presented in the ratios below. The compensation of employees, used as the denominator, corresponds to the compensation paid in respect of the 2025 financial year in accordance with the methodology described below. The "Metropolitan France" and "France (including New Caledonia)" ratios are calculated using the same method as in previous financial years, to enable historical comparability. An additional indicator for a Group scope was introduced this year, using a separate methodology described below, with the aim of offering enhanced information and transparency. a. Methodology applied to the ratios for Metropolitan France and France (including New Caledonia) • Scope: The scope of analysis used corresponds to 100% of the France and New Caledonia scope, representing 27% of the Group's workforce at 31 December 2025. It includes all consolidated entities located in Metropolitan France, namely: Eramet S.A., Eramet Ideas, Eramet Services and Comilog Dunkerque; and since 2024, SLN (Société Le Nickel), in order to broaden the calculation base and strengthen representativeness. The choice of this scope (Metropolitan France / France + New Caledonia) is due to the limited international comparability of compensation and is intended to guarantee the reliability and relevance of the indicator: • Significant differences in living standards between countries, likely to bias the comparison of compensation; • D ifferences in compensation and benefit structures: depending on the country (taxation, retirement, local systems), making comparison difficult; • Desire to guarantee reliable and representative data based on comparable economic and social environments. • Salaried population : the employees taken into account are all those on permanent and fixed-term contracts (excluding trainees and temporary staff) who have been continuously employed during the financial years in question. • Definition of compensation taken into account For all beneficiaries, including the executive corporate officers, compensation includes gross annual compensation (including variable compensation), employee savings (incentives, profit-sharing and contributions), bonus shares and performance shares granted during the financial years and valued at their fair value on the award date. • Calculation of the numerator: The components taken into account are the compensation paid in 2025: • Fixed Compensation 2025 • Variable compensation paid in 2025 in respect of 2024 • Employer contributions to the supplementary pension plan • Performance shares granted during the same periods and valued at their fair value on the grant date. • Calculation of the denominator: The components taken into account are the compensation paid in 2025: • Fixed compensation for 2025 • Variable compensation paid in 2025 in respect of 2024 • Exceptional compensation linked to the constraints of the position • Employer contributions to the supplementary pension plan • Employee savings plans (incentives, profit-sharing and contributions) • Bonus and performance shares granted during the same periods and valued at their fair value on the grant date. 3 281ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies • Reading of the 2025 ratios: The 2025 ratios are established in accordance with the legal provisions applicable to Say on Pay, based on compensation actually paid or awarded during the financial year to executive corporate officers. The 2025 financial year was marked by the separation of functions on 27 May 2025. The ratios are therefore calculated over periods of less than one year: from 1 January to 26 May 2025 for Christel Bories and from 27 May to 31 December 2025 for Paulo Castellari. The compensation used for Christel Bories includes the fixed compensation received over her term of office as well as the annual variable compensation in respect of the 2024 financial year, paid in 2025 in accordance with applicable rules. Conversely, the compensation used for Paulo Castellari, appointed Chief Executive Officer on the date of the 2025 Shareholders' Meeting, does not include any annual variable compensation paid in 2025, the variable portion related to the 2025 financial year, if applicable, being paid in 2026. This situation creates a mechanical calendar effect that affects the level of the ratios published for 2025. The differences observed therefore do not reflect any structural difference in the level of compensation between the two functions. The ratios have not been combined on a full-time annual basis. PAY RATIO BETWEEN THE LEVEL OF COMPENSATION OF THE CHAIR AND CHIEF EXECUTIVE OFFICER AND THE AVERAGE AND MEDIAN COMPENSATION OF EMPLOYEES Chair and Chief Executive Officer (Christel Bories) 2021 2022 2023 2024 2025(1) Ratio compared to the average compensation of Group employees in mainland France 29 36 28 27 14 Change in ratio (%) compared to the previous financial year 17% 24% -20% -6% -48% Ratio compared to the median compensation of Group employees in mainland France 49 54 41 38 19 Change in ratio (%) compared to the previous financial year 50% 9% -25% -8% -49% Ratio compared to the average compensation of Group employees in France (including New Caledonia) 49 24 Change in ratio (%) compared to the previous financial year - -52% Ratio compared to the median compensation of Group employees in France (including New Caledonia) 65 32 Change in ratio (%) compared to the previous financial year - -51% Change in Company performance (EBITDA) 100% 52% -51% 5% -54% Q4 N average share price 72 756 69 56 55 Change compared to the previous financial year 128% 4% -9% -19% -1% (1) Compensation of C. Bories calculated from 1 January to 26 May 2025, not annualised and not directly comparable to 2021/2024. PAY RATIO BETWEEN THE LEVEL OF COMPENSATION OF THE CHIEF EXECUTIVE OFFICER AND THE AVERAGE AND MEDIAN COMPENSATION OF EMPLOYEES Chief Executive Officer (Paulo Castellari) 2021 2022 2023 2024 2025(1) Ratio compared to the average compensation of Group employees in Metropolitan France 9 Ratio compared to the median compensation of Group employees in Metropolitan France 13 Ratio compared to the average compensation of Group employees in France (including New Caledonia) 16 Ratio compared to the median compensation of Group employees in France (including New Caledonia) 21 (1) Compensation of P. Castellari calculated from 27 May to 31 December 2025, not annualised. In 2025, certain significant changes are explained by the separation of functions during the financial year and by the absence of a comparable basis for the previous financial year for the Chief Executive Officer appointed on the date of the 2025 Shareholders' Meeting. 282 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies b. Methodology applied to the Group's additional indicator In order to supplement the information provided to shareholders, the Company has introduced an additional pay ratio indicator for a Group scope. This indicator is intended to provide an overall order of magnitude and is not a substitute for the ratios calculated for the "Metropolitan France" and "France (including New Caledonia)" scopes, established according to the historical methodology. • Scope The Group scope covers all Group employees employed on permanent or fixed-term contracts and present at 31 December 2025. The purpose of this choice is to retain a stable and homogeneous population at the closing date. This additional indicator is based on a methodology that differs from that of the ratios for Metropolitan France/ France + New Caledonia, particularly with regard to the population, so as to limit the impacts of staff arrivals/ departures during the year, changes in scope and differences in compensation practices from country to country, and to create a more internationally comparable base. • Methodological choices (international comparability) Given: • the diversity of compensation structures (benefits, taxation, retirement, long-term) depending on the country; • and difficulties in the homogeneous valuation of certain components (in particular local benefits and long-term schemes), the Company uses a simplified and comparable approach for this Group indicator, based on standardised components. • Components selected For the Chief Executive Officer and for employees, the Group ratio is established on the basis of target annual compensation, in order to ensure international comparability. The components used are fixed annual compensation on a full-time basis and the target annual variable compensation. For employees, the target variable compensation corresponds, where applicable, to the annual target amount provided for by the variable compensation schemes applicable within the Group, in order to obtain a homogeneous indicator. When employees are not entitled to variable compensation, the target variable compensation used is zero. Other items (benefits, pensions, long-term compensation, local schemes) are excluded in order to limit biases related to differences in practices and valuation from country to country. For the Chief Executive Officer appointed during the financial year, the use of a target annual compensation makes it possible to neutralise the effect of the date of assumption of office on the indicator. PAY RATIO BETWEEN THE LEVEL OF COMPENSATION OF THE CHIEF EXECUTIVE OFFICER AND THE AVERAGE AND MEDIAN COMPENSATION OF GROUP EMPLOYEES Chief Executive Officer (Paulo Castellari) 2025 Ratio compared with the average compensation of Group employees 48 Ratio compared with the median compensation of Group employees 75 3 283ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.1.3 Total compensation and benefits paid in 2025 or granted during that financial year to the directors a. Compensation components The components of directors’ compensation for 2025 are set out in the table below, it being specified that they will be paid during the 2026 financial year: COMPENSATION GRANTED TO THE DIRECTORS (TABLE 3 OF THE CORPORATE GOVERNANCE CODE) (gross amounts in euros rounded to the nearest euro) Total 2025(10) Total 2024 Alilat Antsélévé‑Oyima (9) - 15,649 Christel Bories (1) - - Émeric Burin des Roziers 46,440 46,949 Christine Coignard 74,769 104,696 François Corbin 87,308 112,208 Jérôme Duval (2) 30,496 - Sorame (represented by Jérôme Duval) (2) 31,270 55,869 Héloïse Duval (3) 30,186 35,212 Tanguy Gahouma Békalé (4) 15,085 11,604 Jean-Yves Gilet (5) 46,440 46,949 Nathalie de la Fournière (2) 35,140 - CEIR (represented by Nathalie de La Fournière) (2) 42,416 100,471 Solenne Lepage (6) 27,864 24,257 Manoelle Lepoutre 44,118 56,339 Ghislain Lescuyer 87,772 142,255 Miriam Maes 78,484 64,790 Nicolas Noël 46,440 44,602 Franck Pecqueux 51,084 42,254 Catherine Ronge (7) - 1,564 Sonia Sikorav (9) - 25,508 Arnaud Soirat (3) 61,766 58,530 Romain Valenty (8) 83,128 109,391 Jean-Philippe Vollmer 29,792 26,338 TOTAL 950,000 1,125,435 (1) Other compensation: see other tables related to corporate officers’ compensation. (2) On 26 May 2025, Jérôme Duval was co-opted to replace SORAME (of which he was permanent representative on the Board) and Nathalie de La Fournière was co-opted to replace CEIR (of which she was permanent representative on the Board). (3) Appointed on 30 May 2024. (4) Appointed on 30 May 2024 and resigned in November 2025. (5) 15% of the amount due is paid to the French Ministry of Finance. (6) Appointed on 22 March 2024. (7) Term of office expired on 22 March 2024. (8) Amount paid to the French Ministry of Finance. On 18 October 2022, Mr Romain Valenty was appointed Government representative (9) Term of office expired on 30 May 2024. (10) At the Board of Directors’ meeting held on 18 March 2026, the directors unanimously decided to cap, on a pro rata basis, the amount of compensation awarded to each director for the 2025 financial year, so that the cumulative amount of this compensation does not exceed the total amount of the total annual budget of €950,000. b. Compensation paid by a company in the scope of consolidation The directors did not receive any compensation paid by a company within the scope of consolidation. c. Comparison of compensation components Directors did not receive any variable or exceptional compensation in respect of the 2025 financial year. d. Consideration of the most recent ex-post vote of the Shareholders’ Meeting In its fifteenth resolution, the Shareholders’ Meeting of 26 May 2025 voted by 99.35% to approve the ex-post resolution on the disclosures relating to the total compensation of the directors in respect of the 2024 financial year included in the 2024 Universal Registration Document, section 3.2.1.3 “Corporate Governance Report”. 284 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies e. Compliance of the compensation paid with the compensation policy The Company did not deviate from the compensation policy implementation procedure approved by the Shareholders' Meeting of 26 May 2025. f. Suspension of the compensation paid to directors As the Board of Directors is organised in accordance with the provisions of Articles L. 225-18-1 and L. 22-10-3 of the French Commercial Code, payment of the compensation set out in the first sub-paragraph of Article L. 225-45 of the aforementioned Code has not been suspended. 3.2.2 Components of compensation paid or granted for the 2025 financial year submitted for shareholder approval 3.2.2.1 Christel Bories, as Chair and Chief Executive Officer a. Components of compensation paid or granted in respect of the 2025 financial year submitted for approval of the Shareholders’ Meeting to be held on 27 May 2026 pursuant to Article L. 22-10-34 of the French Commercial Code Compensation components Amounts granted from 1 January to 26 May 2025 or accounting valuation Amounts paid from 1 January to 26 May 2025 Presentation No employment contract. Christel Bories holds a corporate office. Fixed compensation €321,212 €321,212 Pro-rated gross fixed compensation, paid in respect of the period from 1 January to 26 May 2025, in accordance with the provisions adopted by the Board of Directors of Eramet S.A. on 23 February 2017. Annual variable compensation €172,732 (amount approved for the 2025 financial year) €744,820 (amount paid in 2025 for the 2024 financial year) At its meeting on 18 February 2026, the Board of Directors, on a recommendation by the Compensation and Governance Committee, and following the Audit Committee’s approval of the financial items, approved the amount of variable compensation to be paid to Christel Bories for the 2025 financial year at €172,732 (i.e. 53.78% of her target variable compensation). It is calculated pro rata to the fixed compensation for the period from 1 January to 26 May 2025. The variable portion is based on quantitative and qualitative objectives, whose selection and weighting are proposed by the Compensation and Governance Committee and approved by the Board of Directors. These objectives are based on the following criteria: Objectives Weighting in the total variable portion Description I. Quantitative targets 75% Based on quantifiable collective criteria 1. CSR 22.5% a. Safety and working conditions 3.75% Accident frequency rate for employees, temporary workers and subcontractors, with a reduction in the event of a fatal accident b. Risk prevention 3.75% Actions addressing the causes of incidents and high-potential observations c. CSR Roadmap 11.25% “Act for Positive Mining”, the criteria for which are linked to social and environmental issues d. Decarbonisation 3.75% Reduction of the carbon footprint of the Group’s value chain 2. Restated adjusted EBITDA, excl. SLN 52.5% Given the level of requirement of the 2025 budget, the mechanism provides for a payout as soon as the triggering threshold (20%) is reached II. Qualitative objectives 25% details for 2025 in section 3.2.1.1.b.iii. TOTAL 100% Variable compensation may vary from 0% to 150% of the annual fixed compensation with a target value set at 100% of annual fixed compensation. 3 285ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Compensation components Amounts granted from 1 January to 26 May 2025 or accounting valuation Amounts paid from 1 January to 26 May 2025 Presentation The variable portion for objectives achieved and the maximum variable portion are reviewed each year by the Compensation Committee in relation to market practice, as part of compensation surveys conducted annually. Pursuant to the compensation policy, the Company cannot demand that the annual variable compensation be returned. Deferred variable compensation N/A Christel Bories does not receive any deferred variable compensation. Multi-year variable compensation N/A Christel Bories does not receive any multi-year variable compensation. Exceptional compensation N/A Christel Bories does not receive any exceptional compensation. Performance shares or stock options, or any other long-term compensation N/A Continuation of long-term compensation schemes as part of the transition to a non-executive chair Following the Shareholders' Meeting of 2025, and in accordance with the decision to separate the functions of Chair of the Board of Directors and Chief Executive Officer , Christel Bories became non-executive Chair of the Board of Directors. In accordance with the rules of the long-term compensation plans in force, the performance shares granted previously and still vesting have been maintained, subject to compliance with the condition of presence within the Group. This condition was satisfied by Christel Bories. No prorata temporis adjustment was applied, as the Group's plan rules do not provide for such an adjustment in the event of a change in functions. In accordance with the recommendations of the AFEP-MEDEF Code, Christel Bories remains subject to the obligation to retain 20% of the shares vested under the performance share plans, until the termination of her duties as director. This obligation will be reviewed each time her term of office is renewed. No allocation in respect of the 2025 financial year In accordance with what was presented and approved by the shareholders in the context of the ex-ante Say on Pay, no performance share allocation was granted to Christel Bories in respect of the 2025 financial year. Compensation for term of office as director N/A Christel Bories does not receive compensation for the offices she holds at Eramet and its subsidiaries. Benefits of any kind N/A Christel Bories does not have a company car. 286 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies b. Components of compensation due or granted for the financial year ended which have been or are subject to voting at the Shareholders' Meeting pursuant to the procedures on related-party agreements and commitments Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in respect of 2025 Presentation Compensation related to taking up or leaving a post No payment In the event of dismissal (except for serious misconduct) or forced resignation, in particular in the following situations: • change of control of the Company, • major and imposed modification of the scope of responsibility, including in the event of separation of the functions of Chair and Chief Executive Officer, in which case it would be proposed to Christel Bories, before the end of her term of office, to continue only one of these functions. If she were to refuse, a severance payment equal to two years' fixed salary and variable compensation is provided for. Conditions for granting the severance payment: • Entitlement to this compensation is subject to the following conditions: • Minimum performance: the sum of the gross variable compensation received during the last three full financial years must be greater than or equal to 35% of the sum of the gross annual fixed compensation received during the same financial years. • Term of office of less than three full financial years: in the event that the number of full financial years is less than three, performance will be assessed over the actual duration of the term of office. This assessment will be submitted to the Board of Directors for assessment on the proposal of the Compensation and Governance Committee. In accordance with the procedures related to related-party agreements and commitments (and the provisions of Article L. 225- 42-1 of the French Commercial Code applicable at the time), this commitment was authorised by the Board of Directors on 23 February 2017 and approved by the Shareholders’ Meeting of 24 May 2018. Supplementary pension plan €150,110 €469,471 Christel Bories has an individual life insurance policy governed by Article 82 of the French General Tax Code, solely for the period during which she served as Chair and Chief Executive Officer. This policy, intended to supplement her income on retirement, enables the constitution of savings that can, on the date of retirement, be converted into an annuity or paid as a lump sum. It does not constitute a pension liability. The implementation of this policy was authorised by the Board of Directors on 26 July 2017, on the proposal of the Compensation Committee, and approved by the Shareholders’ Meeting of 24 May 2018 as part of the procedure for related-party agreements. In accordance with the compensation policy approved by the Shareholders' Meeting, the annual amount of the additional compensation relating to this policy is set at 30.39% of the total gross annual compensation of Christel Bories, including fixed and variable compensation subject to performance conditions. For the 2025 financial year, this base is determined on a pro rata basis to the effective duration of the term of office as Chair and Chief Executive Officer. This additional compensation gives rise to two payments, broken down as follows: • 50% is paid by the Company to an authorised insurer, under the life insurance policy taken out on behalf of Christel Bories; • 50% as an annual payment in cash by the Company to Christel Bories, intended to cover the social security and tax expenses relating to this additional compensation. 3 287ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in respect of 2025 Presentation For the 2025 financial year, the employer's contribution paid by the Company in this respect amounted to €150,110, broken down as follows: • €75,055 paid to the insurer; • €75,055 paid to Christel Bories to cover the related social security and tax expenses. The Company's commitment in this respect is limited to the payment of the contributions mentioned above. The Company remains free to terminate this policy at any time, under the statutory law conditions applicable to such matters. Supplementary insurance scheme and healthcare plan Employer's contribution to healthcare plan: €581.20 Employer's contribution to insurance scheme: €3,876.24 Christel Bories benefits from Group plans in force within the Eramet Group, in particular: • Healthcare plan, • Disability insurance plan - death In accordance with the procedures related to related-party agreements and commitments, this commitment was authorised by the Board of Directors on 23 February 2017 and then approved by the Shareholders’ Meeting of 24 May 2018. 3.2.2.2 Christel Bories, as Chair of the Board of Directors a. Components of compensation paid or granted in respect of the 2025 financial year, submitted for approval at the Shareholders’ Meeting to be held on 27 May 2026 pursuant to Article L. 22-10-34 of the French Commercial Code Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in 2025 Presentation No employment contract Christel Bories holds a corporate office. Fixed compensation €209,470 €209,470 Pro-rated gross fixed compensation paid for the period from 27 May to 31 December 2025 in accordance with the provisions approved by the Board of Directors of Eramet S.A. on 26 May 2025. Annual variable compensation N/A N/A Christel Bories does not receive any annual variable compensation. Deferred variable compensation N/A Christel Bories does not receive any deferred variable compensation. Multi-year variable compensation N/A Christel Bories does not receive any multi-year variable compensation. Exceptional compensation N/A Christel Bories does not receive any exceptional compensation. Performance shares or stock options, or any other long-term compensation N/A Christel Bories does not receive any compensation in the form of performance shares, stock options or any other long-term compensation. Compensation for term of office as director N/A Christel Bories does not receive compensation for the offices she holds within Eramet and its subsidiaries. 288 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies b. Components of compensation due or granted for the financial year ended which have been or are subject to approval by the Shareholders' Meeting pursuant to the procedures for related-party agreements and commitments Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in respect of 2025 Presentation Compensation related to taking up or leaving a post N/A No compensation is provided for Christel Bories in relation to taking up or leaving a post. Supplementary pension plan N/A Christel Bories, in her capacity as Chair of the Board of Directors, does not benefit from any supplementary pension plan. Supplementary insurance scheme and healthcare plan Employer's contribution to healthcare plan: €813.67 Employer's contribution to insurance scheme: €2,647.1 Christel Bories benefits from Group plans in force within the Eramet Group, in particular: • healthcare plan, • disability and life insurance scheme In accordance with the procedures for related-party agreements and commitments, this commitment was authorised by the Board of Directors on 26 May 2025 and then approved by the Shareholders’ Meeting of 26 May 2025. Benefits in kind In accordance with the compensation policy approved by the Shareholders' Meeting, Christel Bories was entitled to a benefit in kind in the form of a company car. However, it should be noted that she waived this benefit in kind and that no company car was made available to her for the 2025 financial year 3 289ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.2.3 Paulo Castellari, as Chief Executive Officer a. Components of compensation paid or granted in respect of the 2025 financial year, submitted for approval at the Shareholders’ Meeting to be held on 27 May 2026 pursuant to Article L. 22-10-34 of the French Commercial Code Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in 2025 Presentation No employment contract Paulo Castellari holds a corporate office. Fixed compensation €478,788 €478,788 Pro-rated gross fixed compensation paid for the period from 27 May to 31 December in accordance with the provisions approved by the Board of Directors of Eramet S.A. on 26 May 2025. Annual variable compensation €210,367 (amount approved for the 2025 financial year) €0 At its meeting on 19 March 2026, the Board of Directors, on a recommendation by the Compensation and Governance Committee and following the Audit Committee’s approval of the financial items, approved the amount of variable compensation for Paulo Castellari for the 2025 financial year at €210,367 (i.e. 43.94% of his target variable compensation). It is calculated pro rata to the fixed compensation for the period from 27 May to 31 December 2025. The variable portion is based on quantitative and qualitative objectives, whose selection and weighting are proposed by the Compensation and Governance Committee and approved by the Board of Directors. These objectives are based on the following criteria: Objectives Weighting in the total variable portion Description I. Quantitative objectives 75% Based on quantifiable collective criteria 1. CSR 22.5% a. Safety and working conditions 3.75% Accident frequency rate for employees, temporary workers and subcontractors, with a reduction in the event of a fatal accident b. Risk prevention 3.75% Actions addressing the causes of serious or high-potential incidents c. CSR Roadmap 11.25% “Act for positive mining”, the criteria for which are related to social and environmental issues d. Decarbonisation 3.75% Reduction of the carbon footprint of the Group’s value chain 2. Adjusted and restated EBITDA, excluding SLN 52.5% Given the level of requirement of the 2025 budget, the mechanism provides for a payout as soon as the triggering threshold (20%) is reached II. Qualitative objectives 25% details for 2025 can be found in Section 3.2.1.1.d.ii. TOTAL 100% Variable compensation may vary from 0% to 150% of the annual fixed compensation with a target value set at 100% of annual fixed compensation The variable portion for objectives achieved and the maximum variable portion are reviewed each year by the Compensation Committee in relation to market practice, as part of compensation surveys conducted annually. Clawback mechanism In accordance with the compensation policy approved by the shareholders as part of the ex-ante Say on Pay, the Board of Directors has set up a clawback mechanism applicable to the annual variable compensation of the Chief Executive Officer. This mechanism allows the Board of Directors, in exceptional circumstances, to reduce or cancel, and where applicable to request the repayment, of all or part of the annual variable compensation paid, in particular in the event of serious misconduct or fraud, or if the data used to measure performance is proven to have been intentionally distorted. No clawback mechanism was implemented in respect of the 2025 financial year. 290 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in 2025 Presentation Deferred variable compensation N/A Paulo Castellari does not receive any deferred variable compensation. Multi-year variable compensation N/A Paulo Castellari does not receive any multi-year variable compensation. Exceptional compensation N/A Paulo Castellari does not receive any exceptional compensation. Performance shares or stock options, or any other long-term compensation N/A 11,930 performance shares = €506,071 (according to the method used for the consolidated financial statements, fair value of the share on the date of the allocation by the Board of Directors) Options = N/A Other items = N/ A At its meeting of 26 May 2025, the Board of Directors, in accordance with the authorisation granted by the Shareholders' Meeting of 26 May 2025 (xth resolution), allocated 11,930 performance shares to Paulo Castellari, subject to the achievement of all performance conditions and the conditions of presence provided for in the plan rules. These shares, valued at €506,071 (0.04% of share capital), were valued according to the method used for the consolidated financial statements (fair value of the share on the date of allocation by the Board of Directors). Following the dismissal of the Chief Executive Officer on 1 February 2026, the condition of presence provided for in the plan's rules was no longer satisfied, and in accordance with the provisions of said rules, the corresponding rights were cancelled. Compensation for term of office as director N/A Paulo Castellari does not receive any compensation for the offices he holds within Eramet and its subsidiaries. Benefits of any kind In accordance with the compensation policy approved by the Shareholders' Meeting, Paulo Castellari was entitled to a benefit in kind in the form of a company car. However, it should be noted that he waived this benefit in kind and that no company car was made available to him for the 2025 financial year 3 291ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies b. Components of compensation due or granted for the financial year ended which have been or are subject to approval by the Shareholders' Meeting pursuant to the procedures for related-party agreements and commitments Compensation components Amounts granted in respect of 2025 or accounting valuation Amounts paid in respect of 2025 Presentation Compensation related to taking up or leaving a post No payment In respect of the 2025 financial year, no termination of duties of the Chief Executive Officer occurred, the non-compete clause was not activated and no non-competition indemnity was paid. In accordance with the compensation policy approved by the shareholders, there are no severance benefits associated with the Chief Executive Officers' corporate office. As a result, no severance pay was paid for the 2025 financial year. Supplementary pension plan €17,033.91 €17,033.91 Paulo Castellari receives a contribution to a supplementary pension plan equal to 5% of his gross annual fixed compensation. This contribution, paid into to an international pension fund, aims to guarantee a supplementary pension adapted to the specific needs of expatriate or impatriated employees. It was paid in accordance with the approved compensation policy. It amounted to €17,033.91 for the 2025 financial year in the context of his corporate office. Supplementary insurance scheme and healthcare plan Employer's contribution to healthcare plan: €813.67 Employer's contribution to insurance scheme: €5,741.14 In the context of his corporate office, Paulo Castellari benefits from the Group schemes in force within the Eramet Group, in particular: • healthcare plan, • disability and life insurance scheme In accordance with the procedures for related-party agreements and commitments, this commitment was authorised by the Board of Directors on 26 May 2025 and then approved by the Shareholders’ Meeting of 26 May 2025. Benefits related to impatriation In accordance with the Group's compensation and international mobility policy applicable to all international executives, Paulo Castellari received benefits related to his impatriation in respect of the 2025 financial year. These benefits include a housing allowance of €16,000 as well as an allowance for personal and family travel, which totalled €13,000. These benefits were granted within the limits set out in the applicable policy and were not subject to any change during the financial year. 292 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.3 Ex-Ante Say On Pay – Compensation policy for directors for the 2026 financial year This compensation policy for directors was set out in accordance with Article L. 22-10-8 of the French Commercial Code and the recommendations of the APEF- MEDEF Code. It was approved by the Board of Directors, based on a proposal from the Compensation and Governance Committee and will be submitted for approval to the Shareholders' Meeting Following the Shareholders' Meeting held in 2025, the Company decided to separate the functions of Chair of the Board of Directors and Chief Executive Officer, which were previously held by the same person. Since that date, the Company's governance has been based on: • a Chair of the Board of Directors, a non-executive director, responsible for chairing and coordinating the work of the Board as well as overseeing governance; • a Chief Executive Officer, executive director, vested with the broadest powers to act in all circumstances on behalf of the Company, within the limits of the corporate purpose and subject to the powers expressly granted by law to the Board of Directors and to Shareholders' Meetings. At its meeting of 1 February 2026, the Board of Directors noted the dismissal of Paulo Castellari as Chief Executive Officer. In order to ensure the continuity of the Group's executive management pending the appointment of a new Chief Executive Officer, the Board decided to entrust Christel Bories, Chair of the Board of Directors, with the temporary exercise of the duties of Chief Executive Officer. In this particular context of governance, the compensation policy presented below specifies the terms and conditions applicable to the various terms of office held during the 2026 financial year, as well as the principles likely to apply to any new Chief Executive Officer appointed during the financial year. 3.2.3.1 Common principles applicable to compensation policies for directors a. Purpose and scope In accordance with Article L. 22-10-8 of the French Commercial Code, the Board of Directors defines and submits each year for the approval of the Shareholders' Meeting the compensation policies applicable to the directors. In the specific context of governance described above, the compensation policy applicable for the 2026 financial year distinguishes between: • the compensation policy applicable to the Chair of the Board of Directors in the context of her non-executive office; • the policy applicable to the Chair of the Board of Directors temporarily performing the duties of Chief Executive Officer; • the policy applicable to the Chief Executive Officer for the period from 1 January to 1 February 2026, corresponding to the term of office of Paulo Castellari; • the principles applicable to the compensation of the future Chief Executive Officer due to be appointed by the Board of Directors in 2026; • the policy applicable to members of the Board of Directors. This section sets out the common principles governing all of these policies. b. Guiding principles The compensation policies for the Group's directors aim to reconcile: • the Group's corporate interest and long-term strategy; • the creation of sustainable value for shareholders; • the consideration of safety, social, societal and environmental issues, with a focus on global and responsible performance. They also take into account specific governance situations resulting from a period of transition in the Group's executive management, in order to guarantee continuity of business conduct and managerial stability. 3 293ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies They are based on the following principles: Compliance and governance Policies are drawn up in accordance with applicable laws and regulations as well as the recommendations of the AFEP-MEDEF Code and governance best practices. Clarity, transparency and comprehensiveness All components of compensation (fixed, variable, long-term, benefits, any commitments) are presented clearly and in detail to enable shareholders to assess the consistency and legibility of the systems submitted to the vote. Proportionality, balance Compensation levels and structures are determined taking into account: • the responsibilities assumed and the time spent; • market practices; • as well as the Group's situation and its outlook. Alignment with sustainable performance The compensation policy applicable to executive corporate officers provides, in principle, for a significant portion of their compensation to be indexed to the achievement of financial and non-financial performance objectives, so as to strengthen alignment between compensation, performance and the Group's strategy. In the specific context of governance described above and depending on the terms and conditions applicable to directors serving as Chief Executive Officer during the financial year, certain adjustments may be made to the compensation structure. The compensation policy for non-executive corporate officers is based on fixed compensation only and does not include variable or exceptional compensation in cash or in shares, nor compensation in respect of their directorships. c. Determination, review and implementation process i. Determination The compensation policy for directors is drawn up by the Board of Directors based on recommendations from the Compensation and Governance Committee, before being submitted for approval at the Shareholders' Meeting each year. The Board of Directors ensures that the policy: • is consistent with the Group's strategy and priorities; • strengthens sustainable performance and competitiveness in the medium and long term; • contributes to the sustainability of the Company while respecting the corporate interest. Compensation levels and structures are mainly determined on the basis of: • internal analyses and principles of equity; • regular comparative studies, particularly in conjunction with external consulting films, to measure the levels and structures of compensation against panels of our comparable companies. On an international level, comparative studies are carried out using a panel of international mining players: Rio Tinto, Anglo American, BHP, Vale, Lonmin, Bolinden, South 32, Sibanye and Glencore. At the national level, the reference panel is composed of French industrial companies of comparable capitalisation and complexity, taken from the SBF 80 index: Arkema, Aperam, Imerys, Nexans, Vallourec, Vicat, BIC, Getlink and Legrand. ii. Review The compensation policy is reviewed annually by the Board of Directors, on the recommendation of the Compensation and Governance Committee, to ensure that it is relevant and aligned with the Group’s strategy and market practices. The recommendations are based on: • The study of market practices and compensation trends. • Annual surveys on the compensation of comparable company executives in terms of turnover and market capitalisation, particularly for the executive corporate officer. • The use of external experts, when necessary, to obtain specific technical analyses. iii. Implementation Compensation is implemented by the Board of Directors, in accordance with the resolutions approved by the Shareholders' Meeting. No payment, allocation or commitment may differ from the policy approved by the shareholders. The Compensation and Governance Committee meets as often as is necessary, and in particular prior to the approval of agenda for the Shareholders’ Meeting to vote on the Say on Pay item. It is responsible for: • deciding on all forms of compensation for directors, including benefits in kind, insurance and retirement benefits received from any Group company or affiliates; • scrutinising and formulating proposals to the Board of Directors on the compensation of executive corporate officers; • proposing the principles for determining how sums should be allocated amongst the directors; • proposing the total annual sum to be allocated to the directors, the breakdown of annual individual amounts, as well as the compensation allocated to directors tasked with exceptional assignments. d. Changes to the compensation policy In the context of the changes in the Group's governance during the 2026 financial year, the Board of Directors, on the recommendation of the Compensation and Governance Committee, adapted the compensation policy applicable to the position of Chief Executive Officer. 294 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies These adjustments take into account, on the one hand, the termination of the duties of the previous Chief Executive Officer during the financial year and, on the other hand, the governance put in place on a transitional basis, as part of which the Chair of the Board of Directors temporarily performs the duties of Chief Executive Officer. During this period, the applicable compensation arrangements are subject to specific provisions presented in Section 3.2.3.3. e. Application of the compensation policy to newly appointed corporate officers • If a new corporate officer is appointed, the compensation policy applicable to the Chief Executive Officer, as described in section 3.2.3.4, will be applied. In the event of the external recruitment of a new executive corporate officer, the Board of Directors may decide to grant compensation related to taking up a post (in cash or shares) to compensate the new corporate officer for the loss of compensation related to the departure from his or her previous position. In all cases, the payment of such compensation will be subject to the approval of the Shareholders' Meeting in accordance with Article L. 22-10-34 of the French Commercial Code. • If a new director is appointed, the compensation policy applicable to current directors will be applied. However, the Board of Directors, on the recommendation of the Compensation Committee, may take into account the individual situation of each director and the specific responsibilities of his or her position when defining the components of his or her compensation policy. For any other appointment, the Board of Directors, on the proposal of the Compensation Committee, will take into account the individual situation of the person concerned and the responsibilities conferred by their position. f. Provisions specific to executive corporate officers i. Method used to determine the performance criteria The method used to determine the performance criteria aims to ensure alignment between the interests of the executive corporate officers, the Group’s sustainable performance and shareholder expectations. Each year, the Board of Directors, on the recommendation of the Compensation and Governance Committee, sets the objectives applicable to the variable components of the compensation of executive corporate officers, as well as the associated performance levels. The criteria used may be: • financial, to reflect the Group's economic performance; • non-financial, particularly in terms of safety, social responsibility and the environmental transition; • qualitative, in order to take into account the implementation of the Group's strategy and managerial priorities. The performance criteria and their weighting are determined each year by the Board of Directors based on a recommendation from the Compensation and Governance Committee and are presented in the sections of this policy devoted to the compensation of the executive corporate officer concerned. ii. Performance criteria assessment method During the first quarter of each year, the Board of Directors, based on a recommendation from the Compensation and Governance Committee, evaluates the level of achievement of the performance criteria for the previous year, upon which the variable components of the executive corporate officers' compensation are based, whether they relate to annual variable compensation or long-term compensation. Following this assessment, the levels of achievement of the objectives are determined by the Board of Directors and communicated criterion by criterion. With regard to annual variable compensation, 100% of the annual variable compensation is paid when the objectives have been achieved. If the objectives have been exceeded, the annual variable compensation may reach 150% of the annual fixed compensation. With regard to long-term compensation, 100% of the shares awarded will vest when all of the performance conditions provided for in the plan are met. 3 295ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies The assessment of each criterion is established according to the following methodology: Annual variable compensation Long-term variable compensation The financial performance criteria are evaluated based on the detailed figures in the annual financial statements approved by the Statutory Auditors. In order to ensure a fair and representative assessment of intrinsic performance, the financial indicator is calculated at constant economic conditions compared to the budget. Exogenous effects of the period on the chosen indicator are therefore excluded. The level to which the CSR roadmap objectives have been achieved, each objective of which is precisely established in advance, as well as the level of achievement of the decarbonisation criterion, are assessed annually by the CSR and Strategy Committee. The criteria are quantitative and in line with the indicators reported in the Non-Financial Performance Statement. A substantiated report on the Non-Financial Performance Statement, which details Eramet’s approach to its commitments, is prepared by an independent third party which examines the statement’s compliance with Article R. 225-105 of the French Commercial Code, as well as the accuracy of the information provided, in accordance with paragraph 3 of said Article R. 225-105-I and II, namely the policy outcomes, including key performance indicators, and the measures implemented to address the main non-financial risks. The safety indicators are assessed in accordance with the “Accident and safety incident reporting” procedure. Reporting is carried out using the SAFEE tool, which allows the results to be compared with those from previous years, thereby ensuring consistent monitoring. The Group Safety and Prevention Department periodically checks the safety information collected. These checks are based on verifying that the information expected is consistent with that of previous periods, and they rely on the information regularly collected from the sites. They ensure the quality and completeness of the information can be checked. The results are available in the form of consolidated reports that can be consulted using the Power BI tool. The evaluation of the relative share performance (TSR) is carried out by the Group's Finance Department on the basis of publicly available market data. The results of this analysis are presented to the Compensation and Governance Committee. iii. Deviation in the event of exceptional circumstances In accordance with the provisions of Article L. 22-10-8 of the French Commercial Code, in exceptional circumstances, the Board of Directors, on a recommendation from the Compensation and Governance Committee, may deviate from the compensation policy as long as this deviation is temporary, in line with the corporate interest and necessary to guarantee the longevity or viability of the Company. Exceptional circumstances may result in particular from events that are rare, unforeseeable and external to the Company or likely to significantly affect performance measurement, such as a substantial change in the Group's economic environment or market conditions, or significant changes in the Group's scope such as a transformative operation (merger, disposal, etc.), the acquisition or creation of a significant new business activity, or withdrawal of a significant business activity, or a change in accounting method/standard. Exemptions may relate exclusively to the performance criteria of annual variable compensation and long-term variable compensation. Adjustments will be made to the financial or non-financial objectives depending on the exceptional circumstances identified, in particular their assessment methods, and may not, under any circumstances, affect the structure of compensation, fixed compensation levels or cap mechanisms. Under no circumstances may these deviations have the effect of increasing the total compensation of the beneficiaries beyond the caps provided for in the compensation policy approved by the Shareholders' Meeting. Any adjustments will be duly justified and strictly implemented. The Compensation and Governance Committee will analyse the impact of exceptional circumstances on the established performance criteria. It will then make a detailed recommendation, including objective and documented arguments, which it will submit to the Board of Directors. The Board will examine this recommendation at a specific meeting and make a decision accordingly. This compensation will be submitted to the ex-post vote of the Shareholders’ Meeting and may only be paid if approved. Any such changes must remain aligned with the best interests of the shareholders and beneficiaries. A detailed report on this matter will be given by the Board of Directors to the shareholders. g. Decision-making process and information for shareholders The compensation policy applicable to the corporate officers is defined by the Board of Directors, on the recommendation of the Compensation and Governance Committee, then submitted for the approval of the Shareholders' Meeting in accordance with Article L. 22-10-8 of the French Commercial Code. The implementation of this policy is carried out under the control of the Board of Directors, in compliance with the governance and conflict of interest prevention procedures provided for in the Internal Regulations. The shareholders are asked to approve this compensation under an ex-ante vote. The components of compensation paid or awarded in respect of the 2026 financial year will be presented as part of the ex-post vote, in accordance with applicable legal provisions. h. Managing conflicts of interest In its procedures for managing conflicts of interest, Eramet complies with the recommendations of the AFEP-MEDEF Code on the independence of directors that sit on the Compensation and Governance Committee and the Board of Directors. 296 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies All directors are bound by the Directors’ Charter appended to Eramet’s Internal Regulations, which sets out the directors’ obligations with respect to conflicts of interest. Thus, the executive corporate officers concerned do not take part in the work of the Compensation and Governance Committee concerning them. Similarly, the executive corporate officers do not take part in the deliberations or vote on decisions concerning them taken by the Board of Directors. These principles are part of the separate governance implemented following the 2025 Shareholders' Meeting. They remain fully applicable in the context of the transitional situation resulting from the temporary exercise of the duties of Chief Executive Officer by the Chairperson of the Board of Directors. i. Summary table of the 2026 ex-ante compensation policy Director Nature of term of office Compensation structure Key features Chair of the Board of Directors Non-executive director Annual fixed compensation Fixed annual compensation: €350,000. Insurance scheme and healthcare plan where applicable. No variable or long-term compensation, in accordance with the non-executive nature of the term of office. Chair of the Board of Directors temporarily serving as Chief Executive Officer Temporary exercise of executive functions Fixed + annual variable + specific component related to the transition Fixed annual salary: €800,000 prorata temporis over the period of performance of the executive duties. Group annual variable: target 100% of fixed compensation, capped at 150%, based on collective and individual objectives defined by the Board. The amount will be calculated prorata temporis. Complementary component related to the management of the transition: target 100% of fixed compensation, based on specific objectives related to exceptional missions set by the Board. Chief Executive Officer (not yet appointed) Executive corporate officer Fixed + annual variable + long- term compensation Annual fixed compensation determined by the Board at the time of appointment. Annual variable compensation based on financial and non- financial criteria (including safety and CSR) with an objective expressed as a percentage of the fixed compensation and a maximum ceiling (up to 150% of the target). Long-term compensation (performance shares) subject to multi- year performance conditions and a service condition. Benefits in kind and any obligations in accordance with the AFEP- MEDEF Code Directors Non-executive corporate officers Compensation in respect of term of office Compensation paid within the limit of the total budget approved by the Shareholders' Meeting. Distribution based on attendance and participation in the work of the Board and its committees. Potential for exceptional compensation for specific missions, as decided by the Board. 3 297ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.3.2 Compensation policy applicable to Christel Bories, Chair of the Board of Directors – Period from 1 January to 31 January 2026 a. General principles Since the separation of the functions of Chair of the Board of Directors and Chief Executive Officer implemented at the end of the 2025 Shareholders' Meeting, the Chair of the Board of Directors holds a non-executive directorship, separate from the operational management duties performed by the Chief Executive Officer. The compensation policy applicable to the Chair of the Board of Directors for the 2026 financial year is established in accordance with the applicable legal and regulatory provisions and the recommendations of the AFEP-MEDEF Code. It aims to: • guarantee the independence of judgement associated with the position of Chair of the Board of Directors; • ensure compensation commensurate with the responsibilities assumed and the time spent; • reflect the non-executive nature of the term of office, excluding any incentive mechanism indexed to the Group's financial or operating performance. b. Compensation structure In line with the oversight and governance responsibilities exercised by the Chair of the Board of Directors, the compensation policy applicable for the 2026 financial year includes: • annual fixed compensation; • ancillary elements strictly related to the exercise of the term of office. In accordance with her non-executive role and with best market practices in France, the Chair of the Board of Directors does not receive any short-term or long-term variable compensation in cash or in the form of performance shares. c. Total compensation and benefits of any kind i. Fixed compensation For 2026, the annual fixed compensation remains unchanged at €350,000 gross. It will be paid on a prorata temporis basis. ii. Other components of compensation The Chair of the Board of Directors may benefit, in compliance with the applicable internal rules, from the following items, strictly related to the exercise of her term of office: Supplementary insurance scheme and healthcare plan The Chair of the Board of Directors is covered by the supplementary insurance scheme and healthcare plan in force within the Company under the same conditions as those applicable to other employees. Furthermore, the Board of Directors may unilaterally revisit whether these schemes shall apply to the Chair and CEO. iii. Absence of other components of compensation In accordance with the non-executive nature of the term of office, the Chair of the Board of Directors does not benefit from the following: • annual variable compensation; • long-term variable compensation; • a supplementary pension plan; • indemnity for a non-competition commitment at the end of her term of office, • compensation in respect of directorships held within the Group’s other companies, • exceptional compensation, • benefits in kind (having waived the option of a company car), • the benefit of an employment contract or service contract. The decision-making process and information for shareholders relating to this compensation policy are described in section 3.2.3.1 - Common principles applicable to compensation policies for directors. 3.2.3.3 Compensation policy applicable to Christel Bories, Chair of the Board of Directors during the temporary performance of duties as Chief Executive Officer – Period from 1 February to 31 December 2026 a. Term of office of the Chair and Chief Executive Officer Following the dismissal of Paulo Castellari from his position as Chief Executive Officer on 1 February 2026, the Board of Directors, at its meeting of the same day, decided to appoint Christel Bories, Chair of the Board of Directors, as interim Chief Executive Officer from 1 February 2026, pending the appointment of a new Chief Executive Officer. In this context, Christel Bories will assume during this period the executive responsibilities associated with the Group's Senior Management, while continuing to serve as Chair of the Board of Directors. In view of the temporary extension of her responsibilities, the Board of Directors, at its meeting of 19 March 2026 and on the recommendation of the Compensation and Governance Committee, decided to adapt the compensation terms applicable during this interim period. The purpose of these provisions is to: • ensure the continuity of the Group's executive management during the transition period; 298 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies • maintain a level of compensation consistent with the extent of the responsibilities assumed; • maintain alignment with the Group's performance and strategic priorities. The components of compensation applicable during this period are detailed below: b. Total compensation and benefits of any kind i. Fixed compensation During her term as Interim Chair and Chief Executive Officer, the gross annual fixed compensation of Christel Bories is set at €800,000, applied prorata temporis to the effective duration of her executive duties. This level of compensation corresponds to the level of fixed compensation she received when she served as Chair and Chief Executive Officer of the Group, before the separation of the functions of Chair of the Board of Directors and Chief Executive Officer in 2025. This level of compensation is 87% of the median of the panel of SBF 80 companies. In the event that a new Chief Executive Officer is appointed during the 2026 financial year, putting an end to the temporary exercise of executive duties by Christel Bories, she will continue to serve as Chair of the Board of Directors and the compensation policy applicable to this non- executive office, as described in section 3.2.3.2, would apply as of that date. ii. Annual variable compensation Christel Bories may be entitled to annual variable compensation, of which: • the target amount is set at 100% of the annual fixed compensation; • the maximum ceiling is set at 150% of the fixed compensation; • the amount actually awarded may vary from 0% to 150% of the fixed compensation, depending on the level of achievement of the objectives. This variable compensation will be calculated prorata temporis to her effective term of office as Chair and Chief Executive Officer. Structure of performance criteria and objectives The annual variable compensation is based on: • collective objectives (75%), reflecting the Group's overall performance; • individual objectives (25%) , as defined by the Board of Directors on the recommendation of the Compensation and Governance Committee. The performance criteria for variable compensation are based on strategic and operational priorities, and are determined according to the following criteria: Objectives Criteria Weighting Collective objectives 75% Accident frequency rate 5% Risk prevention indicator determined by initiatives relating to the causes and observations of serious or high-potential incidents across all Group sites. 5% Deployment of the CSR Roadmap. 15% Reducing CO2 emissions. 5% Group adjusted (1) and restated (2) operating cash flow, excluding SLN and GCO 70% 100% Individual objectives 25% Deliver the ReSolution plan on budget 20% Manage the Eramet situation in Gabon to gradually converge on the best solution under the mandate given by the Board 20% Ensure managerial commitment, retain talent and prepare the leaders of tomorrow 20% Manage the issues related to the Weda Bay permits 20% Implement the Lithium growth strategy 20% 100% (1) Operating cash flow is said to be adjusted because it measures our actual ability to generate cash from our operating activities. It is defined as follows: EBITDA + change in WCR - CAPEX + Weda Bay dividends. (2) Operating cash flow is said to be restated because it is calculated at constant economic conditions in relation to the Budget, i.e. excluding the exogenous effects of the period on EBITDA (change in the prices of products sold, input costs, foreign currency exchange rates, the impact of uncontrollable events, changes in the Group's scope or accounting standards) as well as on WCR (change in input prices and costs) and effects related to exceptional events (exceptional and abnormal market movements, unforeseeable political situations) to eliminate effects out of the Group's control. This approach ensures that the calculation of variable compensation and selective plans is based directly on the actions and results of management in relation to the objectives set at the beginning of the year, whether positive or negative. Assessment and payment methods • Performance is assessed according to pre-defined thresholds, targets and caps for each criterion, guaranteeing transparency and objectivity in the awarding of the variable component(s). • The final amount of the variable compensation will be determined after review and approval by the Board of Directors, based on a recommendation from the Compensation and Governance Committee. In the event that a new Chief Executive Officer is appointed before the completion of the work associated with the objectives, an interim assessment of results will be carried out once the duties have been handed over from Christel Bories to the new Chief Executive Officer. The variable portion owed in a given year is determined by the Board of Directors approving the financial statements for the same year. Thus, in accordance with Article L. 22-10- 34 of the French Commercial Code, payment of the variable component due for 2026 will be subject to an ex-post vote by the Shareholders’ Meeting called in 2027 to approve the financial statements for the 2026 financial year. It is paid 3 299ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies within the month following the validation of this payment by the Shareholders’ Meeting. There is no other period of potential postponement. Clawback mechanism: The Board of Directors provides for the possibility of implementing a clawback mechanism applicable to the annual variable compensation of the Chair and Chief Executive Officer. Thus, within five years of the payment of the annual variable compensation, the Board of Directors may decide to request the repayment of all or part of this compensation in exceptional circumstances, in particular if it is established that: • the financial, accounting or quantitative data used to determine the variable compensation were intentionally inaccurate or misleading; or • serious and deliberate misconduct was committed by the Chair and Chief Executive Officer in the exercise of her duties. In such a case, the Board of Directors may decide to demand the repayment of all or part of the variable compensation paid in respect of the financial years in question. The amount that may be repaid will be determined on the basis of the gross amount of the variable compensation paid, subject to any mandatory deductions made by the Company. The implementation of this mechanism will comply with the applicable legal and regulatory provisions. The aim of this mechanism is to strengthen the alignment of the compensation of executive corporate officers with the Company's sustainable performance and to protect the interests of the Company and its shareholders. iii. Exceptional compensation linked to the governance transition In order to maintain an overall level of compensation consistent with the scope of responsibilities assumed during this exceptional period, the Board of Directors decided to provide for exceptional compensation in cash , the target amount of which is equivalent to 100% of the annual fixed compensation, i.e. €800,000, calculated prorata temporis, with an amount that may vary from 0% to 100% of the fixed amount depending on the level of achievement of the objectives. This system takes into account the temporary nature of the exercise of executive functions by Christel Bories and the specific context of this mission, marked by the conduct of operations affecting the Group's financial and strategic position. The payment of this exceptional compensation is intended to recognise the expected contribution to the success of these operations, in a context of governance transition. Associated objectives • This exceptional compensation is based on an objective relating to the success of the Group's financing plan, assessed with regard to the following criteria, presented with their corresponding weightings: • the overall success of the financing plan (30%); • the monetisation of assets (35%); • the preparation of an equity strengthening transaction (35%), including the identification of suitable investors. The objectives and assessment criteria will be evaluated by the Board of Directors, on the recommendation of the Compensation and Governance Committee, with regard to the conditions under which the transactions were carried out and their contribution to the Group's financial position. Assessment and payment methods This exceptional compensation will be assessed when the transactions concerned have been finalised and will be paid prorata temporis to her effective period of service as Chief Executive Officer. In the event that a new Chief Executive Officer is appointed before the completion of the relevant work, an interim assessment of the results will be carried out when the duties are handed over from Christel Bories to the new Chief Executive Officer. In the event that a new Chief Executive Officer is appointed in the very near future, the Board of Directors may re- examine the conditions for granting this exceptional compensation, in order to take into account the actual period of performance of these executive responsibilities. iv. Other components of compensation The Chair and CEO is covered by the supplementary insurance scheme and healthcare plan in force within the Company under the same conditions as those applicable to other employees. v. Absence of other components of compensation Christel Bories, as Chair and Chief Executive Officer, does not receive the following components of compensation: • long-term variable compensation, • supplementary pension plan, • indemnity for a non-competition commitment at the end of her term of office, • compensation in respect of directorships held within the Group’s other companies, • benefits in kind, • the benefit of an employment contract or service contract. The decision-making process and information for shareholders relating to this compensation policy are described in section 3.2.3.1 - Common principles applicable to compensation policies for directors. 300 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.3.4 Compensation policy applicable to the Chief Executive Officer, not yet appointed At the date of preparation of this policy, the Chief Executive Officer has not yet been appointed. In accordance with the applicable provisions related to Say on Pay, the compensation policy for the Chief Executive Officer must be defined ex-ante and submitted for approval at the Shareholders' Meeting. In this context, the aim of this policy is to define the principles and structure of the compensation applicable to the future Chief Executive Officer, without prejudice to the definitive terms that will be approved at the time of his or her appointment. The Board of Directors will determine, when appointing the future Chief Executive Officer, on the recommendation of the Compensation and Governance Committee , the components of his/her compensation in compliance with the principles defined by this policy. a. General principles The compensation of the Chief Executive Officer will be determined: • in accordance with the Company's corporate interest and its long-term value creation strategy; • taking into account the Group's size, complexity and challenges, particularly in an international and industrial environment; • with regard to the market practices observed within panels of comparable companies including an international panel of mining players and a reference panel composed of French industrial companies of comparable capitalization and complexity from the SBF 80 index, as described in section 3.2.3.1.c of this document, • taking into consideration the experience, background and profile of the corporate officer recruited, as well as the responsibilities assigned. It will aim to maintain an appropriate balance between external competitiveness, performance and alignment with shareholders' interests, while integrating the Group's strategic priorities, particularly in terms of safety and social and environmental responsibility. b. Compensation structure Compensation levels will be determined in line with market practices applicable to corporate officers of comparable companies. The Chief Executive Officer's compensation may include the following: i. Annual fixed compensation The annual fixed compensation of the Chief Executive Officer will be determined according to: • the responsibilities entrusted to him/her, • the experience and profile of the corporate officer, • as well as the positioning in relation to market practices. It will be set for the duration of the term of office, except in exceptional circumstances justifying a review by the Board of Directors. ii. Annual variable compensation The annual variable compensation will be based on financial and non-financial performance criteria to be defined in advance by the Board of Directors. It will include: • a target level expressed as a percentage of fixed compensation, • a maximum ceiling (150% of the target level), • measurable and transparent criteria, reflecting the Group's strategic priorities. These criteria may include: • collective objectiv es, aligned with the performance indicators applicable to the Group's senior managers; • individual objectives, defined by the Board of Directors. The weighting between financial and non-financial criteria will be determined by the Board of Directors upon appointment of the corporate officer. Clawback mechanism The Board of Directors provides for the possibility of implementing a clawback mechanism applicable to the annual variable compensation of the Chief Executive Officer. Thus, within five years of the payment of the annual variable compensation, the Board of Directors may decide to request the repayment of all or part of this compensation in exceptional circumstances, in particular if it is established that: • the financial, accounting or quantitative data used to determine the variable compensation were intentionally inaccurate or misleading; or • serious and deliberate misconduct was committed by the Chair and Chief Executive Officer in the exercise of her duties. In such a case, the Board of Directors may decide to demand the repayment of all or part of the variable compensation paid in respect of the financial years in question. The amount that may be repaid will be determined on the basis of the gross amount of the variable compensation paid, subject to any mandatory deductions made by the Company. The implementation of this mechanism will comply with the applicable legal and regulatory provisions. The aim of this mechanism is to strengthen the alignment of the compensation of executive corporate officers with the Company's sustainable performance and to protect the interests of the Company and its shareholders. iii. Long-term variable compensation The Chief Executive Officer may benefit from long-term variable compensation plans, in particular in the form of performance shares, subject to performance conditions, as well as a service condition. The purpose of these schemes is to strengthen alignment between the corporate officer's compensation and the creation of medium- and long-term value for shareholders. 3 301ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies The level of award will be determined by the Board of Directors in compliance with: • market practices, and • caps applicable to executive corporate officers. In accordance with the plans' rules, any hedging of the risk related to these instruments is prohibited. In addition, the Chief Executive Officer must keep, until the termination of his/her duties, a number of shares representing at least 20% of the performance shares vested under these plans. iv. Other components of compensation The Chief Executive Officer may, where applicable, benefit from other components of compensation or benefits determined by the Board of Directors, on the recommendation of the Compensation and Governance Committee, and awarded under the conditions applicable within the Group. These components may include: • benefits in kind, such as a company car; • the benefit of social protection schemes (healthcare and insurance) applicable to employees of the Group's French companies; • where applicable, a supplementary pension scheme; and • in the event of international recruitment, benefits linked to international mobility. v. Specific commitments The Board of Directors may provide, as the case may be: • a severance package, applicable in the event of forced departure, which: • will be subject to performance conditions in line with the recommendations of the AFEP-MEDEF Code; and • will be capped at two years of compensation (fixed and annual variable). • A non-competition clause, which: • may apply for a period of between 12 and 24 months; • will give rise to the payment of a capped indemnity; • may be waived by the Company; • will not apply in the event of retirement or beyond the age of 65. vi. Compensation related to taking up a post The Board may award compensation to a new Chief Executive Officer taking up their post, depending on who is appointed. The terms and conditions of this compensation which will be determined by the Board, based on recommendations from the Compensation Committee, for the sole purpose of compensating for benefits lost during their previous term of office. In accordance with the recommendations of the AFEP- MEDEF Code, any compensation of this kind will be duly justified, made public and subject to the approval of the Shareholders' Meeting in accordance with applicable legal provisions. The decision-making process and information for shareholders relating to this compensation policy are described in section 3.2.3.1 - Common principles applicable to compensation policies for directors. 3.2.3.5 Compensation policy applicable to the Chief Executive Officer – Period from 1 January to 1 February 2026 a. Term of office of the Chief Executive Officer Paulo Castellari served as Group Chief Executive Officer from 27 May 2025. At its meeting on 1 February 2026, the Board of Directors decided to end the term of office of Paulo Castellari as Chief Executive Officer, with effect from the same date, and, on the recommendation of its Compensation and Governance Committee, approved the financial conditions associated with his departure in accordance with the compensation policy approved by the Shareholders' Meeting on 26 May 2025. These conditions are detailed below. b. Total compensation and benefits of any kind i. Fixed compensation The gross annual fixed compensation of Paulo Castellari was set at €800,000 for a full year. For the 2026 financial year, fixed compensation is paid prorata temporis to the effective duration of the performance of his duties, i.e. for the period from 1 January to 1 February 2026. ii. Annual variable compensation In view of the limited duration of his duties in the 2026 financial year and the decision of the Board of Directors, no annual variable compensation will be awarded in respect of this financial year. iii. Long-term compensation No new long-term variable compensation, notably in the form of performance shares, is planned for the 2026 financial year. It should also be noted that the performance shares granted in 2025 were subject to a condition of presence during the vesting period. Following the termination of his term of office on 1 February 2026, this condition is no longer satisfied and the corresponding rights have been cancelled in accordance with the rules of this plan iv. Other compensation items Supplementary insurance scheme and healthcare plan The Chief Executive Officer is covered by the supplementary insurance scheme and healthcare plan in force within the Company under the same conditions as those applicable to other employees. 302 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies Supplementary pension plan The Chief Executive Officer benefits from a supplementary pension scheme financed by Eramet through an annual contribution equal to 5% of his gross annual fixed compensation. This contribution, paid to an international pension fund, aims to guarantee a supplementary pension adapted to the specific needs of expatriate or impatriate employees. This system also applies to other expatriates in the Group in order to compensate for the loss of pension rights in their country of origin. Benefits related to impatriation The Chief Executive Officer receives temporary benefits related to his impatriation, in accordance with the international mobility policy applicable to all international executives and limited to the duration of his initial term of office, in particular: • a housing allowance equivalent to €4,000 net per month; • allowance for personal and family trips: €13,000 net per year, paid monthly. v. Absence of other compensation components The following provisions are not included in the terms for the Chief Executive Officer: • compensation for the directorships held within the Group’s companies, • exceptional compensation, • the benefit of an employment contract or service contract. vi. Post-employment benefits Non-competition indemnity In the context of his directorship, the Chief Executive Officer may be subject to a non-competition obligation aimed at protecting the interests of the Eramet Group at the end of his term of office. Under this clause, in the event of termination of his duties, regardless of the cause but with the exception of retirement, the Chief Executive Officer will be prohibited, for a period of one year renewable once, from carrying out any activity that competes with that of the Eramet Group. Following the termination of the duties of Paulo Castellari on 1 February 2026, the Board of Directors decided not to implement this obligation. Consequently, no non- competition indemnity will be paid. Severance package In accordance with the applicable compensation policy, the Chief Executive Officer's directorship does not provide for any severance pay. Consequently, the termination of duties of Paulo Castellari on 1 February 2026 did not give rise to any payment of severance pay. The decision-making process and information for shareholders relating to this compensation policy are described in section 3.2.3.1 - Common principles applicable to compensation policies for directors. 3.2.3.6 Compensation policy applicable to directors in 2026 3.2.3.6.1 Term of office of directors Directors are appointed for a term of four years in office. The director can be dismissed at any time by resolution of the Shareholders’ Meeting. The directors may be entrusted with specific duties giving rise to compensation, as decided by the Board of Directors, and subject to the regime regarding related-party agreements. Christel Bories Appointed on 23 May 2017 Expiry date: SM convened for 2028 financial statements Émeric Burin des Roziers Appointed on 23 May 2019 Expiry date: SM convened for 2026 financial statements Christine Coignard Appointed on 23 May 2017 Expiry date: SM convened for 2028 financial statements François Corbin Appointed on 23 May 2019 Expiry date: SM convened for 2026 financial statements Sorame (Jérôme Duval) Sorame appointed on 11 May 2011 - Mr Duval appointed on 23 May 2019 Expiry date: SM convened for 2026 financial statements Héloïse Duval Appointed on 23 May 2023 Expiry date: SM convened for the 2026 financial statements Jean-Yves Gilet Appointed on 23 September 2016 Expiry date: SM convened for the 2026 financial statements CEIR (Nathalie de La Fournière) CEIR appointed on 11 May 2011 – Ms de La Fournière appointed on 29 May 2015 Expiry date: SM convened for the 2026 financial statements Solenne Lepage Appointed on 22 March 2024 Expiry date: SM convened for the 2028 financial statements Manoelle Lepoutre Appointed on 11 May 2011 Expiry date: SM convened for the 2026 financial statements Ghislain Lescuyer Appointed on 23 May 2023 Expiry date: SM convened for the 2026 financial statements Miriam Maes Appointed on 27 May 2016 Expiry date: SM convened for the 2027 financial statements Nicolas Noël Director appointed to represent employees Term of office effective from 23 June 2022 until 22 June 2026 Franck Pecqueux Director appointed to represent employees Term of office effective from 12 November 2022 until 11 November 2026 Arnaud Soirat Appointed on 30 May 2024 Expiry date: SM convened for the 2027 financial statements Romain Valenty Appointed as Government representative on 18 October 2022, as per the Order of 20 August 2014 not appointed by the ASM Jean-Philippe Vollmer appointed on 15 October 2020 Expiry date: SM convened for the 2027 financial statements 3 303ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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3 CORPORATE GOVERNANCE REPORT Information relating to the compensation of management and administration bodies 3.2.3.6.2 Compensation of the directors for financial year 2026 The total sum allocated to the Board of Directors was set at €950,000 at the Shareholders’ Meeting of 26 May 2025 (11th resolution). The Shareholders' Meeting is asked to renew this overall amount for the 2026 financial year. This amount is split among the members of the Board, excluding the Chair of the Board of Directors but including the two directors representing employees. These rules for distribution comply with the AFEP-MEDEF Code, which recommends that the variable component of directors’ fees weigh more heavily. Fixed compensation Directors receive an annual fixed compensation of €10,000. Depending on individual cases, directors receive the following compensation: • annual compensation of €15,000 for the Lead Director; • compensation of €2,500 for each meeting of the Board of Directors, the CSR and Strategy Committee and the Compensation and Governance Committee attended. This amount is increased to €5,000 for the Chair of each of these two Committees; • compensation of €3,000 for each meeting of the Audit, Risks and Ethics Committee attended. This amount is increased to €6,000 for the Chair of the Committee; • an annual payment of €5,000 for the first two meetings of the financial year, plus €2,000 for each meeting of the Appointments Committee attended as from the 3rd meeting of the financial year. This amount is increased to €4,000 for the Chair of the Committee as from the 3rd meeting of the financial year. Travel allowance Any director who is a non-European resident receives a travel allowance of €1,525 per each journey to attend a Board or Committee meeting. Other compensation items Directors do not receive variable compensation or share- based payments. They may be entrusted with specific missions giving rise to exceptional compensation, as decided by the Board. The above compensation procedures apply to all Eramet directors. Employment or service contracts Directors do not, under any circumstances, have an employment contract nor a service contract with Eramet. In accordance with the Articles of Association and the Directors’ Charter, each individual director must become the holder of one hundred shares within 18 months of joining the Board and retain them for the duration of their term of office. This report, provided for in the last paragraph of Article L. 225-37 of the French Commercial Code, covers the points provided for in Articles L. 225-37-4, L. 22-10-9, L. 22-10-10 and L. 22-10- 11 of the French Commercial Code. 304 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 Risk factors and control environment 4.1 RISK MANAGEMENT PRINCIPLES 308 4.1.1 First line of defence 309 4.1.2 Second line of defence 309 4.1.3 Third line of defence: the Internal Audit Department 309 4.1.4 Coordination of the three lines of defence 310 4.2 CONTROL AND RISK MANAGEMENT ENVIRONMENT 311 4.3 RISK MANAGEMENT APPROACH 312 4.3.1 Organisation 312 4.3.2 Systems 314 4.4 MAIN RISK FACTORS 317 752.1.1 Main risk factors 317 4.4.1 Strategic and Financial Category 317 4.4.2 Operational Category 320 4.4.3 Compliance Category 323 4.5 INSURANCE POLICY 325 Property and casualty insurance (fire, accident, multi-risk) 325 Civil liability 325 Property damage and operating losses 325 Faculty/goods transported 325 Organisation and instruments for industrial risk prevention 325 4.6 2025 VIGILANCE PLAN – ERAMET GROUP 326 4.6.1 The Eramet Group 326 4.6.2 Framework of the Group’s commitments 327 4.6.3 Risk mapping 329 4.6.4 Risk prevention measures 331 4.6.5 Suppliers and subcontractors 344 4.6.6 Whistleblowing system 346 307ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Risk management principles This chapter presents the Risk Management System, including insurance, implemented by Senior Management and all of the Eramet teams to prevent and control the significant Group risks which Eramet believes it may have to address. This chapter also contains the Group’s Vigilance Plan, a legal requirement of the French law on the Duty of Care, which entails a risk-based approach. The Group conducts its activities in a constantly changing environment, which creates risks, many of which are beyond its direct control. The risks and uncertainties described in this chapter are not the only risks to which the Group is currently exposed or will be exposed in the future. Other risks or uncertainties of which the Group is currently unaware or regards as immaterial as at the date of this document might have an adverse effect on its activities, results, financial situation and outlook. In addition, Eramet cannot provide an absolute guarantee that the risk management objectives will be met or that the risks will be completely eliminated. 4.1 Risk management principles Convinced that risk-taking is vital and inherent to its business development and aware of the potential impacts of mining and metallurgical activities on the natural environment and local populations, the Eramet Group has been committed for several years to a risk management approach that provides a better understanding of its risks in order to increase performance over the long term and enable it to take better advantage of opportunities. In this respect, risk management is considered by the Group’s Executive Committee to be a key component of its governance system. As such, the Group has developed an integrated approach to risk management, aligned with the organisation's objectives and strategy, by creating a Risk Management, Internal Control and Internal Audit function, and by coordinating the three lines of risk management as presented below: 308 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Risk management principles 4.1.1 First line of defence Operational managers are responsible for the assessment and mitigation of risks related to the processes and activities for which they are responsible and for the application in their organisations of internal control processes, as established by the second line of defence. This role of the first line of defence is a key element of the system. To be exact, the managers monitor the implementation of control activities, analyse results, correct deficiencies and seek to improve the efficiency of their processes. The BUs and the directors of operational entities are responsible for implementing and supervising the internal controls and the implementation of procedures that apply within the scope of their activities. They play an essential role in ensuring the quality of the control environment: promoting the Group’s values, establishing the organisational structure, evaluating results, etc. Functional managers assist operational staff in identifying and assessing the main risks in their area of expertise by developing best practices in Key Standards and business line processes that are deployed and applied throughout the Group. With regard to Impacts, Risks and Opportunities (IRO) related to sustainability issues, they are also assigned to the most appropriate level according to a principle of subsidiarity. Each operational manager is therefore directly involved in the monitoring and reporting of these IROs, as described in the sustainability report chapter (ESRS 2). 4.1.2 Second line of defence The second line of defence is provided by various functions (Management Control, Taxation, Insurance, Ethics and Compliance, Human Rights, Environment, Safety) set up by management to monitor risk control and compliance. The Internal Control and Risk Management Department is also an integral part of the second line of defence: • which coordinates the implementation of all internal control processes at Eramet; • which helps protect Eramet’s assets and secure its operational and strategic objectives. This is done by providing a structured approach to identify, categorise, handle and control all kinds of risks and any significant challenges that the Group may face. This department is organised by Business region and manages a network of Internal Control & Risk Management Officers under the dual responsibility of the Chief Financial Officers of the entities and the four Regional Managers. 4.1.3 Third line of defence: the Internal Audit Department Internal Audit is an independent and objective activity that helps protect Eramet’s assets by assessing the Group’s governance, risk management and internal control systems and whether they are being correctly implemented by all Group entities. On the basis of a multi-year audit plan of assignments associated with the risks mapping of the Group and the BU activities, the business processes are reviewed. Internal Audit bases its work on the Group’s standards and objectives for operational efficiency described in the standards developed by the different functions of the Group. The role of Internal Audit is to certify the existence, compliance, operation and quality of all internal control and risk management systems and to propose action plans to remedy any shortcomings. Eramet's Internal Audit activities comply with the Institute of Internal Auditors' International Professional Practices Framework (IPPF). In order to ensure the independence of its activities, Internal Audit reports hierarchically to both the Risk Management, Audit and Internal Control Department (DRCA), and the Group's Chief Executive Officer, and functionally to the Chair of Eramet’s Audit, Risks and Ethics Committee. 4 309ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Risk management principles 4.1.4 Coordination of the three lines of defence Coordination of the three lines of defence that make up the risk management system is notably the responsibility of the Risk Management Committee, composed of eleven permanent members: the Group Risk Management Director, the Risk, Control and Audit Director, the Environment Director, the Director of Societal Impact and Human Rights, the Industrial Risk Manager, the Security Director, the Safety and Prevention Director, the Group Medical Advisor, the Group Insurance Manager, the Chief Technical Officer, the Chief Ethics and Compliance Officer, the Chief Information Security Officer, the Project Management Office Director and the Director of Public Affairs. This Committee forms an operational body across the different business lines that contribute to risk control processes, and it represents a vector for risk management culture within the Group. Its main objectives are: • to inform its various members of their respective tasks, thus helping to improve risk management; • to give an overview of the risks and issues at stake, allowing them to assess the risks in their area of expertise in relation to other risks; • to ensure that emerging or rapidly evolving risks are taken into account. Since 2024, it has been accompanied by a half-yearly committee meeting to monitor the progress of risk- reduction plans at the level of the Group’s Executive Committee. It also meets on a quarterly basis at the level of the Operations Department. Each year, the review of the Group’s risks and the progress of the action plans is presented and validated by Eramet’s Audit, Risks and Ethics Committee and by the Board of Directors. The Group’s Risk Management System also includes a Crisis Management mechanism. 310 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Control and risk management environment 4.2 Control and risk management environment As an integrated industrial group, Eramet has standards in place that can be implemented by anyone and by all Group companies. These standards, available to all employees via the intranet, are provided in one place within the Eramet Management System (EMS). They strengthen the Group’s internal control and risk management environment and make it possible to implement the strategy and honour the commitments associated with the Group’s purpose. The EMS system is based on the following elements: • the Group’s purpose, which has been formalised in an Ethics Charter, in the CSR roadmap and in a set of policies distributed to all employees; • a governance guide to ensure that the Group’s governance is transparent and visible; • an organisational and hierarchical structure to enable a clear definition of responsibilities and powers, primarily through Delegation of Authority Handbooks; • the Key Standards applicable to all our employees and our subsidiaries, which constitute the “golden rules” at Eramet, including a Key Standard for Risk Management; • functional business procedures that describe the best practices in any given function and are applicable to all employees within that function; • the Eramet Production System (EPS), which brings together the standards dedicated to operations, operational performance and excellence being paramount for our activities; • training organised around current issues and ongoing training for Internal Control & Risk Management Officers to share best practices. The EMS document pyramid thus consists of: WHAT WHY HOW KEY STANDARDS GOVERNANCE GUIDE AND AUTHORITY MANUALS ETHICS CHARTER POLICIES FUNCTIONAL AND LOCAL BUSINESS LINE PROCEDURES ERAMET PRODUCTION SYSTEM (EPS) 4 311ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Risk management approach We have chosen not to create specific documents related to the application of the CSRD regulation, but on the contrary to include specific elements in each of our Key Standards, so as to anchor this regulation in our entire value chain. We have introduced a process-based approach at Eramet, with 12 processes grouped into 3 main categories: LEADERSHIP, DELIVER and SECURE. The EMS standards that require it are organised by process, while reporting systems exist for all processes. This allows pertinent and reliable information to be compiled and disseminated at various levels of the Group. For example, the Control & deploy our strategy process sets out a formal 10-year vision, defined operationally and financially in a five-year operating plan, and then in an annual budget process. The major processes are completed by performance reviews of the Business Units, subsidiaries and functions, as well as by several reporting processes (financial and sustainability, and covering human resources, societal responsibility, environmental, ethical and compliance issues) and by questionnaires on internal control's compliance with Group standards completed by each head of the Group’s entities. These questionnaires cover all processes, and in particular those related to sustainable development, in accordance with the new requirements of the CSRD regulation. 4.3 Risk management approach 4.3.1 Organisation The Group has combined Risk Management, Internal Control and Internal Audit within a single department in order to improve risk management for the Group, relying on the expertise of each of the three functions that work in synergy and ensure the methodological consistency of the approaches. This department relies on the main tools that make up the Eramet Management System (EMS): risk mapping, internal control framework, assessment campaigns, audits and the monitoring of action plans. The Group Internal Control and Risk Management Department is supported by Internal Control & Risk Management managers for each business (Manganese Ore and Mineral Sands, Nickel, Manganese Alloys and Holdings, Lithium) who lead the network of Internal Control and Risk Management Officers dedicated to leading the approach within their units. Across the Group as a whole, there were around thirty specialist internal control and risk management employees at the end of 2025. Responsibility for risk management is assigned at the most appropriate level in accordance with a subsidiarity principle. Each Operations Manager is therefore directly involved in the implementation of internal controls and is responsible for assessing and reducing the risks related to the processes and activities for which they are responsible. The effectiveness of the system is regularly monitored by the Internal Control function. However, as with any control system, it cannot provide an absolute guarantee that these risks are totally eliminated, hence the importance of the third line of defence represented by Internal Audit. This department monitors changes in the identified risks and the implementation of management systems. With regard to operational risks, risk monitoring is carried out by the activity managers and BU directors in conjunction with the Group’s Support Departments and with the Internal Control and Risk Management Department: • the Group’s Sustainability and Corporate Engagement Department for risks related to the environment and human rights; • the CTO (Technical Department) for industrial risks; • the Group Human Resources, Health and Security Department for risks related to their respective areas of responsibility; • the Group Safety and Prevention Department for risks related to occupational health; • the Information Systems Department for IT and cyber risks; • the Ethics and Compliance Department for risk of non‑compliance and non-respect of the ethical standards of the Group. For Group financial risks, the monitoring of changes in the risks identified and the implementation of the related control systems are carried out by the Group Finance and Treasury Department, in conjunction with the managers of the Group’s subsidiaries. The Executive Committee is responsible for managing and handling the Group’s strategic and/or major and ethical risks, with the assistance of the Risk Management, Internal Control and Internal Audit Department and the Ethics and Compliance Department. Finally, the Group Insurance Management Department defines and implements the Group’s residual risk transfer policy, following approval by the Executive Committee. Regarding organisation and governance on topics related to the sustainability report, please refer to the ESRS2 chapter. The Internal Audit Department consists of six auditors and is managed by the Internal Audit Director. Its role is to: • provide an assessment of the adequacy and effectiveness of Eramet’s organisational processes for controlling its activities and managing its risks in the areas defined by the mission and scope of activity; • report any major problems associated with the Eramet Group’s control processes for its activities, suggest potential improvements that may be made, and provide information to resolve these problems; • periodically provide information on the progress and results of the annual audit plan and on the adequacy of the resources dedicated to the internal audit activity; 312 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Risk management approach • ensure compliance with international audit norms, standards and benchmarks as established by the IIA (Institute of Internal Auditors) and the IFACI (French Institute of Internal Audit and Internal Control) through periodic external audits. Its scope of intervention, acting as the Group’s third line of defence, aims to determine whether Eramet’s risk management, control and governance process, as designed and presented by Management, is adequate. It operates in such a way as to ensure that, in a reasonable manner: • risks are assessed and addressed appropriately; • interaction with the various governance bodies takes place as needed; • key financial, management and operating information is accurate, reliable and communicated in a timely fashion; • internal and external financial and non-financial reports comply with the reporting procedures in force; • employee actions comply with existing policies, standards, procedures, laws and regulations; • resources are optimised, used efficiently and adequately protected; • programmes, plans and objectives are achieved; • quality and continuous improvement are promoted by Eramet’s control processes; • legal or regulatory issues affecting the organisation are recognized and dealt with in an appropriate manner. The Internal Audit Department is part of a quality assurance and improvement programme covering all aspects of internal audit. An independent external assessment is carried out by IFACI to ensure that it operates in compliance with the International Professional Practices Framework (IPPF). The resulting certification is issued for a renewable period of 3 years and is subject to annual monitoring. It is a guarantee of quality for stakeholders in the services provided and the way Internal Audit activities operate. The last certification was issued in 2024, and confirmed during the 2025 progress visit. 4 313ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Risk management approach 4.3.2 Systems The Risk Management, Internal Control and Internal Audit systems are described in the diagram below: Governance rituals RISK MANAGEMENT INTERNAL AUDIT INTERNAL CONTROL Integration of major risks in the scope of internal audit engagements The identification of risks is the basis of the internal control system Internal control results are used to create audit plans Audit results provide an independent review of the level of control over operations Internal control campaigns ensure that control measures are carried out in order to protect against risks Audit findings contribute to the identification of new risks and the assessment of how effectively major risks are being managed OTHER RISK MANAGEMENT FUNCTIONS Definition of internal control routines Sharing of the risk assessment and remediation plans 314 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Risk management approach More specifically, the Risk Management System provides a structured approach to identify, categorise, handle and control all kinds of risks faced by the Group. It contributes to Eramet’s success by anticipating risks and by minimising the likelihood of occurrence and/or the impact of these risks. It aims to identify the strategic, operational, financial and regulatory risks that might materialise over a time horizon of three to five years, to address them by establishing action plans to mitigate the probability and impact of these risks, to establish or optimise the necessary internal control processes to manage the Group’s different activities and operations, and to monitor the Group’s exposure to the specific risk universe associated with its business model. It is based on an iterative approach that enables continuous monitoring of risks. In 2025, the implementation of this process resulted in a thorough review of the mapping of the Group’s major risks, established on the basis of interviews and workshops with a representative panel of Group employees, managers and members of governance bodies. The main risks identified and described below help to outline control areas that are then rolled out in operational action plans designed to strengthen existing control mechanisms. The diagram below shows our overall approach at Eramet Group level. 1 Identification of risks • List of risks Classification of risks• • • Analysis of their causes and consequences Identification of risk monitoring and management owners PROGRESS TOWARDS TARGET RESIDUAL EXPOSURE Review of risks • Management of action plans • of the effectiveness Verification ofaction plans • Monitoring of risk exposure • Update of the risk mapping Handling of risks • • risk management Definition of action plans to improve Definition of the target residual exposure Identification of action drivers• 3 1 24 Ranking of risks • Review of the effectiveness of existing control systems • Risk assessment and ranking 4 315ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Risk management approach Regarding the system applicable to the subjects related to the sustainability report, please refer to the ESRS2 chapter. The internal control process set up by the Group consists of a set of resources, behaviours, policies, procedures, tools and actions adapted to the characteristics of Eramet. It is designed to ensure compliance with laws and regulations, the application of the instructions and guidelines set by the Group’s Senior Management, the proper operation of the Group’s internal processes and those of its entities, and the reliability of financial reporting. Generally, it contributes to the management of Group activities, the effectiveness of its operations and the efficient use of its resources. The internal control process is permanently driven by the risk management process. Thus, the internal control system regularly adapts to respond to changes in the Group’s risk universe and regulations, such as the CSRD, which has enabled us to make progress on the internal control measures to be put in place on issues of sustainability. The primary mission of the Internal Control function is to maintain the Eramet Management System and the standards of the key internal controls, both of which are established in collaboration with the Group’s Business Process Owners. With the assistance of Group Internal Control and Risk Management, they identify areas of risk and establish the standards and control activities to respond to such risks. The function ensures that, in the event of non- implemented or unsatisfactory controls, action plans are present, formalised and monitored. Finally, it organises the roll-out of internal controls and assessment campaigns through the network of Internal Control & Risk Management Officers, and communicates on changes and in the Group’s maturity level in terms of internal control. A consolidation of the results of the internal control campaigns is prepared annually by the Group’s Internal Control team. This report is presented to the Executive Committee and then to the Group’s Audit, Risks and Ethics Committee. In 2025, Internal Control continued its work to roll out the internal control guidelines. A new "Governance, risks and compliance" software package was implemented this year, which centralises all key internal control assessments and the associated action plans. An internal control plan was created and Group companies must assess their level of compliance according to their size or process. In 2023, the Eramet Management System was rebuilt to: • simplify and clarify our processes following major changes within the Group, particularly in relation to its scope of activities; • standardise our practices to boost efficiency and effectiveness and be among the best in the industry; • incorporate the “responsible mining” standards developed by the Initiative for Responsible Mining Assurance (IRMA); • establish a more robust internal control environment to reduce the risks we face. Following the implementation of this new framework of standards published at the end of 2023, in 2024 we were able to review our internal control framework, which includes specific points related to the sustainability report. This new framework was rolled out in full between February and December 2025. As part of each annual closing, the managers of each entity prepare and send a “Group Affirmation Letter” to the Group’s CEO, which includes a self-assessment of their degree of compliance with the laws and regulations of their country of operation, as well as the entire EMS (whose application is mandatory): the Ethics Charter, the Delegation of Authority Handbooks (MAC and MAS), as well as the Key Standards. This self-assessment must be carried out on the basis of objective criteria and rely as much as possible on the entity’s internal control results. It is then reviewed at BU level and by the Corporate functions. A summary of the results of the affirmation letters is prepared on an annual basis by the Group’s Internal Control team. This report is presented to the Executive Committee and then to the Group’s Audit, Risks and Ethics Committee. The Eramet Control, Risk and Audit Director is responsible for updating the content of the letter and for leading this process in order to enrich the dialogue within the Group on control and compliance issues. During assignments, Internal Audit assesses risk mitigation initiatives proposed by local management and assesses the maturity of internal control by reviewing controls, processes and test methodologies. Internal Audit directs and monitors the audit assignments and updates the status of recommendations in real time using the “Governance, Risks and Compliance” software package, shared with Internal Control. A report is produced and sent to the members of the Group’s Executive Committee, including a monthly report on the progress of the implementation of recommendations, as well as an annual activity report. In 2025, the Internal Audit Department carried out 12 audit assignments. 316 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors 4.4 Main risk factors Main risk factors The main risk factors to which the Group is exposed due to its business model and the activities it performs, described below, were identified in the 2025 risk mapping. The net significance level, i.e. taking into account the risk management measures in place, is based on the Group’s assessment of the probability of occurrence of the identified risks and their potential impact, as shown below: Category Risks Net significance level 2025 Trend observed in 2025 Strategic and financial Risk of geopolitical tensions and supply chain impacts High Increasing Risks related to non-execution of the development strategy for energy transition metals High Increasing Risk of major structural changes in raw materials markets High Stable Risks of non-recovery of under-performing Group activities High Decreasing Risk related to the dissemination of false information ("fake news") and reputational damage Medium Increasing Operational Risks of a serious railway accident High Stable Risks of failure of information systems, data protection and cyberattacks High Stable Risk of physical impact of climate change (extreme weather conditions) or major natural events Medium Stable Risks of difficulties in decarbonising activities in a competitive manner Medium Stable Compliance Risk of unethical behaviour High Stable Risk of non-execution of the Group’s sustainability strategy Medium Stable Below is a full description of each of the risks listed above, its potential impact on the Group and how it changed in 2025. 4.4.1 Strategic and Financial Category 4.4.1.1 Risk of geopolitical tensions and impacts on the supply chain – High net significance level – Increasing The Eramet Group is exposed to geopolitical risks mainly due to the location of its mining deposits in Gabon, Indonesia, Argentina, Senegal and New Caledonia, but also due to its international trade flows, in particular to China and India. Risk of geopolitical tensions can be defined as all adverse political, administrative, national or international events or decisions that could lead to economic, industrial, commercial or financial losses for the Group. This mainly refers to the risk of confiscation, nationalisation and expropriation of the assets of a corporation, which would deprive such corporation of its means of production. This also refers to all actions or non-actions that have a long- term, significant adverse impact on the business model of a corporation in a given country. Such actions can take a variety of forms, including questioning previous state-level agreements, applicable taxation, customs regime, import- export rules, labour law, environmental constraints, administrative constraints such as deadlines and obtaining permits. The challenges for Eramet with regard to the risk of geopolitical tensions are the ability to reduce or avoid the occurrence of the risks presented above, to limit or even eliminate the impact on the supply chain, to avoid impacting the Group’s development projects and activities, and to avoid damage to its image or reputation as well as its financial profitability. The risks of geopolitical tensions in 2025 have been linked in particular to major reversals in US geopolitical strategy, reflected in the escalation of tensions between China and the United States. This was notably felt through changes in customs duties and a potential impact on the manganese alloys sector. To another degree, in Gabon, the presidential political will to increase the proportion of local processing of manganese ore creates a new risk, this political choice deviating from the initial plans for the manganese sector in Gabon, while Eramet remains mobilised to ensure that there is no loss in value. There has been a similar situation in Indonesia since 2024, where the government's decision to limit nickel ore production quotas has impacted operational performance by reducing the short-term visibility of the teams. In New Caledonia, the situation has not improved since the severe societal crisis of 2024. 4 317ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors In addition, like almost all international industrial groups, Eramet is exposed to the risk of disruption of its supply chain. This risk may be due to a multitude of external factors: weather conditions, the emergence of conflict, changes in regulations, etc. Supply disruptions may have a considerable impact on Eramet’s activities, particularly its metallurgical sites, which need supplies to operate. Assessing and controlling this risk throughout its value chain is therefore a priority for Eramet. Risk management A Country Risk Committee, chaired by a member of the Group Executive Committee and mainly made up of the country correspondents of each of the Group’s operating sites, is tasked with monitoring geopolitical risk trends in the Group’s countries of operation and anticipating action plans to mitigate emerging risks. The Country Risk Committee analyses country risk by examining the trends for five main topics: • state policy and functioning; • security situation; • legal and regulatory situation; • economic indicators and business climate; • CSR and fundamental rights. On the supply chain side, a risk analysis relating to the purchase of raw materials was carried out in 2022 following the conflict in Ukraine and the increased risk of disruption to the supply of reducers, which are critical to the operation of the Group’s metallurgical sites. As a result, a specialist consulting firm supported the Eramet Group in the development of its new raw materials procurement strategy. Lastly, in 2023, in collaboration with a specialist firm, a comprehensive mapping and assessment of the Group’s procurement risks was carried out. This risk mapping makes it possible to establish an action plan for securing the procurement risks and, more specifically, the supply risks that may impact the value chain of Eramet’s activities. It is being closely monitored by the Procurement Department. 4.4.1.2 Risk related to non-execution of the development strategy for energy transition metals – High net significance level – Increasing Eramet’s strategy is to develop the Group’s activities in energy transition metals, in particular with the Centenario lithium salar in Argentina. In addition, Eramet is developing a portfolio of potential projects on these metals through its exploration and Business Development teams. However, given the high capital intensity involved, the decision to launch new operations hinges on the results of technical and financing feasibility studies, and is also directly impacted by changes in the price of raw materials, exchange rates, costs and financing methods, and even local acceptability. At the bottom of an economic cycle, some of these decisions may be delayed or the projects may be abandoned, which may have an adverse impact on the Group’s financial outlook. The current pressure on the Group's balance sheet and low metal prices may delay the implementation of the strategy. Risk management The Group is now engaged in a balanced strategy of profitable growth through a selective allocation of resources combining return on capital and long-term growth. It has set up a Project Management Office to consolidate and continuously reinforce project management expertise, which allows it to improve the effectiveness and efficiency of project management. On some of its projects, the establishment of partnerships provides a pooling of expertise and a sharing of risks. In addition, Eramet has created a successful modular implementation strategy for projects to expand capacity in order to gain more execution flexibility, monitor market changes better and adapt to the Group’s financing capabilities. CSR is also integrated very early in the development of projects, which ensures correct integration of the requirements of the interested parties. In response to a deteriorated financial situation, Eramet has implemented a detailed funding plan to improve cash generation and strengthen its balance sheet. This plan aims to enable the normalisation of the Group’s credit ratios (gearing and leverage), while securing its liquidity and access to the bond market. In the medium term, this enhanced financial flexibility will enable Eramet to seize new growth opportunities. The funding plan is built on three pillars: • Focus on improving performance and cash generation, notably through the roll-out of the ReSolution programme launched at the end of 2025; • Strategic review of assets with monetisation options in 2026; • Planned equity base strengthening of around €500m in 2026, the principle of which is agreed with the reference shareholders; necessary resolutions will be voted at the next Shareholders' Meeting and detailed terms will be specified ahead of the transaction. 318 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors 4.4.1.3 Risk of major structural changes in raw materials markets – High net significance level – Stable The Group is exposed to global economic cycles and the likely resulting volatility of metal prices. A sharp drop in metal prices can lead to excess production capacities, leading to high global inventory levels compared to demand, which adapts, or to political tensions that may lead to a decline in trading. The impact of a change in metal prices on the Group’s adjusted EBITDA (excluding SLN) is estimated as follows (based on a EUR/USD exchange rate of 1.204) for 2026: • manganese ore (CIF China 44%): €210m for a variation of 1 USD/dmtu; • manganese alloys: €55 m for an average variation of 100 USD/t in the manganese alloy price; • nickel ore (HPM nickel) Weda Bay: €70m for a variation of 10 USD/wmt in the ore price; • lithium (lithium carbonate, battery quality, CIF Asia): €15m for a price variation of USD1,000/t LCE; • in addition, sensitivity to the dollar is € 60m for a variation of 10 cents (sensitivity calculated taking into account the EUR/USD currency hedging implemented in 2026). Thus, major structural changes in the raw materials markets could lead to a significant drop in the price of metals, with a strong impact on the profitability of the Group’s operations. As these risks arise from factors mostly exogenous to the Group, their net significance level is high. Risk management The Eramet Group has a diversified portfolio on the ore extracted from its mines. As a global provider of manganese ore, the Group is able to make high-level assessments of market needs. In Indonesia, which now accounts for around 70% of the world's nickel production, the Group is upgrading the Weda Bay Nickel mine, fuelling the exceptional growth in nickel processing capacity in Indonesia. Among the most promising projects focused on strategic metals for the energy transition, the start-up of lithium operations in Argentina at the end of 2024 will strengthen the Group’s diversification. The Group’s operations are competitive and resilient to potential collapse in prices thanks to its access to world-class deposits, all of which are in the top quartile of the cost curve for their sector. The operational excellence approaches used by sites contribute to maintaining a competitive production cost. Similarly, the ability to detect weak or early market signals enables the Group to anticipate the production adjustments necessary to better meet demand, limit its variable costs and adapt its inventory levels. 4.4.1.4 Risks of non-recovery of under-performing Group activities – High net significance level – Declining The Group is exposed to the cycles of the economy, the volatility of the raw materials markets (in particular, energy) and the EUR/USD exchange rate. The Group’s turnover and profitability are therefore directly dependent on these exogenous and highly volatile factors. The competitiveness of some of the Group’s assets also depends on the valuation of mineral resources and reserves, the evolution of which over time are directly linked to the technical and economic assumptions used for their exploitation and processing (geological data, techniques and operating costs, conversion factors, choice of process, environmental, legal and tax regulations), and on access to electricity at a competitive cost. It is essential that Comilog continues to improve its competitiveness, as the manganese market has been in decline since 2024, in particular due to a drop in steel production in China over the past two years. Comilog's performance also depends on its ability to transport manganese ore throughout its logistics chain: rail transport from its mine to the coast, where the ore is loaded onto ships for export. Investments in Comilog's port facilities aim to make the equipment more reliable and increase the volumes transported. The rail transport element uses the Trans-Gabonese railway operated by Comilog's subsidiary Setrag, which has been implementing a major railway modernisation programme since 2016. Setrag's operational performance, the successful upgrading of the railway infrastructure and cost control on this major investment are therefore key factors in boosting the competitiveness of Comilog and Eramet. Setrag has already invested around €400m in the upgrading of the track and operating infrastructure, including replacing nearly 400 km of sleeper track and 150 km of rail. 2025 was also a record year in the upgrading of the track, with more than 83 km replaced with concrete sleepers and 58 km in rail. Although the degradation of the existing track and the significant need for work on the track have impacted traffic performance, operating performance remained stable in 2025 compared with 2024. SLN's financial performance has remained in decline for several years, notably with insufficiently competitive production costs, prohibitive energy costs, and difficulties in accessing the resource, further accentuated since the 2024 unrest in New Caledonia. Risk management In order to address this risk, several operational productivity and performance improvement plans have been launched. The roll-out of these plans continued in 2025 and their objectives were readjusted, and even accelerated, to optimise results. Setrag continued to strengthen its maintenance and track renewal capacities. The more frequent observation of the geometric characteristics of the track and the availability of maintenance teams spread over the entire network (approximately 650 km) allow for rapid repairs and greatly reduce the risk of railway-related incidents. The increased resources put in place in 2025 have also made it possible to significantly accelerate the upgrading of the track. At the same time, monitoring work continued on the main engineering and earthworks that make up the infrastructure under the responsibility of the Gabonese State, the Grantor. 4 319ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors The entirety of the track upgrading work is expected to be completed in 2030, which will then allow for smooth and fast journeys for all users of the Trans-Gabonese railway. This entire programme, launched in 2016, requires an investment of several hundred million euros, spread out over several years. Numerous performance actions are also planned between now and then to continue to improve flow, in particular through the application of the highest international standards in terms of maintenance and operations included in the Group-wide Eramet Production System. In 2025, Setrag also made significant organisational adjustments to improve the efficiency of the Company's management and decision-making. In light of SLN's structural difficulties (energy, access to mines, labour costs) in a still downgraded market, Eramet has decided to no longer finance this entity. Since 2024, an agreement with the French State has made it possible to neutralise the burden of SLN's debt in the Group's consolidated financial statements and to finance SLN's deficit, which is now fully covered by the State in the form of financial instruments known as undated fixed rate subordinated bonds. These instruments are considered similar to shareholders' equity under IFRS and in return, Eramet continues to provide operational support to SLN over the long term. At the end of 2025, the French State financed SLN's deficit to guarantee the continuity of its operations in 2026, as part of overall support for the Nickel sector in New Caledonia and research into a systemic solution. 4.4.1.5 Risk related to the dissemination of false information ("fake news") and reputational damage – Medium net significance level - Increasing The Group is exposed to the risk of the dissemination, whether intentional or not, of inaccurate, incomplete or misleading information concerning it, which could be rapidly relayed by the media, social networks, digital platforms or other news channels. This information may relate in particular to the Group's financial performance, its industrial or mining projects, its environmental, social and governance (ESG) practices, its regulatory compliance, its relations with State governments, partners or local communities, or the occurrence of operational incidents. In the context of the accelerated circulation of information and the development of digital tools, including artificial intelligence technologies facilitating the creation and dissemination of content, the spread of false information can be rapid and significant in scope. The dissemination of such information could, in particular: • damage the Group's reputation and image; • impact the confidence of investors, business partners, customers, suppliers or employees; • lead to increased share price volatility; • affect the social acceptability of certain projects or relationships with public authorities; • lead to investigations, procedures or litigation, even if unsubstantiated. These factors could have a material adverse effect on the Group's business, financial position, results or reputation. Risk management In order to prevent and limit potential impacts related to the dissemination of inaccurate information, the Group has introduced: • a media and digital monitoring system to quickly identify information likely to affect its image or interests; • the development of proactive communication disseminated on channels with large audiences ( e.g. TikTok, Facebook); • a financial and non-financial communication policy aimed at ensuring regular, transparent information that complies with regulatory requirements; • a coordinated body comprising team members from several functions (including Communications, Civil Society Relations, Public Affairs, Investor Relations, Legal and Compliance) to analyse and deal with any situations that may arise; • formal crisis management procedures, including the appointment of spokespersons and adapted validation processes. The Group may also, when appropriate, take any legal action necessary to protect its interests. 4.4.2 Operational Category 4.4.2.1 Risk of a serious railway accident – High net significance level – Stable In Gabon, the Société d'Exploitation du Transgabonais (Setrag), a subsidiary 51%-owned by Comilog, occupies a key place in the national transport system, both for passengers and consumer goods, as well as for hydrocarbons, conventional and mining freight, and contributes to the economic growth of the 5 provinces through which the railway passes. The concession, which was obtained in November 2005 for a period of 40 years, secures the connections and ensures the shipment of manganese ore. 320 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors The risk of an accident on the railway tracks thus materialised in 2022 (landslide) and in 2023 (damage to a bridge over the railway line considered to be an engineering structure). Every year, the railway also suffers regular derailments, in particular due to the obsolescence of the railway infrastructure. The impact was relatively limited, thanks to the mobilisation of Setrag and Comilog teams. In Senegal, Eramet Grande Côte holds a rail concession on a portion of the country’s railway line for the transport of its goods. There is a risk that people in the vicinity of the track or vehicles travelling through level crossings could collide with trains. Risk management Since 2016, Setrag has been implementing a Trans- Gabonese modernisation plan, which consists of replacing the entire railway superstructure (rails, sleepers), modernising the operating infrastructure (e.g. signalling) and dealing with part of the railway infrastructure under the responsibility of the Gabonese State (engineering and earthworks, platforms), including a number of unstable areas where the platform has become distorted. These major structural investments, combined with increased monitoring of the line and Setrag's efforts to maintain and renew rolling stock, are important factors in controlling this risk. In this specific context, the link between the concessionaire and the grantor is key. In 2021, Setrag opened its share capital up to 40% to the private investor Meridiam, which contributed financially to the plan to upgrade the track, and to the Gabonese State to the tune of 9%. As a result, Setrag's ties with the State have been strengthened, including as part of a 10-year extension of the concession term, from 2035 to 2045. 2025 was a record year for the track upgrading works, with more than 83 km of sleepers replaced and 58 km of rail. The first phase of addressing unstable areas was also completed with 40 km stabilised. In 2025, the number of railway incidents (rail breakage, derailment) remained too high compared to the performance expected from a railway, but the frequency of rail breaks decreased significantly in the fourth quarter of 2025 compared with recent years, demonstrating the effectiveness and necessity of the track upgrading work, which will continue in 2026. Eramet Grande Côte Opérations is actively involved in the safety of its railway in Senegal. Concrete measures are implemented, including the installation of fencing, secure level crossings and guarded crossings, in collaboration with the prefectures, railway authorities, town halls and local populations. Alongside these developments, Eramet Grande Côte focuses on raising awareness among local populations about the dangers of trains, insisting on respect for prohibited areas and the fight against vandalism. Awareness-raising videos for the public have been developed and distributed to local communities through the media. Finally, emergency response and business continuity plans are in place to ensure a rapid and effective response in the event of an incident, including the use of lorry transport if necessary. 4.4.2.2 Risk of failure of information systems, data protection and cyber-attacks – High net significance level – Stable The Group is exposed to risks that may take the form of a major malfunction of its information systems (loss of availability, deterioration of systems and data) or those of its subcontractors. These risks are caused by external threats (attacks, intrusions, malware, fraud and social engineering) or internal reasons (malicious acts, breaches of confidentiality). As a key player in strategic markets, the Group remains a prime target for increasingly sophisticated and often targeted cyber-attacks , these days further accelerated by offensive Artificial Intelligence. All of these risks and threats could impact the Group’s operations and profitability. Risk management To cope with this, the Group has significantly strengthened its cybersecurity thanks to a dedicated team of experts. It deploys a structured strategy and advanced measures to identify vulnerabilities and prevent, detect and quickly respond to identified threats: increased protection of systems and access, implementation of innovative decoy tactics, regular audits and continuous monitoring, preparation for rapid reactions in the event of an incident. Efforts are also focused on securing the supply chain through regular assessments of the cyber maturity of subcontractors, strengthened contractual clauses and customised support to remedy any vulnerabilities identified. Raising employee awareness remains at the heart of this strategy. Regular simulation campaigns and interactive workshops make it possible to reinforce the vigilance of employees in the face of cyber threats and to promote best practices. All of these actions demonstrate the Group’s commitment to securing its activities, protecting its assets and guaranteeing its resilience in the face of the escalation of cyber threats. 4.4.2.3 Risk of physical impact of climate change (extreme weather conditions) or major natural events – Medium net significance level – Stable Risks related to the physical impacts of climate change include extreme weather events and long-term changes in climate patterns (rising sea levels, water stress, fires etc.), some of which are already happening. The risks associated with major natural events include extreme weather events (cyclones, floods etc.) as well as natural events unrelated to weather conditions, such as earthquakes, landslides and coastal erosion. 4 321ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors These climate-related and natural events could impact the Group’s assets and/or activities, depending on their location and their level of exposure. Risk management Major risks related to natural and climatic phenomena are included in the risk mapping at each of the Group's sites. They are regularly monitored and information sheets are included in the emergency plans. The main natural risks identified are as follows: Earthquakes in New Caledonia and Argentina, which could cause tsunamis, landslides in New Caledonian mines or material damage, and supply disruptions for the Argentinian site located at altitude. • Cyclones in New Caledonia, Indonesia and Gabon, with the potential to cause property damage and landslides due to heavy rainfall. • Lightning, which can affect people or damage facilities. This phenomenon is particularly common in New Caledonia, Indonesia, Gabon and Argentina, where there are alert and response protocols in place, tailored to the level of risk. • Bush fires, linked to drought or intense sun exposure in New Caledonia, Senegal and Gabon. The geotechnical risks associated with these climatic phenomena are monitored and managed by teams of geotechnical engineers present at all of the Group's mining sites as well as within Setrag for the railway line in Gabon. The Group's insurance covers property damage and operating losses related to natural events, and Eramet's facilities have been designed with their level of exposure taken into account. In order to strengthen and harmonise the management of natural risks, particularly in the context of evolving hazards related to climate change, the Group has initiated a process to revise its exposure analysis. A study was conducted in 2024 with Axa Climate to assess the exposure of all sites to physical risks related to climate change, based on the SSP 8-5 (pessimistic), SSP 4-5 (median) and SSP 2-6 (optimistic) climate scenarios. On this basis, the Group is gradually developing adaptation policies and actions aimed at strengthening the resilience of its assets, operations and employees to the effects of climate change. The adaptation actions are prioritised on the basis of: • the level of risk identified for each site; • the nature of the hazards (extreme heat, drought, floods, cyclones, landslides, etc.); • and the relevant time horizons (short, medium and long term). The adaptation policies and actions will be regularly reviewed to take into account changes in climate risks, operational feedback and updated scientific data. In addition, further specific studies will be conducted in 2026 to investigate these topics in greater depth. 4.4.2.4 Risks of difficulties in decarbonising activities in a competitive manner – Medium net significance level – Stable In light of rapid climate change and recognising the anthropogenic cause of this change, Eramet is conscious of its duty to prevent, adapt and communicate transparently with its employees, its partners and all of its stakeholders in general. Eramet’s greenhouse gas (GHG) emissions (Scopes 1 and 2) are mainly linked to process emissions from its pyrometallurgical activities (particularly the conversion of ore into ferroalloys). The main decarbonisation levers of these activities can lead to significant changes in processes and/or industrial facilities. Eramet is committed to an approach compatible with the objectives of the Paris Agreement aimed at increasingly integrating climate-related issues into its strategic decisions. The Group’s carbon accounting method is inspired by the industry-wide recognised GHG Protocol. In 2025, Eramet developed an alternative decarbonisation framework tailored to the specificities of its metallurgical and mining activities. This framework, developed with the support of experts and reviewed by recognised organisations, is used to assess the compatibility of the Group's emission reduction trajectory to 2035 with the Paris Agreement. As part of our work to comply with the European CSRD regulation, we have carried out a strategic review of ESG issues including the climate transition plan, in particular by way of a double materiality assessment (see section 5.1.3 "Management of impacts, risks and opportunities"). Through its reporting, Eramet also follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), one of the best international practices in this area, and voluntarily completes the CDP questionnaire on climate change each year. The Group’s climate commitments are also monitored as part of two Sustainability linked bonds (SLBs) issued in May 2023 and May 2024. Risk management The creation of a decarbonisation department in 2023 is part of Eramet’s drive to actively manage these risks and, in particular, to monitor their emergence. Its missions include, but are not limited to, (i) accelerating and actively managing a portfolio of decarbonisation initiatives, in particular to speed up the roll-out of initiatives with the best cost/benefit ratio, (ii) monitoring the competitive environment, (iii) actively promoting Eramet products with a low CO2 footprint in the value chains concerned in order to stimulate demand for such products. The options that the Group is considering are therefore likely to result in significant capital expenditure and/or additional operating costs. Eramet is attentive to the potential impact of these costs on the competitiveness of its activities. 322 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors The Group assesses these consequences taking into account market dynamics , and may therefore resort to adapting the roll-out of decarbonisation levers and therefore the emission reduction trajectory . Particular attention is paid to the evolution of the regulatory framework, notably with the changes to the Emissions Trading System and the introduction of the Carbon Border Adjustment Mechanism (CBAM) in the European Union, which concerns certain markets in which the Group operates, in view of the potential effects on the structure of these markets on import flows and the competitiveness of European industry. 4.4.3 Compliance Category 4.4.3.1 Risk of unethical behaviour – High net significance level – Stable The Eramet Group is committed to complying with all regulations that are applicable to all of its sites worldwide. Like any French organisation with international operations, Eramet may therefore be exposed to legal and/or reputational risks, with potentially significant financial impacts if one of its employees fails to comply with the laws in force. Unethical behaviours include in particular corruption, fraud, sexual harassment and sexist behaviour, and other HR-related issues such as discrimination, bullying or any breach of the Group’s ethical standards, which have been brought to the attention of all employees and external stakeholders. Risk management Risk ownership and responsibility for risk management are assigned at the most appropriate level, according to the principle of subsidiarity; therefore, each operations manager is directly involved in the management of risks related to the activities for which he or she is responsible. To ensure compliance with regulations relating to ethics and the fight against corruption, the Ethics and Compliance Department coordinates efforts to reduce and control the risk of breaches of our ethics standards, including the Ethics Charter, as well as any non-compliance with business ethics regulations. Year after year, the Group has strengthened its approach to the fight against corruption specifically. The anti-corruption compliance programme was rolled out within the Group in 2018 and is based on three pillars: organisation, guidelines and tools. This approach is largely modelled on compliance with the provisions of France’s Sapin II Law, namely: • a dedicated organisation (Ethics and Compliance Department, Anti-Fraud Officers, full-time Compliance Officers, Ethics and Compliance Coordinators, Ethics and Compliance Ambassadors); • corruption risk mapping: updated in December 2024, it covers all subsidiaries majority-owned or controlled by the Group. The main categories of risks identified in accordance with the recommendations of the French Anticorruption Agency are covered by dedicated action plans, monitored at the highest level of the Group, in close collaboration with the Group Audit, Risks and Ethics Committee. A risk prevention strategy, covering both internal and external risks, has been implemented and is closely managed by monitoring key performance indicators and sharing them with the Group’s Executive Committee on a regular basis; • standards and procedures: an Ethics Charter, an anti- corruption policy and guide, Key Standards setting out our golden rules applicable at all our sites; • tools: the Ethic Line whistleblowing system (available to internal staff and external stakeholders, covering, in addition to corruption, topics including forgery of documents, fraud, violation of Group ethical standards, sexual harassment and sexist behaviour, gender-based violence, etc.), a third-party digital tool-based assessment process managed by dedicated teams; in-person and e- learning training; and audit assignments that include ethics, compliance and anti-corruption criteria. With regard to more specific subjects such as sexual harassment and sexist behaviour, the same approach has been implemented, with a dedicated organisational structure. As of 2021, the Group decided to widely deploy the network of advisors, starting with all French sites in accordance with the Schiappa law, but also in Gabon (Setrag, Comilog) and Senegal (Eramet Grande Côte). In 2022, the Group continued this momentum by deploying the network in Argentina (Eramine) and China (Eramet International, EIML). In 2025, the Group ramped up its action to prevent and manage harassment, through a campaign in five languages (French, English, Spanish, Norwegian and Indonesian) and a webinar organised in collaboration with staff representatives. Following the identification of financial fraud within the Group’s Treasury at the end of 2021 (press release issued on 21 December 2021), an action plan was drawn up in order to strengthen the internal control and security measures within the Group’s Treasury function, including an overhaul of our procedures by implementing dedicated Key Standards to combat fraud. An employee awareness programme was also launched in 2023, maintained in 2024 with several training/awareness sessions provided to management and at-risk populations, and continued in 2025. In addition, we strengthened our Internal Control and Internal Audit organisational structures and conducted anti-fraud audits on our major subsidiaries in order to provide maximum protection against this type of risk in the future with six audits carried out between 2022 and 2023. In 2024, we carried out follow-up audits to ensure the robustness of the implementation of the action plans and back-to-basics audits have systematically been incorporated into the plan since 2024, to cover fraud risks. A new internal control framework more focused on fraud risks has also been rolled out since early 2025. The organisation, resources and methods used to control these risks are detailed in section 5.1 1 “Business Conduct [ESRS G1]” in Chapter 5 herein. 4 323ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT Main risk factors 4.4.3.2 Risk of non-execution of the sustainability strategy – Medium net significance level – Stable Eramet places sustainability at the heart of its corporate strategy, with the aim of “becoming a reference for the responsible transformation of the Earth’s mineral resources for 'living well' together”. This purpose was enshrined in the Group’s Articles of Association in 2021. Since 2024, the Group has been following a new CSR roadmap entitled “Act for Positive Mining”, comprising 10 ambitious objectives with deadlines in 2026 and 2035. This ambitious strategy requires an in-depth, long-term transformation of the management of environmental , societal and governance risks. Internal factors (cash control, team skills etc.) and external factors (local social acceptability, capacity of local partners etc.) are likely to hinder the implementation of the CSR roadmap, particularly in terms of deadlines. Risk management The net significance level of this risk is considered to be medium because of the system set up by Eramet. The environmental and societal strategy is incorporated at all levels of the Group’s governance: • the CSR and Strategy Committee: made up of directors with recognised expertise, is tasked with assisting the Board of Directors and, in particular, with evaluating the consistency between the CSR action plans and the Group’s strategy. It ensures that senior management performs an analysis of the internal or external factors related to CSR issues (risks and opportunities) impacting the Group. It also verifies that the Vigilance Plan is implemented in accordance with legislative requirements, taking note of the main findings and observations of independent third parties in the context of CSR regulations, assessing them and examining management’s action plans, including the roadmap; • the Group Executive Committee : the sustainability strategy falls within the remit of one of the members of the Executive Committee, within the Sustainability and Corporate Engagement Department. Risk mappings, assessments and roadmaps in this area are presented to and approved by the Executive Committee; • the Sustainability Steering Committee: it monitors the progress of the Group's sustainability commitments on a quarterly basis. This Committee is made up of representatives of the departments in charge of the CSR roadmap objectives and functional experts (HR, Security, Finance, Environment, Strategy, Societal Impact and Human Rights, Ethics, Procurement, Sales, Operations and Risk Management). It also generates proposals and initiatives for the Group, with the aim of continuously improving the sustainability of its activities. In addition, it monitors measures relating to the Group’s Vigilance Plan, which forms part of the roadmap; • the Group Environment Department: this department manages and implements the Group’s environmental strategy, as defined by the Executive Committee. It establishes the Group’s environmental standards and procedures, as well as the actions, programmes and resources needed to implement them, in coordination with site representatives, and monitors their implementation. It provides support and expertise to local teams. It organises environmental audits and implements internal standard control mechanisms; • the Group's Societal Impact and Human Rights Department: it manages and deploys the strategies for Community Relations, Respect for Human Rights, Philanthropy and Sponsorship as well as the strategy for Dialogue with civil society and NGOs within the Group. It establishes the standards and procedures applicable across the entire Group in these areas, in coordination with site managers, and ensures they are followed. It coordinates the corresponding action plans with the support of local teams and provides them with support and expertise, in particular by organising appropriate training programmes to maintain skills in this area and to keep pace with the Group's challenges. It consolidates the reporting of societal expenditure (impact management and positive contribution). It develops contributory CSR programmes to support the empowerment of local populations in the areas where the Group operates. It also ensures an open dialogue with civil society and NGOs and responds to the concerns of these key stakeholders. • Sustainability departments of subsidiaries: each operating subsidiary has a Sustainability Department, which ensures that the environmental and societal impacts of its operations are kept to a minimum, and that it takes action to help local communities. Its representative sits on the subsidiary’s management committee, which ensures that action plans are implemented. Other departments are involved in the coordination and implementation of the sustainability strategy: • The Group's Safety and Prevention Department defines the p revention and protection measures designed to ensure the highest possible level of safety at the Group's sites, with the key objective of making progress towards the objective of zero injuries. • The Human Resources Department, which is responsible for the objectives of the CSR roadmap aimed at: ensuring employee health and a decent standard of living through compensation and social security measures, evaluating performance, employee training and skills development, ensuring employees' freedom of association and representation and fighting inequalities and discrimination. • The Decarbonisation Department , which steers and coordinates work to reduce energy consumption and greenhouse gas (GHG) emissions, in line with the trajectory defined by the Group and its associated transition plan. • The Procurement Department, which manages the Responsible Procurement process, and the Sales Department, which manages the Responsible Sales Process, designed to ensure that the Group's suppliers and customers comply with its principles of sustainability and ethics. • The Ethics and Compliance Department, which steers the Group's compliance approach, coordinates the vigilance approach and manages the whistleblowing system. • The Operations Department, which oversees the management and execution of operational activities in line with the objectives and constraints associated with the Group's sustainability strategy. 324 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT Insurance policy 4.5 Insurance policy Property and casualty insurance (fire, accident, multi-risk) As risks are identified and their impact managed, the Group establishes the most suitable insurance strategy to transfer the financing of its insurable residual risks as part of global schemes, taken out with internationally recognised, reputable insurers of sound financial standing. The Group thus implements adapted solutions, offering the optimum balance between the cost and scope of the proposed coverage, and has sufficient insurance in place to cover the main risks relating to its activity, both in scope and in the amounts insured or coverage limits. The Group also provides primary coverage in some insurance schemes, which enables it to establish and/or adapt retention levels to have some control over insurance costs. The three main categories of insurance taken out cover potential claims against the Group’s civil liability stemming from its activities, damage to its facilities and the associated operating loss, as well as the risk of damage or loss during transportation. Civil liability The general civil liability scheme covers the financial consequences for the Group of loss, damage or injury caused to third parties in the context of its activities or due to its products. The scheme includes civil liability components: exploitation/ pre-delivery, products/post-delivery, professional and engineering. The Group is also covered by an insurance scheme for Harm to the Environment and Environmental Liability. Property damage and operating losses Its purpose is to cover the damaging consequences of events that may occur at facilities, such as fire, explosion, machine breakdown or natural disasters. Faculty/goods transported This scheme covers all of the Group’s subsidiaries around the world for all of the goods transported for which they are responsible. Organisation and instruments for industrial risk prevention The main industrial risks to which the Group’s sites may be exposed are fire, explosion (including, for certain sites, related to the risk of contact between water and molten metal), machine breakdown on critical geotechnical equipment (tailings stockpiles, tailing dams, landslides) and natural events (floods, storms/cyclones, etc.). Eramet focuses specifically on preventing these risks in the preliminary phases of its industrial and mining projects. It identifies major accident scenarios and their causes and impacts in order to set up prevention and/or protection safeguards (important components of safety) that reduce the probability or severity of an event. For sites in operation, the industrial risk management system is based on crisis prevention and management procedures, which are rolled out to all Group sites. These procedures focus on three main areas of action: • awareness of industrial risks in operational management: risk assessments periodically updated by the sites, compliance with safety rules during production and maintenance operations, dissemination of best practices, dissemination of Group industrial risk standards establishing the best practices and standards to be applied; • prevention of incidents and accidents: identification of weak signals and operational response thereto, crisis simulation exercises so that each person knows their role, and to continually improve emergency planning, business continuity and recovery plans; • incident and crisis management: the sites draw up their own emergency plans (contingency plan, ERP or other). The Group's crisis management system includes procedures for escalation of alerts, assessment of their severity, organisation into crisis management units, if required, and feedback. 4 325ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group The control system for the industrial risk management level is based primarily on the programme of insurance engineering visits to industrial sites with a two-year cycle, in close collaboration with insurers, the broker and the Group Insurance Department. In addition, Eramet carries out regular third-party audits of its tailings storage facilities and tailings dams to manage the associated geotechnical risks. Any significant risk detected during these audits results in a corrective action plan implemented by the site concerned. Summary reporting on the monitoring of corrective actions takes place twice a year to ensure compliance with Eramet’s industrial risk standards and make progress on the recommendations made by the insurer during its prevention inspections. 4.6 2025 Vigilance Plan – Eramet Group 4.6.1 The Eramet Group Presentation of the Eramet Group Eramet is a longstanding player in the mining and metallurgical industry. It is one of the world’s leading producers of: • metals (manganese, nickel) and mineral sands (rutile, leucoxene, ilmenite), essential for urban infrastructure; • critical metals for the energy transition (nickel and lithium). With its 16 industrial and mining sites, the Group has an international presence. The Group has 8,684 employees in 16 countries. A more detailed description of the Eramet Group is provided in the Integrated Report and in Chapter 1 of the Universal Registration Document, in which this Vigilance Plan is published. Purpose Faced with the challenge of a successful energy transition and restoring the conditions for lasting harmony between humans and the planet, Eramet is committed to becoming a key player in the mining and metallurgical industry. Consequently, since 2021, Eramet has had a defined purpose: becoming a reference for the responsible transformation of the Earth’s mineral resources for “living well” together. This purpose is explicitly stated in the Group’s Articles of Association. Legislative context The aim of this Vigilance Plan is to meet the requirements of Law 2017-399 of 27 March 2017 on the Duty of Care of parent companies and contracting companies. The scope of this plan primarily covers all of the Group’s entities, namely the parent company Eramet S.A., as well as the companies it controls directly or indirectly, including Eramine (Argentina), Eramet Marietta (United States), Eramet Ideas (France), Comilog Dunkerque (France), ENO (Norway), Comilog (Gabon), Setrag (Gabon), GCO (Senegal) and SLN (New Caledonia). The scope of the plan also covers the suppliers and subcontractors of the Group’s entities (parent company and controlled subsidiaries). It is worth noting that Eramet S.A. has a 38.7% indirect stake in PT Weda Bay Nickel (Indonesia). 326 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.2 Framework of the Group’s commitments 4.6.2.1 Governance The Group’s commitment translates into involvement at the highest level of the Company and at all management levels of the operational entities. ▼ Group governance Executive Committee Human resources, Health and Security Department Sustainability and External Affairs Department Strategy and Innovation Department Operations Department Legal Department Finance Department Reporting directly to the CEO Ethics and Compliance Department Safety and Prevention Department Internal Audit Department Board of Directors CSR and Strategy Committee Audit, Risks and Ethics Committee Board Committees, including Operational entities Business Unit and Site Directors Eramet Ideas Research Center Environmental Managers Sustainable Development Managers HR Managers Security Managers Safety Coordinators Community Relations Managers Energy Correspondents Procurement Officers Diversity and Inclusion Advisors Ethics Compliance Officers and Ambassadors Sexual Harassment and Sexist Behaviour Advisors Human Rights Advisors Support Departments Group Medical Advisor Human Resources Department Security Department Social Impact and Human Rights Department Corporate Affairs & Partnerships Department Procurement Department Environment Department ESG Performance Department Sales management Technical Office Decarbonisation Department Risk Management, Audit and Internal Control Department (DRCA) 4 327ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group The Sustainability and Corporate Engagement Department and the Human Resources, Health, Safety and Security Department, both represented on the Group’s Executive Committee, propose, support and monitor the multi-year objectives and associated action plans. They report to the Executive Committee. The Safety and Prevention Department and the Ethics and Compliance Department report to the Group’s Chair and Chief Executive Officer. The effective incorporation of social and environmental issues into the Group’s activities is also closely monitored by Eramet’s Board of Directors, in particular through two of its Committees, i.e. the Strategy and CSR Committee, and the Audit, Risks and Ethics Committee. The Sustainability and Corporate Engagement Department has an Environment Department and a Societal Impact and Human Rights Department, for which the Group has introduced the role of Human Rights Officer. The Human Resources Department (HR) includes an Employee Relations, Diversity and Inclusion Department, a Safety Department and a Medical Advisor, responsible for coordinating the Group’s health policy. The Ethics and Compliance Department and the Group Procurement Department complete the system. These corporate functions are organised and structured around practices and processes aimed at continuously strengthening their commitment and efficiency, highlighting a strong culture of risk identification and management. Onsite teams and networks of correspondents ensure standards are correctly applied and information is reported daily. The objectives and action plans are implemented across all the Group’s Divisions and operational entities. Their effective execution and the good coordination between the Corporate functions and the departments have been strengthened by the establishment of working groups and cross-functional committees focusing on various themes (CSR, Biodiversity, Mining Environment, Decarbonisation, Responsible Procurement, Responsible Sales, Human Rights, Ethics). As part of their role, these various Departments turn to stakeholders to take part in risk assessment exercises and implement appropriate management measures. Given the cross-cutting nature and the impact of the issues, managers, employees and staff representatives are regularly contacted. Dialogue with external stakeholders takes place both at the local level, and Group-wide. Whether it concerns the roll-out of operations, risk management measures or local development support programmes, Eramet and its subsidiaries make sure they continuously inform and consult, among others, nearby populations. 4.6.2.2 Policies and procedures The Group's commitment framework, made up of a charter and policies, presents the fundamentals of Eramet's approach to Sustainable Development as a committed corporate citizen. In 2023, the Group reviewed its guidelines formalised in its management system: Eramet Management System (EMS). Eramet draws on a common foundation of standards and reference commitments, consisting of the Ethics Charter, policies and procedures (Key Standards), which apply to all Group companies and their employees. Reviewed in 2023, the Group’s Ethics Charter (published on www.eramet.com and translated into the nine languages of the countries in which the Group operates) sets out the rules and principles governing action and behaviour that are applicable to and binding on all Group employees. It covers the following topics: • diversity and inclusion; • employee health and safety; • human rights; • prevention of all forms of discrimination and harassment; • community development; • environmental protection. Thus, the Group’s policies (also available on www.eramet.com ) form a set of principles, standards and behaviours that express the long-term intentions of the Group concerning the nature of its activity and the Company’s relations with its main internal (staff and their representatives) and external stakeholders (suppliers, subcontractors, customers, shareholders, competitors, etc.). They were adopted on subjects considered to be essential for Eramet, such as: • Responsible Procurement Policy; • Climate Policy; • Environment Policy; • Human Rights Policy; • Health Policy; • Safety Policy; • Human Resources Management Policy. These general principles are then translated operationally into Key Standards and business line processes. They thus set the standards for Eramet in a bid to ensure compliance with the Group’s commitments and minimise related risks. 328 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.3 Risk mapping As part of its risk identification and management process, every three years Eramet compiles a map of the Group’s major risks, which it updates annually. It identifies risks to human rights, the environment and human health and safety. Its implementation is managed by the Risk, Audit and Internal Control Department. In addition, it is presented to the Executive Committee and to the Audit, Risks and Ethics Committee of the Group’s Board of Directors. This mapping of the Group’s major risks is accompanied by more granular maps: • the Human Rights risk map was updated in 2023. Each site now has a Human Rights risk map, which, through a bottom-up approach, enabled a Group risk map to be produced. As part of this process, on-site interviews were conducted with internal stakeholders (Group experts and subsidiaries, trade unions) and external stakeholders (local communities and subcontractors); • in 2023, the Group mapped its Procurement risks, taking into account environmental, social and governance issues; • the Safety and Environment risk maps consolidate the risks within their scope and were updated in 2022. To standardise methodologies on the basis of the risks posed by the Group’s activities and those of its supply chain to human rights, the environment and human health and safety (inside-out approach), and to consolidate all the salient risks, a risk mapping exercise was carried out in the second half of 2023, focusing on issues relating to the Duty of Care. The new map, managed by the Ethics and Compliance Department and the Risk Management Department, will be revised every three years and updated annually. The aspects described in this Vigilance Plan are based on the new risk mapping specifically for the Duty of Care. 4.6.3.1 Risk identification methodology As part of the risk mapping specifically for the Duty of Care, the identification, analysis and prioritisation of risks are based on the approach recommended by the Organisation for Economic Co-operation and Development (OECD) in its Guidelines for Multinational Enterprises on Responsible Business Conduct(2) and in the Due Diligence Guidance for Responsible Business Conduct.(3) The salient risks were identified on the basis of a documentary analysis of existing sector risk maps and impact assessments, backed up by more than 10 interviews with internal stakeholders. The risks identified were then analysed and prioritised according to the following criteria: • the impact of the risk on the potentially affected stakeholder(s), taking into account the severity, scope and remediability of the risk; • the probability of occurrence of the risk; • the control measures put in place by the Group to establish the margin for improvement necessary to determine action plans. The Human Rights risk mapping carried out in 2023 was instrumental in the Duty of Care risk mapping process, although the methodology was tailored to the objective set. The Human Rights risk mapping carried out in 2023 was actually developed in accordance with the methodology of the independent third party and the United Nations Guiding Principles on Business and Human Rights(4), which measures risks according to their scale, scope, probability and degree of remediability. The latter is therefore of paramount consideration when prioritising risks. (2) OECD (2023), OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, OECD Publishing, Paris, https:// doi.org/10.1787/81f92357-en. (3) OECD (2018), OECD Due Diligence Guidance for Responsible Business Conduct, OECD Publishing, Paris, https:// mneguidelines.oecd.org/OECD-Due-Diligence-Guidance-for-Responsible-Business-Conduct.pdf. (4) United Nations (2012), Guiding Principles on Business and Human Rights: Implementing the United Nations “Protect, Respect and Remedy” Framework, https://www.ohchr.org/sites/default/files/documents/publications/guidingprinciplesbusinesshr_en.pdf. 4 329ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.3.2 Matrix of salient risks Issues Salient risks Potentially affected stakeholders Environment (see 4.6.4.1) Risk related to the disturbance of local biodiversity ● ● Risk related to the use and management of water resources ● ● Risk related to air pollution ● ● ● ● Climate change (see 4.6.4.2) Risk of insufficient limitation of greenhouse gas emissions ● ● ● ● Human rights (see 4.6.4.3) Risk of adverse impacts on local communities ● Risk of adverse impacts on indigenous peoples ● Risk related to the housing conditions of employees and subcontractors ● ● Risk related to harassment and discrimination in the workplace ● ● Risk of human rights violations in the sea transport chain ● Risk of human rights violations in the supply chain ● Health & Safety (see 4.6.4.4) Risk of work-related accidents ● ● Risk of accidents involving rail transport operated by Eramet ● ● ● ● Risk of exposure to chemicals ● ● Eramet employees Employees of suppliers and/or subcontractors Local communities Ecosystems 330 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.4 Risk prevention measures For each salient risk related to the environment, the climate, human rights and health and safety, this section contains: • a description of the risk; • the measures taken within the Group to prevent that risk; • the steps taken to evaluate subsidiaries and monitor preventive measures. 4.6.4.1 Environment 4.6.4.1.1 Environmental risks and preventive measures RISK RELATED TO THE DISTURBANCE OF LOCAL BIODIVERSITY Because of its mining and industrial operations, Eramet may disturb local biodiversity and contribute to deforestation. This can materialise as a disturbance in the biological balance or even the loss of plant and animal species. Risk prevention measures Since 2023, Eramet has conducted several analyses aimed at deepening its understanding of the impacts of its activities: • assessment of the impacts and dependencies of the mining, industrial, research and transport activities using the Biodiversity Risk Filter (BRF) tool made available by the WWF, • assessment of the Group’s biodiversity footprint covering upstream Scopes 1, 2 and 3 based on the Corporate Biodiversity Footprint (CBF) methodology developed by Iceberg datalab and ICare, as well as on the STAR indicator, • assessment of the sensitivity of sites using the "Biodiversity Passport": a GIS tool developed in-house, used from the exploration phase onwards to identify biodiversity issues. It makes it possible to collect and analyse the data available in international databases such as IBAT or Global Forest Watch to assess the sensitivity of the areas analysed according to three criteria: presence of endangered species, vulnerability of ecosystems and proximity to sensitive areas. Based on these analyses, the Group formalised new voluntary commitments in 2024, which were submitted to and validated by two coalitions bringing together companies, academics and nature conservation organisations: Act4nature international and Business for nature. The Group’s commitments are broken down into a three-year action plan and organised into five main categories: • Governance, • Strategy, including alignment with international best practices in responsible mining and launch of a scientific partnership, • Action on Group impacts, including prohibited areas and activities, preliminary studies, action plans for our mining sites aligned with the IRMA standard and IFC(1) performance standard No. 6, an international benchmark for the preservation of biodiversity and ecosystem services, • a Foundation dedicated to biodiversity, with a reserve of 14,000 hectares and research and development programmes, • Awareness raising and training of internal and external stakeholders. In 2025, two designated standards, "Rehabilitation of mining sites" and "Biodiversity", aligned with best practices, were gradually rolled out and used to identify the level of maturity of sites and establish corrective actions. In addition, Biodiversity Action Plans meeting IFC Performance Standard 6 are being rolled out at the mining sites and at Setrag. The coverage rate was 66% at the end of 2025. Objectives 2024-2026 The Group’s biodiversity commitments and their progress are published on the Act4nature international website(2). (1) IFC: International Finance Corporation (2) https://www.act4nature.com/ 4 331ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK RELATED TO THE USE AND MANAGEMENT OF WATER RESOURCES The use of water resources in mining processes, especially in water-stressed areas, can lead to the risks of soil drying out, disturbance of aquatic fauna or even water scarcity for local communities. Any failure in the treatment of water used in mining and industrial operations can result in pollution of surrounding watercourses. Risk prevention measures Eramet’s environmental policy embodies its commitment to reducing the impact of its activities on water resources and aquatic environments by working on several aspects: • continuous improvement in the monitoring of the water impact of its activities (withdrawals, uses, discharges); • optimisation of process water consumption and increased recycling; • continuous improvement of rainwater management and wastewater treatment methods. Eramet prohibits the discharging of mining waste into the sea (“deep-sea tailings placement”). This method is neither used at the Group’s sites nor considered during development projects. These goals are defined in the Environment Key Standard and detailed in the Water Management Standard, which is mandatory for all sites. In particular, they focus on: • Water consumption: • to improve understanding of water-related issues, in 2023 Eramet overhauled its reporting procedures to align itself with international standards and industry best practices; • the issues related to water stress were analysed in areas in which Eramet operates. The analysis incorporated the changes expected by 2030 and 2050 under three climate scenarios; • various measures are already being taken to ease pressure on the resource: • recycling of material washing water (filter presses, recycling of pond water), • installation of closed loops for equipment cooling circuits in pyrometallurgical plants, • new investments made in rainwater harvesting and recycling systems at operating sites; • Eramet appointed groups of experts responsible for mines and plants to identify and disseminate best practices in water management throughout the Group. • Water pollution: • preventive actions: the Group has installed upstream double-walled retention and storage systems, as well as effluent treatment plants using physicochemical processes and hydrocarbon separators (separation by decantation). Every year, the Group invests to further mitigate its impacts on water. • monitoring actions: all sites have taken measures to monitor the impact on natural environments, either through networks of piezometers (around a hundred are installed on the Group’s sites) to monitor groundwater quality, or by measuring surface water quality (e.g. in the fjords in Norway or the lagoon of New Caledonia); To strengthen its action plan, the Group launched several projects in 2024 aimed at: • mapping all withdrawal and discharge points; • improving knowledge and monitoring by overhauling its reporting procedures to align with industry best practices. For sites located in water-stressed areas (Senegal and Argentina), action plans have already been developed to reduce abstraction and optimise recycling. Eramet responded to the CDP Water security questionnaire for the fourth consecutive year. The Group was awarded an A- rating in 2025, a year-on-year improvement since 2023 (C). The action plan aims to further strengthen the Group's maturity in terms of water management. Objectives 2024-2026 Eramet is committed to minimising the impact of its activities on water resources and aquatic environments. The Group’s new roadmap, Act for Positive Mining, sets ambitious targets for the end of 2026: • reduction of the water impact of the sites most at risk: 60% water recycling for GCO (Senegal) in 2026. The work undertaken has already made it possible to reach a rate of 57% in 2025; • 100% of the sites must have: • a water management plan that covers the water balance, the identification of priorities, the setting of improvement targets and the preparation of action plans. In 2025, 55% of the Group's sites finalised their Water Management Plan. • comprehensive monitoring of water discharges (the completion rate was 86% in 2025). 332 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK RELATED TO AIR POLLUTION Because of its mining and industrial operations, Eramet may be a major source of fine particles harmful to the environment and the health of employees, subcontractors and local communities. The latter may thus be exposed to various forms of pollution and thus the presence of residual dust. This risk is accentuated by the Group’s pyrometallurgical activities and transport activities. Risk prevention measures Since 2013, Eramet has factored emission reduction into its environmental policy commitments. Between 2018 and 2025, the Group reduced its ducted dust emissions by 76%. At the end of 2023, Eramet reviewed its Environment policy, available at www.eramet.com, and strengthened its commitment to air quality: “Reduce the environmental impacts of its activities, in particular by reducing its atmospheric emissions, focusing on the most significant sources of impact with a view to engaging with neighbouring communities”. This policy was supplemented by internal thematic standards aligned with best practices and applicable to all sites. One of them specifically concerns the management of atmospheric emissions. It is used to assess sites against requirements and best practices, and to establish continuous improvement plans. Eramet installs purification systems for atmospheric releases on sites to control dust and metal emissions. These techniques are suitable for process discharges. They include electrostatic precipitators, baghouse dust collectors, scrubbers and washing towers. Specific treatment systems for certain pollutants and processes can also be used, such as activated carbon filters or demisters. The different items of equipment are installed according to the characteristics of the effluent and the industrial processes, the target purification performances and regulatory requirements. Efforts to ensure that know-how is retained and Group best practices are shared include a special environmental task force which works to identify internal best practices on the topic of airborne emissions. Objectives 2024-2026 The Group’s "Act for Positive Mining" roadmap incorporates this issue by reinforcing its objectives: • a plan for managing and monitoring major diffuse emissions at all sites - rate of completion of 78% at end-2025; • monitoring the relevant ambient air quality indicators for sites near residential areas - 75% completed at end-2025. 4.6.4.1.2 Monitoring environmental risk prevention measures Comprehensive and specific action plans are put in place and monitored by implementing a robust, ISO 14001 certified management system at each mining site, with: • specific human and financial resources; • an internal policy and standards; • monitoring and reporting procedures: each industrial site establishes and implements the monitoring of its environmental indicators according to the rules set out in the EPS Guide Book. In addition, at the required intervals, the sites produce the necessary environmental indicators under the Environmental Reporting procedure. To this end, a dedicated Environment IT system has been rolled out to all industrial and mining sites, allowing for the collection and consolidation of environmental performance indicators. The tool, which has been gradually rolled out since 2020, collects and manages quantitative and qualitative data, records incident, prevention and audit reports, analyses risks, accidents and anomalies, and implements adapted action plans. The data analysis is used to support decision-making and the monitoring of action plans. For example: • for biodiversity, the Act4nature commitments (renewed in 2024) are monitored annually and published in the Universal Registration Document and on the Act4nature International website(1); • for water, the key performance indicators (KPIs) are reported and monitored monthly in the Group tool, while the roadmap is reviewed during Quarterly Business Reviews and by the CSR Steering Committee; • for air pollution, the emission monitoring system is accompanied by the gradual roll-out of systems for the continual monitoring of flue emissions and the monitoring of ambient air quality near its sites, particularly in New Caledonia, Norway and at the Dunkirk site in France, where restrictions apply on the use of furnaces during high winds; • incident notification and follow-up: as soon as significant pollution occurs or in the event of material dispute with the government or a third party, it is reported within 24 hours using the special reporting tool. The sites must carry out an investigation, based on the severity of the event, within two weeks; • internal and external environmental audits supplement this system. They may cover all environmental issues or focus on specific risks such as air pollution. All industrial and mining sites undergo external audits of their environmental management system as part of the ISO 14001 certification. The implementation of high-priority audit recommendations is monitored by the Environment Department. (1) https://www.act4nature.com/en/committed-companies-2022/ 4 333ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.4.2 Climate change RISK OF INSUFFICIENT LIMITATION OF GREENHOUSE GAS EMISSIONS COMPARED TO THE 1.5°C OBJECTIVE DEFINED BY THE PARIS AGREEMENT Mining operations can emit significant quantities of greenhouse gases (GHGs), including carbon dioxide (CO2), sulphur dioxide (SO2), and methane (CH4), which contribute to global warming and climate change. Despite introducing various decarbonisation measures, the Group is exposed to the risk of being unable to continue its path of reducing greenhouse gas emissions to limit the rise in temperatures to 1.5°C relative to pre-industrial levels. Risk prevention measures As of 2021, Eramet has committed to reducing its absolute Scope 1 and 2 greenhouse gas emissions by 40% by 2035 compared to 2019, in line with the Paris Agreement in accordance with the "Well Below 2°C" trajectory. This objective has been validated as "Target set" by the Science Based Target initiative (SBTi), until mid-2026. In 2025, Eramet developed a 1.5°C trajectory together with I Care by Bearing Point • based on science, • compatible with the Paris Agreement, • integrating the specificities of the Group's business sectors, • considering a recent reference year: 2023 • and covering Scopes 1, 2 and 3. The methodological framework was reviewed by independent bodies and approved by the Group's Executive Committee and Board of Directors. Eramet's transition plan and its positioning in relation to this 1.5°C target trajectory are described in the sustainability report. A Climate Policy, published in 2023 (available on www.eramet.com), establishes Eramet’s guidelines both for conducting its operations and developing its strategy. Eramet's climate strategy is part of a global approach to contributing to global carbon neutrality, based on two complementary levers. (i) Reduce: decarbonise operations and the value chain (Scopes 1, 2 and 3) The transition to a low-carbon economy is a key challenge for the Group's activities. Eramet implements a strategy to reduce its direct and indirect emissions based on an in-depth analysis of its entire value chain, integrating mining and industrial activities and interactions with its suppliers and customers. (ii) Scale up: contribute to the deployment of climate solutions at scale. Eramet is a firm believer in the key role to be played by raw material producers in the global energy transition, in particular for the supply of critical metals. The strategic and managerial transformation programme initiated by the Group since 2018 has enabled it to strengthen its competitiveness and align its development with a view to long-term value creation. The Group's strategy is currently based on two complementary approaches: • the production of metals contributing to global economic development, • the expansion and development of its portfolio of metals critical to the energy transition. These markets are experiencing sustained growth, driven in particular by needs related to the electrification of uses. In this context, the Centenario site in Argentina , dedicated to the production of battery-grade lithium carbonates, began operating in 2025. In addition to its contribution to climate change mitigation, Eramet is increasingly incorporating the physical effects of climate change into its strategy, assessing their potential impacts on its assets, the continuity of its operations, productivity and the end markets for its products. Scopes 1 and 2 2035 target | –42% vs. 2023 (scope excluding SLN) in line with a 1.5°C trajectory -23% vs. 2023 (scope limited to SLN)→ alignment with Well Below 2°C 100% of the Group's Scope 1 and 2 greenhouse gas emissions are covered by these objectives, within the scope of operations over which Eramet has operational control. This objective is established by considering the alternative decarbonisation framework specific to the extractive and primary processing activities developed by I Care and Eramet. It corresponds to: • across the entire Eramet scope, excluding SLN, a 1.5°C trajectory, i.e. a 42% decrease compared to the reference year 2023. • on the additional scope of SLN, to a "Well Below 2°C" trajectory. This is a decrease of 23% compared to the reference year 2023. Furthermore, as part of its "Act for Positive Mining" roadmap, the Group has established additional objectives for 2026: • reducing the Group's emissions per metric ton produced from 0.221 tCO2/t (i.e. 0.159 tCO2/t excluding SLN), representing an annual improvement in efficiency of 3%; • Scopes 1 and 2 related to Metallurgy: develop and validate the transition to "net zero" manganese alloys; • Scopes 1 and 2 related to Mining: reduce the carbon footprint associated with the Group's extraction activities by 10%. Eramet’s decarbonisation roadmap relies on the Group’s ability to develop cross-functional, multi-year structural projects in the following key areas: • energy performance of its production assets (energy efficiency and recycling); • decarbonisation of processes, initially through the use of bio-reducers; • decarbonisation of consumed electricity (purchases, investments); • carbon capture and storage. For more information, please refer to section 5.3 “Climate Change” of the Sustainability report. 334 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group Scope 3: encouraging the Group’s customers and suppliers to set their own targets 2035 target | scope 3: -31% tCO2 per metric ton of Mn alloy vs. 2023. This intensity-related target concerns the share of Scope 3 emissions relating to the processing of manganese ores sold by Eramet. These emissions represent more than 70% of the Group's absolute Scope 3 emissions and this objective corresponds to alignment with a "Well Below 2°C" trajectory in accordance with the alternative decarbonisation framework that has been developed. The "Act for Positive Mining" roadmap also includes a value chain commitment objective: 2026 | Scope 3: obtain commitment from 67% of partners By the end of 2025, Eramet aims to have 67% of its tier-one value chain partners working towards their own emissions reduction targets, which must be compatible with the Paris Agreement. This objective covers a significant portion of Eramet's Scope 3 (more than 80% each year), and is particularly ambitious given the structure of its Scope 3: the Group aims to align a very significant proportion of its customers with this objective, as their activity represents the majority of Eramet's Scope 3 emissions. At the end of 2025, 72% of the Group’s suppliers and customers had made such a commitment. Monitoring of preventive measures and assessment of subsidiaries and suppliers Specific governance consisting of: • the Board of Directors, which relies on the recommendations of its Strategy Committee and CSR. The latter specifically analyses the Group’s progress in terms of reducing CO2 emissions; • the Executive Committee, which manages the action plan, while the progress of each project is reviewed on a quarterly basis by its strategic decarbonisation committee formed of the Decarbonisation Department (in charge of Eramet’s decarbonisation programme and its portfolio of initiatives, and responsible for the low-carbon transition of its pyrometallurgical activities), the Environment Department (the methodological point of contact for questions on climate accounting and reporting), the Central Technical Office (guarantor of the performance management system of the Group’s operational entities, particularly in terms of energy efficiency and carbon footprint) and the Procurement Department (in charge of energy purchases, among others). Site assessment: • Mines: at the mines, energy consumption is mainly attributed to the use of fuel for mining machinery and electricity for fixed facilities (conveyors, ore processing facilities, etc.). Consumption trends depend on the structure of the deposit, its topology, the activity carried out (volumes of ore produced) and especially the stripping ratios (1) and volume of preparatory work (total volume of ore handled). • Pyrometallurgical plants: industrial facilities convert, through reduction reactions, the metal oxides contained in the ores into metal alloys. These processes require an energy input to reach the temperatures of the reduction or smelting reactions (around 1,500°C), in the form of electrical energy. This consumption is directly dependent on the activity. Good process control also requires upstream monitoring of the water content of ores. Energy consumption for drying can vary significantly depending on climatic conditions. • Internal logistics: this corresponds mainly to the Group internal rail transport between mines and ports, as well as vessel loading operations. For Eramet, this therefore comes under Scope 1 and is completely distinct from the import and export logistics activities traditionally included in Scope 3. Energy consumption is mainly linked to the diesel locomotives used in Gabon and Senegal, and essentially depends on the activity. Assessment of suppliers and customers: Eramet Group activities are situated high upstream of its value chain. The portion of Scope 3 located downstream of the Group's activities represents around 80% of Scope 3. In its CSR roadmap, the Group has committed to ensuring that 67% of its turnover is generated with customers whose emission reduction roadmaps are aligned with the Paris Agreement by 2026. A project launched in 2024 has enabled us to establish an in-depth dialogue with 27 of our largest customers regarding their carbon footprint, their challenges, their initiatives, and to guarantee their commitment to decarbonisation. More than 75% of the Group's turnover in 2025 was generated with customers who had made such a commitment. For supplier assessments, see section 4.6.5 “Suppliers and subcontractors” of the Vigilance Plan. (1) The stripping ratio corresponds to the quantity of tailings extracted per quantity of ore. 4 335ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.4.3 Human rights and fundamental freedoms RISK OF ADVERSE IMPACTS ON LOCAL COMMUNITIES The Group's mining and industrial activities may generate environmental, social, economic and/or cultural impacts that could affect local communities: pollution (dust, noise, traffic), health risks, pressure on natural resources, physical displacement, economic shifts, social tensions, etc. These impacts can be "widespread and systemic" when they concern natural resources, displacement or pollution, and "one-off" when they are caused by accidents, incidents or an influx of people (see ESRS S3 in section 5.10 "Affected communities" of the Sustainability report). Risks also include the loss of livelihoods, inadequate consultation or compensation mechanisms, or the deterioration of local trust. As highlighted in ESRS S3, a lack or inadequacy of dialogue or complaint handling mechanisms can lead to potential negative impacts related to the absence or inadequacy of information, consultation or complaint handling mechanisms. Risk prevention measures Prevention of the risk of adverse impacts on the health and safety of local communities: • assessments are carried out at the majority of sites on the environmental, public health and local economic impacts, among others, before any new project or major change; • all sites have an environmental management plan and must develop and implement a water management plan by 2026, which will include the impact of Eramet’s activities on water consumption; • with regard to the disruption of local traffic and the resulting risk of accidents, entities are adopting various measures such as restricted traffic zones (Eramine) and awareness-raising campaigns (Eramine, SETRAG). Similarly, at the PT Weda Bay Nickel site (Indonesia), there is no concurrent activity between the roads used by local communities and those used for mining transport operations. In addition, roads used for mining transport are sprayed regularly to stop the spread of dust; • Eramine (Argentina): Eramine has been involved in the CARE programme since 2022. This programme is a global, voluntary initiative of the chemical industry aimed at continually improving health, safety and environmental protection. The entity took part in several sessions, during which CSR, Health & Safety and Logistics experts explained how chemicals are transported, the preventive measures taken and what action is taken to limit incidents in terms of safety and the environment. These sessions were aimed at various stakeholders: the Kolla community, schools, the Salta Chamber of Transport, the Traffic Department, the Argentine National Gendarmerie, etc. During 2023, progress was made at several meetings of the Logistics and CSR teams with different individuals and groups, and visits were made along the roads concerned with a view to generating improvements in the poor practices observed among vehicle drivers (from several companies in the region). In 2024, the Logistics and Roads Department continuously lectured to subcontractors and suppliers on the steps to follow to properly deliver effective training to drivers involved in the transport of personnel, supplies, general cargo and hazardous goods. In addition, in 2024 and 2025, local meetings were organised by APELL (CARE replacement) to raise awareness and develop emergency plans in the municipalities of San Antonio de Los Cobres, Campo Quijano, Santa Rosa de los Pastos Grandes and Estación Salar de Pocitos. • with regard to improper behaviour by site workers, the entities are implementing, as soon as is necessary, specific codes of conduct in at-risk areas to ensure that workers are respectful of local communities and customs. Preventing the risk of adverse impacts on the livelihoods of local communities: • Avoidance is the primary means of preventing negative impacts on local communities. • When avoidance is not possible, each entity sets up a mechanism for dialogue and communication between the Company, the affected population and the local authorities in order to minimise the negative impact on local communities. • Impact studies are carried out, as well as livelihood restoration and resettlement plans, if the populations impacted by industrial or mining activities are resettled. These studies are performed in consultation with the affected communities and local authorities (administrative and religious if applicable). These livelihood restoration and resettlement plans must enable the affected populations to re-establish their livelihoods and their standard of living, or even to improve them. • If compensation is paid to the affected populations, decisions are taken in consultation with the affected populations and their representatives under the authority of the local administrative authorities, who ensure fair compensation. • In the event of difficulties, complaint handling mechanisms exist at all sites to allow communities to report, as necessary, issues related to resettlement or the restoration of livelihoods, and to address them as quickly as possible. Monitoring of preventive measures and assessment of subsidiaries For information on the environmental aspect, see section 4.6.4.1 "Environment" of this Vigilance Plan. The processes for identifying and mitigating the impacts mentioned are described in the Human Rights report, published in 2023 and available on the Eramet website(1). Priority is given to respecting the "mitigation hierarchy" of impacts, in relation to the risks associated with livelihoods and land acquisition and population resettlement is only used as a last resort, after all avoidance measures have been taken. If economic or physical relocation is necessary, a multi-stakeholder committee with representation from the public authorities is specially created by a regulatory process. It decides on the methodology applicable to compensation on the basis of existing national legislation. Decisions on the scales and amount of compensation are made by the Committee and the administrative authorities. Appeals can be made to the public authorities. 336 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK OF ADVERSE IMPACTS ON LOCAL COMMUNITIES Alongside this, each subsidiary has set up a complaints management procedure to enable communities to report any concerns relating to social or environmental impact and have them dealt with as quickly as possible. For more information, please refer to section 5.10.4.3 of the Sustainability report. The identification, management and mitigation of impacts on communities are described in more detail in section 5.10 “Affected communities” of the Sustainability report. Operational illustrations 1. EMS (Eramet Management System) compliance and internal audits of the societal aspect Since 2023, subsidiaries have been adhering to Group processes by complying with the internal framework (Eramet Management System), which incorporates IRMA community requirements. Monitoring of site compliance with this new standard has begun for the following subsidiaries: Comilog, Setrag, Eramet Grande Côte, Eramine, SLN and Weda Bay Nickel. In 2025, these assessment audits were carried out by the Societal Impact & Human Rights Department: overall compliance with all community requirements is 50%, and more specifically, a compliance rate of 48% for the Stakeholder Engagement Plans (SEP) and 46% for the complaints mechanisms. These scores reflect the integration of more demanding standards. 2. Intensified consultations and dialogue In 2025, the Group had 13,326 interactions with local stakeholders (+13% vs. 2024). Examples: Eramet Grande Côte (Senegal): 7,719 people consulted, 104 interactions Setrag (Gabon): 1,845 people consulted, 228 interactions Comilog (Gabon): 332 people consulted in the context of resettlements Eramine (Argentina): 1,219 people consulted, including FPIC consultations. 3. Monitoring of local complaint management mechanisms In 2025, 505 complaints were recorded within the Group: • through several channels (offices, WhatsApp, QR codes, local radios), • systematically recorded in the SAFEE tools, • with resolution times monitored. 34% of the complaints were resolved, due in particular to Comilog's long-standing backlog regarding the Lékolo 2 resettlement site. 4. Monitoring of resettlements and livelihood restoration In 2025: • 1,336 people were resettled • 41 people were economically displaced • 133 people were compensated • 10 community infrastructures were rebuilt. ESRS S3 below, in section 5.10 "Affected communities" of the Sustainability report, specifies that these resettlements mainly concern "Eramet Grande Côte (883) and Comilog (453)". (1) https://www.eramet.com/en/group/governance/human-rights/ 4 337ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK OF ADVERSE IMPACTS ON INDIGENOUS PEOPLES Mining and industrial operations can impact indigenous peoples and their natural resources. Risk prevention measures • Eramine (Argentina) Argentina has established a legal framework to protect the rights of indigenous peoples in accordance with international standards. Free, Prior and Informed Consent (FPIC) is protected by law, and the status of indigenous communities is recognised at State level: • Article 75, section 22 of the Argentine Constitution, reformed in 1994, recognises human rights treaties as having constitutional hierarchy. Paragraph 17 of Article 75 "recognises the ethnic and cultural pre-existence of indigenous peoples of Argentina, guarantees respect for their identity and the right to bilingual and intercultural education, recognises the legal status of their communities and the community possession and ownership of the lands they traditionally occupy, regulates the granting of other lands adequate and sufficient for human development, and guarantees their participation in the management of their natural resources and in other interests affecting them", • Argentina has signed International Labour Organization (ILO) Convention no. 169 and has established a framework for the recognition and protection of its indigenous communities, • Law no. 23.302 adopted by the Argentine Congress in 1985 recognises these communities as descendants “of the peoples who inhabited the national territory at the time of its conquest or colonisation”, with the main objective of guaranteeing access to land, respecting the culture of the communities in educational plans and in the protection of their health, so that they can participate fully in the social, economic and cultural life of the nation, while upholding their own values and preserving their cultural heritage, • the Constitution of Salta (the province where Eramine is based) recognises the ethnic and cultural pre-existence of indigenous peoples residing in the territory. In addition, Article 17 of the Salta Provincial Law on the Development of Indigenous Peoples stipulates that “the final allocation of ownership of land, whether in its present state or in cases of transfer, must be done with the free and express consent of the indigenous population concerned”, • finally, the Ministry of Social Development and the Ministry of Infrastructure adopted a resolution in 2022 approving the protocol for free, prior and informed consent, with the aim of implementing the FPIC process in the Salta region. The State considers members of the Kolla community living in the province of Salta to be indigenous peoples, as defined by international standards. When preparing any mining project, it is important to begin by analysing the context in which the project will be developed. This is why, from the outset, Eramet initiated a process of understanding and taking on board the local context. Eramine organised a community meeting attended by representatives of the Ministry of Mines and Energy, as is usual. This meeting was held in Santa Rosa de los Pastos Grandes on 18 February 2020 to complement the FPIC process, in accordance with ILO Convention no. 169, and marked a new stage in the relationship with the communities in Eramine’s area of influence. The Company’s teams highlighted this aspect, as the partnership with the communities had greatly evolved since the beginning of the project. Later, in May 2022, the indigenous community reaffirmed its support at the quarterly assembly. • In 2024, a new exploration project was launched in the Salar de Arizaro and the village of Tolar Grande. Eramine’s communication plan with Tolar Grande is the same as Eramine’s communication plan, whose main operational objectives are to create effective and transparent communication channels with all stakeholders, both internal and external. The main channels of dialogue with the communities in the area of influence are as follows: meetings, communications by email to community authorities, meetings with governments, community assemblies, visits, information notes, telephone calls, consultation and complaints procedure, participation in the social round table, active participation in environmental monitoring and joint sustainable projects. Community meetings are always organised with the participation of the authority in charge of the subjects. During these meetings, the progress of the project is disseminated, with explanations on the technical, environmental and societal aspects. Participants have the opportunity to express their views and concerns directly to Company management, obtaining responses and feedback. In addition, a form has been set up whose main objective is to inform neighbouring communities of the work to be carried out by Eramine and its subcontractors. The form is completed in detail by the sector concerned or by the contractors, providing all the necessary information on the work. The societal team reliably communicates this information by the most practical means to everyone, either in person (for example, directly with the puesteros) or by email (for example, with neighbouring communities). In addition, a record of this communication is left with the person who was informed. This is duly systematised and documented. There is also a constant dialogue with the municipalities in the area of influence. All project-related actions carried out in the vicinity of the communities are informed in advance internally and communicated externally. • PT Weda Bay Nickel (Indonesia) • While Indonesia voted in favour of the United Nations Declaration on the Rights of Indigenous Peoples, it has not ratified ILO Convention 169, the only binding international instrument for the protection of the rights of indigenous peoples. It should be noted that the Indonesian Constitution recognises the existence of customary law communities (“Masyarakat Hukum Adat”). Certain laws grant specific rights to these communities (such as the Agrarian Law of 1960 or the Forestry Law of 1999). The recognition of a community as a community under customary law must be established by a regulation of the local government (province or district), after deliberation of the local parliament. • The O'Hongana Manyawa (also called Forest Tobelo or Tobelo Dalam) are mixed groups of nomadic and semi-nomadic people living in the forests of Halmahera Island, where the operations of PT Weda Bay Nickel are located. Eramet holds an indirect stake of 38.7%. The O'Hongana Manyawa are not currently recognised in Indonesia as an indigenous people as described in international law, nor as a customary law community under the Indonesian Constitution. • However, PT Weda Bay Nickel has identified this community as potentially vulnerable and requiring special monitoring. Based on international expertise, a protocol was put in place in 2012. It stipulates that, when the contacts are made at the initiative of these groups or inadvertently, PT Weda Bay Nickel employees must adopt culturally appropriate behaviour to protect them. An awareness-raising programme for employees and subcontractors has been in place for around ten years. PT Weda Bay Nickel sought the assistance of local anthropologists from the University of Ternate and Manado in order to deepen its understanding of the subsistence methods of the O'Hongana Manyawa people living on the concession and their interactions with ecosystem services. Their ethnographic study, conducted between March and December 2023, has enabled PT Weda Bay Nickel to improve its understanding of the Tobelo people's use of natural resources, their cultural practices and their dependence on ecosystem services. 338 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group • As a minority shareholder of PT Weda Bay Nickel, Eramet continues to conduct studies to identify and mitigate the impacts on these communities in accordance with the highest international practices. • In May 2025, Eramet received the results of a critical analysis of the research conducted by PT Weda Bay Nickel on the O'Hongana Manyawa communities living in and around the mining concession area (Contract of Work). This analysis, commissioned by Eramet as a minority shareholder in PT Weda Bay Nickel and carried out by an international anthropologist, examines the methodological approaches adopted and the data collected since 2001. The document highlights the need to strengthen PT Weda Bay Nickel's data on the size of the O'Hongana Manyawa population present in the concession area, their land claims and use of natural resources, and make it reliable. On the basis of this review and applicable international standards, Eramet made a series of recommendations to PT Weda Bay Nickel, presented to the joint venture. • The Office of the United Nations High Commissioner for Human Rights (OHCHR) informed the Eramet Group in August 2025 of allegations relating to alleged attacks on a human rights defender, as well as the potential impacts of the PT Weda Bay Nickel mine on the communities living in Halmahera. Without prejudging the accuracy of this information, OHCHR sought clarification in this regard. Eramet immediately initiated a follow-up with PT Weda Bay Nickel in order to verify the facts reported and to ensure the robustness of the processes in force. The Group responded to all the points raised by the OHCHR in October 2025. • SLN (New Caledonia) New Caledonia is a French overseas territory with special status. France voted in favour of the non-binding United Nations Declaration on the Rights of Indigenous Peoples. France has not ratified ILO Convention no. 169. The Nouméa Accord of 5 May 1998 and the Organic Law of 19 March 1999 established the Customary Senate and the Customary Councils as institutions of New Caledonia. The referendum law of 9 November 1988 recognises eight customary areas, each represented by a Council. The Customary Councils can be consulted on all matters relating to Kanak identity. Although the New Caledonian Mining Code does not require FPIC as such, it does impose consultation with the competent customary authorities for the granting of mining permits. For each mining permit, the customary authorities are involved in the consultation process. In addition, SLN has signed agreements with the tribes or their higher level (district) on a case-by-case basis. However, following a long blockade of the Kouaoua site in 2018 for issues related to the mining activity and intergenerational conflict within a group of Kanak communities, SLN decided to strengthen its dialogue and commit to formalising this process with the customary authorities responsible for protecting Kanak identity. This gave rise to the establishment of a voluntary customary consultation mechanism by SLN. In 2022, a letter of intent was signed with the Ajië-Aro customary area, and a mapping exercise was carried out to identify the people to consult and inform. The agreement between SLN and the Ajië Aro customary area covers four communes (Moindou, Bourail, Houailou and Poya). It has been designed to allow signatories to follow a process of prior, free and informed consultation with the populations affected by the activities, but it is important to note that the relationship goes beyond a simple agreement – SLN listens to and involves the host communities as part of a truly participatory process. The aim of this cooperation is to inform and consult the customary authorities of the area, as early as possible, on prospecting, drilling, exploitation and mining rehabilitation projects, particularly in the event of site closures. The Ajië-Aro customary area is introducing a system with the local customary authorities to facilitate a comprehensive understanding of the impacts that concern them and the societal acceptance - which must be free, prior and informed - of the populations impacted. The Company’s aim is to make it a model of best practice with the Kanak customary areas where SLN operates. Since the riots of May 2024, which led to suspensions, partial or total shutdowns of mining site activities, this process with the Ajië Aro area has been put on hold. Monitoring of actions and assessment of subsidiaries Since 2023, subsidiaries have been adhering to Group processes by complying with the internal framework (Eramet Management System), which includes IRMA community and human rights requirements. Monitoring of site compliance with this new standard has begun for the following subsidiaries: Comilog, Setrag, Eramet Grande Côte, Eramine, SLN and Weda Bay Nickel. In 2025, these assessment audits were carried out by the Societal Impact & Human Rights Department: overall compliance with all community requirements is 50%, and more specifically, a compliance rate of 48% for the Stakeholder Engagement Plans and 46% for the complaints mechanisms. These scores reflect the integration of more demanding standards. (1) https://www.eramet.com/en/group/governance/human-rights/ 4 339ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK RELATED TO THE HOUSING CONDITIONS OF EMPLOYEES AND SUBCONTRACTORS The Group and its subcontractors provide accommodation for their employees at certain sites. As a result, there is a risk of non‑compliance with the ILO recommendations. Risk prevention measures Eramet entities that provide housing for workers regularly inspect the accommodation for cleanliness, safety, etc. For new projects, the Group’s real estate teams and the Societal Impact and Human Rights Department are sent proposals for review. Monitoring of preventive measures and assessment of subsidiaries Subsidiaries are regularly subjected to internal assessments or risk mapping to analyse any existing impacts and the management measures put in place. Action plans are then implemented and monitored by the Human Rights Officer. A Monitoring Committee has been set up in Setrag (Gabon), where the portfolio is undergoing refurbishment. The committee meets on a monthly basis to assess progress. In 2025, Eramet conducted an assessment of working conditions along the SETRAG railway line. The aim was to analyse access to water, food and sanitation, as well as rest times and working conditions at the track renovation sites located in remote areas. The study focused on both SETRAG employees and the subcontractors involved. An initial action plan has been validated to meet essential needs. RISK RELATED TO ALL FORMS OF HARASSMENT AND DISCRIMINATION IN THE WORKPLACE Eramet is exposed, in its support functions and at its mining and processing sites, to risks of sexual and gender-based violence (SGBV), sexual harassment, bullying and discrimination. These human rights abuses, which are mostly gender-based, affect women and sexual and gender minorities in particular. The mining and metallurgy activity sector is characterised by a high proportion of male employees, operations mainly situated in isolated areas and the constraint of living in a social enclave. Together these represent an additional risk factor for SGBV, sexual harassment, bullying and discrimination. Definitions of forms of inappropriate behaviour in the workplace: • sexual and gender-based violence (SGBV) in the workplace can take the form of verbal abuse of a sexual or sexist nature, the dissemination of inappropriate messages, the capture and dissemination of images without the consent of the person concerned, inappropriate touching, etc. SGBV in the workplace may lead to disciplinary proceedings, as well as criminal prosecution; • sexual harassment in the workplace is defined as a violation of fundamental rights consisting of gender-based discrimination, regardless of sex, in a context of unequal power relations (workplace or hierarchy)(1). Sexual harassment is the act of subjecting someone to: • repeated comments or behaviour with a sexual connotation (including verbal behaviour with a sexual connotation) which either violate his or her dignity because of their degrading or humiliating nature, or place him or her in an intimidating, hostile or offensive situation (Article 222-33 I of the French Criminal Code), • on a one-off basis, any type of severe pressure (physical molestation, rape, etc.) with the real or apparent aim of obtaining an act of a sexual nature, whether it is sought for the benefit of the perpetrator or for the benefit of a third party (Article 222-33 of the French Criminal Code). Sexual harassment in the workplace may lead to disciplinary proceedings and prosecution. • bullying is the act of harassing another person by repeated comments or behaviour intended to cause or having the effect of causing a deterioration in working conditions liable to harm his or her rights and dignity, damage his or her physical or mental health, or compromise his or her career prospects (Article 222-33-2 of the French Criminal Code). Repetition is defined as two or more incidents(2) .Bullying in the workplace may lead to disciplinary proceedings and prosecution; • for behaviour to be classed as workplace discrimination, the Victims’ Rights Advocate states that the following three criteria must be met: • it must be committed against an employee treated less favourably than another employee in a comparable situation, • it must be based on at least one ground prohibited by the law (e.g. age, sexual orientation, gender identity, ethnicity, religion, disability, etc.), • it must have the purpose or effect of creating an intimidating, hostile, degrading, humiliating or offensive environment. Risk prevention measures In its Ethics Charter (available at www.eramet.com), Eramet pledges to combat all forms of discrimination and harassment in the workplace and to ensure that no one is subjected to acts that violate their rights and dignity. The Group encourages its employees to report any situation that is at odds with that pledge through its Ethic Line, a whistleblowing system that everyone can access. The Group and its subsidiaries have organised awareness-raising and information sessions to educate all employees and external stakeholders about the system, should they wish to report cases of discrimination, sexual harassment, bullying and sexual or gender-based violence. To prevent and mitigate the risk of sexual harassment and sexual or gender-based violence, the Group has appointed Sexual Harassment/Sexist Behaviour Advisors and Sexism Prevention Officers in France, Argentina, Gabon, New Caledonia and Senegal. Their role is to guide, inform and support their peers on these issues through awareness-raising, communication and support with handling and reporting sexual harassment or sexist behaviour. The occupational health department at each entity (including counsellors and social assistance), the Human Resources Department and the Ethics and Compliance Department are also on hand for employees to disclose or report any cases of gender-based violence or harassment. A Diversity and Inclusion perception survey was launched in 2023 to identify the difficulties encountered in the workplace in terms of diversity and inclusion, discrimination, sexual harassment and bullying. The aim was to give Eramet employees – men, women, sexual and gender minorities – a chance to express their views in an anonymous online survey, individual interviews and on-site discussion groups. It also served as a tool for raising awareness of diversity and inclusion, the fight against discrimination 340 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group and the prevention and management of sexual harassment and/or bullying by taking an educational approach. It was run by an independent third-party expert and monitored by the Executive Committee. At the same time, training and awareness-raising on anti-discrimination, and awareness-raising on diversity and inclusion challenges, were organised online for all employees. For example, SLN (New Caledonia) organised a poster campaign highlighting the diversity of the subsidiary's women to combat gender stereotyping and sexism, and a webinar led by an expert association was organised on the subject of the inclusion of lesbian, gay, bisexual and trans (LGBT+) people; at Eramet S.A. (France), a first quality of life at work week was organised to raise awareness of mental health (sharing of testimonials, poster campaign, workshops). Monitoring of preventive measures and assessment of subsidiaries Eramet has set up an indicator to make its sites as inclusive as possible for women. This includes adapting infrastructure and work tools to improve their well-being at work (adapted personal protective equipment, etc.), as well as zero tolerance for harassment in the workplace. This indicator is currently monitored for each site and coordinated by the Executive Committee, the CSR Steering Committee and the Group Talent, Diversity & Inclusion Department. Following the Diversity and Inclusion perception survey launched in 2023, and the various risk mapping exercises – including Human Rights and the Duty of Care – specific action plans were developed and rolled out in 2024 to address all topics related to the fight against all forms of harassment and discrimination in the workplace. In 2024, 22 of the 53 reports received concerning discrimination and moral and sexual harassment were closed during the year, thus confirming the facts reported concerning sexist behaviour. For more information, refer to section 5.8.3.13 of the Sustainability report. (1) Sexual harassment can involve rude jokes, comments about physical appearance or attire, staring, etc. (2) Bullying can consist of public humiliation, degrading tasks, deprivation of work tools, etc. RISK OF HUMAN RIGHTS VIOLATIONS IN THE SEA TRANSPORT CHAIN The Eramet Group transports some of its products by sea, either by containers directly with shipping companies, or in bulk through shipowners or shipping brokers. The ILO has identified the sea transport sector as being particularly at risk of modern slavery due to the long periods of isolation at sea. Risk prevention measures All shipping partners (shipping companies, shipowners and brokers) are obliged to comply with the Eramet Ethics Charter, the Suppliers’ Code of Conduct and the Group’s CSR standards for all shipments. All suppliers undergo screening and all vessels operated are checked to ensure that they comply with international standards (included in the screening process). The following aspects related to Human Rights are checked during the screening process: • compliance with the Universal Declaration of Human Rights, ILO recommendations, and any local, national or international rules that reference them; • compliance with the Group Health and Safety Policy so that the working environment meets our health and safety standards and our suppliers manages the impact of their activities on the health of local communities; • compliance with statutory working conditions, such as working hours or minimum working age, regardless of where the suppliers operate. Monitoring of preventive measures and assessment of subsidiaries and suppliers To ensure that suppliers maintain the Group’s standards, shipping companies renew their commitment to uphold the Eramet Ethics Charter each year. In addition, each supplier screened at the start of the business relationship is continually monitored. Therefore, if new information should emerge, the supplier is checked again to ensure that it still complies with the Group’s standards. For more details, see section 4.6.5 "Suppliers and subcontractors" of the Vigilance Plan. RISK OF HUMAN RIGHTS VIOLATIONS IN THE GROUP'S SUPPLY CHAIN Eramet works with various on-site and off-site suppliers and subcontractors. Due to a lack of visibility and control over its indirect suppliers and off-site subcontractors, the Group may experience difficulties in ensuring that its supply chain complies with international human rights and health and safety standards. Risk prevention measures Each supplier with whom the Group’s estimated annual expenses exceeds €1,000 (around 85% of our supplier panel) must sign the Eramet Suppliers’ Code of Conduct. This sets out our commitments in terms of human rights and working conditions and requires an undertaking from suppliers that they will share its content with all of their own suppliers and subcontractors in the Eramet Group supply chain. In addition, the business processes establishing the CSR expectations for suppliers (including human rights) are available to all employees in the Eramet Management System (EMS). Employees are notified of updates to these processes, which may lead to dedicated presentations and/or training. 4 341ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK OF HUMAN RIGHTS VIOLATIONS IN THE GROUP'S SUPPLY CHAIN Monitoring of preventive measures and assessment of subsidiaries and suppliers For more information on the monitoring of these measures and the assessment of suppliers, please refer to section 4.6.5 "Suppliers and subcontractors" of the Vigilance Plan. 4.6.4.4 Health and safety RISK OF WORK-RELATED ACCIDENTS Eramet’s mining and industrial operations entail a risk of work-related accidents due to “critical” activities: working at height, mechanical handling, machinery protection, driving heavy and light vehicles, etc. The risk covers both fatal and serious accidents, which can be defined as accidents causing permanent disability or temporary incapacity for work with major complications (i.e. amputations, serious fractures, third-degree burns, etc.). Risk prevention measures The prevention of work-related accidents has a specific governance: • safety is defined as a value in the Group’s Safety Policy. The Eramet Group’s Safety Management Standards and Essential Safety Requirements apply to all entities and subcontractors. The Safety Policy is signed by the members of the Group's Executive Committee and the management committees of each site; • the Safety and Prevention Director reports directly to the Group’s Chief Operating Officer and functionally to the Chief Executive Officer of Eramet; • the variable compensation of eligible staff takes into account two safety criteria. One is related to accidents (serious accident and frequency rate) and the other to the closure of preventive actions. The Group is committed to achieving the target of zero fatal accidents at its industrial and mining sites. The target was achieved in 2022 and 2023, with no fatal accidents having been recorded. On the other hand, the Group recorded two fatal accidents in 2024, resulting in four deaths, and three fatal accidents in 2025. Apart from fatal accidents, the Group also aims to achieve a FR2 accident frequency rate of less than 1, corresponding to the benchmark rate in the sector. This commitment was reconfirmed by the Group in the context of its CSR Roadmap 2024-2026.The commitment was met in 2025 with an FR2 of 0.77. The risks associated with activities are analysed, and the safety rules and key points for consideration are incorporated into operational procedures within the Eramet Production System (EPS). A priority safety action plan is established by the Group and implemented at each Group site. It covers the three pillars of an effective safety culture (Technical, System and Organisational) and bases the priority areas on an analysis of incidents during the past year. Employees – Eramet staff and on-site subcontractors – are trained in Group and site safety rules. Employees are required to repeat certain training in critical activities at regular intervals and need a medical certificate in order to work. For some of them, certification training is mandatory. Eramet also supervises teams in the field under the guidance of qualified personnel (contractors, supervisors and security teams). Subcontractors are contractually required to manage the safety-related risks associated with their activities, which may include staff safety training and training on the proper use of equipment (vehicles, machinery, PPE, etc.). A safety information system has been rolled out across all industrial and mining sites, allowing for the collection and consolidation of safety indicators and covering all personnel on Eramet’s sites (employees, temporary workers, subcontractors). Safety visits by the management team are organised to identify and respond to risk situations or individual behaviour that could put workers at risk. Staff representatives are informed of preventive actions and escalate the information and problems reported to them. When potentially serious accidents, incidents or issues occur arise reports occur, an investigation is systematically carried out and corrective and preventive actions are put in place on the sites. To foster a culture of safety, a “Safety Champions” recognition scheme has been set up at the sites and at Group level. Conversely, wilful disregard for safety rules by employees and subcontractors may lead to disciplinary proceedings (warning, suspension, dismissal) in accordance with the Internal Regulations. In addition, a Safety Assessment was launched mid-year to support the Group in the continuous improvement of its safety performance. To this end, a perception survey was rolled out and field assessments were carried out in all subsidiaries. Short-, medium- and long-term action plans have been drawn up to help each entity strengthen its safety performance and culture. Monitoring of preventive measures and assessment of subsidiaries Each month, the Executive Committee reviews the safety statistics with the Group Safety and Prevention Director. Serious accidents and corrective actions are reported to the Executive Committee. The main corrective and preventive actions at each site are monitored at monthly or quarterly safety reviews with the Site Directors and their safety team. Employees can use a safety action management and monitoring tool to report any discrepancies and accidents, while managers can monitor the corresponding corrective actions. The percentage of closed actions is monitored at each site and consolidated at Group level. In 2025, 1,168 actions were identified and 96% of them were verified and closed. Safety audits covering critical activities are carried out at all sites by internal or external auditors and are used to validate the level of compliance with the Essential Safety Requirements and the Safety Management Standard (SMS), a safety management framework, and to adapt and refocus improvement action plans where necessary. 342 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group RISK OF ACCIDENTS INVOLVING RAIL TRANSPORT OPERATED BY ERAMET The Group operates a railway line through SETRAG (Gabon). In addition, GCO is also the concession holder of part of the metric lines in Senegal. These rail activities give rise to specific risks of serious accidents (derailments, collisions). Risk prevention measures Senegal Track maintenance operations are carried out by GCO in consultation with the Ministry of Transport and Senegalese railways (CFS). Numerous external audits, carried out as part of the concomitant operation with the TER line connecting Dakar to Damniadio, have demonstrated the quality of the operations conducted by GCO. Gabon In addition to track maintenance, Setrag (Gabon) has been involved in a major infrastructure modernisation project along the entire Trans-Gabonese line since 2016. The Trans-Gabonese railway line renovation plan is being carried out to improve track safety through various initiatives: • replacement of sleepers and track, renovation of rail infrastructure and station refurbishment; • equipment maintenance and investment in new rolling stock in partnership with the Gabonese government; • inspections of embankments and rail infrastructure and geotechnical surveys with permanent monitoring; • track inspection, preventive treatment of rail defects (weekly inspection), etc. To prevent the risk of collision between trains on the Setrag single track, a digital system (TCS: Train Control System) has been put in place. To prevent the risk of an accident involving people from local communities, our two subsidiaries have several initiatives under way: • footbridges, fences and monitored level crossings are being built; • awareness campaigns for local communities (schools, villages, train stations, etc.) are being organised. Monitoring of preventive measures and assessment of subsidiaries Within Setrag, actions are monitored through monthly meetings on rail safety. With regard to GCO, monitoring is carried out through standard management routines. RISK RELATED TO EMPLOYEE EXPOSURE TO CHEMICALS Due to its mining and industrial operations, which may involve the use of chemicals and toxic substances, the Group’s employees are exposed to a health risk. Risk prevention measures The risk of exposure to chemicals is taken into account from the design phase of a project. To prevent this risk, Eramet has also set up a document database comprising: • a business process for the prevention of chemical risks and the management of hazardous products; • a methodological guide for measuring exposure; • a standard for chemical risk management; • standard toxicology data sheets for each substance and product used within the Group (manganese, nickel, oil mist, polycyclic aromatic hydrocarbons, chromium VI, carbon monoxide, crystalline silica, cobalt, refractory ceramic fibres, diesel particulates, lithium salts). Each exposed employee is issued with PPE, while information is displayed at workstations about the level and maximum duration of exposure. Monitoring of preventive measures and assessment of subsidiaries Within each subsidiary, internal control carries out inspections to ensure compliance with procedures and regulations, particularly with regard to exposure thresholds. In order to make the monitoring of these measures more effective, work to digitalise medical services is planned for 2025 with a first application, at the latest, in 2026. 4 343ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.5 Suppliers and subcontractors The Eramet Group’s activities involve the significant use of external procurement and, to a lesser extent, outsourcing. The entire Eramet Group spends about 80% of its turnover on the purchase of goods and services. As a result, the Group pays particular attention to CSR issues related to its upstream value chain. 4.6.5.1 Identification of suppliers and subcontractors at risk Methodology for identifying the suppliers most exposed to sustainability risks As part of its responsible procurement approach, the Group has a CSR risk mapping by procurement category, the CSR scores for which are provided by an independent third party. In order to develop this risk mapping, an approach based on the activity category of the various suppliers was selected. The International Standard Industrial Classification of All Economic Activities (ISIC) nomenclature developed by the UN was used. It contains several hundred categories. A level of CSR risk is then allocated to each business category, on the basis of ratings provided by an external consultant. This rating is the result of data analysis and sectoral studies on the impacts and practices specific to each business category. These risks are then analysed in four areas: working conditions and respect for human rights, the environment, ethics and fair practices, and issues related to the supply chain of the sector itself. This CSR risk mapping identified the Eramet Group’s 53 procurement categories with the highest level of CSR risk, which notably include the following categories: • coking; • manufacture of chemical products; • metallurgy and primary processing of precious and non- ferrous metals; • wholesale trade of solid, liquid and gaseous fuels and their derivatives; • wholesale trade of metals and ores; • mining of coal and lignite; • construction of other civil engineering projects. This mapping exercise follows a methodology which is likely to change as part of a continuous improvement and updating approach. In order to complete the annual supplier CSR risk mapping exercise, the Eramet Group has adopted a Group management procedure (Know Your Supplier - hereinafter "KYS") which establishes the methods for assessing the social responsibility (including ethics, human rights, the environment, etc.) of its suppliers. As part of this procedure, CSR assessment and ethical screening methods are established according to the following criteria: • the supplier’s business sector; • the supplier’s country; • the amount of annual expenses with the supplier. 4.6.5.2 Evaluation of suppliers and subcontractors at risk 4.6.5.2.1 CSR assessments The CSR assessments to be carried out (with the exception of ethics, which is discussed separately) take the form of either Moody's ESG ratings, based on quantitative models and sector and public data, making it possible to estimate their exposure to environmental, social and governance risks, or a questionnaire completed by the supplier and analysed internally or by an external partner specialising in the field. In both cases, the CSR questionnaire covers the four areas: working conditions and respect for human rights, the environment, ethics and fair practices, and finally, the sector's supply chain. If needed, the companies questioned may be asked to provide documents to support their declarations (certifications or policies, for example). During 2023, the Group’s procurement risks were mapped with the help of a consultancy firm. The mapping process identified a panel of suppliers at risk from an CSR point of view (inclusion of additional criteria and use of an external assessment tool), which supplements our substantive methodology described above. 4.6.5.2.2 Ethical screening In addition to the CSR assessments, some suppliers are also subjected to ethical screening, depending on the country in which they operate and the sums involved in procurement from them. To carry out this assessment, the Group uses an ethical database. In 2025, more than 900 ethical queries were made about suppliers. 344 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.5.3 Supplier risk management 4.6.5.3.1 Risk management policy and organisation Eramet has adopted a Suppliers’ Code of Conduct (published at www.eramet.com), which formalises the Group’s desire to strengthen the incorporation of CSR issues in its procurement processes and seeks to promote a dynamic of continuous improvement. Eramet’s expectations with regard to its suppliers, subcontractors and service providers primarily target three main areas: Human Rights and working conditions, environment and products, and good business practices. Eramet uses an SRM (Supplier Relationship Management) tool to identify and closely track its entire panel of suppliers. As such, more than 9,000 suppliers are continuously assessed with reference to the CSR and ethics risk mapping, and assessments or screenings can now be carried out automatically in line with the KYS procedure. This tool also enables the Eramet Group to be more proactive in its assessment and monitoring of suppliers’ CSR risks. These assessments are generally carried out at the supplier listing stage, which makes it possible to identify risks and therefore launch assessments and screenings. A prospect with high CSR-risks and a weak risk management approach can therefore be disregarded before being included in Eramet’s supplier base. 4.6.5.3.2 Risk management actions Code of Conduct Compliance with the principles set out in the Eramet Group’s Suppliers’ Code of Conduct forms part of the contractual requirements that Eramet expects of all its suppliers. The code specifies that assessments and audits may be carried out by Eramet at suppliers’ premises to verify compliance with the principles stated therein. All subcontractors operating on Eramet’s sites must also comply with the rules in force at these sites in relation to environmental, health and safety risk management. CSR and ethics assessments The results of the CSR assessments and/or ethics screenings, which may be supplemented by due diligence measures, allow the Responsible Procurement Committee to define the degree to which the suppliers identified as at risk are in compliance, or in breach. These committees then decide upon the risk management actions that need to be implemented for the suppliers that are considered to be non-compliant. Among the risk management actions likely to be put in place, dialogue with suppliers and the development of targeted action plans are given priority. The Group can also decide to terminate the relationship with a supplier when it considers this necessary, specifically if a supplier refuses or is unable to implement corrective measures. Eramet reserves the right to terminate the contractual relationship, and this case is provided for in the suppliers’ Code of Conduct. 4.6.5.3.3 System to monitor the measures implemented and assess their effectiveness The Group has an SRM tool, in which all suppliers can be found, making it possible to establish their eligibility for the various possible assessments (ethics, CSR, environment, safety, human rights). It also makes it possible to maintain traceability of the assessments carried out. A CSR dashboard has been built to supplement the SRM for better identification of the level of compliance of the supplier panel with the KYS procedure. In addition, the entire mitigation plan resulting from the procurement risk mapping was integrated into an MS project allowing increased, cross-functional and effective monitoring between the Procurement Department, the sites and the various stakeholders for the identified actions. Performance indicators for the updating of the risk mapping and the rollout of supplier assessments are monitored by the Responsible Procurement Committee. The Procurement, Legal, Ethics and Compliance, Safety, Societal Impact and Human Rights and Group CSR departments are also involved. Some of these indicators are related to the CSR Roadmap, which monitors, in particular, the compliance rate of Group suppliers identified as at risk. This may be an opportunity to review, in committee, suppliers who have declined the assessment and require arbitration. A variety of options can be considered: on-site audit (possible, but not used to date), use of equivalent assessments or the internal CSR questionnaire, monitoring of the supplier on topics identified as "at risk" or termination of the relationship until the supplier has been able to provide a CSR assessment result. More generally, the implementation of the CSR Roadmap is the subject of a half-yearly report to the Group’s Executive Committee and an annual report to the Board of Directors’ Strategy and CSR Committee. 4 345ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.6 Whistleblowing system Since 2020, Eramet has had a whistleblowing system, Ethic Line, which is accessible via the website https:// eramet.integrityline.org/. This whistleblowing system is open to all Group employees and, since 2021, to all external stakeholders (suppliers, subcontractors, customers, local communities, etc.). In particular, it can be used to report any of the following unethical behaviours: • Corruption, bribery and facilitation payments; • Money laundering • Favouritism, influence peddling and the illegal acquisition of interests • Fraud, falsification of documents, accounting manipulation • Theft, misappropriation of company funds or assets • Conflicts of interest • International sanctions, embargoes, or export control rules • Anti-competitive practices • Discrimination (religion, gender, sexual orientation, ethnic origin, etc.) • Bullying, assault, workplace violence • Sexual harassment, sexist acts and gender-based violence • Violations of human rights and fundamental freedoms, including those of local communities • Breach of personal data laws • Breach of environmental laws • Breach of health and safety rules • Breach of workplace safety rules • Breach of site security or endangering Eramet personnel • Other conduct contrary to Group policies and standards • any criminal offence, misdemeanour, threat or harm to the public interest • any violation or attempt to conceal a violation of the law or regulations. This system ensures total confidentiality for employees and external stakeholders, allows them to remain anonymous and guarantees that no retaliatory measures will be taken against them as a result of making the report, so long as no direct financial compensation is received for their report and they are acting in good faith. In parallel with the whistleblowing system, Eramet has local complaint mechanisms for local communities. These mechanisms are managed by the community relations teams on the ground, who regularly promote them to communities during dialogue sessions. 346 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.6.1 Compilation and processing of reports Several channels are available to anyone wishing to file a report: they can use the Ethic Line platform, call the free phone number available in the Group’s 15 countries of operation, or, for Group employees, inform their manager or Ethics/Compliance Officer. The whistleblowing system is the subject of a major Group-wide communication campaign. It can be accessed via all of the Group’s websites and intranet sites, as well as by using the QR code on posters displayed within the Group. External stakeholders are made aware of the whistleblowing platform via special training modules and the Suppliers’ Code of Conduct. Human Resources Sanctions Coordination Committee: • Drafting of recommendations for Top Management • Review of the disciplinary scheme and sanctions • Coordination of sanctions Board of Directors Meeting of the Audit, Risks and Ethics Committee (dedicated time slots). Executive Committee • Monitoring of KPIs by the Executive Committee • Meetings between the CEO and the CCO Compiling of statistics and KPIs by the ECD Manager Compliance Network The Ethics and Compliance Department, acting in the strictest and independence, manages the report. Depending on the type of report: HR: Discrimination, Harassment, Unequal Treatment, Health Finance/uni00A0//uni00A0Audit: Fraud, manipulation of accounts, theft Sustainable Development Dept./ Safety Dept.: Environment, Human Rights (communities), Safety. On a case-by-case basis, management of the report by experts Integrity Line reporting system 4 Ethics and Compliance Department (ECD) Centralised manage - ment Manage- ment or local support Internal External Traceability of processing, Option of anonymity 2 3Reporting and continuous improvement Receiving the report Closing the report Managing the report Decision of the management of the entity and support from HR for its application Results of the investigation Recommendations 1 4 347ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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4 RISK FACTORS AND CONTROL ENVIRONMENT 2025 Vigilance Plan – Eramet Group 4.6.6.2 Report monitoring system As the previous diagram shows, whistleblowing cases are specifically reported to the governance bodies on a confidential basis: • at the meeting between the Chair and Chief Executive Officer and the Chief Compliance Officer (CCO); • when statistics are sent to the Executive Committee; • on an ad hoc basis to the Board of Directors during meetings of the Audit, Risks and Ethics Committee. In 2025, 184 reports were received, an increase of 59% compared to 2024. This increase is mainly due to the extensive communication undertaken on the whistleblowing system in 2024 and 2025. Of the 184 reports received, 53 were made by external stakeholders who have access to the whistleblowing system. ▼ Change in the number of reports received (2023‑2025) ▼ Change in the number of reports from external stakeholders (2023-2025) Of the 118 reports received in 2025 and closed during the year after analysis or investigation: • in 57% of the cases (67 cases), the facts reported were considered as unproven or outside the scope of the whistleblowing system, or investigations were halted due to a lack of sufficient evidence. • in 43% of the cases (51 cases), the reported facts were considered to be true. Of the latter cases, with regard to the duty of care, 20 cases concerned acts of discrimination and harassment in the workplace and 2 cases concerned violations of occupational safety rules. The other 29 cases did not relate to duty of care. 348 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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RISK FACTORS AND CONTROL ENVIRONMENT 4 349ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 Sustainability R eport GENERAL INFORMATION 5.1 GENERAL INFORMATION [ESRS 2] 352 ENVIRONMENTAL INFORMATION 5.2 STRONG ENVIRONMENTAL MANAGEMENT [ENVIRONMENTAL ESRS] 389 5.3 CLIMATE CHANGE [ESRS E1] 395 5.4 POLLUTION [ESRS E2] 422 5.5 WATER AND MARINE RESOURCES [ESRS E3] 433 5.6 BIODIVERSITY AND ECOSYSTEMS [ESRS E4] 442 5.7 RESOURCE USE AND CIRCULAR ECONOMY [ESRS E5] 461 SOCIAL INFORMATION 5.8 OWN WORKFORCE [ESRS S1] 471 5.9 WORKERS IN THE VALUE CHAIN [ESRS S2] 501 5.10 AFFECTED COMMUNITIES [ESRS S3] 509 GOVERNANCE INFORMATION 5.11 BUSINESS CONDUCT [ESRS G1] 536 APPENDICES 5.12 APPENDICES 549 351ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] GENERAL INFORMATION 5.1 General information [ESRS 2] 5.1.1 Governance 5.1.1.1 Role of administrative, management and supervisory bodies [GOV-1] 5.1.1.1.1 Composition of the administrative, management and supervisory bodies and their access to expertise and skills in sustainable development The Group’s main governance bodies are the Board of Directors and the Executive Committee. The Board of Directors is supported by 4 committees: • CSR and Strategy Committee • Audit, Risks and Ethics Committee • Appointments Committee • Compensation and Governance Committee In addition, a joint committee has been set up for the requirements of the CSRD, comprising the CSR and Strategy Committee and the Audit, Risk and Ethics Committee. More information on the composition of the Executive Committee and the Board of Directors, in particular the number of executive and non-executive members, the representation of employees, their experience acquired, gender diversity on the Board of Directors and the percentage of independent directors are available in Chapter 3 on corporate governance (section 3.1.1 "The Board of Directors and its Committees"). 352 E RAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] 5.1.1.1.2 R oles and responsibilities of administrative, management and supervisory bodies in relation to sustainable development Executive Committee Human resources, Health and Security Department Sustainability and External Affairs Department Strategy and Innovation Department Operations Department Legal Department Finance Department Reporting directly to the CEO Ethics and Compliance Department Safety and Prevention Department Internal Audit Department Board of Directors CSR and Strategy Committee Audit, Risks and Ethics Committee Board Committees, including Operational entities Business Unit and Site Directors Eramet Ideas Research Center Environmental Managers Sustainable Development Managers HR Managers Security Managers Safety Coordinators Community Relations Managers Energy Correspondents Procurement Officers Diversity and Inclusion Advisors Ethics Compliance Officers and Ambassadors Sexual Harassment and Sexist Behaviour Advisors Human Rights Advisors Support Departments Group Medical Advisor Human Resources Department Security Department Social Impact and Human Rights Department Corporate Affairs & Partnerships Department Procurement Department Environment Department ESG Performance Department Sales management Technical Office Decarbonisation Department Risk Management, Audit and Internal Control Department (DRCA) 5 353ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] Board of Directors Since 2018, the Board of Directors periodically monitors CSR issues and achievements in terms of Corporate Social Responsibility and progress on the Group’s Roadmap. The corporate governance report (Chapter 3 "Corporate governance report") contains details on its composition and a presentation of each member. The Board of Directors determines the business strategy, examines and approves all decisions on the Group’s major strategic lines of action and monitors their implementation by Senior Management. The internal regulations of the Board of Directors specifically state that "Eramet’s strategy and actions are geared towards fostering long-term value creation by the business by taking the social and environmental challenges of sustainable development from its activities into account". The skills and expertise of the Board of Directors are detailed in the table provided in Chapter 3 "Corporate governance report", section 3.1.1.1 "Composition of the Board of Directors – Lead Director". In 2025, 10 directors had professional skills and/or experience more specifically related to CSR and climate issues. Support committees for the Board of Directors on sustainability issues A/ CSR and Strategy Committee In 2014, Eramet’s Board of Directors created a CSR and Strategy Committee whose roles and responsibilities have been updated several times; the last revision dating 23 May 2023. This committee must be composed of between 3 and 11 members of the Board of Directors who sit on the Board of Directors and have been appointed by the latter and meet at least once a year to deal exclusively with CSR issues, or more if circumstances so require. This committee, whose composition is detailed in Chapter 3 "Corporate governance report", (section 3.1.1 "The Board of Directors and its Committees"), has the following amongst its duties: • assess the compliance of the Group’s strategy with the CSR principles to which the Group adheres • ensure that management analyses the internal or external factors related to CSR issues (risks and opportunities) having an influence on the Group, such as regulations, third-party expectations and sector comparisons, and assesses the adequacy of the resources available to the Group to carry out its CSR strategy, in line with the objectives pursued • review and monitor the progress of the multi-year CSR roadmap; • ensure that the Vigilance Plan is implemented (in accordance with the requirements of the legislation) available in Chapter 4 of this Universal Registration Document • examine the main findings and observations resulting from the work of the independent third party within the framework of the CSR regulations (in particular the CSRD), to assess them and to examine the management's action plans. This Committee is also in charge of assisting the Board of Directors with the activities strategy by examining: • the Group’s Strategic Plan • all major projects related to the Group’s development and strategic positioning, and in particular strategic partnership projects • any acquisition or equity investment, sale or alliances that have a significant impact or create significant commitments for the Group. B/ Audit Committee The Audit Committee's role and responsibilities in the financial reporting scope have covered the information published in the sustainability report since the European Corporate Sustainability Reporting Directive (CSRD) came into force. As a result, the Audit Committee’s sustainability responsibilities are now extended to: • monitoring the sustainability reporting process • monitoring the effectiveness of internal quality control, risk management and internal audit systems with regard to sustainability reporting • the obligation to inform the Board of Directors of the results obtained in relation to the auditing of the sustainability report and its contribution to the accuracy of the financial reporting • communication of the results of the annual and consolidated sustainability reporting assurance • monitoring audits and auditor independence. C/ Joint CSR and Audit Committee In 2024, Eramet adopted an ad hoc governance for issues related to the sustainability report: the joint CSR, Strategy and Audit Committee. This joint committee meets periodically to monitor CSRD compliance progress, in particular the double materiality assessment. The CSR and Strategy Committee is responsible for monitoring the management of this work while the Audit Committee is responsible for validating the sustainability report. In general, the Committees meet as often as necessary when convened by their respective Chairs, who can organise any additional meetings if circumstances so require. The Chair of the Committee provides the Board of Directors with a report on the Committee’s work, studies and recommendations, which the Board of Directors is responsible for assessing the follow-up it intends to take. Minutes of each meeting are prepared under the authority of the Chair of the Committee and sent to the members of the Committee. For more information on the missions, roles and responsibilities of these governance bodies, please refer to Chapter 3 "Corporate governance report". 354 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] 5.1.1.1.3 Management’s role in IRO management Executive Committee Since 2018, the Executive Committee has periodically monitored CSR issues and the progress of the Group’s Roadmap. In 2025, the Executive Committee has 7 members, including 2 women. The Executive Committee is responsible for establishing and overseeing the implementation of the Group's CSR commitments and strategy. In addition,it is in charge of reviewing the topics related to strategy, safety, CSR, operational activities, human resources, financial results and safety and the economic and competitive environment on a monthly basis. It is a discussion and decision-making body as well as one that can be consulted on certain operational issues requiring approval by all its members. In addition, the Executive Committee is an integral part of the governance to control and monitor Impacts, Risks and Opportunities (IRO) because it: • Monitors the progress of the commitments made by means of the roadmaps and targets through the feedback of the work of the CSR Steering Committee. • Monitors the progress of work on alignment with European regulations on ESG topics, in particular the Corporate Sustainability Reporting Directive (CSRD) and Green Taxonomy. • Monitors the deployment of the IRMA (Initiative for Responsible Mining Assurance) standard on all of the Group's mine sites (see more information on this standard in section 5.1.2.2 "Interests and views of stakeholders [SBM-2]") Sustainability and Corporate Engagement Department The Chief Sustainability and External Affairs Officer (DDEE) is a member of the Group’s Executive Committee. The DDEE Department notably comprises the Environment Department (see its missions in section 5.2 “Solid environmental management [environmental ESRS]”), the Societal Impact and Human Rights Department, and a department responsible for coordinating the Group’s ESG performance. The Communication Department, the Corporate Affairs Department, and a civil society manager contribute to stakeholder engagement. The DDEE Department is also systematically represented on the Project Steering Committees. Eramet pays particular attention to the integration of social, environmental, health and safety, cultural and societal criteria in the design and development of its projects. By aligning its standards with the most demanding international standards (Equator Principles, World Bank Group standards – IFC(1)), the Group is committed to building long-term relationships with its stakeholders wherever it operates by respecting specific rules, cultural norms and current science based facts. The CSR Steering Committee brings together representatives of the Departments in charge of the CSR roadmap objectives anbusiness-line and operational experts (HR, Finance, Environment, Strategy, Societal Impact and Human Rights Impact, Ethics, Procurement, Commerce, Digital Transformation and operational Divisions, Site CSR Directors), under the direction of the Director of Sustainable Development and External Affairs, who is a member of the Executive Committee. It generates proposals and initiatives for the Group, with the aim of continuously improving its sustainability approach. Support departments and operating entities The objectives and action plans of the "Act for Positive Mining" Roadmap are implemented by operational entities supported by the Group's functional departments. Their correct implementation has been strengthened by creating cross-functional working groups and thematic committees: Ethics, CSR, Diversity & Inclusion, Biodiversity, Water, Mining Environment, Responsible Procurement, Responsible Sales, Human Rights. The role of the administrative, management and supervisory bodies, as mentioned above, should be compared with the information published on the following topical ESRS requirements: ESRS 2 disclosure requirements Disclosure Requirement ESRS theme Section GOV-1 The role of the administrative, management and supervisory bodies ESRS G1 Business Conduct 5.11 (1) International Finance Corporation. 5 355ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] 5.1.1.1.4 Eramet Management System Eramet’s corporate social responsibility approach is primarily based on the Group’s stated purpose, as expressed in its Articles of Association. Since 2024, this approach has been guided by a progress plan set out in its CSR roadmap “Act for Positive Mining", supported by an integrated governance structure along with a set of reference texts that enable its implementation. The Group framework of commitments, made up of its charters and policies, presents the fundamentals of the Sustainable Development approach of Eramet, as a responsible and committed company. The foundation of the Group’s reference frameworks is formalised in a management system: Eramet Management System (EMS). These are baseline commitments and common standards, applicable by all Group companies and their employees (see section 4.2 “Control and risk management environment ”). Eramet's management system consists of an Ethics Charter, policies and procedures accessible to all employees, and a Suppliers' Code of Conduct. The policies and the Ethics Charter are available on the Group's website (Charter & policies – Eramet): • Responsible Procurement Policy • Climate policy; • Human rights policies; • Tax policy; • Environmental policy; • Human resource management policy; • Risk management policy; • Responsible lobbying policy; • Health policy; • Safety policy; • Digital usage policy. Thus, the policies form a set of principles, standards, and behaviours that translate the long-term intentions of the Group concerning the nature of its activity and the Company’s relations with the main internal (staff and their representatives) and external stakeholders (suppliers, customers, shareholders, competitors, etc.). They have been adopted on subjects considered essential in terms of performance, commitment, and risk management for the Group. These main principles are then translated into Key Standards and functional and local business line procedures. They set out the minimum requirements to ensure that the Group's commitments are respected and the related risks minimized. In order to increase employee awareness of the principles of these policies, thematic e- learning courses are rolled out each year, covering subjects such as human rights, safety, business ethics, the environment, diversity and inclusion, CSR and cybersecurity. 356 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] 5.1.1.2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies [GOV-2] The methodology applied and the results of all material IROs (more information in section 5.1.3.2 "Material impacts, risks and opportunities and their interaction with strategy and business model [ESRS 2 I SBM-3]” were approved by the Executive Committee in the context of the double materiality assessment carried out by the Group in 2025. This direct feedback enables the Executive Committee to take into account the IROs in the Group’s operational strategy and decisions, in addition to the recommendations from the CSR and Strategy Committee. The Executive Committee is always kept informed of the studies carried out in terms of sustainability and consulted to validate the resulting strategic decisions. In 2025, the main material IROs monitored by one of these committees concerned the following sustainability issues: • Climate change mitigation; • Impacts on biodiversity; • Health and safety on the premises. However, it is important to note that the main material IROs identified are covered by the commitments made and the Group’s "Act for Positive Mining" roadmap. The Executive Committee tracks the progress of the ten objectives of this roadmap through feedback from pilots as well as through the CSR Steering Committee, which meets three times a year. This year-round steering enables the performance and progress of the 26 targets of the roadmap, presented in more detail in the section 5.1.3.2.5 "Eramet's sustainability strategy: Act for Positive Mining". The Board of Directors’ CSR and Strategy Committee deals with CSR and Strategy issues at each meeting according to its agenda and meets at least once a year to deal exclusively with CSR aspects. 5.1.1.3 Integration of sustainability results into incentive schemes [GOV-3] In addition, compensation of the management bodies and of all Group executives is based on demanding and measurable objectives that are consistent with the corporate strategy. These objectives are mainly based on performance criteria for the CSR roadmap, safety, decarbonisation, financial performance and business development. The objectives of the annual and long-term variable compensation are set each year during the first quarter by the Board of Directors on the recommendation of the Compensation and Governance Committee. At the same time, the Board of Directors annually assesses the level of achievement of the performance criteria to which the annual and long-term variable compensation is subject. Chapter 3, section 3.2.1 "Ex-Ante Say on Pay - Compensation policy for directors for financial year 2025" contains more detailed information on this subject. The integration of sustainability results in the incentive schemes as mentioned above should be consistent with the information published regarding the following topical ESRS requirements: ESRS 2 disclosure requirements Disclosure Requirement ESRS theme Section GOV-3 Integration of sustainability-related performance in incentive schemes ESRS 2 General information ESRS E1 Climate change 5.3.1.1 5 357ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] 5.1.1.4 Due Diligence Statement [GOV-4] The essential elements of due diligence can be found directly in chapters ESRS 2 GOV-2, ESRS 2 GOV-3, ESRS 2 SBM-1&2. In addition, the Eramet Group Vigilance Plan is available in Chapter 4 of this Universal Registration Document, and contains the elements indicated in the table below: Core elements of due diligence Section of the Universal Registration Document a) Embedding due diligence in governance, strategy and business model Chapter on the duty of care 4.6.2.1 Governance Sustainability report chapter ESRS 2 SBM 1&2, GOV 1, 2, 3, 4 & 5 b) Engaging with affected stakeholders in all key steps of the due diligence Chapter on the duty of care 4.6.3.1 Risk identification methodology Integrated Report: Pages 26 – 27 Stakeholders Sustainability report chapter ESRS S1, S2, S3 parties in the process of engagement with stakeholders c) Identify and assess negative impacts Chapter on the duty of care 4.6.3.2 Matrix of salient risks Sustainability report chapter ESRS 2 – IRO 1 and SBM 3 d) Take action to address these negative impacts Chapters on the duty of care 4.6.4 Risk prevention measures 4.6.5 Suppliers and subcontractors Sustainability report chapter All ESRS “Action” sections e) Tracking the effectiveness of these efforts and communicating Chapter on the duty of care 4.6.4 Whistleblowing system Sustainability report chapter All ESRS “Targets” sections 5.1.1.5 Risk management and internal controls over sustainability reporting [GOV-5] In its continuous improvement approach, the Group uses an integrated risk management system that relies on three functions - Risk Management, Internal Control and Internal Audit - coordinated according to three risk management lines as set out in Chapter 4 "Risk factors and control environment". This chapter also specifies the management of risks and internal controls in relation to sustainability information as well as the special controls and procedures applied for the management of impacts, risks and opportunities, and the way in which these controls and procedures are integrated into the other internal functions. Controls specific to the indicators of the Act for Positive Mining CSR roadmap have been developed and are now integrated into the Group’s control plan. 5.1.2 Strategy 5.1.2.1 Strategy, business model and value chain [SBM-1] Eramet is a global mining and metallurgy group and a key player in the production and recovery of metals (manganese, nickel, mineral sands and lithium). Eramet’s strategy is mainly based on two areas: growth in metals for global economic development and sustainable development of critical metals for the energy transition. It is detailed in the Integrated Report. The Group supports the energy transition by developing high growth potential activities such as extraction and refining of lithium. Eramet is positioned as its customers’ preferred partner in the steelmaking, stainless steelmaking, pigments, energy and new-generation of electrical batteries. Since 2021, the Group has added its raison d’être to its Articles of Association: Become a reference for the responsible transformation of the Earth’s mineral resources to “live well” together. Relying on operational excellence, high-quality investment and the know-how of its employees, the Group has a virtuous industrial, management and societal model that creates value. As a corporate and fiscal citizen, Eramet works to achieve a sustainable and responsible industry. Present in 16 countries, Eramet had 8,684 employees in 2025 and generated a turnover of €2,753 billion. 358 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] Africa Americas Asia Europe Oceania Total Total workforce 4,668 730 110 1,346 1,830 8,684 The infographic illustrating the business model is in the Integrated Report (pages 18 and 19), which can be found at the beginning of this document. This graphical representation shows the Group’s strategy, resources, activities and the value created for its various stakeholders. The activities and markets in which the Group operates are detailed in the consolidated report as well as in Chapter 1, mainly in section 1.2 "Mining and Metals activity” of this document. In addition, information on the sustainability objectives associated with the Group's activities is presented in the Integrated Report. Eramet publishes a breakdown of total revenue by major ESRS sector in its financial statements in Note 5 “Operational performance of the Group’s activities - Segment reporting”. In addition, in Chapter 1 of this document, the Group provides a detailed analysis of its activities and related markets. Value chain The Eramet Group’s value chain is described in a diagram in the Integrated R eport, pages 1 4 and 15. The downstream value chain is made up of customers in the following sectors: construction, automotive, chemicals, ceramics and pigments. For the upstream value chain, suppliers are companies in the energy (coal, water, electricity, etc.), industrial equipment (mining machinery, railroad, hydraulic equipment, handling equipment, etc.), industrial supplies (handling accessories, chemical products, refractories, insulation, etc.), real estate, IT, general services, logistics, services (intellectual, industrial contracting). The Group’s value chain also includes the Group’s strategic partners and corresponding joint ventures. Through its mining activities or the production of manganese and nickel alloys, the Group is the first link in complex value chains such as construction, automotive, batteries, ceramics, etc. Eramet’s customers are alloy producers, steelmakers and chemical industry players, which are also far removed from consumers and end-users. As an illustration, the average weight of a vehicle is approximately 1,650 kg, and steel accounts for approximately 55% of this weight, i.e. approximately 907 kg. On average, one metric ton of steel comprises 10 kg of manganese alloys, including 7 kg of pure manganese, i.e. about 0.4% of the total weight of an average vehicle. This confirms the very limited impact of the products sold by Eramet on consumers and end users. This type of ratio can be adapted to the full range of products in the Group's portfolio. Contrary to other industries whose end products are directly in contact with consumers or end users, Eramet operates upstream and therefore potential impacts to consumers are considered low, either in terms of human rights, dependency or safety. 5.1.2.2 Interests and views of interested parties [SBM-2] Eramet places dialogue, openness and listening at the heart of its relationship with its stakeholders. This collaborative approach strengthens the sustainability and effectiveness of the Group’s actions. The various categories of the Group’s stakeholders are described on pages 26 and 27 of the Integrated Report, with the subjects of interest for each of them, the methods of information and dialogue and the responses provided by the Group. The views and subjects of interest to the interested parties are shared at the Board of Directors and the Executive Committee in the same way as strategic ESG issues. The interests and views of stakeholders did not result in any changes to the business model or strategy in 2025, since they had already been taken into account. Given the global nature of the challenges it faces, the Group acts within the framework of recognized international multi-stakeholder initiatives. In 2022, Eramet affirmed its ambition to audit its mining sites in accordance with the IRMA (Initiative for Responsible Mining Assurance) responsible mining standard, by setting the objective auditing all its operational mining sites by 2027. The IRMA standard establishes, for industrial mines, best practices for social and environmental responsibility and governance and meets the expectations of all our stakeholders (host countries and communities, customers, end consumers, employees, investors). Its unique joint consultation governance (NGOs, labour representatives , buyers, impacted communities, financial sector representatives, mining companies) lends strong legitimacy to the initiative: it guarantees the strict requirements of the standard and the transparency of the mine assurance process. Eramet’s commitment to the deployment of the IRMA standard on its mining sites is one of the ten objectives of the Group’s “Act for Positive Mining” roadmap. As part of the rollout of the IRMA standard, each Group site is therefore encouraged to inform and consult its stakeholders when conducting risk analyses and developing the corresponding monitoring and management plans. The Group has also undertaken to contribute to the UN Sustainable Development Goals (SDGs) in order to build a more sustainable, inclusive world. This contribution responds to the expectations expressed by Eramet's stakeholders, particularly through the double materiality assessment. The Group addresses all the SDGs through its CSR strategy, and four SDGs stand out, which Eramet pays particular attention to through its economic and production activities: • SDG 8 “Decent Work and Economic Growth”, for the creation and provision of decent work and economic growth, created directly by the Group’s entities and by local communities (local content); • SDG 12 “Responsible production and consumption”, particularly through sustainable development targets for natural resources, by reducing waste and corporate social responsibility; 5 359ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] • SDG 9 “Industry, innovation and infrastructure”, by working to establish a sustainable and modern industry in different countries, and through its products to foster the development of the required infrastructure, particularly in terms of construction and mobility; • SDG 13 “Climate action”, with its actions regarding its energy and climate footprint and its positioning on the metals of the energy transition. Through its membership in the United Nations Global Compact and with the aim of continuously improving its social responsibility, Eramet is committed to integrate its principles (human rights, labour standards, the environment and the fight against corruption) in its strategy, organisational culture and operations. Each year, the Group publishes its contribution in its communication on progress (COP) at the Advanced level. Eramet reports on implemented policies, actions and results. A table of concordance is provided at the end of the sustainability report. Eramet is also involved in other industry-specific or themed initiatives, such as t he Extractive Industries Transparency Initiative (EITI), which aims to promote transparency and the establishment of international standards in its industry, thus contributing to the improvement of industry best practices as regards the responsible sourcing of metals. In terms of biodiversity, in 2021, the Act4Nature International initiative recognised the Group’s commitments and considered its objectives to be SMART. In 2024, new voluntary commitments were developed and presented to the initiative’s Steering Committee, which deemed them once again SMART. This commitment is presented in detail in sub-section 5.6.4.1 “Biodiversity and ecosystem targets {E4-4]”. In addition, Eramet actively monitors and participates in the development of guidelines for the mining industry, promoting responsible mining and enabling reporting to stakeholders. Civil society organisations (CSOs) In 2025, Eramet consolidated its engagement programme with civil society organisations, with a strong focus on human rights and environmental protection. The Group's approach is not limited to simply informing these key stakeholders, but also aims to systematize consultation and cooperation with them. This practice is in line with the requirements of the IRMA standard. Throughout the year, regular exchanges were organised in various formats, in particular at forums organised by IRMA or international forums such as Mining Indaba and the OECD Forum on Responsible Mineral Supply Chains, or as part of the double materiality assessment conducted in 2025. Dialogue events were also held throughout the year in Indonesia and Senegal, illustrating Eramet's determination to integrate the perspectives of local stakeholders into its local responsibility initiatives. Investors Eramet regularly exchanges with analysts, investors and the financial community in general, in accordance with the rules applying to listed companies. Investors were consulted as part of its double materiality assessment conducted in 2025, and the Group is keen to develop proactive collaboration with its financial stakeholders. Customers Eramet's Sales Department maintains a structured and transparent dialogue with its customers in order to meet their expectations in terms of responsibility and performance. Requests relating to the value chain – ethics questionnaires, CSR, carbon content of products or decarbonisation trajectories – are centralised and processed by the Technical Marketing Department, guaranteeing reliable and rapid responses to customers. The Group regularly measures the satisfaction of its direct customers via surveys on contractual terms, respect of deadlines and specifications. The results are analysed and integrated into continuous improvement plans. Complaints regarding product quality (chemical composition or particle size) are subject to specific procedures and do not involve product safety issues in any circumstances. Finally, Eramet uses studies conducted by recognized external organizations to bolster the credibility of its responses, particularly regarding carbon content, and to improve its knowledge of markets and products. These measures reflect the Group's commitment to maintaining responsible, effective and customer-oriented interactions. Each year, Eramet's teams also participate in numerous conferences and summits bringing together producers and customers, such as the LME (London Metal Exchange), Euroalliages and the CRU (Commodities Research Unit), providing an opportunity to discuss developments in the Group's business sectors, best practices, and market trends. EraTrace To meet customers' growing expectations in terms of CSR transparency, Eramet has developed EraTrace, a tool dedicated to the traceability and communication of environmental and social information. EraTrace, which is intended for the Group's customers, provides data on production sites and deliveries, enhancing visibility into the value chain. This tool, which is currently available for Eramet Grand Côte products and the European manganese alloy plants, is currently being rolled out to other Group activities. This initiative highlights Eramet's commitment to improving transparency, a guarantee of credibility and trust in value chains where Eramet is one of the first links. 360 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] Cross-reference table for stakeholder consultations: ESRS 2 disclosure requirements Disclosure Requirement ESRS theme Sections SBM – 2 Interests and views of stakeholders ESRS S1 Company workforce 5.8.2.2 SBM – 2 Interests and views of stakeholders ESRS S2 Workers in the value chain 5.9.2.2 ESRS S3 Affected communities 5.10.2.2 5.1.3 Management of impacts, risks and opportunities 5.1.3.1 Description of the process to identify and assess material impacts, risks and opportunities [IRO-1] In 2025, Eramet updated its double materiality assessment (DMA), initially carried out in 2023 as part of the CSRD regulation. Double materiality enables sustainability issues to be assessed by identifying and prioritizing material IROs (impacts, risks, and opportunities), which are generated and experienced by the company. The results of the double materiality assessment not only enable progress plans to be structured, but also determine the material IROs for which qualitative and/or quantitative information must be published. To carry this out, Eramet established a project team composed of external consultants and internal contributing experts from the departments responsible for the subjects assessed (Environment, Decarbonisation, Societal Impact and Human Rights, Human Resources, Ethics and Compliance, Health, Safety, Security, Procurement, Sales, Risks, Finance, Internal Control, Audit). 5.1.3.1.1 Stages of the double materiality assessment: The methodology applied to carry out this double materiality assessment is based on European standards, such as the "European Sustainability Reporting Standards" (ESRS) set out in the CSRD. The list of topics, sub-topics and sub-sub-topics presented in Annex A – AR16 – ESRS1 must be taken into consideration. The methodology used for Eramet’s double materiality assessment is based on the following steps: Step 1: Understanding the scope of application and definition of the stakeholder engagement strategy The project team began by conducting an in-depth analysis of regulatory texts and other international and industry standards to clearly identify expectations, the scope of the operation and the method to be applied. It also examined the value chain, taking into account key ESG, macroeconomic, and sector-specific topics and trends. The scope of the operation covers all of the Group's subsidiaries (majority and minority) and includes the value chain. Double materiality includes a phase of establishing the time horizon for the IROs to be used in the materiality assessment process. These time horizons are essential in the context of the CSRD, as they enable the materiality of an IRO to be assessed in the short, medium and long term. Each IRO score is therefore associated with a specific time horizon corresponding to the moment when it becomes material. • Short term: <1 year • Medium term: between 2 and 5 years • Long term: >5 years For the second step, the project team worked on establishing the stakeholders concerned, i.e. those who may affect or be affected by the company's activities and its value chain. The purpose of this consultation is to obtain their perception of Eramet's impact on various environmental, social and governance (ESG) issues and to integrate this feedback into the Group's overall sustainability strategy. Stakeholders were mapped according to several criteria: internal or external, stakeholder category, impacted or users of sustainability reports, etc. This work has enabled several categories of stakeholders to be identified for Eramet: employees, employee and site representatives, banks, investors and shareholders, business partners and suppliers, customers, institutions, NGOs and associations, as well as academic structures and professional associations (see Integrated Report, pages 26- 27). Step 2: Identification of potentially material impacts, risks, opportunities The work to identify an initial list of IROs for Eramet was performed using an iterative approach, combining: • the critical review of the 2023 double materiality assessment and previous IRO identification processes, including cross-checking against the sustainability issues listed in Annex A of ESRS 1 and AR 16, • a benchmark comparing the challenges and IROs identified with those identified in comparable companies, • cross-checking with external benchmarks and industry standards: SASB, ENCORE, GRI, EFRAG sector ESRS, • auditor feedback on the previous DMA and the general requirements of the CSRD, • and previous internal works: risk mapping, annual Non- Financial Performance Statement and other strategic documents. This pre-selection of potentially material challenges and IROs was submitted to the project's steering bodies, including the Chief Executive Officer, for validation and adjustments. The final list of issues was then confirmed by consulting stakeholders and documentary analysis. 5 361ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] 23 sustainability issues were ultimately established. The main changes in 2025 are as follows: • New sustainability issues have been incorporated • Some existing issues have been merged • Other issues have been subdivided to more accurately reflect their specific characteristics • Certain issues were excluded from the assessment based on justified reasons. Amongst these, ESRS S4 and its sub- topics have been reclassified as non-material. The S4 material subjects of last yea r are distributed among the other ESRS. See table 5.1.3.2.2 for more information on the development of the double materiality methodology. The preliminary list of IROs was established based on an analysis of best practices, CSR reporting standards, contributions from internal departments and feedback from the auditors of the 2024 sustainability report. All of these IROs were then assessed according to the methodology detailed in the following section. Step 3: Assessment of impact, risk and opportunity materiality The rating methodology used for the DMA 2025 combines a documentary analysis by external consultants and consultations with internal and external stakeholders. The list of sustainability issues identified in the previous step was used as the basis for these consultations. The IROs were then assessed to determine the materiality of these issues. Stakeholder consultations A total of 65 stakeholders were consulted as part of the 2025 double materiality exercise via interviews or questionnaires, including: • Internal stakeholders, through a combination of questionnaires, collaborative workshops and interviews with site representatives and staff. Two workshops dedicated to financial materiality were organised with the Finance and Risk Management teams. The entire Executive Committee was consulted, and the Chief Executive Officer provided input through a dedicated individual interview. • External stakeholders: 20 external stakeholders (investors, NGOs, research centres, etc.) were consulted either through interviews or via questionnaires. Materiality assessment The methodology for rating IROs used in 2025 is based on qualitative and quantitative elements: • Impact materiality: the documentary-based approach forms the basis for impact materiality scoring, which is then en hanced and adjusted through stakeholder consultations. • Financial materiality: the scoring by Eramet's Finance department forms the basis for the financial materiality scoring. This is also enriched by the documentary-based approach and stakeholder consultations. The level of compliance of the assessment was improved in 2025 by the introduction of a materiality threshold, set at level 2 on a scale of 4. The materiality threshold enables sustainability issues to be identified as either material or non-material. Please note that the sustainability report only provides information on issues that have been identified as material. Step 4: Results of the double materiality assessment The double materiality assessment identified 58 material IROs (94 in total). • 15 sustainability issues exhibit double materiality (both from an impact and financial point of view). • The most material issues in terms of financial materiality (risks/opportunities) are: recycling and circular economy, operational mining excellence, climate change mitigation, water resources, impact on biodiversity and impact on local communities. • 5 sustainability issues (health and safety on operational premises, non-discrimination and fight against harassment, security management, air quality management, waste and hazardous materials management) are material only from an impact point of view, while none are only material from a financial point of view. • 3 sustainability issues are considered non-material for the 2025 financial year due to the introduction of a materiality threshold: soil quality management, data security and privacy, and product quality and traceability. 5.1.3.1.2 IRO rating methodology IROs are assessed according to a double rating grid, adapted to impact materiality and financial materiality, in accordance with the requirements of the CSRD. It is aligned with the Group's risk a ssessment methodology (see Chapter 4 for more details). Once finalized, these grids were used during the stakeholder consultation phase to guide the rating of the IROs and incorporate the views of the stakeholders concerned. Impact materiality Assessing the materiality of an impact involves measuring the level of "severity" or "positivity" of its effects on people and/or the environment, as well as its likelihood of occurrence or frequency. The impact levels were therefore assessed using 4 criteria: • scale: the degree of severity or benefit of the impact on people and/or the environment; • scope: the extent of negative/positive impacts, such as geographic scope or number of people; • irremediability: if and to what extent the negative impacts can be corrected; • likelihood or frequency: the likelihood that the positive or negative impact will occur (in the case of a potential impact) and the frequency of the impact (in the case of an actual impact) The criteria of scale, scope and irremediability constitute the "severity" rating of the impact. 362 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] These four criteria follow a rating scale ranging from 1 (minor) to 4 (major). Scale 1 – Minor 2 – Moderate 3 – High Major Environment (E1, E2, E3, E4, E5) One-off and/or temporary impact causing few adverse effects or without significant consequences One-off or recurring impact causing limited effects and consequences but requiring additional resources and management measures One-off or recurring impact, causing several adverse effects and/or significant immediate or long-term consequences One-off or recurring impact causing several adverse effects and major immediate or long-term consequences Social (S1, S2, S3, S4) Governance (G1) Scope 1 – Minor 2 – Moderate 3 – High Major Environment (E1, E2, E3, E4, E5) May affect or affects a limited part of Eramet's activities (and/or its value chain) May affect or affects a significant part of Eramet's activities (and/ or its value chain) May affect or affects all of Eramet's activities (and/or a large part of its value chain) May affect or affects all of Eramet's activities as well as its entire value chainSocial (S1, S2, S3, S4) Governance (G1) Irremediability 1 – Minor 2 – Moderate 3 – High Major Environment (E1, E2, E3, E4, E5) It is possible to remedy the impact and restore the initial state It is partially possible to remedy the impact and restore the initial state The possibilities for remedying the impact and restoring the initial state are limited It is impossible to remedy the impact and restore the initial stateSocial (S1, S2, S3, S4) Governance (G1) Likelihood 1 – Not likely 2 – Quite likely 3 - Likely 4 – Very likely Likelihood < 10% 10 - 30% 30 - 60% > 60% Frequency Less than once a year Once a year Once per quarter More than once a month Scores range from 1 to 4. Any impact with a score greater than 2 is considered material. Financial materiality The assessment of the financial materiality of an IRO amounts to assessing its financial effects on the Group in the short, medium or long term. This assessment is based on a grid of two criteria, aligned with Eramet's risk rating grid: • The scale of the financial impact: whether the impact on the Company is minor, moderate, high or major • The likelihood of financial impact: the likelihood that the risk or opportunity will occur (likelihood of occurrence and frequency) The scale is detailed by taking the following factors into account: • One-off and/or recurring risks and/or opportunities; • Reputational/image risk vis-à-vis local communities, elected officials, administrative authorities, NGOs, employees, customers, suppliers, partners, investors, rating agencies and shareholders. In this assessment, the Group also took into account the links between its impacts and dependencies and the risks and opportunities that may arise from them. This approach provides a better understanding of financial materiality by considering not only the direct effect of a risk or opportunity, but also the potential consequences linked to interactions with its activities and stakeholders. 5 363ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] These two criteria have a rating scale from 1 (minor) to 4 (major). Scale 1 – Minor 2 – Moderate 3 – High Major Environment (E1, E2, E3, E4, E5) Risk and/or opportunity with a low impact on future cash flows, development, or financial performance on a one-off or recurring basis. Risk and/or opportunity with a moderate impact on future cash flows, development, or financial performance on a one-off or recurring basis. The first threshold is set at €25 million. Risk and/or opportunity with a high impact on future cash flows, development, or financial performance on a one-off or recurring basis. Risk and/or opportunity with a major impact on future cash flows, development, or financial performance on a one-off or recurring basis. Social (S1, S2, S3, S4) Governance (G1) Likelihood 1 – Not likely 2 – Quite likely 3 – Likely 4 – Very likely Likelihood < 10% 10 - 30% 30 - 60% > 60% Frequency Less than once a year Once a year Once per quarter More than once a month Scores range from 1 to 4. Any risk or opportunity with a score strictly greater than 2 is considered material. 5.1.3.1.3 Double materiality assessment results The results of the double materiality assessment are consistent with Eramet’s activities, with the previous assessments and with its CSR roadmap (see 5.1.3.2.5 “Eramet's sustainability strategy - Act for Positive Mining”). The double materiality matrix presents only material matters. The description of the procedures for identifying and assessing material IROs, as mentioned above, should be considered in conjunction with the information published on the requirements of the following topical ESRS: ESRS 2 disclosure requirements Disclosure Requirement ESRS theme Sections IRO-1 Description of the process to identify and assess material impacts, risks and opportunities ESRS E1 Climate change 5.3.3.1 ESRS E2 Pollution 5.4.1.1 ESRS E3 Water and marine resources 5.5.1.1 ESRS E4 Biodiversity and ecosystems 5.6.1.1 ESRS E5 Use of resources and circular economy 5.7.1.1 ESRS S1 Own workforce 5.8.1.1 ESRS S2 Workers in the value chain 5.9.1.1 ESRS S3 Affected communities 5.10.1.1 ESRS G1 Business Conduct 5.11.1.1 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● IMPACT MATERIALITY FINANCIAL MATERIALITY ● Environment ● Social ● Governance Opportunity Positive impact Non-discrimination and fight against harassment Health and safety on operations’ premises Security management Labour relations Working conditions of own workforce Responsibility in the value chain Dialogue with external stakeholders Local communities Political engagement & lobbying activities Fight against fraud and corruption State aid and competition Recycling and circular economy Mining operational excellence Climate change mitigation Water resources Biodiversity Mine rock and tailings Climate change adaptation Waste and hazardous materials management Air quality management 364 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] 5.1.3.2 Material impacts, risks and opportunities and their interaction with strategy and business model [SBM-3] 5.1.3.2.1 Description of Eramet’s sustainability issues, impact, risks and opportunities (IRO) The content of the present sustainability report has been established based on the IROs resulting from the double materiality assessment for the 2025 financial year. The table below presents Eramet’s sustainability matters and IROs on ESG themes (environment, social, governance). It illustrates the significant impact, both positive and negative, on people and/or the environment, as well as the link between the IROs, the Group's specific activities in the value chain, and the stakeholders involved. It should be noted that the time horizons established for all IROs align with the reporting period of Eramet's financial statements, market practices and the recommendations of the CSRD: • Short term: <1 year • Medium term: between 2 and 5 years • Long term: >5 years Some IROs may not be material in the short term but become material in the medium or long term. The score of each IRO is associated with a specific time horizon over which it becomes material. ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ENVIRONMENT ESRS E1 Climate change mitigation Reduce or prevent greenhouse gas emissions within its scope (own activities and value chain) by using new technologies and renewable energies, by making old equipment more energy efficient, by modifying management practices and/or industrial processes; and beyond its scope by contributing to climate change mitigation through the development of strategic metals for the energy transition Managing energy by developing relevant policies regarding energy supply, energy use or energy-efficient purchases (low-carbon energy) and building resilience Actual negative impacts connected to CO2 emissions (scope 1, 2, 3) Actual positive impacts related to the production of the metals necessary for the energy transition Risks related to financing Eramet's climate change transition Risks of competitive disadvantage and increased costs related to more stringent climate and energy regulations and standards (e.g. carbon taxation) Opportunities to develop Eramet's activities in critical and strategic metals for the energy transition, for example lithium mining in Argentina Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Company All stakeholders ESRS E1 Climate change adaptation Develop a resilient business by analysing exposure to climate change and implementing adjustment strategies throughout the value chain Potential negative impacts related to Eramet’s adaptation activities (construction of barriers, etc.) Physical risks on Eramet's activities and on the value chain Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Employees Local communities 5 365ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ESRS E2 Air quality management Monitor airborne emissions and their local impacts (SOx, NOx, dust and other contaminants) around industrial and mining sites in order to assess the risks to people and nature Actual negative impacts of potential air emissions and their local impacts (SOx, NOx, dust and other contaminants such as nickel) around industrial and mining sites Group level, all activities included (manganese, nickel, Mineral Sands, lithium) Environment Employees Local communities ESRS E2 Water quality management Monitor water pollution and its local impacts around industrial and mining sites in order to assess the risks for people and nature Potential negative impacts on water resources due to a limited or inadequate water management system Risks related to accidents with an impact on people and the environment, as well as the consequences of implementing and/or non- compliance with stricter regulations and standards in terms of pollution Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Local communities ESRS E3 Water resources Optimise production processes to limit water consumption and ensure efficiency Ensure interaction between water security and business risk to manage (potential) risks of water stress on operations and people (including wastewater management) Potential negative impacts on water resources in the long term, in a context of increasing water stress at some Eramet sites Risks related to dependency on water resources and the consequences of implementation Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Local communities ESRS E4 Impact on biodiversity Identify and assess the impacts on biodiversity and ecosystems, apply the mitigation hierarchy and move towards no net loss or even a net gain Actual negative impacts on biodiversity, ecosystems, erosion and deforestation related to Eramet's activities (e.g. exploration and extraction) Financial risks related to the cost of rehabilitating mining sites Regulatory risk connected to implementing and/or non- compliance with stricter regulations and standards in terms of biodiversity Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Local communities ESRS E5 Recycling and the circular economy Contribute to reducing the impacts of the mining industry and clean operations through the development of circular economy activities (recycling, recovery, reuse) Potential positive impacts of recycling activities on the extraction of primary metals Risks connected to dependency on metals and minerals Opportunities for the development of recycling activities (e.g. recycling of active materials from battery cathodes), innovation, eco- design and recovery activities Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment 366 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ESRS E5 Waste and hazardous materials management Ensure the collection, treatment and disposal of waste Reduce, minimise and/ or eliminate the quantity and toxicity of hazardous materials used, stored or disposed of Prevent potential threats to the environment from hazardous waste that present substantial or potential risks to health and the environment Potential negative impacts on the environment and the population due to a limited or inadequate waste and/or hazardous waste management system or the inability to prevent the generation of waste Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Employees Local communities ESRS E5 Management of mine rock and tailings Managing tailings and mining residues in accordance with international standards, ensuring the safety of local residents and employees, minimizing environmental impacts, and promoting reuse in a circular economy approach (including aqueous residues) Potential negative impacts of mine rock and tailings (including aqueous tailings), in particular on the safety of local residents and employees, as well as on the environment Safety risks related to tailings management and potential accidents Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Employees Local communities ESRS E5 Mining operational excellence Optimise mining processes to reduce environmental impacts and maximise and optimize mining resources, in terms of quality and quantity, across the Company's operations Actual negative impacts related to the use of raw materials essential to Eramet's activities Actual positive impacts of mining operational excellence on the quantity of metals extracted Opportunities to generate additional revenue or reduce operational costs through mining operational excellence Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment 5 367ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted SOCIAL ESRS S1 Health and safety at operational premises Implement all necessary measures to guarantee the health (including mental health) and safety of employees (including on-site subcontractors), in particular by preventing the risk of exposure to operational hazards Manage employee exposure to diseases specific to operating areas while ensuring prevention and safety Potential negative impacts on the health (including mental health) and safety of employees and subcontractors (excluding joint ventures), mainly resulting from exposure to hazardous industrial environments, inadequate working and housing conditions, accidents or exposure to diseases in the areas of operation Potential negative impacts of human rights violations. Human rights encompass decent working conditions (e.g. fair pay, adequate housing conditions for workers, prohibition of modern slavery, child labour and the use of force) and protection against the violation of fundamental freedoms Group level, all activities included (manganese, nickel, Mineral Sands, lithium) Employees Subcontractors ESRS S1 Working conditions of own workforce Foster employee loyalty and support their career development through various talent management measures (individual support, training, mobility, benefits, compensation, etc.) and strengthen employee commitment to the corporate vision and culture, thereby ensuring sustained and profitable performance Guarantee proper working conditions (including adequate housing), ensure quality of working life, adequate working hours, work-life balance Potential negative impacts on employees because of the inadequate management of working conditions such as work-life balance, working hours, quality of life at work Potential negative impacts on employees resulting from potentially inadequate housing conditions, due to a lack of oversight to ensure the affordability, accessibility and adequacy of the housing provided by Eramet Risks of not retaining and/or recruiting talent and expertise due to the appeal of the Company (e.g. remote locations, work organization) and its reputation Group level, all activities included (manganese, nickel, Mineral Sands, lithium) Employees 368 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ESRS S1 Non- discrimination and fight against harassment Strengthen inclusion and diversity (gender diversity, representation of the communities in which we operate) and equal opportunities during hiring and working. Fight against all forms of discrimination, bullying, mental or sexual harassment and victimisation through our zero tolerance policy Management of effective complaints mechanisms Potential negative impacts on employees due to inadequate training, procedures, monitoring, complaint mechanisms, etc. to prevent discriminatory behaviour, intimidation, harassment, and victimization during work Group level, all activities included (manganese, nickel, Mineral Sands, lithium) Employees ESRS S1 Labour relations Encourage social dialogue and ensure dynamic and transparent management of the workforce, freedom of association and trade unions Potential negative impacts associated with the prevention of social dialogue or the absence or inadequacy of information/ consultation/ complaint mechanisms for employees and subcontractors, or insufficient compensation in the value chain Risks related to production stoppages due to employee discontent Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Employees Subcontractors ESRS S1 Security management Manage the risks faced by the employees, sub- contractors and the communities affected when exposed to terrorism, political violence, crime and geopolitical conflicts Take steps to protect the physical safety of employees and their property, in particular by facilitating the evacuation or relocation of employees who are able to leave Potential negative impacts on the physical safety of employees and contractors due to geopolitical tensions Actual positive impacts of protecting operating areas Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Employees Subcontractors Local communities 5 369ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ESRS S2 Responsibility in the value chain Guarantee (map, trace, measure, evaluate, report, etc.) compliance with social and environmental responsibility criteria, human rights, and business ethics by all business partners throughout the value chain (suppliers, subcontractors, customers, JVs), based on Eramet's standards and commitments Implement all measures necessary to respect human rights. Human rights encompass decent working conditions (e.g., fair pay, appropriate housing conditions for workers, prohibition of modern slavery, child labour and the use of force) and protection against the violation of fundamental freedoms Monitor the implementation of the vigilance plan and the associated frameworks and directives, and ensure appropriate mechanisms to mitigate and prevent serious impacts. Ensure that the measures taken are effective Potential negative impacts of human rights violations. Human rights encompass decent working conditions (e.g. fair pay, adequate housing conditions for workers, prohibition of modern slavery, child labour and the use of force) and protection against the violation of fundamental freedoms due to a lack of transparency in the value chain Potential negative impacts of mining activities on the health and safety of suppliers, subcontractors, customers and JVs, mainly resulting from exposure to hazardous industrial environments, inadequate working and housing conditions, accidents or exposure to diseases in the area of operation Potential negative impacts on deforestation, biodiversity, decarbonisation, climate change, etc.) due to lack of transparency in the value chain Actual positive impacts due to indirect effects on business partners and subcontractors, by including ESG criteria in contractual agreements Risks related to changes in stakeholder expectations and requirements with regard to ESG issues and/or non-compliance with regulations, in particular the French law on the duty of care and European, British and American laws on modern slavery Financial, legal and reputational risks in the event of controversy related to the violation of human rights, health and safety, and environmental impact in the value chain Opportunities to improve project acceptance through monitoring, measurement and mitigation of social and environmental impacts throughout the value chain Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Suppliers Subcontractors Joint venture (JV) Customers Environment 370 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ESRS S3 Impact on local communities Protect the safety, health and integrity of communities living around the sites Protect the rights of local communities in mining areas and safeguard their land, crops and resources, with particular attention to vulnerable groups such as indigenous peoples. Anticipate and manage the societal impacts of mining, including population displacement (migration of workers or relocation of communities away from the mining area), economic displacement (shops, houses or farms occupying the area surrounding the mine) and threats to means of subsistence Implement effective dialogue plans and complaint handling mechanisms Contribute to the development of local communities according to their needs, for example through the creation of direct and indirect jobs, support for education and vocational training, health and infrastructure development. On a larger scale, it also means ensuring that the host populations benefit from the development of resources and the resulting added value Potential negative impacts related to the absence or inadequacy of information, consultation and complaint processing for local communities, or insufficient compensation (including for the displacement of local communities) Potential negative impacts of mining activities on the health and safety of neighbouring communities, including potential exposure to violence from contractors providing security services or possible spread of disease to local populations due to increased human-animal interaction around sites, or linked to mass migration of workers Potential negative impacts on access to natural resources and the cultural heritage of local communities, in particular indigenous groups, as well as lack of respect for the rights and culture of local communities Risks related to the suspension or stoppage of production due to blockades or protests caused by dissatisfaction among local communities Risks related to non-compliance with frameworks, standards and regulations Opportunities to strengthen the Group's operating license and obtain support for its projects thanks to the positive impacts generated by Eramet's CSR strategy (e.g. via contributory projects set up in collaboration with local communities: medical infrastructure and services supporting industrial activity, training, contributions to the country, etc.) Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Communities 5 371ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted GOVERNANCE ESRS G1 Fight against fraud and corruption Prevent and fight against all forms of corruption, bribery, facilitating payments and extortion (for example: gifts and invitations, donations and sponsorships, conflicts of interest, manipulation of tender processes, works contracts, risks related to intermediaries/service providers/partners/ agents or suppliers, sale and acquisition of permits or assets; CSR commitments), within the Company and its value chain Potential negative impacts across the Company and value chain of unethical business behaviour associated with a lack of transparency (e.g. contracts and licences), corruption and/or insufficient or ineffective whistleblower protection and disciplinary sanctions. This includes internal fraud Actual positive impact at the local level, linked to the management of local suppliers in the communities where Eramet operates (for example: involvement of local companies, local procurement programmes, sharing of skills with suppliers, etc.), linked to the use of the whistleblowing system Risks related to changes in stakeholder expectations (including business partners) and requirements in terms of ESG and/or non- compliance with regulations, in particular anti- corruption laws (Sapin II, FCPA, UKBA) Legal and reputational risks in the event of legal proceedings Risks related to the ability to finance the activity at market interest rates due to unethical practices Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain All stakeholders Employees Suppliers Local communities 372 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] ESRS Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted ESRS G1 State aid and competition Ensuring compliance with national and international regulations on fair competition and state aid (e.g. tax relief and credits, subsidies, investment grants and other relevant types of financing, prices, royalty exemptions, etc.). This includes monitoring and managing risks related to anti-competitive behaviour, unlawful cartels, abuse of dominant position and inappropriate use of state aid (e.g. combating illicit financial flows, tax avoidance, money laundering and terrorist financing) Companies must be transparent about the financial support received from governments and ensure they comply with competition laws in order to guarantee a level playing field for competition Potential positive impacts related to contributing to a more transparent and resilient mining ecosystem Commercial risks related to the lack of access to public contracts or partnerships in the event of non- competitive behaviour; over- dependence on state aid Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Suppliers Contractors and subcontractors ESRS G1 Political engagement and lobbying activities Manage all forms of political activity and ensure transparency regarding the principles, policies and procedures governing political involvement, as well as the company's positions on public policies and political donations Address lobbying risks, ensure transparency on lobbying activities and combat inappropriate political activity Potential negative impact across the entire Company and value chain of unethical business practices, including inappropriate lobbying and political activities Legal and reputational risks in the event of legal proceedings Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Suppliers Employees Local communities Investors Government ESRS G1 Dialogue with external stakeholders Establish special relationships and transparent dialogue with the Group’s stakeholders (NGOs, government, investors, banks, customers), recognise their specific concerns and take them into account in the decision-making process Potential negative impacts related to the absence or inadequacy of information/ complaint processing for external stakeholders, or insufficient compensation Risks related to changes in stakeholders' expectations and requirements in terms of ESG and/or non- compliance with regulations Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Stakeholders Local communities 5 373ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] The important IROs (corresponding to the doubly material IROs) and their link to the strategy and economic model mentioned above concern all topical ESRS, with the exception of ESRS S4 Consumers and end-users: ESRS 2 disclosure requirements Disclosure Requirement ESRS theme Sections SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model ESRS E1 Climate change 5.3.1.1 ESRS E2 Pollution 5.4.1.1 ESRS E3 Water and marine resources 5.5.1.1 ESRS E4 Biodiversity and ecosystems 5.6.1.1 ESRS E5 Use of resources and circular economy 5.7.1.1 ESRS S1 Own workforce 5.8.1.1 ESRS S2 Workers in the value chain 5.9.1.1 ESRS S3 Affected communities 5.10.1.1 ESRS G1 Business Conduct 5.11.1.1 5.1.3.2.2 Change in the double materiality methodology In 2025, Eramet updated its double materiality assessment (DMA), initially carried out in 2023 as part of the CSRD regulation, by identifying and assessing the impacts, risks and opportunities (IRO) of its main sustainability issues. This update improves transparency, strategic alignment, and regulatory compliance of the Group. Several key methodological changes have been made to the 2025 double materiality assessment, as shown in the table below: Methodological steps 2023 2025 2025 key highlights Description of Eramet’s sustainability matters, impact, risks and opportunities (IRO) 20 sustainability matters in total 23 sustainability matters in total, including activity- specific IROs in addition to the issues defined by ESRS 1, paragraph AR 16 • List of matters aligned with the GRI, the SASB and the CSRD; new subjects introduced and some excluded (including ESRS S4) • Integrated sector benchmark: the matters and IROs identified compared with those found in comparable companies Management of impacts, risks and opportunities (IRO) Unscored IROs : rating based on sustainability matters or topics 58 IROs considered material (out of a total of 94); rating performed at IRO level, in accordance with the official CSRD methodology • Double rating grid: impact materiality and financial materiality assessed independently • Rating methodology reinforced by a documentary approach and stakeholder consultations using various formats (workshops, interviews, questionnaires) Materiality threshold Materiality threshold not applied Materiality threshold set at a score greater than 2 on a scale of 4 Establishment of a threshold to identify and prioritise material sustainability issues; 3 subjects considered non-material Double materiality 9 double materiality subjects 15 double materiality subjects Alignment of the DMA 2025 rating with Eramet's Risk Management Framework Time horizons Short term: <3 years Short term: <1 years Alignment of time horizons with the reporting period of Eramet's financial statements: short- term is defined at less than one year compared to less than three years in 2023 374 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] 5.1.3.2.3 Impacts of the Company’s material risks and opportunities on its financial position The main sustainability issues with significant financial materiality are the impact on biodiversity, operational mining excellence and recycling, and the circular economy. Concerning the impact on biodiversity, section 5.6 “Biodiversity and ecosystems [ESRS E4]” presents the plans for the closure of mining sites as well as the remediation plans deployed on site in more detail, and section 5.4.2.4 “Expected financial impacts of pollution-related impacts, risks and opportunities [E2-6]” specifies the Group’s environmental provisions. Eramet is developing recycling channels on each of its sites in line with a circular economy and value creation approach, enabling the share of recovered products and co- products to be increased. A battery recycling project in Europe was halted in 2024 due to serious uncertainties surrounding the supply of raw materials and the market for recycled metal salts. Eramet will continue studying the market fundamentals needed to make this project competitive. Section 5.7 "Resource use and circular economy" [ESRS E5] presents all the actions carried out on this subject. Operational mining excellence is the Group's core business and involves the optimisation of mining processes to reduce operational costs and increase the value of the resources extracted while minimising the environmental impact of the activity (particularly in terms of biodiversity, waste and residues). The impact of these actions on the financial statements is monitored through changes in cash cost and operational productivity. 5.1.3.2.4 Effects of IROs on the business model and the resilience strategy The purpose of this chapter is to clarify the effects of the above IROs on Eramet’s strategy, or even the business model, as well as the resilience strategy. The Group takes the effects of material IROs into account in its "Act for Positive Mining" roadmap, detailed in section 5.1.3.2.5 "The Group's CSR strategy: Act for Positive Mining". The environmental IROs most likely to affect Eramet's strategy and business model are related to the topics of climate change, biodiversity, water resources, recycling and the circular economy. Regarding the social aspect, the most material IROs are the impact on local communities and respect for human rights. As part of the double materiality assessment, it was determined that the financial materiality projections of these subjects have a significant influence on the Group’s long-term financial performance. Consequently, these elements have been integrated into the strategic thinking in order to strengthen the Group’s resilience. The general approach consists in analysing the structure of the Group's activities and the long-term and very long-term trends of the markets in which it operates, bearing in mind that the Strategy Department has established the following time horizons: • Short/Medium term: 0 to 2 years • Medium term: 2 to 5 years • Long term: 5 years • Very long term: >10 years These analyses serve as reference points for the Strategy Department. They make it possible to compare them with the industrial assets (mines and plants) in order to identify levers for adapting to market and industry trends. For example, the conclusions of the analyses may lead to the adjustment of commercial and operational strategies (product mix, production volumes) as well as investment plans. Eramet’s strategic discussions are planned throughout the year, starting with a strategic seminar with the Executive Committee at the beginning of the year, leading to a detailed strategic plan in the second quarter to guide the Group’s decisions. Throughout the year, Eramet organises other encounters, in particular with the Board of Directors or specific departments, to provide food for thought on specific topics including sustainability issues. In general, strategic recommendations are presented to the Executive Committee, or even to the Board of Directors, to validate structuring investment decisions. Environment As part of its strategy, Eramet is positioning itself in critical and strategic metals, particularly lithium, in order to contribute to accelerating the energy transition and growing the electric vehicle market. Eramet’s business model is based on long-term electrification scenarios, leading to growing demand for some of these strategic metals. These market projections related to electric mobility are regularly updated based on technological advances in the battery sector and changes in relevant legislation. In order to ensure Eramet's competitiveness on the European, market, the Group continues to closely monitor the introduction of the Carbon Border Adjustment Mechanism (CBAM). In order to meet climate change challenges, Eramet is committed to a carbon emissions reduction policy based on a Science-based Target scenario compatible with the Paris Agreements. In addition, the Group has issued “Sustainability-Linked Bonds” based on two carbon performance targets. These commitments underline the close link between decarbonisation and the Group’s business model. Section 5.3 "Climate change [ESRS E1] "presents the climate transition plan in detail (5.3.2.2 "Transition plan for climate change mitigation"), enabling the Group to meet these commitments and monitor its decarbonisation trajectory. The "Eramet Ideas" research centre has launched the following innovative projects in the context of its decarbonisation roadmap: • Replacing fossil-based reducing agents with bio-based reducing agents: research and innovation teams are continuing their work to identify non-fossil alternatives to the coke currently used in metallurgical furnaces for ore processing. • The capture, use and storage of carbon dioxide generated by manganese alloy production plants: Eramet has been working on this subject since 2017. Some of the gases from the pyrometallurgy on the Porsgrunn site (Norway), have already been used to manufacture fertilisers for several years. The Group has also been working with Lanzatech on an innovative project since 2024 to capture gases emitted by the plant's pyrometallurgical furnaces and transport them to a new biological fermentation production facility in order to convert up to 30% of the carbon dioxide in these gases into ethanol, an alcohol used in a variety of industries, including fashion, personal care, packaging and fuels. 5 375ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] In light of its mining activities and their impact on biodiversity, the Group has made commitments through its environmental policy that affect its business model: 1. Integration of rehabilitation and compensation costs in the business cases of the Group’s new projects. 2. Ban on discharging mining residues at sea (“deep sea tailings placement”) in accordance with the GISTM international standard(1) 3. Ban on all underwater mining activities, in accordance with voluntary commitments made by the Group. 4. Prohibition of all mining and exploration activity in World Heritage sites and areas included in the official indicative list of a State Party for inscription on the World Heritage list, International Union for Conservation of Nature (IUCN) protected areas of management categories I-III, and UNESCO Biosphere reserve core areas. Its commitments are recognized as SMART objectives by Act4Nature International; more information in section 5.6 "Biodiversity and ecosystems [ESRS E4]". These commitments are essential to the process of selecting future projects and help the Group integrate biodiversity criteria from the initial stages of operational projects. The Group also faces major challenges connected with the use and management of water (see section 5.5 "Water and marine resources [ESRS E3]"). Eramet’s strategy takes the fundamental challenge of mi neral extraction in areas affected by water stress into account from the outset of the exploration of new operational projects. Thus, preliminary studies for these projects include the assessment of the risks related to the areas concerned, the availability of fresh water that can meet the water needs of the project, as well as local regulatory restrictions on water extraction. Among these initial checks, the Group also endeavours to analyse technological solutions and local regulations relating to the recycling and reinjection of water used in industrial processes. The Centenario plant in Argentina, which spearheads the Group's innovation approach to the responsible use of water resources, uses one of the most advanced Direct Lithium Extraction (DLE) technologies. It was developed over 10 years in France by the R&D and Open Innovation Centre, in collaboration with IFPEN (Institut Français du Pétrole et des Énergies Nouvelles) and Seprosys. The DLE technology used by Eramet is therefore 50% more efficient than the conventional natural evaporation method. It also enables the production lead-time to be reduced to 1 week compared to a 12- to 18-month period for the conventional evaporation method. More than 60% of the water used is recycled in the process. Social As the Group's mining activities are mainly located in developing regions, the impact of the activity on local communities plays a crucial role and is a major focus of attention for Eramet's teams. In addition to limiting and offsetting the negative impacts of its activities on local communities, Eramet strives to develop initiatives that contribute to and create positive impacts for them through its community investment policy and the Beyond programme, including for certain e xploration projects. The Group's actions in this area are explained in section 5.10. "Affected communities [ESRS S3]". 5.1.3.2.5 Eramet's sustainability strategy: Act for Positive Mining Eramet’s approach to Corporate Social Responsibility is underpinned by a strong ambition: “Act for Positive Mining”. This reflects the desire to create a positive impact for its stakeholders and its ecosystem wherever possible, and to instil a proactive and responsible mindset within its teams, focused on continuous improvement towards industry best practices. Eramet is building on the solid foundations of its first roadmap launched in 2018 and the results of its successive single and then double materiality assessments, in order to plan for the long term via three commitments for 2035 on: • Diversity and inclusion; • Commitment to biodiversity; • Decarbonisation of activities. This Act for Positive Mining roadmap, which was developed jointly with the Group's departments (Operations, Environment, Decarbonisation, Societal Impact and Human Rights, Human Resources, Health, Safety, Finance, Ethics and Compliance), seeks to meet the expectations of the Group's internal and external stakeholders, as have been identified in surveys and interviews. Focussing on 3 pillars – taking care of people, being a trusted partner for nature, transforming our value chain – this roadmap sets out 10 objectives and 26 target metrics for the period 2024–2026. In 2026, it will be updated with new targets for the period 2027-2030. Each objective formulated at Group level is rolled out across all sites to ensure the commitment of all teams to Act for Positive Mining. The performance of each metric is assessed annually in comparison to an internal intermediate target, according to its achievement rate, on a six-level scale (from 0 to 150%). The Group's overall performance is the average of the scores for the 26 metrics. In 2025, the overall performance of the Act for Positive Mining roadmap was 105%, despite the Group's safety results of 0 following the three fatal accidents at PT Weda Bay Nickel. (1) Global Industry Standard on Tailings Management. 376 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] Several successes can be highlighted on the other topics: • Continued Diversity and Inclusion ("D&I") efforts favouring young people in particular, with more than 1,386 "early career" opportunities offered through multiple initiatives aimed at developing the Group's attractiveness among young people in all the regions in which it operates. • The success of the "Eramet Beyond" contributive programme, aimed at diversifying economic activities in the areas where we operate beyond mining: the programme has supported 1,846 additional jobs and, since 2023, has assisted 323 young people in the territories where the Group operates through secondary or higher education scholarships; • Exceeding interim deployment targets for most environmental action plans (water, biodiversity and fugitive dust) aligned with industry best practices; • Decarbonisation of metallurgical activities: construction of the pilot carbon capture unit and first tests on the Sauda site (Norway) and improvement in the intrinsic efficiency of our activities compared to 2024 (excluding SLN); • Surpassing the scope 3 commitment target, with 72% of the Group's value chain committed to decarbonisation trajectories compatible with the Paris Agreement; • Obtaining an IRMA 50 achievement level for Eramet Grande Côte and publication of the first independent audit report for the site. Three other sites are also involved in the self-assessment process. The PT Weda Bay Nickel, Eramine and Comilog sites are working on their internal actions plans, and are preparing to enter the independent audit process, which should occur by the end of 2026. Regarding SLN, the deployment of IRMA is currently on hold because of the subsidiary's financial situation. The results of the Act for Positive Mining roadmap are set out on page 35 of the Integrated Report and in the various “metrics and targets” sections of the ESRS of the sustainability report. 5 377ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] “Act for Positive Mining” is structured around 3 pillars, 10 objectives and 26 target-indicators as detailed below: (1) Methodology currently being established; contribution established based on International Finance Corporation Performance Standard No. 6 applied to all the Group’s mining sites. 378 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] 5.1.4 Reporting basis 5.1.4.1 General basis for preparing sustainability reports [BP-1] Reporting scope The scope of the non-financial reporting of the Eramet Group's in 2025 covers: • for the Social part (information given in section 5.8): the list of the main entities included in the scope of the sustainability report is presented in the financial consolidation scope and also encompasses subsidiaries that are controlled in line with IAS IFRS international accounting standards but which are not consolidated in the financial sense; • for the Safety part: all companies consolidated for accounting purposes (full consolidation), and also those accounted for under the equity method, as well as PT Weda Bay Nickel as a player in the value chain; • for the Environment, Energy and Society parts: all the Group's sites as providing they meet the following criteria: • Eramet holds a percentage of control in the sense of operational control, • the sites are subject to environmental regulations (permits, code, national regulations). Within this scope, it does not apply to sites: • whose activity is solely administrative (e.g. commercial offices); • in the project or closure phase, when no commercial production is carried out; • since 2016, to sites whose activity is limited to distribution, it being understood that their cumulative impact is less than 0.1% of the Group's total on the main metrics concerned (six sites concerned whose impact is not material). The PT Weda Bay data is incorporated into the sustainability report on a part-by-part basis, but is not included in the consolidated data. 5.1.4.2 Disclosures in relation to specific circumstances [BP-2] First-time application limitations There were several limitations related to the first application of the CSRD directive and the double materiality exercise it requires during the 2024 fiscal year. This first year was marked by uncertainties in interpreting the regulation, the lack of established practices or comparative data, and difficulties with collecting data, especially within the value chain. Regulatory changes The regulatory landscape surrounding CSRD obligations changed significantly in 2025, requiring particular attention regarding the required data for the 2025 financial year and data covered by the official adoption of the “Quick Fix”. This delegated act aims to revise the existing ESRS standards and provides phase-in extensions for Wave 1 companies, applicable for financial years starting on or after 1 January 2025. Eramet remains aligned with the "Quick Fix", reporting the compulsory information for the 2025 financial year, while monitoring future ESRS simplification measures (simplifications possible for the 2026 financial year). Regarding the Green Taxonomy, Eramet Group has decided to apply the simplifications stipulated in the delegated Regulation (EU) 2026/73 published in the Official Journal of the European Union on 8 January 2026 for the 2025 financial year, and therefore uses the new associated regulatory tables. However, the Group does not use the materiality principle introduced by these simplifications, the application of which remains optional. See section 5.2.7 for more information. Methodological changes The double materiality assessment was updated in 2025 to comply with the CSRD obligations. The methodological limitations identified last year were addressed, with in particular: • a scoring performed at the IRO level, • an in-depth analysis of the value chain. Other methodological changes are detailed in section 5.1.3.2.2 "Changes to the double materiality methodology". Other notable methodological adjustments in 2025: • Decarbonisation trajectory aligned with 1.5°C, with a target by 2035 and a differentiated treatment for SLN (see section 5.3.2.2 [E1-1]) • Improvement of the scope 3 calculation in the Group's carbon footprint (see section 5.3.4.3 [E1-6]) • First assessment of biogenic greenhouse gas emissions related to soil condition-changing activities (see section 5.3.4.3 [E1-6]) • Waste from processes is now systematically categorised as hazardous or non-hazardous, regardless of its status under the host country's regulations (see section 5.7.2.3 [E5-5]) • Revised turnover rate calculation methodology (see section 5.8.3.2 [S1-6]) • Adjustments to the gender pay gap by country and the annual pay ratio, published in 2025 for the Group scope, taking into account the theoretical fixed pay and the target bonus (see section 5.8.3.11 [S1-16]) 5 379ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] • Migration to a new tool as part of the assessment of at- risk suppliers (see section 5.9.3.1 [S2-5] • Adjustment of the definitions of the metric relating to jobs created and supported to better reflect the nature of the Group's impacts (see section 5.10.3.3 [S3-5]) Reporting errors in prior periods • Concerning pollution and atmospheric discharges, an incorrect value was identified on the 2024 Sulphur dioxide (SO2) emissions of the Nouméa Power Plant in New Caledonia. The corrected value is given in the results table (see section 5.4.2.2 [E2-4]. • Corrections were made to the quantities of waste declared for the 2024 financial year. They relate to the Norwegian sites of Sauda, where hazardous waste was incorrectly classified as non-hazardous waste, and Kvinesdal, where quantities were declared in wet metric tons instead of dry metric tons. A correction was also made concerning the COMILOG site (Gabon), following an error in the calculation of non-hazardous waste (see section 5.7.2.3 [E5-5]). • A material error related to a duplicate count in the historical data of the metric "young people supported in a training course leading to a qualification" was identified and corrected in 2025, with an impact taken into account in the FY25 consolidation (see section 5.10.3.3 [S3-5]). Availability of applicable data The 2025 financial year continues to be marked by budgetary and resource constraints, impacting the ability to address all of the limitations identified in the previous financial year. Some data, such as anticipated financial effects (E1-E5), quantitative data on "non-employees" (S1-7) and illness- specific data (S1-14), remain in a phase-in until financial year 2027 due to regulatory changes and therefore did not require immediate investment. However, it is important to note an improvement in the availability of data on several topics in 2025, including: • own workforce data now comes directly from the HRIS, putting an end to double reporting (see section 5.8.3.2 [S1-6]) • Water consumption: the rollout of ICMM accounting on sites has been strengthened, allowing better quantification of water discharges and impacting overall consumption (see section 5.5.2.2 [E3-4]) • Societal data: the implementation of a dedicated governance now strengthens the process of reliability of the monitoring and evaluation of the complaints mechanism, dialogue and engagement, the physical and economic displacement of populations, the community health and safety plan and territorial development projects (see section 5.10.3 [S3]). • Supplier payment practices: a new metric has been added (see section 5.11.3.4 [G1-6]) Quantitative and qualitative data requirements Eramet is adopting a prudential approach for this reporting year and is publishing as much reliable qualitative and quantitative information as possible. However, some data still have methodological limitations, in particular: • The approach to substances of concern and substances of very high concern (see section 5.4.2.3) • Payment practices (G1-6): the new metric added in 2025 remains on a limited scope for reasons of data reliability (see section 5.11.3.4 [G1-6]) Estimated applicable data The Group has opted not to publish estimates when the data is not available unless an estimate is considered relevant and robust for the metric concerned. They are then accompanied by clarifications concerning the assumptions considered for their preparation and specified in the Methodology sections of the metrics. For example: to estimate investments related to the deployment of the transition plan for the Group's decarbonisation (see section [E1-1]), or the assessment of financial exposure to the physical risks related to climate change (see section [E1-9]) Access to value chain data As a responsible minority shareholder, Eramet has launched a data collection and reliability project with its partner in PT Weda Bay Nickel. These works have given the Group greater visibility, and it has published several metrics concerning Weda Bay (part of its value chain) in its 2025 report. 380 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] More detailed reporting on the data identified as first-time application limitations for the 2024 financial year is available in the following table: ESRS Description of partial or unavailable information in 2024 Type of data 2025 status E1 Climate change adaptation policy (E1-2) Qualitative The policy remains unchanged and does not address the 2025 adaptation works in detail. Significant current and future financial amounts mobilised for decarbonisation actions, and where applicable their reconciliation with the financial statements and Taxonomy (E1-1 & E1-3) Quantitative & qualitative No declaration in 2025 beyond the assessment of total future investments related to the deployment of the transition plan. In 2026, Eramet will work on establishing a process for identifying and collecting financial information related to material environmental topics for each of the Group's operational sites (including Climate), which will be aligned with the provisions that will result from the finalisation of the Omnibus approach regarding the production of the 2027 Sustainability report. Group commitments on Scope 1, 2, 3 in absolute emissions to 2030 (E1-4) Qualitative Trajectory revised and published in 2025: 1.5°C- aligned, with a target for 2035 (and differentiated treatment of SLN). For scope 3, the decarbonisation objective now includes an intensity target, covering more than two-thirds of the Group's scope 3. Monitoring and traceability of emission coverage through internal carbon pricing (E1-8) Qualitative An analysis is produced concerning the share of investment applications for which the internal carbon price is considered. Expected financial impacts of transition risks and significant physical risks and potential opportunities related to climate change (E1-9) Quantitative & qualitative No publication in 2025; Mandatory for the 2027 reporting year* E2 Percentage of net turnover generated by products and services that are or contain substances of concern Quantitative No publication in 2025; Mandatory for the 2027 reporting year* Anticipated financial effects of pollution impacts (E2-6) Quantitative No publication in 2025; Mandatory for the 2027 reporting year* Expected financial impacts of pollution risks and opportunities and other financial information (E2-6) Quantitative & qualitative No publication in 2025; Mandatory for the 2027 reporting year* E3 & E4 & E5 Expected financial impacts of impacts, risks and opportunities related to water and marine resources (E3-5; E4-6 and E5-6) Quantitative & qualitative No publication in 2025; Mandatory for the 2027 reporting year* S1 Percentage of workers with disabilities (S1-12) Quantitative Compulsory for the 2027 reporting year* Expansion of the scope to include New Caledonia, Norway and Gabon in addition to France in 2025. Quantitative data on “non-employees” (S1-7) Quantitative Compulsory for the 2027 reporting year* Partial publication in 2025. Health-specific quantitative data (S1-14) Quantitative No publication in 2025; compulsory for the 2027 reporting year* Gender pay gap according to the methodology established in the standard (S1-16) Quantitative Publication in 2025 at Group level, taking into account theoretical fixed pay and the target bonus. Annual compensation ratio by country (S1-16) Quantitative Publication in 2024 and 2025 in the France and New Caledonia scope. In addition, publication in 2025 at Group level, taking into account the theoretical fixed pay and the target bonus. G1 Payment practices (G1-6) Quantitative & qualitative Publication on a limited scope in 2025 (data excluding Setrag, EGC and SLN) * "Quick Fix"-related reporting information 5 381ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] Incorporation of information by reference This sustainability report is supplemented by information included in other parts of the Universal Registration Document and listed in the following table: ESRS DR Description of information incorporated by reference Reference(s) Sections ESRS 2 [GOV-1] 21a Number of executive and non-executive members Integrated report / Chapter 3 (Governance) Page 36-38 of the Integrated Report 3.1.1 [GOV-1] 21b Representation of employees and other workers [GOV-1] 21c Experience gained [GOV-1] 21d Gender balance on the Board of Directors [GOV-1] 21e Percentage of board members who are independent [GOV-1] 22a, 22b Composition of the Board Chapter 3 (Governance) 3.1.1Presentation of each member [GOV-1] 23 Expertise and skills of the Board of Directors 3.1.1 [GOV-1] 22a, 22b Composition of the CSR and Strategy Committee 3.1.1Missions, roles and responsibilities of governance bodies [GOV-1] 22a, 22b Membership requirements/validation procedures for operational matters Integrated Report Page 36-38 [GOV-3] 29 Performance criteria under which annual and long-term variable compensation Chapter 3 (Governance) - Say on Pay ex ante 3.2 [GOV-4] 30, 32 Mapping of the information supplied regarding the reasonable due diligence process Chapter 4 (Vigilance plan) 4.6 [GOV-5] 36 Integrated risk management system, internal control and procedure related to IROs Chapter 4 (Risks and environment control factors) Chapter 4 [SBM-1] 42 Explanations on the business model + Value chain Integrated Report Pages 14-15 and 18-19 [SBM-1] 40a i/ii [SBM-1] 40 Description of Eramet’s activities, products and markets Chapter 1 1.2 [SBM-1] 40b Breakdown of total revenue by major sectors Financial statements - Note 5 “Operating performance of the Group’s activities - Segment reporting” Chapter 2 - note 5 [SBM-1] 40g Elements of Eramet’s strategy related to sustainability issues Integrated Report Pages 16-17 [SBM-2] 45a, b Description of stakeholders, their topics of interest, information methods and dialogues /responses provided Integrated Report Pages 26-27 [IRO-1] 53 c iii Correlation between the results of the double materiality and the Group's risk mapping Chapter 4 (Risks and environment control factors) Chapter 4 [IRO-1] 48 f (partially) Detailed results of the roadmap Integrated Report Page 35 ESRS E2 [E2-6] 40b Environmental provisions Financial statements - Note 14 “Provisions” Chapter 2 - note 14 ESRS S1 [S1.SBM-3] 13 Business model Integrated Report Pages 18-19 N/A Green Taxonomy Link to the financial statements Chapter 2 2.1 382 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] As a responsible minority shareholder, Eramet voluntarily discloses qualitative and quantitative information on its subsidiary PT Weda Bay Nickel. The following table lists the sections in which this information is published. In addition, information regarding the controversies relating to PT Weda Bay Nickel is available and updated on the website at the following address: FAQ - Eramet Indonesia. Description Quantitative or qualitative Section Analysis of the physical risk exposure (ESRS 2 - IRO-1) Qualitative 5.3.3.1.1 Decarbonisation action (E1-3) Emissions and energy consumption (E1-6) Qualitative and quantitative 5.3.4.3.8 Biodiversity commitments and objectives (E4-1) Qualitative 5.6.2 5.6.5 Actions and resources related to biodiversity (ESRS 2 MDR-A) Qualitative 5.6.3.4.2 5.6.5 Biodiversity impact metrics (E4-5) Quantitative 5.6.4.2 5.6.5 Quantities of waste (E5-5) Quantitative and quantitative 5.7.3 Workforce (ESRS 2 - SBM-3) Quantitative 5.8.1.1 Safety metrics (S1-14) Quantitative 5.8.3.10 Process for identifying at-risk suppliers (ESRS 2 - SBM-3) Qualitative 5.9.1.1 Actions targeting the management of material impacts, risks and opportunities related to value chain workers [S2-4] Qualitative 5.9.2.4 Material impacts, risks and opportunities and their interaction with the strategy and business model [ESRS 2 SBM-3] Qualitative 5.10.1.1 Community development, regional economic development Qualitative 5.10.1.4 Interaction process with affected communities (S3-2) Qualitative 5.10.2.2 Complaints mechanism (S3-3) Qualitative and quantitative 5.10.2.3 Actions concerning important impacts on affected communities (S3-4) Quantitative and qualitative 5.10.2.4 Performance indicators: contribution to regional economic development Qualitative and quantitative 5.10.3.2 Political influence and lobbying activities [G1-5] Qualitative 5.11.3.3 5.1.4.3 ESRS Disclosure Requirements covered by the Corporate Sustainability report [IRO 2] The Group carried out its double materiality assessment and a gap analysis between the requirements of the ESRS and its internal reports in order to determine the important and relevant information to be published in its 2025 sustainability report. Eramet found that the majority of the disclosure requirements contained in the material matters for the Group were material. Quantitative information that is not available this year will not be published, and the Group is continuing to monitor upcoming regulatory developments. 5.1.4.3.1 Table of contents of the disclosure requirements with which Eramet has complied in preparing the sustainability report ESRS Disclosure Requirement Title of the disclosure requirement Section ESRS 2 BP-1 General basis for preparing sustainability reports 5.1.4.1 ESRS 2 BP-2 Disclosures in relation to specific circumstances 5.1.4.2 ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies 5.1.1.1 ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the Company’s administrative, management and supervisory bodies 5.1.1.2 ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 5.1.1.3 ESRS 2 GOV-4 Statement on due diligence 5.1.1.4 ESRS 2 GOV-5 Risk management and internal controls over sustainability reporting 5.1.1.5 ESRS 2 SBM-1 Strategy, business model and value chain 5.1.2.1 ESRS 2 SBM-2 Interests and views of stakeholders 5.1.2.2 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 5.1.3.2 ESRS 2 IRO-1 Description of procedures for identifying and assessing material impacts, risks and opportunities 5.1.3.1 ESRS 2 IRO-2 ESRS disclosure requirements covered by the corporate sustainability report 5.1.4.3 ESRS E1 GOV-3 Integration of sustainability-related performance in incentive schemes 5.3.1.1 5 383ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] ESRS Disclosure Requirement Title of the disclosure requirement Section ESRS E1 E1-1 Transition plan for climate change mitigation 5.3.2.2 ESRS E1 E1-2 Policies related to climate change mitigation and adaptation 5.3.3.2 ESRS E1 E1-3 Actions and resources in relation to climate change policies 5.3.3.3 ESRS E1 E1-4 Targets related to climate change mitigation and adaptation 5.3.4.1 ESRS E1 E1-5 Energy consumption and mix 5.3.4.2 ESRS E1 E1-6 Gross scopes 1, 2, 3 and Total GHG emissions 5.3.4.3 ESRS E1 E1-7 GHG removals and GHG mitigation projects financed through carbon credits 5.3.4.4 ESRS E1 E1-8 Internal carbon pricing 5.3.4.5 ESRS E1 E1-9 Expected financial impacts of potential material physical and transition risks and opportunities related to climate change 5.3.4.6 ESRS E2 IRO-1 Description of procedures for identifying and assessing material pollution impacts, risks and opportunities 5.4.1.1 ESRS E2 E2-1 Policies related to pollution 5.4.1.2 ESRS E2 E2-2 Actions and resources related to pollution 5.4.1.3 ESRS E2 E2-3 Pollution-related targets 5.4.2.1 ESRS E2 E2-4 Pollution of air and water 5.4.2.2 ESRS E2 E2-5 Substances of concern and substances of very high concern 5.4.2.3 ESRS E2 E2-6 Expected financial impacts of pollution impacts, risks and opportunities 5.4.2.4 ESRS E3 IRO 1 Description of procedures for identifying and assessing material impacts, risks and opportunities related to water and marine resources 5.5.1.1 ESRS E3 E3-1 Policies related to water and marine resources 5.5.1.2 ESRS E3 E3-2 Actions and resources related to water and marine resources 5.5.1.3 ESRS E3 E3-3 Targets related to water and marine resources 5.5.2.1 ESRS E3 E3-4 Water consumption 5.5.2.2 ESRS E3 E3-5 Expected financial impacts of impacts, risks and opportunities related to water and marine resources 5.5.2.3 ESRS E4 E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model 5.6.2 ESRS E4 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 5.6.3 ESRS E4 IRO-1 Description of procedures for identifying and assessing material impacts, risks and opportunities related to biodiversity and ecosystems 5.6.3.2 ESRS E4 E4-2 Targets related to biodiversity and ecosystems 5.6.3.3 ESRS E4 E4-3 Actions and resources related to biodiversity and ecosystems 5.6.3.4 ESRS E4 E4-4 Targets related to biodiversity and ecosystems 5.6.4.1 ESRS E4 E4-5 Impact metrics related to the alteration of biodiversity and ecosystems 5.6.4.2 ESRS E4 E4-6 Expected financial consequences of biodiversity and ecosystem-related impacts, risks and opportunities 5.6.4.3 ESRS E5 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities 5.7.1.1 ESRS E5 E5-1 Policies related to resource use and circular economy 5.7.1.2 ESRS E5 E5-2 Actions and resources related to resource use and circular economy 5.7.1.3 ESRS E5 E5-3 Targets related to resource use and circular economy 5.7.2.1 ESRS E5 E5-4 Incoming resources 5.7.2.2 ESRS E5 E5-5 Outgoing resources 5.7.2.3 ESRS E5 E5-6 Anticipated financial effects from impacts, risks and opportunities related to using resources and the circular economy 5.7.2.4 ESRS S1 SBM-2 Interests and views of stakeholders 5.8.2.2 ESRS S1 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 5.8.1.1 ESRS S1 S1-1 Company workforce policies 5.8.2.1 ESRS S1 S1-2 Processes for engaging with own workforce and workers' representatives about impacts 5.8.2.2 384 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] ESRS Disclosure Requirement Title of the disclosure requirement Section ESRS S1 S1-3 Procedures for remedying negative impacts and channels for company workers to raise concerns 5.8.2.3 ESRS S1 S1-4 Actions taken to address material impacts, risks and opportunities for the company’s workforce 5.8.2.4 ESRS S1 S1-5 Targets related to the management of material impacts, risks and opportunities 5.8.3.1 ESRS S1 S1-6 Characteristics of the undertaking’s employees 5.8.3.2 ESRS S1 S1-7 Characteristics of non-employees in the Company’s workforce 5.8.3.3 ESRS S1 S1-8 Collective bargaining coverage and social dialogue 5.8.3.4 ESRS S1 S1-9 Diversity metrics 5.8.3.5 ESRS S1 S1-10 Living wages 5.8.3.6 ESRS S1 S1-11 Social protection 5.8.3.7 ESRS S1 S1-12 Employees with disabilities 5.8.3.8 ESRS S1 S1-13 Training and skills development metrics 5.8.3.9 ESRS S1 S1-14 Health and safety metrics 5.8.3.10 ESRS S1 S1-15 Work-life balance metrics 5.8.3.11 ESRS S1 S1-16 Metrics related to the pay gap and total compensation 5.8.3.12 ESRS S1 S1-17 Serious human rights cases, complaints and impacts 5.8.3.13 ESRS S2 SBM-2 Interests and views of stakeholders 5.9.2.2 ESRS S2 SBM-3 Material impacts, risks and opportunities and interaction with strategy and business model 5.9.1.1 ESRS S2 S2-1 Policies related to value chain workers 5.9.2.1 ESRS S2 S2-2 Processes for engagement concerning impacts on workers in the value chain 5.9.2.2 ESRS S2 S2-3 Processes to remediate negative impacts and channels to enable workers in the value chain to raise their concerns 5.9.2.3 ESRS S2 S2-4 Actions taken to manage material impacts, risks and opportunities concerning workers in the value chain 5.9.2.4 ESRS S2 S2-5 Targets related to the management of material impacts, risks and opportunities 5.9.3.1 ESRS S3 SBM-2 Interests and views of stakeholders 5.10.2.2 ESRS S3 SBM-3 Material impacts, risks and opportunities and interaction with strategy and business model 5.10.1.1 ESRS S3 S3-1 Policies related to affected communities 5.10.2.1 ESRS S3 S3-2 Process of interaction regarding impacts with affected communities 5.10.2.2 ESRS S3 S3-3 Procedures to address negative impacts and channels so that affected communities can raise their concerns 5.10.2.3 ESRS S3 S3-4 Actions regarding material impacts, risks and opportunities for affected communities 5.10.2.4 ESRS S3 S3-5 Targets related to the management of material impacts, risks and opportunities 5.10.3.1 ESRS G1 GOV-1 The role of the administrative, management and supervisory bodies 5.11.1.1 ESRS G1 IRO-1 Description of procedures for identifying and assessing material impacts, risks and opportunities 5.11.2.1 ESRS G1 G1-1 Corporate culture and business conduct policies 5.11.2.2 ESRS G1 G1-2 Management of relationships with suppliers 5.11.2.5 ESRS G1 G1-3 Prevention and detection of corruption and bribery 5.11.2.7 ESRS G1 G1-4 Confirmed incident of corruption or bribery 5.11.3.2 ESRS G1 G1-5 Political influence and lobbying activities 5.11.3.3 ESRS G1 G1-6 Payment practices 5.11.3.4 5 385ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] 5.1.4.3.2 Table of contents of data points arising from other EU legislation Disclosure requirement and related data point SFDR reference Pillar 3 reference Reference index regulation Reference European law on the climate Section of the sustainability report ESRS 2 GOV-1 Gender diversity of governance bodies paragraph 21 (d) Indicator No. 13, Table 1, Annex I Annex II of Commission Delegated Regulation (EU) 2020/1816; 5.12 ESRS 2 GOV-1 Percentage of independent directors paragraph 21 (e) Annex II of Commission Delegated Regulation (EU) 2020/1816 5.12 ESRS 2 GOV-4 Due diligence statement paragraph 30 Indicator No. 10, Table 3, Annex I 5.1.1.4 ESRS 2 SBM-1 Participation in fossil fuel- related activities paragraph 40 (d) (i) Indicator 4, Table 1, Annex I Article 449 bis of Regulation (EU) no. 575/2013; Commission Implementing Regulation (EU) 2022/2453, Table 1: Qualitative information on environmental risk and Table 2: Qualitative information on social risk Annex II of Commission Delegated Regulation (EU) 2020/1816 5.1.2 ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) (ii) Indicator No. 9, Table 2, Annex I Annex II of Commission Delegated Regulation (EU) 2020/1816 5.1.2 ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40, point (d) iii) Indicator No. 14, Table 1, Annex I Article 12, paragraph 1 of Delegated Regulation (EU) 2020/1818 Annex II of Delegated Regulation (EU) 2020/ 1816 5.1.2 5.1.4.3.3 Cross-reference table with applicable regulatory texts Disclosure requirement and related data point SFDR reference Pillar 3 reference Reference index regulation Reference European law on the climate Section of the sustainability report ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) (iv) Delegated Regulation (EU) 2020/1818, Article 12, paragraph 1 of Delegated Regulation (EU) 2020/1816 Annex II. 5.1.2.1 ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 Article 2, paragraph 1 of Regulation (EU) 2021/1119 5.3.2.2 ESRS E1-1 Companies excluded from the “Paris Agreement” benchmarks paragraph 16 (g) Article 449 bis Regulation (EU) No. 575/2013, Commission Implementing Regulation (EU) 2022/2453, model 1: Banking portfolio - Climate change transition risk: Credit quality of exposures by sector, issues and residual maturity Article 12, paragraphs 1, points (d) to (g), and Article 12, paragraph 2 of Delegated Regulation (EU) 2020/1818 5.3.2.2 386 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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General information [ESRS 2] SUSTAINABILITY REPORT General information [ESRS 2] Disclosure requirement and related data point SFDR reference Pillar 3 reference Reference index regulation Reference European law on the climate Section of the sustainability report ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator 4, Table 2, Annex I Article 449 bis Regulation (EU) No. 575/2013, Commission Implementing Regulation (EU) 2022/2453, model 3: Banking portfolio - Climate change transition risk: alignment metrics Article 6 of Delegated Regulation (EU) 2020/ 1818 5.3.4.1 ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Indicator No. 5, Table 1, and Indicator No. 5, Table 2, Annex I 5.3.4.2 ESRS E1-5 Energy consumption and energy mix paragraph 37 Indicator No. 5, Table 1, Annex I 5.3.4.2 ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraph 40 to 43 Indicator No. 6, Table 1, Annex I 5.3.4.2 ESRS E1-6 Gross scopes 1, 2, 3 and Total GHG emissions paragraph 44 Indicators No. 1 and No. 2, Table 1, Annex I Article 449 bis of Regulation (EU) no. 449/449, No. 575/2013, Commission Implementing Regulation (EU) 2022/2453, model 1: Banking portfolio - Climate change transition risk: Credit quality of exposures by sector, issues and residual maturity Article 5 (1), Article 6 and Article 8, paragraph 1 of Delegated Regulation (EU) 2020/1818 5.3.4.3 ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 Indicator No. 3, Table 1, Annex I Article 449 bis of Regulation (EU) No. 575/2013, Commission Implementing Regulation (EU) 2022/2453, model 3: Banking portfolio - Climate change transition risk: alignment metrics Article 8, paragraph 1 of Delegated Regulation (EU) 2020/1818 5.3.4.3 ESRS E1-7 GHG removals and carbon credits paragraph 56 Article 2, paragraph 1 of Regulation (EU) 2021/1119 5.3.4.4 ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 Annex II of Delegated Regulation (EU) 2020/ 1818, Annex II of Delegated Regulation (EU) 2020/ 1816 5.3.4.6 ESRS E1-9 Breakdown of the carrying amount of the Company’s real estate assets by energy efficiency class paragraph 67 (c) Article 449 bis of Regulation (EU) No. 575/2013, Commission Implementing Regulation (EU) 2022/2453, paragraph 34, model 2: Banking portfolio - Transition risk related to climate change: Loans secured by real estate assets - Energy efficiency of collateral 5.3.4.6 5 387ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT General information [ESRS 2] Disclosure requirement and related data point SFDR reference Pillar 3 reference Reference index regulation Reference European law on the climate Section of the sustainability report ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 Annex II of Commission Delegated Regulation (EU) 2020/1818 5.3.4.6 ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil paragraph 28 Indicator No. 8, Table 1, Annex I; indicator No. 2, table 2, annex I, indicator No. 1, table 2, annex I; Indicator No. 3, Table 2, Annex I 5.4.2.2 ESRS E3-1 Water and marine resources paragraph 9 Indicator No. 7, Table 2, Annex I 5.5.1.2 ESRS E3-1 Policy on the matter paragraph 13 Indicator No. 8, Table 2, Annex I 5.5.1.2 ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator 12, Table 2, Annex I 5.5.1.2 ESRS E3-4 Total percentage of water recycled and reused paragraph 28 (c) Indicator No. 6.2, Table 2, Annex I 5.5.2.2 ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29 Indicator 6.1, Table 2, Annex I 5.5.2.2 ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator No. 7, Table 1, Annex I 5.6.3.2 ESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator No. 10, Table 2, Annex I 5.6.3.2 ESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator No. 14, Table 2, Annex I 5.6.3.2 ESRS E4-2 Sustainable land/agricultural practices or policies paragraph 24 (b) Indicator 11, Table 2, Annex I 5.6.3.3 ESRS E4-2 Sustainable oceans/seas practices or policies paragraph 24 (c) Indicator 12, Table 2, Annex I 5.6.3.3 ESRS E4-2 Policies to combat deforestation paragraph 24 (d) Indicator No. 15, Table 2, Annex I 5.6.3.3 388 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Strong environmental management [Environmental ESRS ] SUSTAINABILITY REPORT Strong environmental management [Environmental ESRS ] ENVIRONMENTAL INFORMATION 5.2 Strong environmental management [Environmental ESRS ] 5.2.1 Vision and commitment framework The Group's environmental strategy is fully aligned with the CSRD and ESRS standards, consistent with the results of the double materiality assessment. This assessment has enabled material impacts, risks and opportunities related to the Group's activities to be identified, which are structured around five priorities: • ESRS E1 – Climate change: mitigate greenhouse gas emissions and strengthen resilience to physical and transition risks; • ESRS E2 – Pollution: control atmospheric emissions and water discharges, manage hazardous substances and prevent accidental pollution; • ESRS E3 – Water and marine resources: ensure sustainable water management and protect aquatic environments; • ESRS E4 – Biodiversity and ecosystems : preserve, restore and offset ecosystems affected by mining and industrial activities; • ESRS E5 – Resource use and circular economy: optimise resource use, reduce waste and promote circularity. These priorities contribute directly to the United Nations Sustainable Development Goals (SDGs): SDG 6 (Clean water and sanitation), SDG 12 (Responsible consumption and production), SDG 13 (Climate action), SDG 14 (Life below water), SDG 15 (Life on land) and SDG 17 (Partnerships for the Goals) . 5.2.2 Governance and environmental steering The management of the environmental strategy is based on structured governance and a global network of experts: • The Environment Department establishes the short-, medium- and long-term strategy, sets the objectives and supervises their implementation. It draws up environmental key standards and ensures that they comply with international standards (ISO 14001, IRMA) and regulatory requirements. It coordinates the network of environmental experts and manages theme-based communities (water management, biodiversity, atmospheric emissions, etc.). In total, the Group has nearly 200 people working in operational roles and as experts in the Environment and Climate functions. • Each Site Manager holds environmental responsibility within their scope, guaranteeing regulatory compliance and the application of internal standards. 5.2.3 Structuring policies, guidelines and commitments The Group has drawn up an Environmental Policy (available at www.eramet.com), updated in 2023, which is supplemented by an Energy and Climate Policy and an "Environmental Management" Key Standard applicable to all employees. This policy is based on five fundamental commitments: • Strict compliance with environmental laws and regulations; • Implementation of high-performance management systems (ISO 14001, IRMA) on all sites; • Integration of environmental issues from the design stage of projects; • Contribution to the energy transition and the circular economy through a more efficient use of resources; • The voluntary and continuous minimisation of the Group’s environmental footprint. In addition to this generic Key Standard, theme-based environmental standards have been established or are being developed. Aligned with the most demanding international standards (IFC(1), IRMA(2) ), they integrate European regulations (in particular CSRD), the work carried out by the Group's communities of experts and the internal commitments made as part of the CSR roadmap "Act for Positive Mining". Applicable to all sites, these standards establish the "must haves" and best practices or the "nice to haves" for each environmental theme in a detailed and operational manner. Used as a reference during self- assessments or environmental audits, they facilitate the identification of gaps and the establishment of (1) IFC: International Finance Corporation. (2) IRMA: The Initiative for Responsible Mining Assurance. 5 389ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Strong environmental management [Environmental ESRS ] continuous improvement action plans. They will provide a consolidated view of the deployment of action plans and of progress made. This work is carried out in close collaboration with the teams of the Technical Department and of the operational sites. The main theme-based performance standards were developed, tested and presented to the entire environmental network in 2025. They are currently being deployed and the assessment of the maturity of the sites on the basis of this standard performance will continue in 2026. Compliance with the IRMA standard for mining sites by 2027 reinforces this requirement, ensuring compliance with international best practices in water, biodiversity, waste management and social performance. 5.2.4 Cross-functional processes and environmental management system The Group's environmental management system is based on three main levers: • Harmonised internal standards : each environmental topic (climate, water, biodiversity, waste, circular economy) is the subject of a standard detailing the minimum requirements and best practices, based on the IFC and IRMA benchmarks. • A robust reporting system : more than 200 environmental indicators are monitored according to their criticality, and consolidated and audited to guarantee reliability and transparency. • Regular audits and controls: ISO 14001 audits, IRMA audits and internal audits targeted on specific topics. The discrepancies identified result in corrective action plans that are monitored at the corporate level. All industrial and mining sites are committed to ISO 14001 certification. At the end of 2025, all of the Group's industrial and mining sites had been certified, except newly commissioned sites, which are scheduled for certification before 2026. 5.2.5 Continuous improvement and contribution to the SDGs The Group's environmental approach is based on continuous improvement, combining innovation, operational rigour and dialogue with stakeholders. The progress made contributes directly to the Sustainable Development Goals: • SDG 6: responsible water management and protection of aquatic environments; • SDG 12: integration of circularity and waste reduction; • SDG 13: climate change mitigation and site adaptation; • SDG 14: protection of marine and coastal resources; • SDG 15: restoration of ecosystems and preservation of biodiversity; • SDG 17: multi-stakeholder partnerships for the deployment of best environmental practices. Topical ESRS Description Associated SDGs E1 - Climate change Mitigation and adaptation 13, 17 E2 - Pollution Emission reduction and control 6, 12, 14, 15 E3 - Water and marine resources Sustainable management of water and marine environments 6, 14 E4 - Biodiversity and ecosystems Preservation and restoration of natural environments 15, 17 E5 - Resource use and circular economy Optimisation of flows, waste reduction, circularity 12, 17 390 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Strong environmental management [Environmental ESRS ] SUSTAINABILITY REPORT Strong environmental management [Environmental ESRS ] 5.2.6 Integration of the value chain 5.2.6.1 Responsible procurement Eramet is committed to a responsible procurement policy, which aims to only work with suppliers offering products or services that meet environmental, ethical and social criteria, whilst remaining highly competitive. To this end, the Group has published a Responsible Procurement Policy (see section 5.9.2.1.1 "Reference framework and human rights in the value chain") – available on the website – covering Eramet's main commitments and the terms and conditions for implementing its commitments (e.g.: CSR criteria in calls for tenders). In addition, the Group has established a procedure for assessing its suppliers on CSR, ethics, environment, safety and financial aspects (Know Your Supplier procedure). This procedure sets out the pillars of the Responsible Procurement policy and describes the procedure to be followed when the Group wishes to initiate or maintain a commercial relationship with a supplier. 5.2.6.2 Relationships with customers As part of its commitment to continuous improvement and dialogue with its stakeholders, in 2025, Eramet factored in the changing expectations of its customers, who are facing increased requirements in terms of traceability and reporting. The Group has strengthened its skills in life cycle assessment (LCA) to support them in implementing their climate commitments and developing low-carbon products. Eramet has had its LCAs carried out by specialised external firms since 2021. In 2025, the Group chose to internalise this skill in order to strengthen its methodological expertise and improve the responsiveness, accuracy and relevance of its environmental assessments. This evolution also enables costs to be reduced and the analyses adapted to the specific needs of each customer or project. The first LCAs to be performed internally follow a "cradle-to- gate" scope and cover the Group's manganese alloys and will be followed by LCAs of other ores and alloys produced by Eramet. Eramet submits its studies to independent verification by recognised third-party experts in accordance with ISO 14040 and 14044 standards in order to guarantee the robustness and reliability of its LCA. This approach attests to the quality and reliability of the results, thus strengthening the confidence of its stakeholders. While the main requests to date have focused on carbon performance and climate change impacts, LCA also enables Eramet to assess other environmental indicators: water consumption, land use, terrestrial and marine eutrophication, etc., offering a global and robust view of the environmental performance of its products. As a decision-making tool, the LCA helps to guide R&D, strengthen cooperation with partners in the value chain and anticipate changes in European regulatory requirements. The data and results from these analyses are now integrated into the EraTrace platform, which Eramet launched to ensure complete and transparent traceability of its metals, particularly on environmental criteria. 5.2.7 Green Taxonomy 5.2.7.1 Context 5.2.7.1.1 Regulatory environment The European Union published European Regulation 2020/ 852 of 18 June 2020 (commonly known as the "European Taxonomy") establishing a framework to promote sustainable investment within the European Union (EU). The European Taxonomy of sustainable activities, or "Taxonomy", is a list of economic activities considered to be environmentally sustainable based on demanding technical criteria. These regulations require companies to annually publish the proportion of their turnover, capital expenditure (CapEx) and operating expenditure (OpEx) that contribute to the following 6 environmental objectives: • Climate change mitigation; • Climate change adaptation; • Protection and sustainable use and protection of water and marine resources; • Transition to a circular economy, waste prevention and recycling; • Pollution prevention and control; • Protection and restoration of biodiversity and ecosystems. There are two concepts in the Taxonomy framework: "Eligibility", which means that the activity is regarded as capable of being sustainable (first level of analysis) because it is included in the list of activities specified by the EU, while "alignment" means that the company's activity satisfies the technical screening criteria defined by the Taxonomy Regulation (second level of analysis), thus making it a sustainable activity. Companies must publish their proportions of turnover, CapEx and OpEx which are eligible and aligned with all six of these objectives. For the 2025 financial year, Eramet Group decided to apply the simplifications provided for in Delegated Regulation (EU) 2026/73 published in the Official Journal of the European Union on 8 January 2026 and as such is using the new associated regulatory tables. However, the Group is not applying the materiality principle introduced by these simplifications, whose application remains optional. 5 391ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Strong environmental management [Environmental ESRS ] 5.2.7.1.2 Application to Eramet’s activities Based on an analysis of the regulations published to date, only the turnover related to Setrag's Gabonese rail transport activity, for which technical review criteria have been published, has been identified as eligible in relation to climate change mitigation. The mining and primary ore processing activities are not considered as Taxonomy- eligible activities. However, the Group reports eligible and aligned CapEx relating to purchases from the Taxonomy’s listed economic activities. However, it should be emphasised that a large proportion of Eramet's current and planned activities (lithium, nickel and manganese) contribute to the energy transition and therefore could be considered to contribute to the fight against climate change. This applies in particular to nickel and lithium production for manufacturing batteries and energy storage. Going beyond the reporting requirements of the Taxonomy Regulation, Eramet is also deploying its Act for Positive Mining roadmap with the aim of limiting its impacts and those of its value chain (see section 5.1.3.2.5 The Group's CSR strategy: Act for Positive Mining). This is a reflection of the desire to create a positive impact for its stakeholders and its ecosystem wherever possible, and to foster a positive and responsible mindset and a sense of purpose amongst its teams, focused on continually improving practices to meet the highest standards in the sector. 5.2.7.2 Methodology The financial data reported for the 2025 financial year were extracted from the consolidation system used to prepare the Group's consolidated financial statements when they were clearly identifiable. An in-depth analysis of CapEx was conducted with all Eramet subsidiaries to identify the components generated by expenses relating to the purchase of products from eligible or aligned activities, or individual measures related to eligible activities listed in Annexes I and II of the Delegated Climate Acts. This analysis, conducted jointly by the teams at the head office and in Eramet's subsidiaries on the CapEx identified as eligible, from data reported in the financial consolidation tool enabled the proportion of eligible and aligned CapEx to be determined. Eramet conducted a check to avoid double counting in relation to the numerator when attributing turnover and CapEx. Each piece of data was analysed to ensure that it only appeared once in the data reporting. The Group's CapEx alignment rate is low because the criteria used by the Green Taxonomy to judge whether an activity is aligned are very exacting and difficult to apply in countries outside Europe. All the data presented in the Taxonomy is aligned with the Group's financial statements (see Chapter 2 "Consolidated and individual financial statements"). 5.2.7.2.1 Substantial technical contribution criteria Eramet checked that the substantial contribution criteria were satisfied for all the Taxonomy key performance indicators that the Group considers are aligned. Activity CCM 4.29: Investment to improve energy efficiency and reduce emissions at the ferromanganese processing plant in Norway. This project concerns the installation of a gas engine that uses the gas from the furnace to produce electricity and heat energy. Activity CCA 7.2: Capital expenditure consists of carrying out renovation works to reduce the energy consumption of buildings while making them more resilient to the hazards of climate change. The substantial contribution criteria were met; for example, aligned renovations meet the criterion of a 30% improvement in energy efficiency compared to the building before renovation. 5.2.7.2.2 Does not harm the five other Taxonomy objectives (“DNSH”) Eramet checked compliance with DNSH (Do No Significant Harm) criteria for all of the Taxonomy's key performance indicators. Activities CCM 4.29 and CCM 7.2: the CapEx that are considered to be aligned do not undermine the other five objectives of the Taxonomy. Eramet has not identified any physical climate change risks or material environmental impacts. 5.2.7.2.3 Check that Minimum Safeguards (“MS”) are respected The Group satisfies the requirements of the minimum safeguards recommended by the report of the European Platform on Sustainable Finance (PSF) concerning Human Rights, corruption/bribery, competition law and taxation. Several procedures have been set up across the Group and its value chain to meet these requirements, including: • The Human Rights Policy, which sets out the Group's commitment to promote and respect the fundamental principles of internationally recognised human rights, as laid down in the International Bill of Human Rights, the core conventions of the International Labour Organisation, the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises (see 5.8.2.1.4 Human Rights Policy); • The Ethics Charter covering human rights issues such as discrimination, health, safety and harassment, as well as reliable and fair trading (see 5.11.2.2 Corporate culture and business conduct policies) [G1-1]); • The Supplier Code of Conduct, which reiterates the Group’s commitments to human rights (citing the Ethics Charter and Policy) signed by suppliers who work or wish to work with Eramet (see 5.9.2.1.1 Guidelines and human rights in the value chain); 392 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Strong environmental management [Environmental ESRS ] SUSTAINABILITY REPORT Strong environmental management [Environmental ESRS ] • The Anti-Corruption Policy and Guide, which lays down the Group’s commitments in this area, Sapin II law reference document (see 5.11.2.2 Corporate culture and business conduct policies [G1-1]); • The tax policy that governs the tax function and the management of associated risks. Internal procedures, including key control mechanisms, have also been set up jointly with the Internal Audit Department, notably to ensure respect of tax obligations (see 5.11.2.4 Financial integrity). In order to better integrate international human rights standards (e.g. the United Nations Guiding Principles – UNGP) and the French law relating to the duty of care, Eramet performed a more detailed human rights risk mapping than in previous years. This enabled all sites to have a map of human rights risks as well as an associated action plan. For more information, see sections 5.8 "Own workforce [ESRS S1]" and 5.9 "Workers in the value chain [ESRS S2]". In addition, no convictions or violations were recorded during the year that would call into question compliance with the minimum safeguards. 5.2.7.3 Turnover The Group's main activities (mining), despite their contribution to the energy transition, are not described in the current delegated acts at this time. According to the analysis of the published texts of the Green Taxonomy, only the Gabonese rail transport activity of Setrag, for which technical screening criteria have been published, is identified as eligible under the climate change mitigation objective. The mining and primary ore processing activities are not considered as Taxonomy- eligible activities. In point of fact: • Ferroalloy production activities are classified under NACE code C24.10, which is explicitly included in the two annexes of the climate objectives. However, the production of manganese and nickel alloys and titanium dioxide is not considered an eligible activity. However, there is no reason why it could not, in the future, join iron, steel and aluminium production, which are already eligible and potentially aligned activities. • The primary ore transformation activity accounted for around 51.2% of the Group’s total turnover in 2025; • Mining activities, including those involving energy transition metals, are not considered eligible for the Taxonomy in terms of climate objectives, because their contribution to these metrics is not considered to be significant. They accounted for around 44.6% of total turnover in 2025. Eramet posted turnover of €72 million in 2025 for activity CCM 6.2 freight rail transport, representing 2.6% of the Group's consolidated turnover. Given the high level of the alignment criteria and the geographical location of the activities, alignment could not be demonstrated at this stage. This percentage is stable compared with last year, because the turnover of the activity CCM 6.2 Freight rail transport was €65 million in 2024, i.e. 2.2% of the Group’s turnover in 2024. As described in Annex I of the Article 8 Delegated Act of the Taxonomy Regulation, the Taxonomy-eligible turnover used as the denominator is consolidated net turnover recognised in accordance with IAS 1.82(a) after eliminating intra-group transactions. Revenue is presented in the financial statements in section 2, "Consolidated financial statements and individual financial statements”. 5.2.7.4 CapEx Eramet reported a rate of eligible CapEx of 26.99% and a rate of aligned CapEx of 1.54% in 2025 (details of eligible activities are presented below in the appendix to section 5.12.1.1. "Summary of results"). This low alignment rate is due to the difficulty of meeting all the technical screening criteria established by the Taxonomy in countries outside Europe. In addition, the Group is making a number of investments related to its freight rail transport activities, which is an eligible activity, but the alignment criteria cannot be fully met for this activity. In 2024, the rate of eligible CapEx was 22.64% and the alignment rate was 1.49%. The alignment rates were similar between 2024 and 2025. During the year, the Group worked on the reporting of Taxonomy data by improving collection in its financial tool and developing a reporting procedure as well as training for sites. The CapEx metric was calculated by applying the following ratio: eligible/aligned CapEx divided by total consolidated CapEx, with: • Numerator: • CapEx related to eligible or aligned activities, • Expenditure related to the purchase of products from eligible or aligned activities, • Individual measures to improve energy efficiency. • Denominator: • Acquisitions of fixed assets before impairment, depreciation and fair value revaluation, • Acquisitions resulting from business combinations, • Acquisition of rights-of-use IFRS 16. 5 393ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Strong environmental management [Environmental ESRS ] 5.2.7.5 OpEx The share of Eramet’s Taxonomy-eligible OpEx totalled 8%, the same as 2024 (the amount of eligible OpEx was €202 million out of a total of €2,662 million in OpEx for the Group). As this ratio is less than 10% and the Group does not have any eligible activities with regard to turnover, Eramet has opted to apply the materiality exemption and publish a zero OpEx metric. As a reminder, the types of OpEx considered by the Taxonomy correspond to direct costs that are not capitalised, including R&D, building renovation, short-term leases presented in the income statement, maintenance and repair costs, and other costs related to the ongoing maintenance of property, plant and equipment required for their proper operation. 5.2.7.6 Reconciliation with the financial statements In millions of euros References to the financial statements TOTAL GROUP TURNOVER 2,753 2.1 INCOME STATEMENT TABLE TOTAL GROUP CAPEX (473) 11.1 Acquisition of non-current assets TOTAL GROUP OPEX (2,662) External expenses (maintenance services, furniture and property rent, and leases) (1,037) 2.1 Income statement table Raw materials and purchases consumed (1,012) Personnel cost (595) Taxes (18) 5.2.7.7 Outlook Eramet continues to improve its understanding and knowledge of the Taxonomy Regulation. In 2025, Eramet reviewed and streamlined the Taxonomy data collection process in its financial consolidation tool, rolled out awareness-raising actions at the sites, and initiated work to improve the process and the quality of this data. 5.2.7.8 Summary of results For a summary of the results for the 2025 financial year, see section 5.12.1 "Green Taxonomy" in the appendix. 394 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3 Climate Change [ESRS E1] 5.3.1 Governance 5.3.1.1 Integration of sustainability-related performance in incentive schemes [ESRS 2 GOV- 3] The compensation policy for the Chief Executive Officer, members of the Executive Committee and other senior executives explicitly includes climate performance in their annual variable (STI) and long-term variable (LTI) components. The general principles applicable to all employees are detailed in section 3.2 "Information on compensation of management and administrative bodies"; they are associated with the achievement of intermediate targets for each climate metric of the Act For Positive Mining roadmap by the end of 2025, as detailed in section 5.3.4 "Metrics and Targets". Climate considerations are integrated as follows: 5.3.1.1.1 Rules for the Chief Executive Officer and the Executive Committee Annual variable compensation (STI) 75% of the STI is based on collective objectives, including: • 5% directly dedicated to decarbonisation; • 15% linked to the CSR roadmap, of which 4 out of 28 metrics are specifically associated with climate performance. Long-term variable compensation (LTI) The climate metrics are identical for the Chief Executive Officer and the members of the Executive Committee: • 5% dedicated to decarbonisation; • 20% linked to the CSR roadmap, of which 4 out of 28 metrics relate to decarbonisation. Given the weight of variable portion in their total compensation, climate-related metrics account for: • for the Chief Executive Officer: • 4.6% of his total target compensation; • 6.7% of his target variable compensation. • for members of the Executive Committee: • Between 3.7% and 3.9% of their total target compensation • Between 6.5% and 6.6% of their target variable compensation These levels reflect the importance Eramet gives to social and environmental responsibility in corporate governance. 5.3.1.1.2 Rules for other senior executives Annual variable compensation (STI) 65% of the STI is based on collective objectives, including: • 20% linked to the CSR roadmap (4 out of 28 metrics associated with decarbonisation) Long-term variable compensation (LTI) The climate metrics are aligned with those of the Chief Executive Officer: • 5% dedicated to decarbonisation; • 20% linked to the CSR roadmap (4 out of 28 metrics concern decarbonisation). 5 395ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.2 Strategy 5.3.2.1 Material impacts, risks and opportunities and their interaction with the strategy and business model [ESRS-2 | SBM-3] Climate change is a global, systemic and long-term issue likely to have a lasting impact on ecosystems, societies and business models. Aware of its responsibility as an international mining and metallurgical player, Eramet aligns its action with the international goals to combat climate change, in particular those established by the Paris Agreement, and contributes to achieving United Nations Sustainable Development Goal No. 13. on the fight against climate change and adaptation to its impacts. The Group has been participating in the Carbon Disclosure Project (CDP) since 2018, a leading initiative in terms of climate transparency. In 2025, Eramet obtained a CDP score of level A-, which reflects the maturity of its climate governance, the robustness of its strategy and the quality of its reporting. This performance positions the Group above the average for its sector. Eramet's(1) climate questionnaire, developed in this context, is publicly available on the Group's website. Eramet's climate strategy is part of a global approach to contributing to global carbon neutrality, based on two complementary levers. (i) Reduce: decarbonise operations and the value chain (Scopes 1, 2 and 3) The transition to a low-carbon economy is a key challenge for the Group's activities. Eramet implements a strategy to reduce its direct and indirect emissions based on an in- depth analysis of its entire value chain, integrating mining and industrial activities and interactions with its suppliers and customers. (ii) Scale up: Contribute to the deployment of climate solutions at scale. Eramet is convinced of the structuring role of commodity producers in the global energy transition, in particular for the supply of critical metals. The strategic and managerial transformation programme undertaken by the Group since 2018 has strengthened its competitiveness and placed its development in a perspective of long-term value creation. The Group's strategy is currently based on two complementary approaches: • the production of metals contributing to global economic development, • the expansion and development of its portfolio of metals which are critical to the energy transition. These markets are experiencing sustained growth, driven in particular by the needs related to the electrification of uses. In this context, the Centenario site, which produces battery-grade lithium carbonates, began production in 2025. In addition to its contribution to climate change mitigation, Eramet is increasingly integrating the physical effects of climate change into its strategy, assessing their potential impacts on its assets, business continuity, productivity and the destination markets for its products. The Group's global risk mapping formalizes the inclusion of climate-related risks, whether physical or transitional, and is updated annually. The results of the updated double materiality exercise are presented in subsection 5.1.3.2.1 "Description of Eramet's sustainability issues, impacts, risks and opportunities (IRO)". They highlight several significant climate change-related IROs, some of which are already the subject of risk analyses and dedicated action plans. (1) on the Group's website 396 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] IRO Nature of risk(1) Scope covered by the risk analysis Date of the risk analysis Focus on the risk analysis Climate change mitigation I+: Positive impacts related to the production of metals necessary for the energy transition TR Mn, Ni, Li metal markets Scope 3 downstream 2021 Study of transition risks: Key Elements: Eramet's metals, in particular nickel, lithium and manganese, are essential metals for developing energy transition technologies and for fighting against climate change Reference scenarios: The scenario adopted to perform this analysis is the International Energy Agency’s (IEA) 2°C Scenario with carbon capture and storage, called 2DS. Horizons: 2030 and 2050 I-: Negative impacts connected to CO₂ emissions (Scopes 1, 2, 3) PR Mn, Ni, Li metal markets Scopes 1, 2, and Scope 3 downstream Upstream Scope 3 is excluded 2025 Development of a 1.5°C target trajectory Key Elements: Faced with the limits of existing methodologies, Eramet has developed with the firm I Care by Bearing Point an alternative science-based decarbonisation framework aligned with a 1.5°C trajectory. This framework aims to improve how the specificities of the mining and metallurgical sector are taken into account, in particular the difficulty of decarbonising certain activities and the strategic role of materials essential to the energy transition. Reference scenarios: IEA Net Zero Emissions (NZE), IEA trajectory for the heat sector in the NZE scenario, "Below 2°C" scenario in the SBTi SDA Transport Tool Horizons: 2025 - 2035 - 2050 R: Risk related to Eramet's ability to finance the entire transition to climate change TR Mn, Ni, Li metal markets Scopes 1 and 2 2025 Analysis of the sensitivity of the transition plan to competitiveness issues and financing capacities Key Elements: The Group's emissions are mainly related to pyro-metallurgical industrial processes, characterised by a strong decarbonisation challenge. The climate transition involves profound transformations of industrial processes, likely to lead to significant investments and impacts on operating costs. The decarbonisation department, created in 2023, oversees Eramet's climate initiatives, anticipates competitive and regulatory impacts, and assesses the effects of decarbonisation initiatives on the financial trajectory and on the competitive positioning of its various activities. Reference scenarios: GHG Protocol for carbon accounting, SBTi for the definition and validation of climate trajectories, TCFD for the analysis and communication of climate risks. IEA scenarios and expert forecasts on the changes in carbon prices Horizons: 2035 R: Risk of competitive disadvantage and increased costs due to stricter climate/energy regulations and standards (e.g. carbon taxation) TR Mn, Ni, Li metal markets 2025 Analysis of exposure to carbon taxation Key Elements: Changes in the carbon tax regime in Europe affect the Group's production costs in Norway and France. As well as the introduction of taxes in South Africa (purchase of minerals), Argentina, Indonesia, and Gabon. Reference scenarios: International Energy Agency CO2 price projections "World energy model" based on the IEA's "Announced Pledges" and sustainable development scenarios Horizons: 2025-2035 (1) TR = Transition Risk, PR = Physical Risk 5 397ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] IRO Nature of risk(1) Scope covered by the risk analysis Date of the risk analysis Focus on the risk analysis O: Opportunity to develop Eramet’s activities in critical and strategic metals for the energy transition TR Mn, Ni, Li metal markets 2021 Study of Transition Risks: Key Elements: The outlook for demand for the metals produced by Eramet is extremely favourable between now and 2030, driven by demand for metals used for electrification (especially electric vehicles). Reference scenarios: The scenario adopted to perform this analysis is the International Energy Agency’s (IEA) 2°C Scenario with carbon capture and storage, called 2DS. Horizons : 2030 Climate change adaptation I-: Negative impacts related to Eramet's adaptation activities (inadaptation) PR Mn, Ni, Li metal markets Development of an adaptation plan Key Elements: Eramet's climate change adaptation plan is currently being drawn up, and the analysis of the risks of inadaptation will be integrated during its development Reference scenarios: IPCC scenarios Horizons: 2030-2050 R: Physical risks for Eramet's activities and on its value chain PR Mn, Ni, Li metal markets Upstream and downstream value chains are excluded at this stage 2024 Study of the climate change transition risk Key Elements: The main risks identified relate to employees' exposure to heat, and for some assets, droughts and periods of intense rainfall leading to flooding or landslides. Reference scenarios SSP2-4.5, representing moderate warming with a rise in temperatures of 2.1 to 3.5 °C by the end of the century, and SSP5-8.5, a pessimistic scenario which anticipates a rise from 3.3 to 5.7 °C. Horizons: 2030-2050 5.3.2.2 Transition plan for climate change mitigation [E1-1] As of 2021, Eramet has committed to reducing its absolute Scope 1 and 2 greenhouse gas emissions by 40% by 2035 compared to 2019, in line with the Paris Agreements, in accordance with the "Well Below 2°C" trajectory. This objective is confirmed as a "Target set" by the Science Based Target Initiative (SBTi), until mid-2026. In the absence of a 1.5°C sectoral trajectory developed by the SBTi which would apply to the Group's activities, in 2025, Eramet developed, together with I Care by Bearing Point, an alternative science-based decarbonisation framework; on the basis of this methodological framework, the Group has defined its decarbonisation trajectory: • aligned with a 1.5°C scenario based on the science of the Paris Agreement, • incorporates the specific features of the Group's business sectors, • considers a recent reference year: 2023 • and covers Scopes 1, 2 and 3. This mechanism was reviewed by independent bodies and approved by the Group's Executive Committee and Board of Directors. The methodological framework associated with this 1.5°C target trajectory is explained in section 5.3.4.1 " Targets related to climate change mitigation and adaptation [E1-4]". Eramet's transition plan and its positioning in relation to this 1.5°C target trajectory are described below. This objective and the transition plan to achieve it include emissions from all assets over which Eramet has operational control, including their locked-in(2) emissions (the proportion of locked-in emissions corresponding to future emissions of the Group's assets until 2035). The development of Eramet's activities to meet the expectations of the energy transition markets will result in an increase in the Group's intrinsic emissions, which are also included in this approach. (1) TR = Transition Risk, PR = Physical Risk (2) This commitment does not cover the share of locked-in emissions associated with the use of the products sold, which fall within Scope 3 (category 11 of the GHG Protocol). 398 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] Performance on decarbonisation challenges is one of the objectives of the Decarbonisation Steering Committee led by the Decarbonisation Director and chaired by the Group’s Chair and CEO. This Committee meets once every quarter and comprises all the members of Eramet's Executive Committee. 5.3.2.2.1 The Group’s decarbonisation levers Eramet is relying on four main decarbonisation levers to achieve its decarbonisation objective: • Use of bio-reducers • CO2 capture, use and storage • Use of low-carbon energies • Energy efficiency and electrification of operations The decarbonisation levers of Eramet’s climate transition action plan were selected after an in-depth screening and review of existing and future solutions. They can be achieved without any major technological breakthrough, which strengthens this roadmap. The technological challenges of decarbonising metallurgical processes The use of carbon has been at the heart of metallurgical processes for thousands of years. It removes oxygen from the metal oxides that are present in the ore in order to obtain the desired metal. As regards Eramet’s activities, manganese oxides or nickel oxides are transformed through a chemical reaction called “reduction”. The carbon is transformed into CO2. Eramet’s CO2 emissions are, for the most part, emissions directly linked to the reduction process.(1) The same applies to the production of steel from iron ore. Thus, the industrial and technical challenges faced by the manganese or nickel industry are similar to those faced by the steel industry. In fact, several decarbonisation methods used by steel producers are also included in Eramet’s Roadmap. This is the case with the use of biocarbon or recourse to carbon capture and storage processes (with or without reuse of CO2 in other industries). However, not all of these processes can be transposed, and reduction of manganese and nickel ores presents its own challenges. Reduction with hydrogen is not therefore directly applicable to manganese. On the one hand, for reasons related to physics, it does not allow the complete reduction of the ore, and, on the other hand, for manganese, the technology is far from the maturity reached in the steel industry. The technological challenges of decarbonising Eramet's metallurgical processes The decarbonisation of Eramet's pyrometallurgical assets is complex, as it involves significant changes to industrial facilities and processes. In order to be sustainable, the Group's low-carbon pathway must not compromise its overall competitiveness. The use of biocarbon currently entails higher operating costs and requires greater maturity of supply chains before significant substitution rates can be achieved. Investment needs are high, economic benefits are still uncertain, and the development of appropriate transport and storage infrastructure continues to be necessary for carbon capture, utilization and storage (CCUS) technologies. Moreover, customers' readiness to pay for decarbonised materials remains limited. Eramet is actively working to overcome these constraints in order to be able to achieve its climate objective by 2035. In parallel, the Group is calling for the introduction of ambitious public policies, both to support decarbonisation efforts and to provide a suitable economic environment. Eramet will regularly reassess the conditions for economically sustainable decarbonisation and, if necessary, adjust its climate objectives. 5.3.2.2.1.1 Use of bio-reducers The reduction of ores by pyrometallurgy with biogenic reducers: a breakthrough for the decarbonisation of industry The principle of pyrometallurgical reduction The pyrometallurgical reduction process consists of heating ores to a high temperature in the presence of a chemical reducing agent. The chemical reducing agent reacts with the oxygen present in the metal oxides to produce pure metal and carbon dioxide (CO₂). Traditionally, coke, a derivative of coal, has been used as a reducing agent because of its availability and thermochemical performance. However, this choice leads to significant emissions of fossil CO₂, which directly contribute to global warming. Biogenic reducers: a sustainable alternative Biogenic reducing agents are produced from renewable organic materials such as wood, agricultural residues or forestry waste. When heated in an oxygen-poor environment (pyrolysis), these materials are transformed into carbon-rich coal, which can act as a reducing agent in pyrometallurgical processes. One of the main advantages of biogenic reducers is their capacity to store carbon dioxide. Unlike fossil reducers, the CO₂ emissions generated by using them correspond to the CO₂ captured by plants during their growth. By replacing fossil reducers with biogenic alternatives, the metallurgical industries can significantly reduce their carbon footprint, helping to achieve ambitious climate targets. The main challenges The main challenges related to biocarbons lie in Eramet’s ability to • Access significant volumes of suitable and sustainable materials and • Competitively substitute fossil products with biogenic products. To meet these challenges, Eramet is working on different supply and partnership models in several regions, with different types of bio-carbon integrating sustainability and biomass certification. The extensive industrial testing plan conducted over 2024–2025 aims to assess different products in order to have a range of options which allows us to reduce the technical and economic risks associated with this transition of our processes. (1) The Group's pyrometallurgical assets account for over 80% of its Scope 1 and 2 emissions. 5 399ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.2.2.1.2 The capture, use and storage of CO₂ emissions The CO₂ capture, use and storage (CCUS) technology is a set of technological processes aimed at capturing the carbon dioxide emitted by industrial activities before it is released into the atmosphere. The captured CO₂ is either used for other industrial applications (such as the manufacture of synthetic fuels or construction materials), known as CCU (carbon capture and utilisation), or the CO2 is stored permanently in safe geological reservoirs, and is known as CCS (carbon capture and storage). These processes involve chemical or physical techniques such as absorption, adsorption or cryogenics, which isolate the CO₂ from the rest of the gases. Eramet has been working on this topic since 2017, in cooperation with industry experts, particularly in Norway. The projects focus solely on the Group’s own emissions and on projects that reduce emissions, as defined by the CSRD. The main challenges The capture, use and storage of CO2 are complex projects that are currently being developed in maturing ecosystems. The implementation of these projects will require the establishment of appropriate support mechanisms at the national and supranational levels. While technologies are now becoming more mature, the value chains are still at an early stage, and this is why we consider that these levers will mainly support our decarbonisation objective during the 2031-2035 phase. 5.3.2.2.1.3 Use of low-carbon energy sources The use of low-carbon energy sources is essential to reduce the environmental footprint of industrial activities that emit a large amount of CO₂. These energies generate little or no greenhouse gas emissions throughout their life cycle, making industrial processes more sustainable. These sources include nuclear energy, wind, solar, hydro, and biomass. Nuclear energy, for example, emits around 12 g of CO₂/kWh produced, renewable energies such as onshore wind and hydroelectricity emit between 10 and 20 g of CO₂/kWh, while solar photovoltaic energy is around 50 g of CO₂/kWh, mainly due to emissions related to the manufacture of solar panels. Biomass, although renewable, has a slightly larger footprint. Conversely, the production of electricity from coal or fossil gas generates 10 to 50 times more emissions. Adopting these decarbonised sources allows industry to align with international climate targets while meeting increasing sustainability requirements. The main challenges Low-carbon electricity generation technologies are often mature technologies, but their deployment for off-grid industrial sites can be challenging. The main challenges facing Eramet are: • The need for storage and back-up in the event of intermittent electricity sources, which considerably increases the cost of projects; • The renewal of New Caledonia's electricity production capacity, which was to be included in the "Nickel Pact" but which remains uncertain to date; • The Group’s dependence on the deployment of natural gas infrastructures and networks to access this source of energy with a reduced footprint. 5.3.2.2.1.4 Energy efficiency in its processes Eramet is constantly striving to consume energy responsibly. The main energy resources required for the Group’s operations are electricity for metallurgical processes, fuel for mining operations, and fuels for drying wet materials in pyrometallurgical processes. Eramet is working to optimise the resources required for its operations on a daily basis, through actions to manage its energy performance, and is reflected in the deployment of the ISO 50001 management system. 5.3.2.2.2 Sequences of the transition plan The following points illustrate the current status of the action programme established by the Group in order to achieve the objective of reducing its GHG emissions by 2035. In particular, they provide indications regarding the expected contribution made by the main decarbonisation levers. However, most of the actions in this programme are at an exploratory or preliminary study stage. Thus, the transition plan presented here will be reviewed as the works progress and the projects reach technical and economic maturity, and should not be considered a firm commitment. In total, the Group estimates that the proposed actions could represent cumulative investments of around €500 million for Eramet until 2035, to which investments from third parties may be added. The emissions grouped under the heading "Activity & Scope" in the transition plan below correspond to the annual greenhouse gas emissions generated by the Group's assets between 2024 and 2035, whether they were already existing in 2023 or assets built or acquired as part of Eramet's development between now and 2035. The Group's locked-in emissions therefore constitute a part of this category in Eramet's transition plan. This assessment is likely to be clarified in future financial years, particularly in view of practices adopted by companies in the same sector. 400 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] The graph below shows the annual contribution of the different levers in the Group’s transition (2023-2035) in MtCO2/year 5.3.2.2.2.1 Limitations connected to the maturity of decarbonisation levers The technical and economic conditions that will enable certain major decarbonisation levers to be deployed in a sustainable manner and at scale (such as biocarbon substitution, CO2 capture or the development of renewable electricity sourcing for our electro-intensive activities in the USA and New Caledonia) are not satisfied at the present time(1). Eramet is unable to communicate reliably on plans to implement these levers in the short term (2030). 5.3.2.2.2.2 Progress made (2019-2025) The inventory of Eramet’s Scope 1 & 2 greenhouse gas emissions fell from 3.65 Mt CO2 to 2.69 Mt CO2, i.e. a decrease of -26%, over the 2019-2025 period. This progress is partly explained (70%) by changes in activity and production (2)and the remainder (30%) by decarbonisation actions mainly related to energy efficiency and the improvement of the emission factor of the electricity mix. In particular, the replacement of the historic SLN plant by the new CAT (Temporary Docked Plant), which is much more efficient, represents a reduction of 50 kt CO2 per year. As of year-end 2025, two-thirds of the electricity consumed by the Group was classified as low carbon electricity given the specific characteristics of the average electricity mix of the grids to which Eramet's sites are connected (almost exclusively hydroelectricity in Gabon and Norway, and a significant proportion of electricity from nuclear generation in France). This figure drops to 16% when guarantees of origin are required to prove the renewable nature of electricity sources, and Eramet does not use such guarantees. In 2025, the measures covered all the key areas of the decarbonisation plan. CCUS The pilot CO2 capture unit has been commissioned at the Sauda site. It uses "Pressure Swing Adsorption" technology. A first test campaign has been carried out. Other campaigns are planned for 2026. The purpose of the pilot unit is to validate the application of the technology to the typology of gases generated by manganese furnaces, and to identify the best operating parameters. Preparatory work was carried out in 2025, following the contract signed with Lanzatech in 2023: • On the Lanzatech side: preparation of the final investment decision. • On the Eramet side: preparation of the necessary adaptations for a connection to the new ethanol plant, and continuing the studies on a possible second phase of the project, including the transport and storage of residual CO2 Biocarbon The strategy aims to identify supply solutions that provide biocarbon which is: • technically compatible with our processes, • sustainable (sustainability of the biomass used, of the production process), • deployable on an industrial scale, • without any negative effects on our products' competitiveness The 2025 actions are part of this overall strategy, which is being rolled out over several years. Thus, R&D work continued with a view to selecting technically suitable products (sample analysis, laboratory-scale tests of different formulations). This work is being carried out in partnership with manufacturers or specialised laboratories. Product trials on an industrial scale have been conducted in several of the Group's plants. (1) Availability of resources on the markets in industrial quantities, price levels, development of transport and storage infrastructure, policy decisions to develop production capacities - see main challenges in the previous chapter (2) Especially since 2024, as there is much lower FeNi production at SLN in New Caledonia because of the local situation. 3.11 2.79 2.09 CCUS 20352023 Activity & Scope Efficiency Activity & Scope Efficiency BioC Electricity 1.58 1.54 1.56 0.54 1.23 0.35 0.21 0.40 0.09 0.00 0.24 0.32 0.33 0.00 0.92 1.17 0.31 0.04 0.06 Eramet excl. SLNSLN 2025 o/w 0.1 MtCO2 emissions related to Land Use and Land Use Change - LULUCF 5 401ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] Numerous contacts have continued with potential biocarbon partners or suppliers. These are often companies that are planning to develop in this sector and which are preparing capacity investments. For Eramet, it is a question of assessing the technical and industrial capacity of these players upstream. All the conditions that will enable metallurgical coke to be replaced by biocarbon are being carefully analysed. This also concerns the sustainability of biomass, logistical aspects, particularly transport conditions, and regulatory constraints, such as the introduction of European regulation to combat deforestation (EUDR). Low-carbon electricity Eramet Grande Côte has carried out most of the construction of the photovoltaic production unit on its site, with commissioning scheduled for 2026. Energy efficiency The energy efficiency of operations is the primary lever for reducing the Group's carbon footprint. This concerns in particular: • for metallurgical activities, the specific consumption of metallurgical coke, • for mining operations, fuel consumption by machinery The Performance Management System has been improved. Systematic performance analysis is performed at our metallurgical sites, and raw materials are selected for firing according to their impact on specific coke consumption and therefore on emissions. Significant progress was made in optimising processes with regard to CO2 emissions in 2025. At the Sauda site, all energy recovery units are now in service. These units, which recover the exhaust gases from the furnaces, will be able to generate around 100 GWh of electricity and heat, on an annual basis. 5.3.2.2.2.3 Priorities for 2026 The decarbonisation programme will be continued in 2026. In the context of pursuing operational efficiency, emphasis will be put on energy consumption control measures across all our operations as a lever for improvement. Although the technical and economic conditions are not met for the deployment of certain major decarbonisation levers (bioreducers, CCS, supply of renewable electricity for some of our sites, etc.), the exploratory work undertaken (tests, feasibility studies, funding. research, etc.) will be continued in 2026. • Bio-carbon: new industrial tests of bio-reducing agents will be carried out in 2026, while ensuring that the impact on the operation of the facilities is limited. The aim is to identify families of bio-reducing agents capable of satisfying the constraints of our processes. • CCUS - Capture, Utilization and Storage of CO2: CCS pilot plant in Sauda, Norway, has been in operation since mid- 2025. New test campaigns will be carried out in 2026, in particular with a test combining capture and use of bio- reducers. Pre-feasibility studies for the industrial scale-up of the CCS plant in Sauda, Norway, will be continued, with a view to identifying a sustainable technical and economic model for the project. • Low-carbon electricity: The commissioning the Eramet Grande Côte solar power plant in Senegal. The renewable electricity supply opportunities for the Marietta site (United States) will continue to be monitoring. • Energy efficiency and other : Energy efficiency and therefore the control of CO2 emissions will benefit from operational improvement initiatives, which will be intensified at all Group sites. • R&D: In-depth R&D work on bio-reducers, CO2 capture and utilisation, and breakthrough processes for manganese reduction. 5.3.2.2.3 Short- and medium-term action plan (2027-2030) Over the 2027-2030 period, the Group aims to further roll out the use of biocarbons in its metallurgical operations as quickly as possible while advancing the maturity of the CCUS programme and continuing its efforts in terms of electricity supply and energy efficiency (see the description of the challenges for each lever in section 5.3.2.2.1 the Group’s decarbonisation levers • Biocarbon: gradual roll out of bio-reducing agents in manganese alloy furnaces. Eramet is considering various supply models, from external supply to self-production (as in Gabon). • CCUS: • Finalisation of studies and, subject to a favourable conclusion, an investment decision; • Deployment of the first phases 1 of the CCU unit in Porsgrunn, Norway. • Low-carbon electricity: • Capacity expansion of the Eramet Grande Côte solar power plant in Senegal, and continuing investigations into the additional deployment of the site's lower carbon-intensive electricity capacities, as for the Group's other facilities. • Energy efficiency and other: initiatives to improve energy efficiency, such as the partial electrification of truck fleets on mining sites. It is assumed that SLN will return to normal operational conditions over the 2027-30 period. In addition, the plan includes the start-up of Eramine in Argentina. The transition plan therefore provides for activities an increase in emissions related to the activity and scope. 5.3.2.2.4 Medium- and long-term action plan (2031-2035) During the final phase of the climate transition action plan, Eramet will continue the progressive implementation of all decarbonisation measures and reap the benefits of the commissioning of the main CCS projects. • Biocarbon: Continue the deployment of biocarbon with a target of around 200 kt of biogenic reducing agents by 2035. • CCUS : Start-up of CCS plants in Sauda, and CCU plants in Porsgrunn, Norway, if final investment decisions are made during the previous period. • Low-carbon electricity: • Commissioning of new carbon-free or low-carbon electricity generation capacity at mining sites. 402 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] • Continued decarbonisation of the electricity grids which we are connected to. • Energy efficiency and others: development of the electrification of vehicle fleets and machinery on mining sites. 5.3.2.2.5 Commitment of the value chain Eramet is also committed in the short term to supporting its suppliers and customers so they themselves can commit to a decarbonisation trajectory compatible with the Paris agreements (67% by 2025 and maintaining this rate in 2026). The scope of this metric includes all categories of Scope 3 calculated by Eramet except the category covering the activities of Weda Bay(1) and therefore represents over 80% of the Group’s total Scope 3 at the end of 2025. The detailed methods for calculating this metric as well as the criteria for qualifying the maturity of customers and suppliers under this commitment are available in the appendices. The Group is stepping up its information and collaboration initiatives with its customers and suppliers to encourage them to act in the same way within their own scope: this commitment rate among the Group's partners was 72% at the end of 2025. 5.3.2.2.6 Exclusion criteria The Eramet Group is not affected by any of the 7 exclusion criteria applicable to the “Paris Agreement” benchmarks listed in Article 12 of Delegated Regulation 2020/1818 of the European Union. To the best of Eramet’s knowledge, no index administrator has estimated or concluded that it would be materially detrimental to other environmental objectives or published additional exclusion criteria that would concern the Group. 5.3.3 Management of impacts, risks and opportunities 5.3.3.1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities [ESRS 2 | IRO-1] As explained in sub-section 5.1.3.2.1 Description of Eramet’s sustainability issues, i mpact, risks and opportunities (IRO), the main IROs identified in the double materiality assessment are: Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted Climate change mitigation Reduce or prevent greenhouse gas emissions within its scope (own activities and value chain) by using new technologies and renewable energies, by making old equipment more energy efficient, by modifying management practices and/or industrial processes; and beyond its scope by contributing to climate change mitigation through the development of strategic metals for the energy transition Managing energy, by developing relevant policies regarding energy supply, energy use or energy- efficient purchases (low-carbon energy) and building resilience Actual negative impacts of connected to CO2 emissions (Scope 1, 2, 3) Actual positive impacts connected to the production of the metals necessary for the energy transition Risks of financing Eramet's entire climate transition Risks of competitive disadvantage and increased costs related to more stringent climate and energy regulations and standards (e.g. carbon taxation) Opportunities to develop Eramet's activities in critical and strategic metals for the energy transition, for example lithium mining in Argentina Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Company All stakeholders Climate change adaptation Develop a resilient business by analysing exposure to climate change and implementing adjustment strategies throughout the value chain Potential negative impacts related to Eramet’s adaptation activities (construction of barriers, etc.) Physical risks for Eramet's activities and for the value chain Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Employees Local communities In addition to the double materiality assessment, Eramet supported and contributed to the development of a new approach to assessing its climate impact in 2025. This approach is based on 3 pillars: efforts to reduce its footprint, contribution of its activities to avoiding emissions, and financing of climate-related initiatives. This approach, the Contribution Framework, is the result of a collaboration between Sweep, Mirova, I Care and Winrock. Eramet is one of its sponsors. This approach and its results are detailed in section 5.3.3.3 " Actions and resources in relation to climate change policies [E1-3]". (1) Category 15 (relating to investments and minority partnerships) 5 403ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] Eramet's score is as follows: In addition, in 2025, Eramet developed in-house expertise in deploying life cycle analyses of its products to accurately measure the carbon footprint of its operations for each of its commercial references, as described in section 5.2.6.2 "Customer relations". 5.3.3.1.1 Physical risks – short and medium term Risks related to the physical impacts of climate change include extreme weather events and long-term changes in climate patterns (rising sea levels, water stress, fires, etc.). Eramet is aware that the first consequences of these phenomena are beginning to emerge. Process for identifying physical risks related to climate change Eramet has implemented a structured and iterative process aimed at identifying risks related to the physical impacts of climate change likely to affect its activities, its strategic assets and, where relevant, elements of its value chain. This process is the basis for establishing the Group's climate adaptation priorities. These risks include both acute climatic hazards (one-off extreme events) and chronic hazards (gradual changes in climatic conditions), such as heat waves, cyclones, flooding, drought, water stress, sea level rise or landslides. This process is based on a regular review of the climate risk mapping, which is integrated into the Group's overall risk management system. It takes the first observed signs of climate change in certain areas into account and aims to anticipate future impacts that could affect business continuity, personal safety, industrial performance, and asset value. The identification of risks is based on: • a detailed geographical analysis of the sites and infrastructures exposed, • taking local specificities of vulnerability, recognised climate science into account, • and discussions with expert stakeholders, in particular insurers and specialised engineering firms. Climate methodology and scenarios used After an initial analysis based on the OCARA methodology developed by Carbone 4, Eramet strengthened its system by commissioning AXA Climate to conduct an in-depth review of physical climate risks, thereby benefiting from up- to-date climate projections and extensive sectoral expertise. The assessment is based on two climate scenarios resulting from the IPCC's works: • the SSP2-4.5 scenario, corresponding to an intermediate warming trajectory, • the SSP5-8.5 scenario, representing a high warming trajectory. From the results presented, Eramet favours the SSP5-8.5 scenario in order to adopt a cautious approach and anticipate situations of maximum exposure to extreme climate events. The analyses show limited differences between the two scenarios in the medium term, thus confirming the robustness of the conclusions. Three time horizons are considered: • a baseline covering the period 1985-2014, • a medium-term horizon to 2030, consistent with the budget and operational planning cycles, • a long-term horizon to 2050, aligned with strategic investment decisions. Scope of analysis and data sources The analysis covers 25 strategic sites, including major industrial and mining assets, as well as certain critical infrastructures in the value chain (particularly rail and ports). The activities carried out within the framework of the Weda Bay partnership in Indonesia were also the subject of a specific analysis. The study does not cover the other elements of Eramet's value chain (exposure of the Group's suppliers' or customers' sites) The assessments are based on recognised scientific sources, including: • the CMIP5 and CMIP6 global climate models, • specialised tools such as Aqueduct (water resources), Fathom (floods) and GEM (natural risks), enabling the intensity, frequency and evolution of climate hazards in different regions to be assessed consistently. Risk assessment and prioritisation process The risk assessment for each site is based on a combined analysis of: • exposure to climate hazards, vulnerability of assets and operations, • and the existing capacity to adapt. A = 62 / 100 C = 25 / 100 B = 44 / 100 Contribution Performance 55% 53/96 Actual Contribution Contribution Potential 404 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] Standardised impact curves, adapted to the different types of assets, are used to translate the intensity of the hazards into measurable operational impacts, such as business interruptions or property damage. These curves are based on historical claims data, engineering studies and industry expertise. Physical climate risks that are identified as significant due to their intensity, frequency, or rate of change are prioritized in order to guide decisions on adaptation, including the establishment of action plans, investments, and organizational measures. The analysis notably highlights: • sites which are heavily exposed to high-intensity hazards, where significant damage could occur without appropriate protection measures, • sites facing rapidly changing climatic conditions, posing major medium- and long-term adaptation challenges. Eramet is continuing its investigations to more accurately identify the impact of changes in rainfall on certain mining activities in particular, and to propose an appropriate adaptation plan for future financial years. The risk assessment has to date been carried out without taking into account any mitigation measures already in place. Works in 2026: Adaptation plan Eramet is working on implementing cross-functional action plans (heat plan, for example), as well as on additional investigations specific to areas or activities (control plan for areas sensitive to landslides in Gabon, characterisation of the impacts of drought on groundwater in Senegal and Argentina). Eramet reached out to industry peers to advance on these resilience issues. 5.3.3.1.2 Transition risks and opportunities – short and medium term Eramet's commercial positioning As an emissive industry on one hand but also a contributor to the development of low-carbon technologies on the other, Eramet’s alignment with the transition to a decarbonated economy carries as many risks as opportunities for its business. Scenario analysis is a powerful tool for conducting this aspect of strategic thinking. Scenario-based analysis involves a forward-looking review, which projects the Group’s current activity onto various possible worlds in order to assess the consequences on business. This approach is efficient for building a comprehensive model of the complex changes and the interactions between them, which is helpful for defining the transformations caused by climate change. The Group conducted this analysis in 2018 in collaboration with a consulting firm with expertise in the field. The “ physical flows” approach adopted is based, for each scenario, on the physical reality of the activity, which the Group ensures is compatible with the maximum limit of a 2°C(1) increase in temperature. This analysis will be updated shortly. This approach enables the risks and opportunities for the Company's activity to be identified in four stages in a more detailed way than a purely economic and financial approach, which would simply "distort" simply economic figures (prices, production costs, etc.), by introducing a carbon price, for example, to quantify the impact on demand without assessing or accurately translating the microeconomic consequences of the chosen transition scenario at Company level. The transition to a low-carbon economy clearly identifies its ultimate destination, i.e. achieving global carbon neutrality between 2050 and 2100. The scenario adopted to perform this analysis is the International Energy Agency’s (IEA) 2° Scenario (2DS) with carbon capture and storage (CCS). This is based on the forward-looking Energy Technology Perspectives documents publicly available. It is called “2°C with CCS” here. The main outcome for this scenario is that Eramet's metals, in particular nickel, lithium, manganese and alloys, are critical to the development of energy transition technologies and essential for decarbonising the economy. This translates into a favourable outlook for changes in demand between now and 2030. SITE UNCERTAINTIES EVOLUTION SLN Comilog EGC Eramine ENO EMI Setrag 5 405ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] Works 2026 - update Eramet will resume these works in 2026, with the assistance of a specialised consulting firm and the contribution of the Sales Department and Strategy Department teams to assess risks and opportunities according to different projections in a world that has begun a transition (markets, technology, regulation). Carbon taxation In Europe, the gradual extension of the scope and level of carbon taxation is likely to affect the production costs of Eramet's sites in Norway and France, which are subject to the European Union Emissions Trading System (EU ETS). In 2025, the average price of the EU ETS allowance was €74 per metric ton of CO₂, compared to €65 in 2024. Since 2019, new carbon pricing mechanisms have also been introduced in several countries where the Group is exposed, notably in South Africa, where Eramet sources manganese ore, Argentina, where the Group is developing a lithium mining project, and in Indonesia, where it is a shareholder in a nickel pig iron production site. The Gabonese government began to introduce a carbon tax in 2025 in the transport sector. It is likely that other carbon pricing mechanisms will emerge in the future in the countries where the Group operates. The only carbon tax effectively borne by Eramet in 2025 was the EU ETS. Part of the emissions from the Group's European sites is covered by free allowances as the activities concerned are considered to be exposed to the risk of carbon leakage. The uncovered portion resulted in the purchase of allowances on the market at a cost of around €8 million, which mechanically impacted the Group's EBITDA, in a context where its competitors located outside Europe are not subject to this constraint. This cost corresponds to the acquisition of around 113,000 allowances in 2025, multiplied by the average annual price of €74/ tCO₂. In the short and medium term (by 2030), the gradual implementation of the Carbon Border Adjustment Mechanism (CBAM) for ferromanganese will lead to a gradual reduction in free allowances and an increase in the production costs of European sites. Silicomanganese, which is mainly produced in France and Norway, is not included in the scope of the CBAM at this stage, but the logic of the mechanism suggests that it will be integrated . The low Scope 1 carbon footprint of the ferromanganese produced at the Group's Norwegian sites, which is lower than the global average, is nevertheless a competitive advantage on the European market, which will be strengthened by the implementation of the decarbonisation roadmap. Conversely, the CBAM could generate a competitive disadvantage for sales outside the European Union which is not, at this stage, offset by specific measures by the European Commission. The application of the CBAM to ferromanganese could therefore generate additional costs of between €26 million per year (based on a carbon price of €100/tCO₂), and €38 million per year depending on the assumptions used. In the medium and long term (by 2035), carbon pricing mechanisms tend to become more widespread worldwide. If all of Eramet's emissions were subject to a carbon price, based on current emission levels, and in the absence of the decarbonisation trajectory, the associated annual costs could be between €160 million and €290 million by 2035, under the different carbon price scenarios by the International Energy Agency (IEA). This level of cost represents up to 35% of the Group's 2025 EBITDA. This scenario is not currently considered in the Group's strategic plan. 406 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.3.2 Policies related to climate change mitigation and adaptation [E1-2] Climate change policy and action plans are established in relation to the IROs identified in the double materiality assessment. IRO Policies and Standards Scope of application Monitoring and assessment References Climate change mitigation 1+: Positive impacts related to the production of metals necessary for the energy transition Climate policy All Eramet Group sites Tonnages of lithium produced - CCF score Climate contribution framework (CCF) I-: Negative impacts connected to CO₂ emissions (Scopes 1, 2, 3) Climate policy Procurement policy Procedures relating to energy and carbon footprint assessments All Eramet Group sites Monthly update of the Group's carbon footprint by the Environment Department TCFD Paris agreements GHG Protocol SBTi R: Risk related to Eramet's ability to finance the entire transition to climate change Climate policy Procedure for internal carbon pricing All Eramet Group sites Regular review of risk levels and sharing with the Executive Committee within the framework of the steering committees International Energy Agency price projections R: Risk of competitive disadvantage and increased costs due to stricter climate/ energy regulations and standards (e.g. carbon taxation) Climate policy All Eramet Group sites Annual update of the analysis by the Energy Procurement Department International Energy Agency carbon cost projections O : Opportunity to develop Eramet’s activities in critical and strategic metals for the energy transition Climate policy All Eramet Group sites Tonnages of lithium produced - CCF score Climate contribution framework (CCF) Climate change adaptation I-: Negative impacts related to Eramet's adaptation activities (inadaptation) - All Eramet Group sites Not initiated to date IPCC reports R: Physical risks for Eramet's activities and on its value chain Climate policy Industrial risk management All Eramet Group sites Updated every 5 years by the Environment Department and the Technical Department IPCC transition scenario 5 407ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] Group commitments through the Climate policy The Group’s Climate Policy provides for: • Contributing, in the main countries where it operates, to the collective dynamic of the fight against climate change. • Strengthening its approach to improving energy efficiency and adapting its energy progress targets according to technological advances, Research and Development and Innovation, while complying with changes in legal and regulatory requirements. • Recovering and developing raw material recycling channels in a circular economy approach, including gas emissions. • Favouring, under economically acceptable conditions, energy sources and industrial processes with zero or low carbon content. • Promoting Research and Development projects with the goal of reducing the direct or indirect emissions from its processes or emissions induced by using its products. • Assessing the impact of its projects in terms of greenhouse gas emissions. • Taking climate change into account in its Risk Management Policy, in relation to technological, economic and societal aspects, including in terms of adaptation. • Integrating climate change into the parameters of the Group’s Strategy Eramet does not currently have a dedicated policy for adapting to climate change, but in 2025 the Group initiated actions for its activities carried out at its most exposed sites (see 5.3.4.6 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities [E1-9]). Climate Policy Objectives Eramet’s Climate Policy aims to significantly reduce energy consumption and CO₂ emissions. This ambition is part of a process of continuous improvement, respect for the environment and the development of critical metals for the energy transition. The Company favours low-carbon processes and promotes recycling, while supporting projects aimed at reducing emissions from its industrial processes. Eramet integrates climate risks into its overall management of technological, economic and societal risks. To guarantee the effectiveness of this policy, several tools and measures have been put in place, including the use of best available techniques, an internal carbon price and energy certification through the ISO 50001 standard. Climate objectives and incentives for employees reinforce collective commitment. Scope of application The Climate Policy applies to Eramet’s main activities, covering mining and metallurgical operations in all countries where it operates. It also includes upstream and downstream value chains, with a global approach to reducing greenhouse gas emissions (GHG) and improving energy efficiency. Upstream: Eramet is developing recycling channels in a circular economy model. All projects are systematically assessed in terms of their impact on GHG emissions, and low-carbon energy sources are favoured. Downstream: Industrial processes are optimised to reduce indirect emissions related to the use of Eramet products. Principles for adapting to the consequences of climate change are also included. Governance and monitoring The Climate policy is managed by the Director of Strategy, Innovation and Business Development, supported by strategic committees which meet quarterly. These committees ensure that climate actions are aligned with international best practices and regulatory frameworks, in particular the recommendations of the Task Force on Climate Disclosure (TCFD). Eramet is committed to complying with the Paris Agreement by limiting global warming to +2°C, and if possible 1.5°C, compared to pre-industrial levels. Training on climate issues is provided to senior executives to ensure consistent and effective implementation. Commitments to stakeholders Eramet has an inclusive approach to ensure that its stakeholders are involved in the implementation of its Climate Policy. This includes: • Employees: Awareness raising of climate objectives and implementation of incentives related to their achievement. • Economic partners: Support for innovation projects to reduce CO₂ emissions. • Local communities: Consultation and ongoing dialogue about local operations and programmes. • Regulatory authorities: Compliance with legal frameworks and contribution to international best practices. • Shareholders: Participation in initiatives such as “Say on Climate” to align Eramet’s strategy with investor expectations. • Investors: Commitment to sustainable finance initiatives, such as sustainable bonds Communication and transparency Eramet’s Climate Policy is published on its website and translated into the languages of the countries where it operates to ensure that it is accessible. The Group follows TCFD recommendations for clear and transparent reporting, and participates in international initiatives such as the Carbon Disclosure Project (CDP). These actions build stakeholder confidence and ensure shared accountability. Contribution to climate change Eramet continuously records greenhouse gas emissions across its entire value chain, in accordance with the international GHG Protocol standards. Consumption data for the various fuels, reducers and electricity sources involved in Eramet's Scope 1 and Scope 2 emissions are collected monthly from all the Group's sites. Eramet's carbon footprint is established at this level and with this frequency. For further information on the methodology, see 5.3.4.3.1 Eramet carbon accounting methodology. 408 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] As detailed in section 5.2.6.2 "Customer relations", in 2025, Eramet deployed an accounting system for these emissions to produce carbon footprints for commercial products, in application of the Life Cycle Analysis (LCA) approach. These provisions guarantee that the performance of the emission reduction actions which the Group is committed to is closely monitored. 5.3.3.3 Actions and resources related to climate change policies [E1-3] The key actions addressing the Group's material issues are detailed below: IRO Policies and Standards Advocacy, Research and Innovation Transition plan Adaptation plan Business model and products CLIMATE CHANGE MITIGATION I+: Positive impacts related to the production of metals necessary for the energy transition Climate policy I- : Negative impacts connected to CO₂ emissions (Scopes 1, 2 and 3) Climate policy Procurement policy Procedures relating to energy and carbon footprint assessments R: Risk related to the ability to finance Eramet's entire transition to climate change Climate policy Procedure for internal carbon pricing R: Risk of competitive disadvantage and increased costs due to stricter climate/energy regulations and standards (e.g. carbon taxation) Climate policy O : Opportunity to develop Eramet’s activities in critical and strategic metals for the energy transition. Climate policy CLIMATE CHANGE ADAPTATION I-: Negative impacts related to Eramet's adaptation activities (inadaptation) - R: Physical risks for Eramet's activities and its value chain Climate policy Industrial risk management 5.3.3.3.1 Advocacy, Research and Innovation Advocacy Eramet actively participates in discussions and work on climate issues within national and international professional organisations. In France, the Group chairs the Strategic Committee of the Mining and Metallurgy sector and Vice- Chair of the Alliance des Minerais, Minéraux et Métaux (A3M), which it shares common positions with for achieving a competitive decarbonisation of the mining, metallurgy, steel and metal recycling sector. Eramet is also a member of UNIDEN, where the Group contributes to work on energy competitiveness and access to low-carbon energy, in conjunction with IFIEC Europe. At the European level, Eramet sits on the Board of Directors of Euro Alloys and participates, via Eurometals, in the development of sectoral positions on climate, in particular those aimed at ensuring a fair competitive framework and supporting the reduction of emissions. Lastly, the Group is involved in EIT RawMaterials, which promotes innovation and the development of sustainable solutions for the raw materials needed for the energy transition. Research and Innovation Research and Innovation are fully integrated into Eramet's strategy and constitute a key lever for the transformation of its business model in the face of climate and environmental challenges. The R&D and innovation teams, which are grouped together within Eramet Ideas and the Trondheim R&D centre, support all of the Group's activities, from mining to metallurgy. The innovation strategy is aligned with Eramet's ambition to produce the metals necessary for economic development while ensuring the sustainable development of critical metals essential to the energy transition. It is based on a project portfolio structured around six missions, covering the reduction of the carbon footprint of the value chain, the control of the consumption of resources (water and raw materials), the recovery of co- products, the prevention of health impacts, safety and biodiversity, as well as the development of new opportunities aligned with the principles of the circular economy. Eramet Ideas' portfolio of initiatives illustrates the decisive role of innovation in the implementation of the Group's climate transition plan. In 2025, work focused primarily on optimising lithium production, developing low-carbon metallurgical processes, improving the energy efficiency of furnaces, the use of biocarbon, recovering co-products and 5 409ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] residues, as well as the deployment of digital simulation tools. These actions, carried out at different levels of technological maturity, contribute to reducing the carbon footprint of operations, improving industrial performance and securing low-carbon pathways compatible with the Group's climate objectives. Climate Contribution Framework (CCF) Eramet uses the Climate Contribution Framework for a structured assessment of its contribution to the attainment of global climate objectives, beyond the mere reduction of its carbon footprint(1). This methodological reference framework enables the climate contribution of companies to be assessed in a holistic manner, in line with the CSRD requirements relating to transition plans and alignment with a 1.5°C trajectory. The CCF was developed by Sweep and the Mirova Research Center, with methodological support from I Care by Bearing Point with the integration of data and reference tools provided by Bloomberg. It is designed to be robust, comparable and aligned with major international standards, including the GHG Protocol, SBTi and ISO Net Zero. In 2025, Eramet participated in the co-construction of this framework, contributing to the development of an integrated approach to qualify decarbonisation efforts. A three-pillar approach The CCF is based on an architecture with three complementary and non-substitutable pillars, reflecting the various levers contributing to climate change mitigation along the value chain: • Pillar A – Carbon footprint minimisation, covering the whole of Scopes 1, 2 and 3. It incorporates current performance, the level of ambition of climate targets, implementation plans (including supplier and customer engagement), climate governance and alignment of advocacy positions. • Pillar B – Climate solutions, which highlights the role of companies that contribute to the low-carbon transition through their products and services, particularly through their current and future share of green revenues and their climate impact measured in avoided emissions. • Pillar C – Climate finance , which takes voluntary contributions to emission reduction beyond the value chain into account via different financial and investment instruments. This architecture embodies the principle whereby each company retains accountability for all pillars while focusing on the levers that are most relevant to its business model. A credible assessment, aligned with existing reference frameworks The assessment of the climate contribution is based on standardised performance scores (0–100), anchored in the results of the recognised frameworks (SBTi, ACT, TPI, InfluenceMap, European Taxonomy, WBCSD, among others). These scores are adjusted to reflect: • the comprehensiveness and transparency of the methodological frameworks used; • the quality of the assessments, including the robustness of the data, the independence of the analyses and, where applicable, their external verification. This approach guarantees the credibility of the results while ensuring their comparability, in line with the ESRS E1 expectations in terms of reliability and traceability of climate information. Consideration of sector materiality The CCF includes specific sector weightings, defined at the level of NACE sub-sectors, in order to reflect the climate materiality of activities. These weightings enable: • analysis to be focused on the most relevant levers for each business model, • fairness between sectors with low direct emissions and sectors with high emissions or with high potential for climate solutions, • a high performance on one pillar to be prevented from compensating for a structural underperformance on another. Results and contribution of Eramet The results of the analysis carried out for Eramet highlight a solid climate contribution, based on: • ambitious emission reduction targets aligned with the climate reference trajectories, • significant progress in implementing the transition plan, • climate governance recognised by several demanding assessment frameworks. The analysis also highlights Eramet's role as a facilitator of the transition to a low-carbon economy, in particular through the development of solutions that contribute to the reduction of its customers' emissions, in line with the materiality challenges of the metals and materials sector of the transition. The results are presented as a visual metric in section 5.3.3.1 "Description of the processes to identify and assess material impacts, risks and opportunities related to climate change [ESRS 2 | IRO-1]". (1) Described in the white paper published by the Sweep, Mirova and I Care consortium: https://www.research-center.mirova.com/ pdfDocuments/mrc-climate-contribution-framework-whitepaper.pdf 410 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.3.3.2 Transition plan The actions implemented in 2025 and planned for 2026 to decarbonise the Group’s activities and mitigate climate change are detailed in section 5.3.2.2 " Transition plan for climate change mitigation [E1-1]". Eramet does not reconcile future expenses with the Taxonomy, only those associated with the 2025 financial year, which are not published for decarbonisation actions. 5.3.3.3.3 Adaptation plan under construction By the end of 2025, 100% of Eramet sites had been assessed for exposure to physical risks related to climate change. Based on the assessment of physical climate risks described in section 5.3.3.1 De scription of the processes to identify and assess material climate-related impacts, risks and opportunities [ESRS 2 | IRO-1]. Eramet is gradually developing adaptation policies and actions aimed at strengthening the resilience of its assets, operations and employees to the effects of climate change. Adaptation actions are prioritised based on: • the level of risk identified for each site, • the nature of the hazards (extreme heat, drought, flooding, cyclones, landslides, etc.), • and the time horizons involved (short, medium and long term). Eramet implements cross-functional action plans, applicable to several sites or activities (e.g. heat management plans), as well as specific measures adapted to certain regions or critical infrastructures. These actions may include technical, organisational or operational measures to limit business interruptions, protect people and preserve the value of assets. Adaptation policies and actions will be regularly reviewed to take into account changes in climate risks, operational feedback and updated scientific data. Additional specific studies will be conducted directly by Eramet during 2026 to investigate these issues in greater depth (modelling of surface water table levels according to rainfall, slowdown of rolling activities at mines due to intense rainfall, etc.). In 2025, Eramet initiated discussions and shared insights with industry peers on the resilience of our sectors' assets and practices against these risks. 5.3.3.3.4 Business model and products Development of transition metals The ramp-up of the Centenario facility in Argentina continued in 2025 with the marketing of an increasing volume of lithium carbonate, thus increasing its contribution to the industry's energy transition. product positioning In 2025, Eramet developed in-house expertise aimed at establishing life cycle analyses of its products, as part of an initiative to support sales activities but also for the purposes of eco-design in the long term. In addition, Eramet's Sales Department launched the EraLow brand this year: a range of manganese alloys with a low carbon footprint that allows Eramet's customers to build a catalogue of decarbonised finished products, with guaranteed traceability. partner of the Group's customers Lastly, the Group is continuing its efforts to support some of its customers (Asia and India) in a process of identifying and formalising commitments to the decarbonisation of their assets. These initiatives aim to promote and accelerate the decarbonisation of Eramet's activities as well as those of its customers. partner to suppliers Eramet has implemented a responsible procurement approach (described in section 5.2.6.1 " Responsible procurement") aimed at selecting suppliers that meet environmental, ethical and social requirements, while ensuring the Group's competitiveness. This approach is based on a formalised Responsible Procurement Policy and a "Know Your Supplier" supplier assessment procedure. 5 411ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.4 Metrics and targets 5.3.4.1 Targets related to climate change mitigation and adaptation [E1-4] Despite the significant technical and economic constraints affecting the decarbonisation of mining and metals activities, Eramet is stepping up its commitments by pursuing an approach that is compatible with the objectives of the Paris Agreement, with the aim of increasingly integrating climate issues into its strategic decisions and reporting. A structurally difficult sector to decarbonise The diversified mining and metallurgical sector is recognised as a "hard-to-abate" sector, in the same way as steel, cement or chemicals. It faces strong structural constraints: • high dependence on fossil fuels, • industrial processes with high emissions and often linked to the processes themselves, long asset life cycles, • significant investment requirements to deploy low- carbon or zero-emission technologies. These features make emission reduction particularly complex with the technologies currently available. Limitations of existing SBTi methodologies for the sector SBTi has developed Sectoral Decarbonisation Approaches (SDA) for certain homogeneous and high-emitting sectors, such as steel and cement. These approaches, based on carbon intensity trajectories, offer a better reflection of industrial realities than the generic Absolute Contraction Approach (ACA). However, SDAs are not available for many sectors, including diversified mining and metallurgy, not for scientific reasons, but primarily because the sector's overall footprint is significantly lower than those of other sectors such as steel, cement, or shipping. The companies concerned are therefore obliged to apply the CBA, despite its inadequacy with their specificities. Pyrometallurgical processes, in particular, present decarbonisation challenges comparable to those of steel or cement and would require SDA-type approaches. In addition, the growing demand for transition metals (lithium, nickel, etc.) and their role as "enablers" of the energy transition remain insufficiently recognised in current climate frameworks. Development of an alternative decarbonisation framework Eramet has therefore developed, with I Care, an alternative decarbonisation framework to define a 1.5°C-aligned(1) trajectory. This framework aims to: • address the shortcomings of the current SBTi methodology for the diversified mining and metals sector, • remain scientifically robust and aligned with the Paris Agreement, • more accurately reflect the sector's difficulty in decarbonising and the strategic role of key materials in the transition. The alternative decarbonisation framework was developed independently, with a high level of scientific rigour, and aims to provide a demanding, credible, and relevant framework. It has been subjected to a critical review by leading third-party organisations such as Natixis Green, the French Environment and Energy Management Agency, the International Manganese Institute, Mission Possible Partnership and the Foundation for Scandinavian Scientific and Industrial Research, SINTEF. Scope and objectives of the alternative decarbonisation framework This framework is designed to apply to the whole sector, beyond Eramet's scope. It can be used by mining, metallurgical or integrated players, based on sectoral approaches adapted to the different metals and processes. This framework is thus a science-aligned sector benchmark, enabling the development of ambitious, credible and realistic decarbonisation trajectories, compatible with a 1.5°C trajectory. 5.3.4.1.1 1.5°C and WB2°C objectives Eramet has chosen a recent reference baseline year in the context of reviewing its objectives, which is more representative of its scope of activity, particularly following the asset disposals that have occurred since 2019. • 2035 | Scope 1&2: 2.09 MtCO2 This objective in absolute value concerns 100% of the Group's Scopes 1 and 2 greenhouse gas emissions(2), within the scope of operations for which Eramet has operational control. This objective is established by considering the alternative decarbonisation framework specific to extractive and primary processing activities developed by I Care and Eramet. It corresponds to: • the entire Eramet scope, excluding SLN , to a 1.5°C trajectory, i.e. a 42% decrease compared to the 2023 reference year. • on the additional scope of SLN, to a "Well Below 2°C" trajectory. This is a decrease of 23% compared to the 2023 reference year. This target requires activating all available levers, including those still at the stage of research and development or first pilot schemes: bio-reducers, Carbon Capture & Storage (CCS), electrical mining machinery. Eramet works extensively on the technical and economic aspects of these different levers, ensuring that their deployment is compatible with the imperative of remaining competitive in its markets. The 2023 reference year was a representative year for Eramet’s normal business activity, with no major shutdowns or exceptional operations. (1) Detailed methodology available on the Company's website, under "Act for Positive Mining". (2) Including biogenic emissions related in particular to land transformation during mining. 412 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] The target decarbonisation trajectories for the evolution of scope 2 are established by considering the assumptions detailed in Section 5.3.4.3.3, using the market-based method. • 2035 | Scope 3: -31% tCO2/tMn Ore vs. 2023 This intensity objectivity concerns the share of Scope 3 emissions relating to processing manganese ores sold by Eramet(1). These emissions represent more than 70% of the Group's absolute Scope 3 emissions and this objective corresponds to alignment with a "Well Below 2°C" trajectory in accordance with the alternative decarbonisation framework developed. The achievement of this objective depends essentially on the ability of Eramet's customers to make progress in terms of decarbonisation. 5.3.4.1.2 Additional "Act for Positive Mining" Commitments In November 2023, Eramet unveiled its new and ambitious CSR Roadmap, which is detailed in section 5.1.3.2.5 "The Group’s CSR strategy: Act for Positive Mining". The following objectives have been added to Eramet's ambitions: • 2026 | Scopes 1 and 2: reduce the Group's emissions per metric ton produced to 0.221 tCO2/t (i.e. 0.159 tCO2/t excluding SLN) representing a 3% annual improvement in efficiency; • 2026 | Scopes 1 and 2 related to Metallurgy: developing and validating the transition to "net-zero" manganese alloys; • 2026 | Scopes 1 and 2 related to Mining: reduce the carbon footprint of the Group's extraction activities by 10%, representing an improvement in energy efficiency of around 3% per year. • 2025 & 2026 | Scope 3: obtain the commitment of 67 % of its partners Eramet has committed to 67% of its tier-one value chain partners setting their own emissions reduction targets, compatible with the Paris Agreements, by the end of 2025.(2) This commitment covers a significant part of Eramet's Scope 3 (more than 80% in 80), and is particularly ambitious given the structure of its Scope 3: the Group aims to convince a very significant proportion of its customers with this objective, as their activity represents more than 70% of Eramet's Scope 3. This target is also applicable for the 2026 financial year. • 2035 | Scopes 1 and 2: Reduce its absolute emissions by 40% compared to 2019 This objective of reducing the Group's absolute emissions, like the objective relating to the engagement by Eramet's partners, is validated as a "target set" until 2026 by the SBTi, and is replaced by the 1.5°C and Well Bel ow 2°C objectives described in the previous chapter. 2026 target metrics 2025 results 2025 performance level Reduce the emissions per metric ton produced on Scopes 1 and 2 to 0.221 tCO2/t (0.159 tCO2/t) excluding SLN) Improvement in intrinsic efficiency (tCO2/t) excluding SLN of 6.3% compared to 2024 150% Metallurgy (>80% of Scopes 1 & 2): Develop and validate the transition to “net zero” alloys Tests carried out 100% Mining: reduce the carbon footprint of our extraction activities by 10% -5.7% 100% Ensure 67% of our suppliers and customers commit to reducing their CO2 footprint in accordance with the Paris Agreements 72% 125% 5.3.4.1.3 2050: The ambition to contribute to global carbon neutrality The Eramet Group has also set itself the goal of contributing to global carbon neutrality by 2050 through its direct action, and through the metals that the Group supplies to the energy transition industry. In 2025, Eramet supported the Climate Contribution Framework initiative (see section 5.3.3.3 "Actions and resources in relation to climate change policies [E1-3]"), which will now enable an objective measurement of its performance in relation to this ambition. (1) Within category 10 of the breakdown of Scope 3 according to the GHG Protocol methodology. (2) The commitment of partners is decided upon justification of a formal commitment in line with a “Well Below 2°C” SBTi trajectory, or aligned with a ClimateAction 100+ sector trajectory, for example, or having obtained a score of at least B at CDP. The formalisation of this commitment must be published or, failing this, formalised in writing and sent to Eramet Detailed rules provided in the Appendix. 5 413ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.4.2 Energy consumption and energy mix [E1-5] 5.3.4.2.1 Energy balance methodology Eramet continuously measures its energy consumption, per energy type, in great detail and on a monthly basis, on all sites where the Group operates. The main energy consumptions are fuel, for the mining activity, and electricity and reducing materials (coke and coal) for the metal transformation activity (pyrometallurgy). Electricity can be purchased on a local grid or self-generated, typically when the facilities are isolated (case of Eramet Grande Côte, in Senegal) or when the energy needs are very high compared to the capacity of the grid (the case of the Doniambo plant in New Caledonia). The main activities that require energy at Eramet are: • Mining activity • Extraction - fuel • Transport from the mines to the place of export - fuel • Pyrometallurgy activity • Electricity for furnaces • Chemical energy for reactions • Heat mainly to dry bulk goods (removal of humidity) ▼ Breakdown of energy consumption for mining activity ▼ Breakdown of energy consumption for industrial activity ▼ Change in total energy consumption, including reductants 414 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.4.2.2 Performance indicators 2025 2024 2025 vs. 2024 Energy consumed by the processes inside Eramet’s operational control perimeter (MWh) Excluding coals and coke used for reduction purposes (chemical reaction) Total energy consumption 7,435.7 6,929.1k ↑7.3% Fossil-based energy - Coal and coke 783.8k 508.3k ↑54.2% Fossil-based energy - Fuels 3,470.9k 3,562.0k ↓2.6% Fossil-based energy - Natural gas 246.4k 63.8k ↑285.9% Fossil-based energy - Other fossil sources 0.0k 0.0k Heat/cold/steam/electricity from fossil sources 2,323.1k 2,252.4k ↑3.1% Nuclear source energy 191.6k 106.9k ↑79.3% Renewable energy - Biomass 0.0k 0.0k Renewable energy - PV, wind, hydro 419.9k 435.7k ↓3.6% Renewable energy - Self-production 0.0k 0.0k Group energy mix Share of fossil sources in the energy mix 92% 92% Share of nuclear sources in the energy mix 3% 2% Share of renewable sources in the energy mix 5% 6% Electricity consumption Self-generated electricity - Non-renewable 925.3k 926.4k Total electricity consumption 3,859.9k 3,721.2k Share of low-carbon electricity consumption 16% 15% Energy intensity in relation to turnover(1) Turnover (M€) 2,753 2,933 Intensity (MWh/€) 2.70 2,36 (1) Turnover is presented in section 2.1 "Consolidated financial statements for the 2025 financial year". 5.3.4.2.3 Additional explanations and analyses The upward trend in natural gas consumption in 2025 is directly related to the start of activity at the Centenario plant in Argentina, which uses this resource for electricity production. The same applies to nuclear electricity consumption with the restart in 2025 of the Dunkirk plant in France, following a total shutdown of one year. Lastly, the operation at a better level of performance than in 2024 of the pulverised coal preparation facilities at the Doniambo site in New Caledonia made it possible to substitute the consumption of heavy fuel oil with coal for the needs of calcining the ores, hence this increased consumption. 5.3.4.3 Gross GHG emissions of Scopes 1, 2, 3 and total GHG emissions [E1-6] 5.3.4.3.1 Eramet carbon accounting methodology Scope 1 and 2 emissions Eramet assesses Scopes 1, 2 and 3 greenhouse gas emissions in accordance with the GHG Protocol standards. To quantify Scope 1 and 2 emissions, Eramet multiplies the physical flows by standardised emission factors, including all greenhouse gases, in application of the IPCC guidelines for global warming indices. These factors, established and updated annually by the Environment Department, come from recognised sources (Ademe, EPA, RTE, supplier measurements). The consolidation of data is performed using an operational control approach. Eramet includes 100% of the Scope 1 and 2 emissions by subsidiaries under its operational control and separately reports the emissions of subsidiaries it only partially controls, in proportion to its interest. A recalculation threshold is applied if changes occur to the perimeters, methodologies or factors used. If the changes exceed 5% of the total reported emissions for a given year, the historical values are recalculated in order to ensure that the reporting remains consistent and transparent. Scope 1 emissions are calculated based on the physical flows of carbon-containing materials used or produced in its processes. (1) High climate impact sectors - mining activities, pyrometallurgy, transport. Eramet takes a cautious approach, by considering that the totality of its activities belongs to this category. 5 415ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] The main categories of flows are taken into account: • Fuels: These are fossil fuels (natural gas, coal, fuel oil, etc.) or biomass used to produce heat or energy by combustion. They are essential inputs for industrial processes requiring high temperatures. • Raw energy materials used as reagents: In chemical processes, reagents containing carbon, such as reducing agents, undergo chemical reactions, with the carbon being used to capture the oxygen atoms in ores. These reactions also release CO₂. Eramet considers the emission factors in the literature expressed in CO 2eq to cover all greenhouse gases released during transformation processes. It should be noted, however, that the Group's mining and metals metallurgical activities mainly release only COC2. Biogenic emissions Eramet will include the reporting of CO2 emissions related to land use change in the context of its mining activity (land clearing and rehabilitation of plots) in 2025, in accordance with the methodologies proposed by the GHG protocol(2). They are the result of the difference between: • the storage of CO2 associated with the cumulative surface area refurbished in the years preceding the financial year • the loss of carbon storage associated with the areas cleared during the financial year The volume of CO2 storage is established by multiplying the surface areas(3) by the emission or storage factors corresponding respectively to the ecosystems impacted, and to the type of rehabilitation carried out. These factors are taken from the IPCC reference databases, Global Forest Watch, and the Initiative for Climate Action Transparency. Biogenic emissions related to the use of bioreducers in metallurgical processes will be proposed in the coming years, as its use is still very limited today (test phases). Scope 3 emissions The Group assesses its Scope 3 emissions according to 14 of the 15 categories in the breakdown proposed by the Greenhouse Gas Protocol (GHG Protocol).(4) The methodology used considers physical flows (97% of Scope 3) and, failing that, economic flows (3% of Scope 3), resulting from the Group’s monitoring tools: • Procurement data for raw materials, supplies and services (economic data),(5) • Energy consumption (physical data), • Volumes transported, types of vessels and freight distances (physical data), • Sales volumes (physical data). These data are associated with emission factors in order to assess Scope 3, taken from official databases (AIE, ADEME, EcoInvent), reference studies (Life Cycle Inventories of Metals, CRU Market surveys), or when this is possible, communicated by suppliers and customers. The "Scope 3 calculator" developed by Quantis for economic flow data is still partially used but is gradually being replaced by more relevant data, as these factors are no longer maintained by Quantis. Work to improve data collection from physical flows is currently in progress within the Group's Procurement Department. The largest part of the Group's carbon footprint relates to the transformation of the products sold by Eramet on its customers' sites. In 2025, a special focus was placed on completely reviewing the emission factors used in calculating this category of Scope 3 emissions. The methodology deployed is based on the use of specific emissions from the processing plants in which the products sold by Eramet are processed. To do this, Eramet relies on the literature and in particular the CRU's detailed study which proposes the carbon intensities(6) of all the manganese alloy production units in the world. (2) Land Sector and Removals Standard. (3) The monitoring of cleared and rehabilitated areas is presented in section E1-4. (4) Category 11 relating to the use of Eramet products is not monitored, as it is not possible to precisely identify the use which the Group's customers make of the processed products (the processing of Eramet products corresponds to category 10, which is monitored). (5) The calculation of emissions based on economic data is less precise than that based on physical flows, and the collected data have an estimated level of uncertainty of around 20%. Eramet is working to replace the monitoring of expenses with the monitoring of physical flows for the procurement categories concerned. (6) Scope 1 & 2 CO2 intensities, with an economic allocation approach (approach that allocates a share of the footprint to the recovered co-products according to their relative commercial value). A proportion of the emissions established by the CRU are in CO2 and not in CO2....eq, which is not significant for this industry - see methodological clarification Scopes 1 & 2 below. 416 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.4.3.2 The specific nature of calculating emissions in the context of the European carbon market Each Eramet plant in Europe also reports its Scope 1 emissions in accordance with the regulations governing the operation of the emissions trading market, the EU ETS(1). The calculation rules may vary slightly depending on how the text is transposed into national regulations. The Marietta (United States) plant also reports its Scope 1 emissions to the US authorities (EPA)(2). The calculation based on the ETS approach, as with the EPA approach, consists of conducting a fairly exhaustive material balance analysis of the carbon atoms entering and leaving the furnaces, and takes into account the fact that some of the carbon atoms remain in the final materials (products and waste), not contributing to CO2 emissions. The calculation according to Eramet’s historical approach only takes into account the main inputs, but considers that they are entirely consumed and that all the carbon they contain becomes CO2. This approach offers the advantage of being able to be monitored on a short-scale basis (monthly), but is less accurate. In 2025, a continuous carbon accounting principle, based on production management tools, was rolled out across the Norwegian sites, enabling the gap between the mass balance approach imposed by the EU ETS rules, and the establishment of the Group's carbon footprint based on a 'fuel balance' approach to be significantly reduced. For the scope of the sites concerned by such a declaration (ETS and EPA), the difference is currently less than 5%. Emissions associated with the sale of process gases to a third-party industry in Porsgrunn, Norway, are included in the carbon footprint (as a deduction). Negotiations are ongoing between the Norwegian authorities and the Company that purchases this gas following mistakes in the volume declarations by this Eramet customer. A correction will be imposed by the authorities ( e.g. an increase in the volumes to be deducted from the Group's balance sheets) but the exact values and the time frame over which this correction will be applied have not yet been defined. 5.3.4.3.3 Specificity of the Scope 2 calculation Eramet’s Scope 2 emissions correspond to the direct emissions of the power plants from which the Group supplies its electricity consumption and can be established according to two approaches, called the location-based approach and market-based approach, in application of the principles of the GHG Protocol. For the location-based calculation, Eramet considers Scope 1 and 2 emissions from power plants operated on the grid to which the Group is connected(3) as produced by the International Energy Agency, the Environmental Protection Agency (EPA), Réseau de Transport d'Electricité (RTE) or the Government of New Caledonia, for example. For the market-based calculation, • in territories not covered by guarantee of origin contracts: Eramet considers zero direct emissions for the power plants producing the renewable electricity that the Group specifically purchases through dedicated contracts (concerns only the Doniambo site in New Caledonia). For the rest of the electricity volumes, the location-based method is used; • in geographical areas with a guarantee of origin contract: Eramet chooses not to take into account the residual emission factors proposed by the Association of Issuing Bodies, and therefore uses the average emission factor of the country, corresponding to the location-based method. This decision is based on the fact that the residual emissions factor does not correspond to any physical reality of the emissions associated with the production of electricity consumed by users, and that the methods used to calculate this factor induce significant fluctuations year- on-year, largely depending on the volumes of guarantees of origin sold. The values thus calculated would have an adverse effect on the interpretation of the decarbonisation efforts actually undertaken by the Group. In 2025, the application of the calculation of scope 2 market-based emissions using the residual emission factors for France and Norway(4) results in a total scope 2 value of 1,230 ktCO2 for the Group. (1) EU European Trading Scheme. (2) U.S. Environmental Protection Agency. (3) Use of national network mixes, excluding cross-border exchanges. (4) There is a guarantee of origin mechanism in the United States, but not all states adhere to it and the Government has not consolidated a residual emission factor to date... 5 417ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.4.3.4 The Group's absolute greenhouse gas emissions (tCO2eq) 2025 2024 BL 2023 2025 vs. 2025 2025 vs. BL 2026 2030 I/ Scope 1 absolute greenhouse gas emissions (tCO2eq) Scope 1 emissions 2,511.5k 2,457.9k 2,781.2k ↑2% ↓10% Mining 423.7k 435.1k 457.5k ↓3% ↓7% Gabon 230.3k 275.6k 282.2k ↓16% ↓18% New Caledonia 25.6k 23.3k 59.5k ↑10% ↓57% Senegal 129.3k 136.2k 115.7k ↓5% ↑12% Argentina 38.6k 0.0k Pyrometallurgy 2,087.7k 2,022.8k 2,323.7k ↑3% ↓10% United States 139.3k 146.2k 115.6k ↓5% ↑21% France 44.8k 0.8k 49.9k ↑5,860%(1) ↓10% Gabon 25.7k 45.3k 62.8k ↓43% ↓59% Norway 683.4k 699.8k 639.9k ↓2% ↑7% New Caledonia 1,194.5k 1,130.7k 1,446.1k ↑6% ↓17% Part of the Group's Scope 1 subject to the EU ETS regulation 29% 28% 25% ↑2% ↑15% Biogenic Scope 1 emissions (LULUCF) 99.6k 94.1k 116.1k II/ Scope 2 absolute greenhouse gas emissions (tCO2eq) Scope 2 (MB) emissions 180.8k 183.6k 199.2k ↓1% ↓9% United States 148.3k 151.7k 140.9k ↓2% ↑5% France 4.3k 0.1k 8.2k ↑3,258% ↓48% Gabon 3.1k 3.2k 4.0k ↓3% ↓22% Norway 14.1k 13.9k 12.9k ↑2% ↑9% New Caledonia 10.7k 14.2k 33.1k ↓25% ↓68% Senegal 0.3k 0.4K 0.0k ↓20% Argentina 0.0k 0.0k 0.0k Scope 2 (LB) emissions 237.8k 309.7k 452.2k ↓23% ↓47% France 4.3k 0.1k 8.2k ↑3,278% ↓48% Gabon 3.1k 3.2k 4.0k ↓2% ↓22% New Caledonia 67.7k 140.6k 286.1k ↓52% ↓76% Norway 14.1k 13.9k 12.9k ↑2% ↑9% Senegal 0.3k 0.1k 0.0k ↑124% United States 148.3k 151.7k 140.9k ↓2% ↑5% Argentina 0.0k 0.0k 0.0k III/ Scope 3 absolute greenhouse gas emissions (tCO2eq) Scope 3 emissions 22,123.4k 21,994.9k 15,425.8k ↑43% Purchases of products and services 464.7k 746.3k 1,099.8K ↓38% ↓58% Capital goods 128.5k 169.3k 409.9k ↓24% ↓69% Energy-related emissions 288.5k 311.9k 820.2k ↓8% ↓65% Transport provided by Eramet 564.2k 556.3k 1,032.7K ↓45% Waste generated 60.0k 51.8k 51.8k ↑16% Business travel 5.3k 12.7k 0.5k ↓58% Commuting 20.0k 20.0k 20.0k Leased assets (upstream) 15.0k 17.4k 14.0k ↓14% Transportation provided by Customers 19.2k 15.8k 39.8k ↑22% ↓52% Transformation of products sold 18,802.7k 18,869.9k 10,602.4k(2) N/A Use of products sold 0.0k Disposal at end of life of products sold 267.0k 268.0k 150.9k N/A (1) Reopening of the Dunkirk plant in 2025. (2) Value established before the methodological improvement, similarly for the 'disposal at end-of-life of products sold' category. 418 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] 2025 2024 BL 2023 2025 vs. 2025 2025 vs. BL 2026 2030 Leased assets (downstream) 0.0k 0.0k 0.0k Franchises 0.0k 0.0k 0.0k Minority investments and partnerships 1,488.3k 955.6k 1,183.9k ↑56% ↑26% Customer and supplier engagement rate 72% 67% - IV/ Group consolidated absolute greenhouse gas emissions (tCO2eq) The Group's Scopes 1 and 2 emissions 2,692.3k 2,641.5k 2,980.4k ↓10% Scope 1 2,511.5k 2,457.9k 2,781.2k ↑2% ↓10% Heating and drying 477.5k 373.4k 496.2k ↑28% ↓4% Extraction and transport 155.7k 161.0k 200.8k ↓3% ↓22% Electricity production 640.4k 641.0k 723.4k ↓11% Reduction 1,237.9k 1,282.4k 1,360.7k ↓3% ↓9% Scope 2 (MB) 180.8k 183.6k 199.2k ↓9% Group Scope 3 emissions 22,123.4k 21,994.9k 15,425.8k ↑43% Upstream 1,546.3k 1,885.7k 3,448.8k ↓18% ↓55% Downstream 20,577.2K 20,109.2K 11,977.0K ↑2% N/A The 2025 financial year is relatively stable compared to the 2024 financial year in terms of the Group's greenhouse gas emissions. These emissions are established by incorporating the methodological improvement described in this chapter, but this improvement in the accounting of the "Processing of products sold" category is only possible from the 2024 financial year onwards as customers' detailed monitoring data is not available for previous years. The significant difference in this emission item between 2023 and 2025 (+52%) is therefore the impact of the application of the new calculation method, which assigns more consistent emissions to the processing of ores and alloys sold by the Group. 5.3.4.3.5 Carbon intensity in relation to turnover 2025 2024 BL 2023 2025 vs. N-1 2025 vs. BL 2026 2030 Intensity in relation to revenue Absolute Scopes 1, 2(1) and 3 emissions of the Group (ktCO2e) 24,815.7K 24,636.4k 18,406k N/A Turnover (M€) 2,753 2,933 3,251 N/A Intensity (tCO2e/€) 9.0 8.4 5.7 ↑7% N/A 5.3.4.3.6 Carbon intensity compared to production level 2025 2024 BL 2023 2025 vs. N-1 Target 2025 2026 2030 Carbon intensity compared to production level Absolute Scopes 1, 2 emissions(1) Group share (tCO2e) 2,692.3k 2,641.5k 2,980.4k ↑2% Saleable metric tons 10,072.7k 9,904.9K 12,178.9k ↑2% Scope 1 & 2 intensity (tCO2/t saleable) 0.267 0.267 0.245 0.228 0.221 0.211 The failure to achieve this objective is linked to the change in the relative share of ore and metal alloy volumes in total production. Thus, the share for metal alloys (Mn and FeNi alloys), which account for most of the CO2 emissions, increased from less than 6% in 2023 to around 7% in 2025. The change in this composite metric unfortunately masks the performance improvements observed within each activity. The Group anticipates that the relative share of mining and pyrometallurgical activities will remain the primary determinant for the metric's evolution in 2026. (1) Scope 2 expressed on a market-based basis. 5 419ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Climate Change [ESRS E1] 5.3.4.3.7 Additional explanations and analyses In addition to the explanations given in Chapter 5.3.4.2.3 Additional explanations and analyses, the following elements clarify the changes seen in the Group's CO2 emissions in 2024 compared to 2023. The facilities at the Moanda Industrial Complex in Gabon are beginning to suffer from recurrent damage and were designed for a type of ore that now differs significantly from the ores that are currently being processed there. In addition, the coke drying infrastructure broke down regularly during 2024. These difficulties significantly adversely affected the carbon intensity of the site. In the United States, the emission factor of the regional electricity grid is improving every year with the abandonment of coal-fired power plants in favour of shale gas power plants. As far as Scope 3 is concerned, the improvement is due to the reduction in activities (nickel ore and manganese ore) and the reduction in emissions on the downstream part. This phenomenon is also reinforced on the upstream part by an improvement to the quality of Eramet’s monitoring for the different categories comprising it (transition to more accurate monitoring of physical flows, increased relevance of emission factors, corrections of errors and double counting). Finally, the Group's performance in terms of obtaining a commitment from its customers and suppliers is continuing to improve with the efforts it has made to support a selection of customers and improve the mapping of the Group's upstream value chain (logistics and purchasing). 5.3.4.3.8 Key figures for the activities of Weda Bay, Indonesia Scope 3 and category 15 emissions (table below) correspond to Scope 1 and 2 emissions from the Pt Weda Bay Nickel activity (Indonesia), in proportion to Eramet’s minority interest in this company. Below are the figures presenting all of PT Weda Bay Nickel’s activities. 2025 Total energy consumption - excluding reducers 1,350 GWh Share of energy from fossil fuels 100% Fuel consumption 1,243,000 m³ CO2 emissions related to mining activity 605,000 tCO2e Electricity consumption 1,300 GWh Consumption of reducers 460,000 metric tons Total CO2 emissions (Scope 1 & 2) 3,813,000 tCO2e NB This information is provided on a voluntary basis and is declarative by Eramet’s partner. The Weda Bay site in Indonesia consolidated and strengthened its data collection systems across its operations throughout 2025 to improve the accuracy, consistency and traceability of energy data. Weda Bay Nickel will begin drawing up its decarbonisation roadmap in 2026. This approach will include the gradual deployment of low-emission mobility solutions (355 electric trucks and 5 charging stations already commissioned by the end of 2025), as well as a transition to low-carbon electricity for site operations. 5.3.4.4 GHG removals and GHG mitigation projects financed through carbon credits [E1-7] Eramet does not buy or sell carbon credits. Eramet aims to contribute to the carbon neutrality of the industry by 2050, in particular through the metals that its activity makes available to the energy transition sectors. The Group’s transition plan includes the transformation of Eramet’s activities until 2035, and is based solely on decarbonisation actions. 5.3.4.5 Internal carbon pricing [E1-8] Eramet has an internal carbon "shadow price" which is integrated(2) into the investment decision process to guide choices towards solutions that emit less CO₂ and are more resilient in the face of increasing carbon taxes. The principle of this mechanism is to give, from the profitability analysis phase of a given investment project, an economic advantage to technical alternatives that will emit the least CO2 over their lifetime. The amounts applied to all Group subsidiaries are as follows: • €50/metric ton of CO₂ for current investments: • This concerns the replacement of equipment with an expected life of less than 10 years. • €100/metric ton of CO₂ for long-term investments. These investments include: • Increase in capacity. • New activities or greenfield facilities. (2) The internal price is used in investment profitability analyses and R&D studies, but is not applied as an expense to the sites making the investment. 420 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Climate Change [ESRS E1] SUSTAINABILITY REPORT Climate Change [ESRS E1] • Technological breakthrough projects (e.g. hydrogen). • Renewal of equipment with an expected lifetime of more than 10 years. • Productivity projects, potentially including digital or energy transformations. When investments concern sites where taxation actually exists (European sites), the profitability analysis based on the internal carbon price is compared to a full cost analysis that includes the foreseeable cost of applicable carbon taxation (Europe). The mechanism for applying internal carbon prices at Eramet and their amount based on the context of use were reappraised in 2021, based on the benchmark of 16 peer companies, and by taking the projected changes in carbon taxation practices by 2030 proposed by a 2021 study by McKinsey into account. The Group's monitoring tools are constantly being improved to ensure that Eramet's commitments and emissions are reliably covered by the internal carbon pricing system, and that the positive impacts associated with using the internal carbon price in the Company's investment request processes are traceable. In the 2025 financial year, Eramet approved investments of €201 million. The correct implementation of the internal carbon pricing system was monitored for projects of more than €1 million, which together represent nearly 80% of the total amount of investments validated by the Group: • 10% (in euros) of the projects include the internal carbon price in the profitability analysis without the geographical area being subject to carbon taxation, • 47% of applications have implemented the mechanism, and are also subject to real carbon taxation • 14% of the files were not relevant to the integration of this mechanism (no impact on CO2 emissions) • 29% of the applications mentioned the impact on emissions, but did not include their valuation in the profitability calculation, or did not mention the subject of CO2 emissions at all The application of existing taxation remains the majority case to date. The use of this mechanism is limited and is expected to grow. It needs to be gradually adopted by the teams to ensure it is used consistently. 5.3.4.6 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities and potential opportunities related to climate change [E1-9] Physical risks related to climate change As stated in paragraph 5.3.3.1.1 Physical risks - short and medium term , Eramet updated its exposure to the physical risks of climate change in 2024 and 2025, by drawing on AXA Climate’s expertise. Risk assessment The most significant changes in terms of climate hazards and infrastructure risks for the time horizons and scenarios selected concern wildfires: • In Gabon, at the Moanda plant, with increasing frequency and/or intensity over time (2030, 2050) • In the United States, at the Marietta industrial complex, with a frequency and/or intensity expected to increase over time (2030, 2050). In addition, the Group’s activities may be impacted in the future by changes in climatic conditions resulting in operating losses. The most significant risks concern: • Extreme heat waves in Indonesia, on the mining plateaus of Moanda in Gabon, in Senegal, and New Caledonia (mining site and plant) with an intensification of hazards over time (2030, 2050). • Drought in Senegal, and Argentina with an expected increase in frequency of these episodes. • Heavy rainfall in Indonesia with an increase in frequency expected for most of the intensities assessed. An initial estimate of the extent of the anticipated financial effects related to these risks has been made, and this work will continue over the coming years. 5 421ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Pollution [ESRS-E2] 5.4 Pollution [ESRS-E2] 5.4.1 Management of impacts, risks and opportunities 5.4.1.1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities [ESRS 2 | IRO-1] Eramet is continuing its efforts to reduce its environmental footprint. The environmental management systems deployed on each site, enable a review of potentially polluting activities to be carried out, enabling potential or proven environmental impacts and risks to be identified, and then to define preventive actions or, if appropriate, actions to control and reduce these impacts. Eramet integrates the environment from the design stage in all its projects. When a project concerns an existing facility, regardless of the size of the project, the facility is asked to complete the “preliminary assessment form", aimed at identifying the potential environmental impacts related to the project in order to establish and implement the preventive actions. In addition, any new site or any substantial modification of an existing facility is subject to an environmental and societal impact study. In terms of pollution risks, the two main pathways identified are airborne emissions and water discharges. As explained in sub-section 5.1.3.2.1 Description of Eramet’s sustainability issues, impacts, risks and opportunities (IRO), the main IROs identified in the double materiality assessment are: Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted Air quality management Monitor airborne emissions and their local impacts (SOx, NOx, dust and other contaminants) around industrial and mining sites in order to assess the risks to people and nature. Actual negative impacts of potential air emissions and their local impacts (SOx, NOx, dust and other contaminants such as nickel) around industrial and mining sites Group level, all activities included (manganese, nickel, Mineral Sands, lithium) Environment Employees Local communities Water quality Monitor water pollution and its local impacts around industrial and mining sites in order to assess the risks for people and nature Potential negative impacts on water resources due to a limited or inadequate water management system. Risks related to accidents with an impact on people and the environment, as well as the consequences of the implementation and/or non-compliance with stricter regulations and standards in terms of pollution. Group level, all activities included (manganese, nickel, Mineral Mands, lithium) and value chain Environment Local communities Impacts on water The risks of water pollution are analysed with regard to the Group’s various activities and water uses. They are mainly related to: • wet ore processing, notably for ore washing; • gas scrubbing in certain industrial processes; • the granulation of slag for certain pyrometallurgical processes; • soil erosion on exposed land in active mines, leading to the transport of suspended matter in runoff water. • rainwater runoff on sites, which can cause the dust in the soil to become airborne. Impacts on the air The processes used by Eramet, in particular pyrometallurgical activities and power plants, cause the main airborne emissions: • In pyrometallurgy, ducted dust and metal emissions can be generated at several stages of the process: materials handling, pre-drying, pre-reduction and melting furnaces, crushing operations and handling of by- products and finished products; • Energy production, which is necessary when the site does not have access to the electricity grid, causes gas emissions, including sulphur oxides (SOx) and nitrogen oxides (NOx) and, to a lesser extent, dust emissions. These inherent impacts are analysed with regard to the sensitivity of the environments both from an environmental (sensitivity of natural environments) and social point of view (presence of communities near the facilities). 422 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Pollution [ESRS-E2] SUSTAINABILITY REPORT Pollution [ESRS-E2] Eramet is strengthening its requirements for sites considered sensitive, in particular by: • monitoring ambient air quality for facilities located near populations; • setting up monitoring of the quality of aquatic environments near discharge areas (e.g. in New Caledonia). Stakeholder engagement Consultations with stakeholders and especially the populations potentially affected by the Group’s activities occur at several levels: The double materiality assessment and the determination of the IROs include the stakeholders that may be concerned (see section 5.1.3.1), whether internal or external. All new projects require operating permits, which, in most jurisdictions, include a public inquiry phase allowing the various stakeholders to express their views and adapt the specifications if necessary. • Eramet has voluntarily committed to deploying the IRMA standard in all its mining centres. Stakeholder engagement is a very strong requirement of this standard. Each site works to strengthen ongoing dialogue with its stakeholders, in particular local communities. • Several sites organise periodic meetings with their local stakeholders to share information on the site's activities and present environmental results. These meetings are an opportunity to assess the concerns of local residents and gain a better understanding of their point of view. Integrating the environment from the design of projects and the deploying continuous improvement initiatives have made it possible to reduce environmental impacts over the years. 5.4.1.2 Polices related to pollution [E2-1] The pollution policy and action plans are established in relation to the IROs identified in the double materiality assessment IRO Policies and Standards Scope of application Monitoring and assessment References Air quality management Actual negative impacts of potential air emissions and their local impacts (SOx, NOx, dust and other contaminants) around industrial and mining sites Environment policy with commitments to prevent pollution and reduce impacts "Environmental Management" Key Standard incorporating "Air Emissions Management" and "AIR" Topic-Specific Environmental Performance Standard All Group sites Monitoring discharges Maturity to performance standard BRIEF Production of non-ferrous metals E-PRTR Regulation IRMA Water quality management Potential negative impacts on water resources due to a limited or inadequate water management system. Environmental policy with commitments to prevent pollution and reduce impacts. "Environmental Management" key standard including "Water management" and "WATER" Topic-specific Environmental Performance Standard All Group sites Monitoring discharges Maturity to performance standard BRIEF Production of non-ferrous metals E-PRTR Regulation IRMA Water quality management Risks related to accidents with an impact on people and the environment, as well as the consequences of the implementation and/or non-compliance with stricter regulations and standards in terms of pollution. Environmental policy with commitments to prevent pollution and reduce impacts. "Environmental Management" Key Standard incorporating "Incident Management" and "Incident Reporting – Environment" Operational Procedure All Group sites Incident monitoring 5.4.1.2.1 Environmental policy Eramet is aware of the potential impacts of mining and metallurgical activities on the natural environment, and considers that it is responsible for implementing all necessary means to protect the environment. The Group’s environmental policy sets out its commitments to preserve the environment and reduce the environmental impact of its activities, in particular by: • reducing its airborne emissions by focusing on the sources that have the highest impact, with a concern to integrate with neighbouring local authorities. • the continuous improvement of water management and treatment methods (see more details in section 5.4.1.3.3 and section 5.5 "Water and marine resources ESRS-E3"). Furthermore, Eramet prohibits the discharge of mining waste (“deep-sea tailings placement”) into the sea. This method is neither used at the Group’s sites nor considered in the context of development projects. Since 2024, the Group has also prohibited any exploration or exploitation of the seabed. 5 423ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Pollution [ESRS-E2] The “Environmental Management” key standard clarifies the policy with the aim of: • Implementing environmental management rules on all the Group’s industrial and mining sites to help control the impacts and reduce the environmental footprint of the Group’s activities; • Avoiding accidents likely to harm the environment or third parties; • Contributing to obtaining and maintaining the “operating permit”. Applicable to any subsidiary or establishment controlled by the Eramet Group, it describes the roles and responsibilities and requirements to be applied in terms of the environmental management system, waste management, water, atmospheric emissions, hazardous substances and contingency plans. In 2025, the "Environmental management" Key Standard was supplemented by topical environmental performance standards covering, in particular, atmospheric emissions, water management and the management of hazardous substances (see more details section 5.2.3 "Structuring policies, guidelines and commitments' section. 5.4.1.2.2 Incident and emergency management All of the Group’s industrial and mining sites have a robust ISO 14001-certified environmental management system. Risk prevention, environmental incident management and emergency plans are the essential elements of this system. Emergency situation: Each site identifies the emergencies which are specific to its activities by applying the environmental management system, and the environmental analysis in particular. This work is performed by taking environmental impact studies, hazard studies, and even feedback from past incidents and/or emergency situations into account. Preventive measures (barriers) are established and implemented. In the event of an emergency, each site has an emergency plan, whose format may vary according to the specific standards of the country where it operates. This document describes scenarios involving serious accidents or phenomena that could affect industrial sites and potentially impact the population and the environment. These scenarios are periodically tested according to a schedule specific to each site. These exercises enable the teams' knowledge of procedures to be verified and to ensure that the measures are relevant. Contingency plans detail the alert chains, the responsibilities of each person, and the measures to be taken to stop the source of the pollution or contain it, so that remediation can occur on the impacted areas. Monitoring environmental incidents: Each site is required to report all environmental incidents. These events are recorded in a reporting tool common to the Group and graduated according to a risk scale. When an event is likely to cause undesirable effects beyond the site, the information is reported to head office to enable follow-up, implement corrective measures and, if necessary, initiate the crisis management process for major incidents or releases. When an incident impacts external parties, they are consulted in the process. 5.4.1.3 Actions(1) related to pollution [E2-2] Eramet applies a sequenced approach to pollution risks that aims to avoid, reduce or even restore, where necessary, the affected sites. This approach is based on the common components of Eramet’s environmental management system, which has been set up to manage the environment within the Group’s entities and presented in section 5.2 "Strong environmental management [Environmental ESRS]", including: • A dedicated organisation • An internal policy and standards • Reporting, controls and audits It applies the mitigation sequence, which primarily targets avoidance, then mitigation and finally rehabilitation or offset actions. The results of these actions can be monitored through the systematic follow-up of the key parameters specific to each activity. The key indicators are consolidated annually and are the subject of an analysis, or even an action plan, if discrepancies are recorded. The results and their analyses are commented on within the operational teams and also at Executive Committee level. 5.4.1.3.1 Chemicals Eramet uses various chemical products as commodities (acids, bases, salt, etc.) in its industrial processes. Mining activities are not directly concerned by these uses. In addition to production processes, chemical management covers several areas: laboratories, facility maintenance, water treatment, vapour capture and suspended particles. The Group, which is aware of the challenges related to chemical substances, has implemented a rigorous approach to reduce risks, protect human health and preserve the environment. This approach is based on: • an analysis of the products used, to ensure a precise understanding of their impact and conditions of use; • the proactive integration of regulatory requirements in terms of monitoring occupational exposures and assessing chemical risks, in a continuous improvement approach; • a life cycle analysis of products to improve understanding and limit the environmental and health impacts related to their transformation and end use. (1) Details of the financial resources allocated to each action are not available for 2025. 424 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Pollution [ESRS-E2] SUSTAINABILITY REPORT Pollution [ESRS-E2] Consistent with its commitments in terms of environmental and social responsibility, Eramet is committed to replacing Substances of Very High Concern (SVHC) with less hazardous alternatives while maintaining a high level of industrial performance and safety. Priority actions relate to the assessment of alternative opportunities 5.4.1.3.2 Airborne emissions The largest contributors to the Group’s airborne emissions are the pyrometallurgical activities and the energy production plants operated by Eramet. To control dust and metal emissions, atmospheric effluent treatment systems are generally implemented at the sites. These remediation tools are chosen according to the characteristics of the effluents, the purification performance targeted and regulatory requirements. The Group endeavours, whenever possible, to implement the best available techniques for the filtration and/or treatment of atmospheric discharges, in particular at European sites where the best available techniques associated with the production of non-ferrous metals are systematically implemented. At the end of 2023, Eramet specified the priority actions through a specific Environmental Performance Standard on Air. It specifies the internal requirements expected for all the Group's sites. In addition to channelled emissions, the standard includes the management of fugitive emissions as well as the monitoring of ambient air quality for all sites near local residents. Efforts to ensure that know-how is retained and that Group best practices are shared include a special environmental task force which works to identify internal benchmarks on the topic of airborne emissions. Among the key actions on atmospheric emissions in 2025: • Reinforcement of the measurements with two new campaigns carried out by approved laboratories on the Grande Côte site in Senegal and the Gabonese plants (CMM and CIM Agglomeration Unit) in Moanda. • COMILOG - Moanda Metallurgical Complex, Gabon (CMM): shutdown of one of the site's two furnaces throughout the year • COMILOG Dunkirk: commissioning of the new furnace is accompanied by an increase in filtration capacity and the addition of demercurisation technology. • COMILOG - Agglomeration Unit (CIM): construction of the REACIM project (Reduction of Atmospheric Emissions from the CIM), which will complete the unit's pollution control equipment from 2026. 5.4.1.3.3 Water discharges The main contributors to the Group's water discharges are the mining sites and industrial sites operated by Eramet. Industrial water effluents are treated by purification systems chosen according to the characteristics of the effluents, the purification performance targeted and the regulatory requirements. The Group endeavours, whenever possible, to implement the best available techniques, in particular on European sites where the best available techniques associated with the production of non-ferrous metals are systematically implemented. The priority actions established by the Group in its “Key standard” policy are based on three objectives: • continuous improvement in the monitoring of the water footprint of its activities (abstraction, uses, discharges); • optimisation of process water consumption and increased recycling; • continuous improvement of rainwater management and wastewater treatment methods. The internal “Water Management” standard established in 2024 and gradually rolled out at the sites covers all these major challenges. The Group invests every year to further mitigate its impacts on water. Among the key actions in 2025: • OKOUMA mine in Gabon: construction and commissioning of a "losses" basin to collect all process water related to ore washing, sediment solid particles and recirculate the purified water in the process. • Manganese alloy sites in Norway: Initiation of the "BeDRY" project aimed at replacing wet gas washing technology with dry filtration technology, thus eliminating the volumes and discharges of water associated with the current purification process. • Kvinesdal site: implementation of a recycling loop on process water which reduces the flow of pollutants discharged. • Sauda site: testing of a pilot unit for the collection of suspended solids from run-off water. • COMILOG - Electrolysis unit: end of the treatment of electrolysis solutions and cessation of associated discharges. In addition, 2025 saw the implementation of participatory monitoring at several mining sites (Eramet Grande-Côte, Eramine). This process enables local communities to be involved in monitoring the Group's sites in the interests of transparency and stakeholder engagement. 5 425ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Pollution [ESRS-E2] 5.4.2 Metrics and targets 5.4.2.1 Targets related to pollution [E2-3] Eramet undertakes to comply with the discharge thresholds prescribed by local regulations or environmental permits on all its sites. In addition to these regulatory requirements, the Group imposes monitoring and reporting of airborne and water emissions for all its sites. Internal targets are set for different parameters (e.g. dust emissions). This monitoring is the subject of analyses involving the Group’s experts (environmental officers from the sites, experts from the environment department, technical department) in order to identify any deviations and activate corrective actions if necessary. In addition, Eramet has strengthened its commitments to environmental protection in its roadmap for 2024-2026 “Act for Positive Mining” (see 5.1.3.2.5 "The Group’s CSR strategy: Act for Positive Mining") by focusing on airborne atmospheric emissions and water discharges. To date, no targets have been published for SoCs and SVHCs. The objectives, defined by topic, are: Airborne emissions • 100% of industrial and mining sites have mapped diffused airborne emissions and have established an action plan to reduce major sources (Group scope) • 100% of sensitive sites have implemented air quality monitoring in neighbouring communities and share their results (Group scope). Water discharges • 100% of sites have implemented full water discharge monitoring and share their results data These three targets exclude the upstream and downstream activities of the value chain and focus on the sites identified for each theme (see application field). The guidelines, established by the Environment Department, assist the sites concerned in the deployment of these targets. Monitoring is performed through a roadmap steering committee and, where necessary, dedicated support is provided to the sites for implementation. The progress made in implementing the roadmap indicators is presented in the following table. It should be noted that the targets remained unchanged over the period 2026 target metrics Unit of measurem ent Scope of application Reference year 2025 results Target achieved rate Policy and Standards • 100% of sites have mapped diffused airborne emissions and established an action plan to reduce major sources. % Mapping completion rate All industrial and mining sites contributing to diffuse atmospheric emissions 2023 97% of sites have a diffused emissions map 100% Act for Positive Mining Commitm ent • 100% of sensitive sites implemented air quality monitoring in neighbouring communities and shared the results. % Completion rate of monitoring The sensitive sites identified are: 1/ metallurgical plants located near inhabited areas, i.e. the agglomerated production and Manganese Alloy production plants and the SLN plant in Doniambo and 2/ mining sites whose activities take place near inhabited areas, namely: COMILOG (DFIP-CMM- CIM) and GCO 2023 60% of sensitive sites have air quality monitoring 80% Act for Positive Mining Commitm ent • 100% of sites have implemented water discharge monitoring and share the results. % Monitoring completion rate All industrial and mining sites contributing to water discharges 2023 86% of sites have mapped discharge points 100% Act for Positive Mining Commitm ent 2024 was a pivotal year for consolidating these targets through improving knowledge of the sources and the monitoring requirements to be implemented. Implementation continued in 2025, with the following achievements In the air sector: • Mapping of discharges emitted: this was finalised for all sites in 2025. The majority of reduction action plans are documented. • Monitoring of air quality has also been strengthened, even if the intermediate objective has not been achieved. The following advances were made in 2025: • Dispersal studies carried out at Marietta, Grande Cote and Moanda, confirming that the activities do not contribute significantly to ambient air quality; • The continued deployment of the monitoring of the visual impact of activities (by automatic detection of plumes) in Doniambo and Kvinesdal; • The commissioning of an interface to monitor the site's contribution to air quality in Porsgrunn. 426 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Pollution [ESRS-E2] SUSTAINABILITY REPORT Pollution [ESRS-E2] In the water sector: all major discharge points at manufacturing sites have been identified and are monitored. Internal control: In 2025, in line with the Group's continuous improvement approach, the internal control teams verified the mapping of diffuse atmospheric emissions and water discharge points into the natural environment for each site. 5.4.2.2 Pollution of air and water [E2-4] 5.4.2.2.1 Identification of pollutants The table below shows the pollutants that the Group monitors and reports in line with its activities and the requirements of the CSRD, in particular by referring to Regulation (EC) no. 166/2006 of the European Parliament and of the Council (European Pollutant Release and Transfer Register, etc.). the "E-PRTR Regulation"). Airborne pollutants Water pollutants Sulphur oxides (SO2) Nitrogen oxide (NOx) Ducted dust** Arsenic and its compounds (as As) Cadmium and its compounds (Cd) Chrome and its compounds (Cr) Copper and its compounds (as Cu) Mercury and its compounds (as Hg) Nickel and its compounds (Ni) Manganese and its compounds (Mn)* Lead and its compounds (as Pb) Zinc and its compounds (as Zn) PCDD + PCDF (dioxins and furans) Polycyclic aromatic hydrocarbons (HaPs) Benzene Carbon monoxide (CO) Ammonia (NH3) Arsenic and its compounds (as As) Chrome and its compounds (Cr) Copper and its compounds (as Cu) Suspended solids* Manganese and its compounds (Mn)* Nickel and its compounds (Ni) Lead and its compounds (as Pb) Zinc and its compounds (as Zn) Organohalogen compounds (expressed as AOX) Cyanides (as total CN) * Pollutants reported over and above the CSRD requirements that it was considered relevant to record in relation to the Group's activities ** The E-PRTR regulation indicates the reporting of the fine fraction of dust (or “Particulate Matter PM10”). The total ducted dust emissions are reported in the absence of data on the particle size distribution of dust emitted from all Group sources. The data is therefore a maximum limit. 5.4.2.2.2 Reporting methodology Apart from the specific cases detailed below, all emissions are quantified on the basis of direct measurements conducted on discharges, and at a minimum, in accordance with the requirements applicable to each site. From these direct measurements, the quantities of pollutant emissions are consolidated by each site, then at Group level. It should be noted that, between 2018 and 2023, as part of its previous CSR roadmap, Eramet focused on the reduction of ducted dust emissions, key indicator of pyrometallurgical activities. In addition to the progress observed in reducing emissions, this policy has strengthened, where it was relevant, the monitoring of this parameter. Thus, by the end of 2025, all sites, except for the Eramet Grande-Côte plant and the Eramet Marietta furnaces, will continuously measure the ducted dust emissions from the main emission sources. Measurement equipment is calibrated by the accredited organisations. With regard to other pollutants, direct measurement is carried out periodically in accordance with the ISO standards specific for each pollutant by accredited laboratories. Specific cases of quantification of emissions by material balance or emission factor: these cases only apply for two airborne pollutants, sulphur dioxide (SO2) and nitrogen oxides (NOx) and for certain sites: Airborne emissions of sulphur dioxide (SO2): • The SLN plant, SLN’s temporary docked power plant (CAT) and the Manganese Alloys sites in Norway quantify their SO2 emissions by material balance. The reason behind this choice is the accuracy of the result, with the measurement of the sulphur content of fuels, raw materials and outgoing products. • The CO2 quantification methodology is applied on the Norwegian Manganese Alloys sites in Sauda and Porsgrunn with an associated uncertainty of 0.55%. For the Kvinesdal site, the quantification was carried out with an older material balance and the calculation methodology based on the CO2 methodology will be applied in 2025. It should be noted that the sulphur dioxide emissions of each of the Norwegian sites are well below the CSRD reporting threshold under the EPTR regulation. 5 427ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Pollution [ESRS-E2] • For the SLN sites, the accuracy is 5.4% for the CAT (due to uncertainty of the fuel sample analysis and the representativeness of a vessel); 25% for the plant (due to the uncertainty of the analysis of the fuel and fuel samples, the uncertainty of the scales and load cells and the uncertainty of the sulphur analysis in the outgoing products). Nitrogen oxide (NOx) airborne emissions: • The Norwegian plants use an emission factor to calculate nitrogen oxide emissions related to the flaring of process gases that cannot be recovered. As direct measurement is not possible for safety reasons, the emission factor chosen is the one produced by the EPA, a US agency, and specific to nitrogen oxide emissions from flaring. It should be noted that the nitrogen oxide emissions of each of the Norwegian sites are well below the CSRD reporting threshold under the EPTR regulation. These measurements are all based on reference standards and are carried out by approved laboratories. Each site establishes its own data collection and consolidation procedure according to its processes. 5.4.2.2.3 Total Group emissions The consolidated pollutant emissions reported below cover all the Eramet sites affected by the emission of the pollutant, regardless of whether the applicable threshold value specified in the E-PRTR Regulation has been exceeded. Each site concerned reports the absolute annual emission and the consolidation is carried out at Group level. This consolidation process is an opportunity for control and verification by the Group's Environment Department teams. Pollutants were identified based on the activities, processes and product involved. In addition, the monitoring requirements applicable to the sites were screened. It should be noted that operations conducted in Europe are already subject to the E-PRTR regulation. The quantities of pollutants identified in this way, released per site, are compared to the threshold of the regulation. Eramet has a rule that if the discharges from one site exceed the threshold for a pollutant, it must report the discharges from the other sites that monitor that pollutant. The sites concerned are indicated, in the data tables next to each pollutant. ERAMINE was added to the reporting scope in 2025. Air Pollution Please note that pyrometallurgical activities and power plants cause most of the Group’s airborne emissions: • In pyrometallurgy, the sites contribute to ducted dust and metal emissions; • Energy production causes emissions of sulphur oxides (SOx) and nitrogen oxides (NOx) and, to a lesser extent, dust. Airborne emissions vary depending on the nature of raw materials and ore used, the transfer and loading technologies in place, pollution clean-up equipment available and especially the sites’ level of activity. The control of emissions of gases, sulphur oxides (SO2) and nitrogen oxides (NOx), especially related to energy production, depends on the choice of combustion process and the possibility of integrating pollution clean-up equipment. Thanks to the actions deployed by the Group, Eramet reduced its ducted dust emissions by 77% between 2018 and 2023. The airborne emissions of the Group’s activities are presented in the following tables, as well as the sites associated with this reporting. 428 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Pollution [ESRS-E2] SUSTAINABILITY REPORT Pollution [ESRS-E2] Airborne emissions Unit 2023 2024 2025 Scope of reporting Sulphur oxides (SO2) metric tons 11,417.7 10,798* 11,051 All the Group's industrial units Manganese Alloys sites(1), CIM, Gabon; Doniambo plant (DBO) and Power plant (CAT) - SLN, New Caledonia ; Eramet Grande-Côte, Senegal Nitrogen oxide (NOx) metric tons 6,125 6,365 6,008 Ducted dust metric tons 583.6 681.6 609.2 Nickel and its compounds metric tons 11.4 12.8 15.8 Manganese and its compounds metric tons 53.3 58.7 52,2 Arsenic and its compounds (As) kg 544 1,356 Manganese Alloys sites(2)(3) CIM, Gabon; Doniambo plant and power plant - SLN, New Caledonia) Cadmium and its compounds (Cd) kg 116 123 Chrome and its compounds (Cr) kg 951 2031 Copper and its compounds (Cu) kg 303 1,222 Mercury and its compounds (Hg) kg 682 961 Lead and its compounds (Pb) kg 558 785 Zinc and its compounds (Zn) kg 5,302 4,520 PCDD + PCDF (dioxins + furans) (as Teq) G 0.343 0.129 Polycyclic aromatic hydrocarbons (PAHs) kg 2,098 2,481 Ammonia (NH3) metric tons 267 357 Power plant - SLN, New Caledonia Carbon monoxide (CO) metric tons 13,550 12,202 CIM, Gabon Benzene kg 11,262 1,086 CIM, Gabon * Value corrected in 2025. The error relates to the emissions of the power plant in New Caledonia. It relates to sulphur content figures that had not been updated. The impact of the correction on the consolidated data corresponds to an increase of around 13% compared to the figure before correction. **Pollutants reported beyond the CSRD requirements that were considered relevant to report on in relation to the Group's activities The 2025 results show: • For sulphur oxide (SO2) emissions: • Emissions were stable overall (+2.3%) even though the main producers, which are the two New Caledonian sites (the docked power plant and the Doniambo plant) and the Grande Côte power plant in Senegal, have reversed variations. • New Caledonian plants are increasing their production in line with the resumption of activity and the sourced fuel oil has a higher sulphur content. Conversely, the production of the Grande Côte power plant in Senegal has been reduced, as well as the sulphur content of the sourced fuel oil, which is slightly down • For emissions of nitrogen oxides (NOx) and ammonia (NH3): • The vast majority of NOx emissions come from power plants (the docked power plant in Nouméa and the Grande Côte power plant in Senegal). They were down slightly (-5.5%), in line with changes in production. However, a reduction has been noted in emissions from the Grande Côte power plant in Senegal as a result of a new measurement campaign that has improved the reliability of the result. Conversely, the deterioration of the flue gas denitrification system at the Nouméa docked power plant has increased discharges. The replacement of the catalysts in the denitrification system enabled a return to normal operations at the end of 2025. • This deterioration to the denitrification system also explains the increase noted in ammonia (NH 3) emissions, which are a co-product of this process and emitted only by the docked power plant in Nouméa. • For dust emissions: • Emissions fell (-11%) despite an increase in emissions from the Doniambo plant in Nouméa, which correlates with the increase in production, but also with a deterioration observed on some of the dust collectors (electrostatic precipitators) for which a revamping plan is being studied. The new measurement campaign carried out at the GCO power plant in Senegal also slightly increased dust emissions. Emissions from the SiMn production plant (CMM plant) in Moanda, Gabon, contributed to the decrease. In 2025, one of the two furnaces was shut down all year round. (1) Manganese Alloys sites include: COMILOG Dunkirk, France (CDK); Eramet Marietta, Ohio; USA (EMI); Moanda Metallurgical Complex, Gabon (CMM); Eramet Sauda, Norway (ENS); Eramet Porsgrunn, Norway (ENP); Eramet Kvinesdal, Norway (ENK). (2) Manganese Alloys sites include: COMILOG Dunkirk, France (CDK); Eramet Marietta, Ohio; USA (EMI); Moanda Metall.rgical Complex, Gabon (CMM); Eramet Sauda, Norway (ENS); Eramet Porsgrunn, Norway (ENP); Eramet Kvinesdal, Norway (ENK). (3) The Marietta site has no specifications for monitoring airborne emissions of arsenic, chromium and copper. 5 429ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Pollution [ESRS-E2] • Concerning the other pollutants: • The main contributors remain the CIM sintering plant in Gabon, the Doniambo plant and power plant and the SLN power plant in New Caledonia. The changes noted are linked to production and, above all, to the completion of a new measurement campaign by an approved laboratory in 2025 on the CIM processing line in Moanda, Gabon. Water pollution Water discharges from the Group’s activities are related to the activity in question. The Group’s transformation plants operate pyrometallurgical processes and even power plants. The pollutants in the effluent will come from the cooling of the slag, the wet scrubbing of the gases, runoff on the site and even occasional watering to reduce the re-flight of dust. Treatments are in place to capture and reduce the pollution load. These are conventional physico-chemical processes: coagulation, sedimentation, filtration. Water discharges Unit 2023 2024 2025 Scope of reporting Suspended solids* metric tons 6,316 5,039 5,743 Manganese Alloys sites(1); Doniambo plant and power plant - SLN, New Caledonia; Eramet Grande-Côte, Senegal Nickel and its compounds (Ni) metric tons 9.58 8.34 8.08 Manganese Alloys sites in Norway Doniambo plant - SLN, New Caledonia Eramine, Argentina Manganese and its compounds (Mn)* metric tons 5.79 40.64 25.62 Manganese Alloys sites; Doniambo SLN plant, New Caledonia Eramine, Argentina Arsenic and its compounds (As) kg 42.32 26.24 Manganese Alloys sites Eramine, Argentina Chrome and its compounds (Cr) kg 3,346 1,664 Manganese Alloys sites Doniambo plant - SLN, New Caledonia Copper and its compounds (as Cu) kg 2,915 2,628 Manganese Alloys sites(1) Doniambo plant and power plant - SLN, New Caledonia; Lead and its compounds (as Pb) kg 3,869 3,206 Manganese Alloys sites; Doniambo plant - SLN, New Caledonia Eramine, Argentina Zinc and its compounds (Zn) kg 9,805 8,152 Manganese Alloys sites(2) Doniambo plant - SLN, New Caledonia Eramine, Argentina Organohalogen compounds (expressed as AOX) kg 5,257 7,464 Doniambo plant - SLN, New Caledonia Cyanides (as total CN) kg 7,188 6,127 Manganese Alloys sites in Norway * Pollutants which are reported over and above CSRD requirements, and considered relevant to be recorded because of the Group's activities (1) (2) The Marietta site is not subject to water discharge measurement requirements for copper, mercury and zinc. (3) Total cyanides are reported annually by sites without an emission threshold. Free cyanides are regulated and enable the bioavailable and toxic forms (free CNs) to be differentiated from less bioavailable forms (complexed CNs), thus allowing a more detailed assessment of the impacts on human health and aquatic ecosystems. The total amount of free cyanide emitted in 2025 by the 3 Norwegian sites totalled 410 kg. All sites comply with the prescribed discharge limit. The Doniambo plant in New Caledonia is mainly a contributor to discharges of suspended solids, nickel, chromium, chromium VI, lead, zinc and organohalogen compounds (AOX) • The slight increase in solids in suspension is explained by the cleaning of the internal sedimentation basin. This maintenance operation is necessary to regain the basin's treatment capacity. It is performed periodically and causes a localised remobilisation of sediments, which are then transferred to the discharge point. • The AOX measurements are not representative, as the values recorded at the withdrawal level are regularly higher than the values of downstream discharges. A study will be conducted in 2026 on this subject. • Manganese is mainly discharged by Manganese alloy production sites, mainly the Marietta site in the USA and the Sauda plant in Norway. It comes from on-site runoff water. A pilot was tested in 2025 at the Sauda site in Norway for additional filtration of this run-off water. If the industrial test is confirmed, it should be installed on site in 2026. (1) In 2020, the COMILOG Dunkirk site set up a runoff collection basin that limits water withdrawals and avoids the discharge of water effluents. No discharge has been reported since 2021. 430 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Pollution [ESRS-E2] SUSTAINABILITY REPORT Pollution [ESRS-E2] • Arsenic is mainly discharged by Norwegian sites and comes from raw materials. The wet washing of the gases from the furnaces transfers the pollution into the water effluents that are treated. • Cyanide discharges, which are only discharged by the Norwegian manganese alloy sites have been reduced (-15%). This decrease is related to changes in production volumes and types, as the production of Ferro-Manganese is more favourable to the formation of cyanides than the production of Silico-Manganese. The Porsgrunn site reduced its FeMn production by 15% in 2025 • For other pollutants, the level of emissions in 2025 is rather lower than in 2024. The variations are explained by occasional variations in flow rates and the accuracy of samples and analyses. Therefore, in 2025, the reporting rule is adapted as follows: if a result is below the quantification or detection limit, then the value of zero is used. 5.4.2.3 Substances of concern and substances of very high concern [E2-5] Eramet has carried out a mapping of raw materials and products used in its industrial processes, as part of its commitment to responsible management of the value chain and in compliance with the CSRD directive and ESRS standards. This approach focuses primarily on substances of concern (SoC) and substances of very high concern (SVHC), identified according to European regulatory frameworks. In 2025, the Group also established an internal environmental performance standard dedicated to the management of hazardous substances. This benchmark establishes the common framework for the identification, classification and prioritisation of substances of concern and substances of very high concern, in line with the ESRS E2 requirements and the main regulatory frameworks (in particular REACH, CLP and the SVHC candidate list). It is based on a harmonised set of criteria (volumes used, exposure scenarios, regulatory status, potential for substitution, etc.) which will be used to structure the in- depth mapping of substances within industrial sites in future financial years. This standard has now been formalised and approved at Group level; the terms and conditions for its operational implementation will be established and rolled out gradually, with a view to ultimately prioritising the most sensitive substances and establishing, where appropriate, suitable reduction or substitution plans. 5.4.2.3.1 Substances of concern A substance of concern (SoC) refers to any substance that may have negative effects on human health or the environment, and listed in Annex VI of the CLP Regulation. Appendix II of the ESRS, and more specifically Table 2, defines a substance as any chemical element and its compounds. From a regulatory point of view, Eramet’s finished products contain Nickel (Ni), which meets the criteria for a substance of concern (SoC). However, the Nickel ore present in the Group’s operations is not a substance of concern as such, as it is a raw material integrated in a mineral matrix and not in an isolated chemical form. During this extraction phase, the Nickel ore has a low Nickel content (approximately 1%). Then, during the production phase, part of the ore is transformed into Ferro-Nickel (FeNi), used in various industrial applications. Another part of the ore is sold directly to customers in raw form, without further processing. Nickel is a strategic metal with a wide range of industrial applications, including: • Batteries and energy transition: A key element in Lithium-ion batteries used in electric vehicles and renewable energy storage. Demand for it is growing strongly with the global energy transition • Stainless steel: Strengthens resistance to corrosion, essential for construction, infrastructure and automotive industries As part of the CSRD requirements, Eramet assessed the amount of Nickel contained in ferroalloys and particularly in Ferro-Nickel (FeNi). The total quantities of Nickel generated or used during production or purchased, and the total quantities of substances of concern that leave the Company’s facilities as products are set out in the table below: Product Substance Hazard class of the substance Quantity used (share of Ni in the product) (t) Quantity produced (share of Ni in the product) (t) Source FeNi Nickel Suspected to be Carcinogenic Skin sensitivity 40,142.50 38,184 Nickel ore The data for the total quantities of Nickel that leave the Company’s facilities in the form of discharge emissions are indicated in the previous section on air and water pollution. 5 431ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Pollution [ESRS-E2] 5.4.2.3.2 Substances of Very High Concern Coal Tar Pitch is an essential component of electrodes used in Eramet's silico-manganese, ferro-manganese and ferro- nickel production furnaces. When used in furnaces, Coal Tar Pitch breaks down, releasing hazardous substances, in particular Polycyclic Aromatic Hydrocarbons (PAHs), in industrial fumes. "Pitch, coal tar, high-temp" is classified as a substance of very high concern (SVHC) under the REACH regulation because of its carcinogenic, PBT (persistent, bioaccumulative and toxic) and vPvB (very persistent and very bioaccumulative) properties. In accordance with its environmental policy, the Group continues to continuously improve its collection systems to minimise potential discharges related to the use of this substance. Eramet has embarked on a process of gradual substitution following on from European decisions taken in 2017 to restrict the use of coal tar pitch from 2020, subject to certain exemptions – including the recognition in 2018 of Söderberg electrode pastes based on coal tar pitch as intermediate products. The medium/long-term objective remains the use, for all of the Group's furnaces, of a competitive PAH-free electrode paste. To achieve this objective, industrial trials were conducted on three plants, in Norway (Kvinesdal and Sauda) and in France (Dunkirk) over several years, to test PAH-free electrode pastes. The feedback has highlighted: • an overconsumption of about 20% of pulp compared to a "classic" pulp based on Coal Tar Pitch; • the lack of any significant improvement in the quality of the green paste, with a lower density than that of conventional paste; • significant operational constraints (e.g. the need to fine- tune the process and specifications, with constraints to switch between different silicomanganese grades); Eramet has decided to suspend industrial trials in the light of these findings. In 2025, 9% of the electrode pastes used during the year were pastes without Coal Tar Pitch, corresponding to the last volumes ordered as part of the trials. Nevertheless, the Group is continuing discussions with suppliers with a view to developing, in the medium/ long term, pastes without PAHs that are technically and economically competitive. In 2025, the quantity of Coal Tar Pitch high-temp identified as a substance of very high concern (SVHC) used by the Group amounts to 4,673.28 metric tons, exclusively to manufacture electrode pastes. The Group does not produce Coal Tar Pitch. Substance Hazard class Quantity used (t) Quantity produced (t) Source Pitch, coal tar, high-temp. CAS no.: 65996-93-2 Carcinogenic PBT vPvB 4,673.28 - Electrode paste 5.4.2.4 Anticipated financial effects from pollution-related impacts, risks and opportunities [E2-6] With regard to deposits, the sites concerned manage their operating and capital expenditure autonomously through their own budgets. Extraction of specific data is not available at this time. Regarding major incidents, while internal reporting enables incidents to be monitored with a risk/impact matrix for their prioritisation, this does not only target pollution and does not currently make it possible to identify operating and investment expenses incurred in connection with these incidents. The Group is working on setting up a query to allow a global consolidation. Environmental provisions are included in the financial statements (see note 14 in Chapter 2 Individual and consolidated financial statements). 5.4.3 PT Weda Bay Nickel focus PT Weda Bay Nickel's mining operations involve land clearing operations that may increase stormwater runoff and soil erosion, leading to a potential increase in suspended solids flows to the natural environment. In order to prevent and reduce these impacts, the site is gradually expanding a network of sedimentation basins to capture and treat runoff water before it is released into the environment. The final outlets of these structures are fitted with effluent monitoring devices that track suspended solids concentrations and automatically transmit the data to the relevant authorities. In 2025, the data from this monitoring system were not yet available for the full calendar year. 432 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Water and marine resources [ESRS-E3] SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] 5.5 Water and marine resources [ESRS-E3] Water is a strategic resource that is under pressure from two fronts: climate change and changing usage patterns. Its preservation and its accessibility to all are major challenges for our societies and for Eramet. This challenge has led to stricter legislation and high expectations from our internal and external stakeholders. Water is an essential resource for our operations, but it is also a challenge that must be managed carefully, whether our activities are located in desert areas, the tropics or the equator. The Group has a responsibility to take action to preserve it, by balancing industrial performance with the protection of ecosystems. 5.5.1 Management of impacts, risks and opportunities 5.5.1.1 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities [ESRS-2 | IRO-1] As described in subsection 5.1.3.2.1, Eramet consulted 65 internal and external stakeholders to obtain their views and priorities regarding sustainability issues, including water resources. This approach enabled the most material impacts, risks and opportunities to be identified, confirming that water resources are a material challenge. The main IROs identified in the context of the double materiality assessment are: Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flow, development, performance and position Scope Stakeholders impacted Water resources Optimise production processes to limit water consumption and ensure efficiency Ensure interaction between water security and business risk to manage (potential) risks of water stress on operations and people (including wastewater management) Potential negative impacts on water resources in the long term, in a context of increasing water stress on some Eramet sites Risks related to dependency on water resources and the consequences of implementation Group level, all activities included (manganese, nickel, mineral sands, lithium) and value chain Environment Local communities 5.5.1.1.1 Our activities Water is mainly used for ore washing, furnace cooling and gas treatment. As a shared and sometimes scarce resource, water is a strategic issue for the Group, particularly in areas which are exposed to water stress or arid conditions such as Senegal and Argentina. These conditions increase operational, regulatory and reputational risks, and require proactive management aimed to limit withdrawals and prevent any significant impact on local water resources. To identify the impacts and risks related to water in all its operations, the Group carries out a systematic screening of its sites and projects. This process is based on several interrelated levels of assessment: • Watershed-level assessment: Water-related risks and impacts are assessed for each site using a contextualised approach that takes hydrological conditions into account. • Integration into Environmental and Societal Impact Assessments (ESIA): These assessments are compulsory in permit applications and feasibility studies for new projects. They are conducted by specialist firms and include: ➔a study of the baseline condition of water resources; ➔the assessment of potential impacts on the quantity and quality of surface water and groundwater; ➔a management and monitoring plan including measures to reduce impacts on the aquatic and marine environment. • Internal water risk analyses: In 2025, the Group updated the water stress analysis for all its sites using the Aqueduct 4.0 Water Risk Atlas tool from the World Resources Institute. This tool is based on the global hydrological model PCR- GLOBWB 2(2), which simulates water flows between soils, the atmosphere, groundwater as well as anthropogenic uses (irrigation, industry, households). Water stress is defined as the ratio between total withdrawals and available renewable resources. (2) PCR-GLOBWB 2 stands for PCRaster Global Water Balance model version 2. PCR-GLOBWB 2 is a global hydrology and water resources model developed at the University of Utrecht. This model simulates the exchange of water between the soil, the atmosphere and underground reservoirs, as well as the use of water by humans for irrigation, industry, and households. 5 433ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] The analysis incorporates the current situation as well as projections to 2030 and 2050, based on three CMIP6(1) socioeconomic and climate scenarios: SSP3–RCP7.0 (trend – business as usual), SSP1–RCP2.6 (optimistic), and SSP5–RCP8.5 (pessimistic). • Climate risk analysis: In 2024, a study of the risks related to the physical impacts of climate change was conducted with the support of AXA Climate. • Internal mechanisms for engaging with stakeholders: The information from the dialogue and grievance management systems at the sites also feeds into the risk identification process. All these tools and analyses enable a mapping to be compiled of the water-related risks for the Group's assets, the sensitive areas to be identified and management and mitigation actions to be prioritised. 5.5.1.1.2 Value chain Upstream In addition to asset screening, the Group implements a proportionate assessment approach of its suppliers (Scope 3 - upstream). This assessment is adjusted according to the location of the companies, the criticality of the concerned activities and the purchase amount. It is mainly based on Group questionnaires and can be supplemented by external assessments such as EcoVadis. In 2025, water management aspects were strengthened in the internal questionnaires in order to more accurately identify the risks and practices associated with water use in the upstream value chain. Downstream Issues relating to the downstream value chain, associated with the Group's non-operationally controlled interest, i.e. the PT Weda Bay Nickel minority joint venture, are addressed separately at the end of this chapter. 5.5.1.1.3 Stakeholder consultation Consulting local stakeholders is a central element of the system for identifying water-related impacts and risks: ESIAs systematically include consultations with stakeholders, in particular local communities, aimed at: • documenting their water use (domestic, agricultural, pastoral, cultural); • understanding their expectations and concerns; • identifying any differentiated impacts on vulnerable groups. After the submission of the studies, a public report enables the conclusions to be shared, incorporating the feedback and adjusting the management measures when necessary. 5.5.1.2 Policies related to water and marine resources [E3-1] In its environmental policy, Eramet is committed to preserving a quality water resource that is accessible to all. This policy aims to identify, prevent and mitigate water- related material impacts, manage the associated risks and seize opportunities for continuous improvement. The prevention and reduction of water pollution caused by the activities are detailed in the section on ESRS E2. 5.5.1.2.1 General principles and scope of application The policy applies to activities operated directly by the Group. It does not cover the activities of the value chain at the present time, which is an area for improvement that has been identified. Work is underway to strengthen the assessment of water issues among suppliers. The commitments and objectives of the policy are set out in the Environment Key Standard, an internal document, which must be applied by all operational sites. (1) CMIP6 stands for Coupled Model Intercomparison Project Phase 6. This is the sixth phase of the Coupled Models Comparison Project, an international initiative coordinated by the World Climate Research Program (WCRP). This project aims to improve our understanding of climate models by comparing the results of different simulations carried out by climate modelling teams around the world. 434 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Water and marine resources [ESRS-E3] SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] Two structuring documents were developed in 2024 to support the operational implementation of this policy: The environmental emission limits set out in permits are strictly adhered to and subject to oversight by the relevant authorities. Performance Standard dedicated to water management; • a Water- Management-Plan template designed to harmonise practices and strengthen the effectiveness of management measures. 5.5.1.2.2 Water management in operations: use, treatment and prevention of pollution i. Resource use optimisation Eramet aims to control and optimise water consumption at all its sites by continuously improving: • monitoring and reporting, aligned with the ICMM(1) guidance in order to establish a comprehensive water balance including withdrawal, discharge, recirculation, recycling and storage, differentiated by source, destination and quality; • the water efficiency of processes, thanks to local continuous improvement actions and R&D projects aimed at reducing gross water consumption; • increased recycling, particular on sites located in sensitive areas (areas of high water stress or arid areas). b. Water treatment and environmental compliance The Group is committed to preventing and reducing pollution : • Wastewater management and treatment methods are continuously improved at all sites. • The quality of discharges is monitored on all manufacturing sites and is gradually being extended to mining sites. • The environmental emission limits set out in permits are strictly adhered to and subject to oversight by the relevant authorities. • The Environment Department ensures centralised monitoring of the dangerousness of substances, with the technical support of professional associations in the Manganese, Nickel and Lithium sectors. • The temperature of discharges into the sea is monitored at all relevant sites to limit the thermal impact on marine ecosystems. Detailed information on the prevention of water pollution can be found in the section dedicated to ESRS E2 (see section 5.4.1.2). 5.5.1.2.3 Specific commitments in areas with a high water risk Two sites are located in water-sensitive areas: EGC in Senegal and Eramine in Argentina. For each of them: • a plan to reduce water intensity is being implemented; • specific water performance objectives are included in the Act for Positive Mining roadmap; • adaptation and recycling measures are implemented, and monitoring is reinforced. The presence of these sites in sensitive areas is covered by the Group's policy, in accordance with paragraph 13 of ESRS E3-1. 5.5.1.2.4 The preservation of marine environments and commitment to the oceans Eramet has adopted an express policy to protect marine environments. In 2024, the Group: • publicly affirmed its position against deep-sea mining, i.e. the exploration and exploitation of the deep seabed; • reaffirmed its ban on the disposal of tailings at sea; • strengthened environmental monitoring requirements at its industrial sites concerned by discharges into the sea. In 2025, Eramet reinforced this commitment by signing the Call to Action to Protect the Ocean at the United Nations Ocean Conference (UNOC3) in Nice. This commitment, endorsed by an international coalition of companies, confirms the Group's desire to contribute to the preservation of marine ecosystems and to support ambitious, science-based public policies. These commitments supplement the sustainable resource management policy and fully meet the requirement of ESRS E3-1 §14 on practices relating to oceans and seas. 5.5.1.2.5 Transparency, reporting and dialogue with stakeholders The Group regularly publishes its water commitments, policies and performance via: • its website, • regulatory reports, • and the Carbon Disclosure Project (CDP). In 2025, Eramet obtained an A- rating on the CDP Water Security questionnaire, reflecting the improvement in data quality, the generalisation of water balances on the Group's sites and the gradual alignment of water management practices with the main international standards. Water-related information is shared with local stakeholders at site level, in accordance with the IRMA(2) standard, including communities, via existing dialogue mechanisms. (1) ICMM: Internal Council on Mining and Metals. (2) IRMA: (Initiative for Responsible Mining Assurance). 5 435ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] IRO Policy and Standards Scope of application Monitoring and assessment Group documents References Negative impacts: pressure on freshwater resources linked to withdrawal for the Group's activities Water balance Development and implementation of a water management plan: optimisation of consumption, reduction of water intensity, increase in recycling, etc. Improved monitoring Scope 1: The entire Group Environment Department with the support of the Technical Department, the Societal Impact and Human Rights Department, and the Eramet Ideas teams, which reports to the CSR Committee and the Eramet Executive Committee A Standard dedicated to water management; Water management plan model Water reporting procedure IRMA standard(1) and ICMM guides(2) Negative impacts: alteration of water quality in the event of insufficiently controlled discharges Continuous improvement of wastewater management and treatment methods (see section 5.4.1.3 "Pollution ESRS E2") Scope 1: The entire Group Prohibitions on deep-sea mining and deep-sea tailing placement (see section 5.4.1.3 "Pollution, ESRS E2") Scope 1: All mining sites and projects Physical and regulatory risks: reducing the availability of water resources and strengthening regulatory requirements for water Recycling rate targets Scope 1: the 2 sites in sensitive areas Reputational risks: risks related to water management in sensitive areas Improved reporting Increased transparency Scope 1: The entire Group Opportunity: Improving operational resilience to water risks and collective initiatives Establishment and deployment of measures to improve water management performance Development of water programmes with stakeholders within the local ecosystem Scope 1: The entire Group Opportunity: local development Facilitating access to water resources for populations Scope 1: All mining sites (1) IRMA: (Initiative for Responsible Mining Assurance). (2) ICMM: Internal Council on Mining and Metals. 436 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Water and marine resources [ESRS-E3] SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] 5.5.1.3 Actions and resources related to water and marine resources [E3-2] 5.5.1.3.1 Main actions(3) In order to implement its sustainable water management policy (established in response to the IROs) and to achieve the objectives established in the Act for Positive Mining roadmap, Eramet is rolling out a structured three-year action plan (2024–2026), as described below, . The implemented actions are mainly aimed at reducing water withdrawal, improving process efficiency, and increasing recycling and reuse of the resource. They respond to the material impacts identified on water resources as well as to the physical risks related to its scarcity, in particular on the two sensitive sites. Year/Period Actions Scope of application 2024 Mapping and classification of all withdrawal and discharge points Scope 1: All sites and projects Complete water balance 2025 Site water objectives, beyond the objectives already set for sites in sensitive areas Corresponding action plan 2026 Water management plan finalised and implemented Comprehensive monitoring of discharges and data available to stakeholders 2023-2026 Establish and disseminate best practices in water management, in coordination with the Technical Department and the support of an internal expert group Deploy water management and rehabilitation guidelines, clarifying the Group’s expectations and defining audit checkpoints during field inspections Monitor KPIs and meet ambitious “Act for Positive Mining” roadmap targets 2026 CSR assessment of suppliers including water-related aspects (see 5.9) Scope 3 - Upstream: suppliers In 2025, workshops on the water performance standard as well as assessments of the maturity of the sites were conducted with the support of the Technical Department. The reliability and coverage of monitoring continued to be strengthened. All sites have developed a comprehensive water balance in line with these efforts. Water management plans, in line with the Group's expectations, are being developed and implemented. The deployment rate at the end of 2025 was 55% (target of 50%). A participatory monitoring system is now in place at the two sensitive sites, EGC (Senegal) and Eramine (Argentina), and water committees with local communities meet regularly. In Norway, Eramet has also implemented water recirculation systems within its gas treatment facilities. Water used for washing gas is collected, treated and reused in a closed-loop proces s, thereby limiting freshwater withdrawals, reducing discharge volumes and optimising the overall efficiency of the treatment system. This approach helps to control impact on water resources while ensuring the environmental performance of the facilities. In concrete terms, the Group is supporting innovative projects which are aimed at reducing dependence on good quality freshwater and increasing the use of recycled and brackish water. Eramet's research and innovation centre (Eramet Ideas and Trondheim) is implementing a water roadmap in coordination with the Technical Department, the Environment Department, as well as the sites and projects. From technology watch to pilot trials, including laboratory development and modelling, the centre focuses on: • The development of innovative processes to reduce the need for water; • The management of new technologies for filtration, wastewater treatment and optimisation of recycling loops; • The reinjection of brine into salars for the lithium industry; • The monitoring and modelling of hydrodynamic behaviour. In 2025, Eramet Ideas and Trondheim helped set up water management actions to support operations and development projects. These contributions focused on the optimisation of hydrometallurgical processes, the analysis of water consumption and the improvement of recycling possibilities, in particular in the context of the ramp-up of the lithium activity. The teams also developed and mobilised process modelling and simulation tools to assess different operating scenarios and to characterise the water flows associated with mining and metallurgical activities. This work aims to support the continuous improvement of the Group's water performance. Finally, The Group is carrying out a flagship initiative that showcases shared resource management at the regional level. In Kvinesdal (Norway), Eramet is valorising the hot water generated by its processes by making it available to other local players. This water is reused both by the manufacturing site and by external customers: five operators for heating workshops as well as a turbot aquaculture farm. These partnerships illustrate an approach based on industrial symbiosis, where the heat energy from one process is efficiently reused for other purposes, helping to reduce resource consumption, improve overall efficiency and enhance the environmental sustainability of the region. (3) Details of the financial resources allocated to each action are not available for 2025. 5 437ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] 5.5.1.3.2 Actions on sites in sensitive areas The results of the water-stress risk analysis, which was updated in 2025 with Aqueduct and WRF tools, concluded that all the Group’s sites present a low to medium risk, except for the Eramet Grande Côte site in Senegal, where there is a high risk of water stress. This risk increases, with an extremely high level of risk, according to the scale used by Aqueduct, for the SSP 1 RCP 2.6 “optimistic” scenario from 2030, and from 2050 for the other scenarios. Water footprint reduction measures are actively implemented at this site, with a recycling target of 60% by the end of 2026. Quantified targets were also established for Eramine's site in Argentina, which began production at the end of 2024. It is located in an arid area, although Aqueduct does not classify it as being at risk of high water stress. In 2025, in a context of industrial ramp-up, Eramine implemented actions to ensure the commissioning and stabilisation of water management facilities. These actions mainly concerned the water treatment and recycling equipment within the water treatment plant, including ultrafiltration, reverse osmosis units, lamellar settling and forced evaporation. In parallel, technical and research and development studies have been launched to assess options for reducing water consumption to be deployed from 2026, in particular the optimisation of reagent concentrations and the use of recycled water in certain process stages. The recycling targets for both these entities are included in the “Act for Positive Mining” roadmap. The recycling targets for end-2026 are 60% and 80% respectively. Period Action Site Support 2024-2026 Strengthening of water management plan and hydrodynamic modelling tools Optimisation of recycling loops Senegal Environment Department Technical Department Eramet Ideas External experts Optimisation of the Lithium recovery process Development of a technique for reinjecting brine into salars Strengthening of the water management plan Argentina 5.5.2 Metrics and targets 5.5.2.1 Water and Marine Resources Targets [E3-3] The targets are public and are included in the "Act for Positive Mining" roadmap for the period 2024-2026 (see 5.1.3.2.5 "The Group’s CSR strategy: Act for Positive Mining"). Targets Unit of measurem ent Scope of application Reference year 2023 2025 results Rate of achievement of the 2025 target Policy and Standards Recycle in water- sensitive areas for current or future projects: 60% for EGC and 80% for the Lithium project % of recycling 2 sites in water- sensitive areas: Eramet Grande Côte and Eramine 41% for Eramet Grande Côte in 2023 N/A (Eramine, greenfield project) 57% for Eramet Grande Côte Not applicable for Eramine, still ramping up Achievement of the 2025 objective – target of 55% recycling for the Senegalese site and operational means for the Argentinian site in the ramp-up phase in 2025 Targets directly connected to the commitment to optimise process water consumption and increase recycling They were established based on the results of feasibility studies conducted by the Group’s Technical Department and Research and Development Centre. 100% of sites have a water management plan, including reduction targets for all sites % of sites All industrial (7) and mining (4) sites 0% aligned with the 2024 Water Management Standard Assessment of the maturity of sites based on the Water Performance Standard Water Management Plan developed and implemented on 55% of sites Achievement of the 2025 objective – target for 50% of sites Standard and template that specifies the structure and expected content of a water management plan Documents reviewed by an external expert 438 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Water and marine resources [ESRS-E3] SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] Water management plans apply ICMM and IRMA international standards. Recycling targets were set on a voluntary basis; they have not been imposed by law. They aim to reduce withdrawal volumes and, consequently, the consumption of these two sites located in sensitive areas. 5.5.2.2 Water consumption [E3-4] The reporting was significantly enhanced in 2023, with the monitoring of discharged volumes and the calculation of water consumption. A procedure dedicated to water reporting was developed and implemented in 2025 in order to clarify the definitions of the new metrics for the sites and ensure accurate, consistent and comprehensive data collection at Group level. It also specifies the applicable consolidation rules and materiality thresholds. The water- related results are presented every month at a site performance monitoring meeting to its Directors and those of the Corporate. A dedicated dashboard enables changes in metrics to be monitored and any drift to be quickly anticipated and corrected. The metrics monitored in this regard are detailed in the following table: Metrics Description Water withdrawals – volumes by source Active sites report their withdrawals by source via the WeSustain internal portal, which allows consolidation at Company level. The reporting frequency, which was half-yearly in 2023, is monthly as of 2024. Water withdrawals are monitored primarily by flow meters when there is a direct water intake, and by third party flow meters (with related invoice) when the water intake is managed by a third party (e.g. municipal supplier). In other cases, they are calculated or estimated if none of the above options are available. Quality of withdrawn water Since 2023, the water withdrawn is classified into two distinct categories based on their quality, defined in accordance with the ICMM’s standards. Water discharges – volumes by destination Discharge points are identified for all the Group’s sites. Since 2023, all sites report the volumes of discharges. In 2024, reporting changed from half-yearly to monthly. However, some sites, particularly the mines, have not yet been able to report on this metric. Quality of water source and destination Since 2023, water source and destination are classified into two separate categories based on their quality; those are defined in accordance with the ICMM’s standards. Quality of discharged water – emissions into water In 2024, Eramet updated the list of reported parameters for discharges based on the priority substances of concern identified for its activities and in accordance with Appendix II of Regulation (EC) no. 166/2006 of the European Parliament and of the European Council (European pollutant release and transfer register, the “E-PRTR regulation”). This information is detailed in Chapter 5 on ESRS E2 Pollution. Water consumption – total volume Quantity of water withdrawn and not discharged into the environment or transferred to a third party. Recycled/reused water Recycling or reuse is the recirculation of previously used water, with or without prior treatment and storage. Recirculation has a two-fold objective: it saves resources upstream and also reduces the volume of discharges. Whenever technically possible, the sites give priority to the internal recirculation of water. This is the case, for example, for mining facilities in Senegal or the processing of gas from smelting furnaces in Norway. The recycling/reuse rate corresponds to the volume of recirculated water divided by the sum of the volume of water withdrawn and the volume of water recirculated. Volume of water required for operations This volume corresponds to the sum of water withdrawn, plus the water from water storage, plus water which is recycled/reused in operations. This is the total water necessary for site operations. Other managed waters These other waters are actively managed (for example, physically pumped or actively treated or abstracted for supply to local communities) but are not part of the sites’ operations. In line with international standards and best practices in the mining and metals sector, Eramet now calculates its consumption by subtracting discharged water from withdrawn water. Consumption amounts to 14.6 million m3 for all of Eramet's operations compared to 13.5 million m3 in 2024. This increase was mainly due to the increase in the level of activity (Argentina, France and New Caledonia). However, it does not reflect all of the Group's efforts to improve data reliability by implementing water management plans and water balances, or its actions to reduce pressure on water resources, in particular by increasing recycling and reducing losses and leaks. Water intensity corresponds to total water consumption of operations, expressed in cubic meter (m³) relative to revenue in millions of euros (€M) . It was 4,588.6 m³/€M in 2024 and it is 5,690.8 m³/€M in 2025, representing an increase of 24%. The Senegal site was identified as presenting a high risk of water stress. The site’s consumption is 0.6 million m³, which is less than 4% of the Group’s consumption. The site improved its recycling rate by 5 points and reduced its withdrawals by more than 12% in 2025. 5 439ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] The sites mainly draw seawater, which represents more than 80% of the Group's total withdrawal. Surface water (river and lake water) represents approximately 15%, while groundwater accound for approximately 4%. They also source raw water from private or public organisations, and to a lesser extent from the local distribution network. The amount of freshwater withdrawals increased slightly in in 2025. They totalled 52.4 million m³ in 2023 and 53.0 million m³ in 2024. They are 56.4 million m3 this year. This increase is linked to the start-up of the Argentinian operations, as well as the resumption of activities at the French site in Dunkirk and some New Caledonian mines. Withdrawal source Proportion Seawater 81.1% Surface water (excluding sea water) 14.4% Groundwater 4.0% Water supplied by a third party 0.5% The discharged volumes are published for the third time this year, and work is continuing to complete and make this data more reliable. The volume discharged is estimated at 283.2 million m ³. This figure does not include water discharges from most mines, resulting in a reported consumption level higher than the actual one. Water recirculation is a major driver of the reduction of the Group’s water footprint. Eramet has set recycling targets at the two sites most exposed to water scarcity. The target values for 2026 are 60% for the Senegal site and 80% for the project in Argentina. In 2025, the rate of water recycling and reuse in Senegal was 57%, up 5 points. Given that the Argentine project entered production at the end of 2024, interim objectives focusing on operational means were set for 2025, in line with the ramp‑up phase. The water recycling and reuse rate reached 29% in 2025 at Group level. Recycled/reused water: 120.3 million m³ Change in storage: 0.0 million m³ Surface water (excluding sea water): 23.8 million m³ Groundwater: 8.4 million m³ Seawater: 251.0 million m³ Third-party water: 0.0 million m³ Total discharge: 283.2 million m³ Operations Water discharge by destination Water consumption: 14.6 million m³ Surface water (excluding sea water): 43.0 million m³ Groundwater: 11.9 million m³ Seawater: 241.5 million m³ Third-party water: 1.4 million m³ Total withdrawal: 297.8 million m³ Water withdrawal by source Other managed water: 2.3 million m³ 440 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Water and marine resources [ESRS-E3] SUSTAINABILITY REPORT Water and marine resources [ESRS-E3] Water metrics - quantity Indicator Source/Destination/Type Volume of water according to its quality (million m³) High quality Poor quality Total 2025 Total 2024 ALL SITES Operational water withdrawal Surface water (excluding sea water) 42.1 0.9 43.0 39.9 Groundwater 11.9 0.0 11.9 11.4 Seawater - 241.5 241.5 239.3 Water supplied by a third party 0.6 0.9 1.4 16 Total 54.5 243.3 297.8 292.2 Other managed water withdrawal (OMW - water not used for operations) 2.3 2.3 Total discharge Surface water (excluding sea water) 23.5 0.2 23.8 25.4 Groundwater 8.4 0.0 8.4 9.4 Seawater 9.9 241.1 251.0 243.9 Water supplied to a third party - 0.0 0.0 0.0 Total 41.8 241.4 283.2 278.8 GROUP CONSUMPTION 14.6 13.5 WATER INTENSITY (M3/€M) 5,690.8 4,588.6 Storage Total water storage 3.5 3.5 Change in storage 0.0 0.0 Recycling/reuse Volumes of recycled/reused wate at Eramet 120.3 94.4 Recycled/reused water rate at Eramet 29% 24% Volumes of recycled/reused wate at Eramet Grande Côte 12.1 11.4 Recycled/reused water rate at Eramet Grande Côte(1) 57% 52% SITES LOCATED IN AREAS OF HIGH WATER STRESS Operational water withdrawals Surface water (excluding sea water) - - - 0.0 Groundwater 9.1 - 9.1 10.4 Seawater - - - 0.0 Water supplied by a third party - - - 0.0 Total 9.1 - 9.1 10.4 Total discharge Surface water (excluding sea water) 0.1 - 0.1 0.0 Groundwater 8.4 - 8.4 9.4 Seawater - - - 0.0 Water supplied to a third party - - - 0.0 Total 8.5 - 8.5 9.4 CONSUMPTION OF SITES IN HIGH WATER STRESS AREAS 0.6 0.9 Proportion of sites located in high water stress areas Nb. Sites 1 % Consumption 4% 7% 5.5.2.3 Anticipated financial effects from water and marine resources-related impacts, risks and opportunities [E3-5] The CSRD rules allow for a phased compliance period of up to three years for certain disclosure requirements. The information relating to this chapter is only mandatory from the 2025 reporting period. Consequently, Eramet has opted for deferred publication in order to allow time to collect and validate this financial data. 5.5.3 PT Weda Bay Nickel focus Compliance with the Group’s water standard was also assessed for PT Weda Bay Nickel's mining activities, and part of our value chain. The site actively manages runoff water using a variety of hydraulic structures, including sedimentation ponds and drainage systems, with the aim of controlling surface runoff, limiting erosion and reducing suspended solids loads. This system was strengthened in 2025 to support regulatory compliance and the protection of ecosystems. Discharges are monitored and measurements of suspended matter are reportedto the authorities. In 2025, water withdrawals for mining activities amounted to 465,000 m³, a stable level compared to the previous year. The water is mainly used for dust suppression on mines and haul roads, and for domestic use. (1) "Act for Positive Mining" roadmap indicator. 5 441ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] 5.6 Biodiversity and ecosystems [ESRS E4] 5.6.1 Introduction The double materiality assessment conducted by Eramet in 2025 highlighted that the main factors impacting biodiversity and ecosystems come from its mining operations, which are mainly carried out in tropical and subtropical areas with a high ecological sensitivity. These activities involve the exploitation of resources that are essential to the energy transition and are currently difficult to replace on an industrial scale. The Group's sites are located in New Caledonia, Gabon, Senegal and Argentina. Pressures on ecosystems vary depending on geographical contexts, characteristics of natural environments, and local mining techniques. This section focuses on the impacts and risks identified which are directly associated with Eramet's mining and industrial activities, in particular: • Conversion and fragmentation of natural habitats; • Land modification and loss of ecological connectivity; • Dust emissions and sediments that can affect the quality of water and aquatic habitats; • Degradation of coastal and marine environments linked to port activities and the transport of minerals; • Together with the pressure on certain endemic or protected species. Other factors that indirectly contribute to ecosystem degradation — such as water consumption in sensitive areas, pollution from industrial wastewater or the production and management of mine tailings — are discussed in the Pollution (E2), Water resources (E3) and Resource use and circular economy (E5) sections. Finally, the rehabilitation, ecological restoration and offsetting actions for residual impacts are presented in this section on the Group's biodiversity actions and targets, as well as actions dedicated to conservation, research and innovation, education and training. 5.6.2 Biodiversity Strategy [E4-1] Eramet, which is aware of the dependence of its activities on ecological balances and the importance of preserving natural resources and the functions of ecosystems to ensure the sustainability of its operations, joined the act4nature international initiative in 2021. The Group, through this membership, has underlined its intention to limit the pressures on biodiversity at each stage of its activity, from mineral exploration to metal processing, by integrating these issues into all its decision-making and management processes. Eramet's biodiversity strategy was updated in 2024; it forms the basis of its biodiversity transition plan, in line with the Kunming-Montreal Global Biodiversity Framework (2030–2050). This is translated into commitments that were validated by act4nature international after a rigorous assessment process and recognised by Business for Nature, confirming their alignment with international standards for nature. It is based on a thorough understanding of Eramet material impacts, which were identified from its double materiality assessment and biodiversity footprint analysis. It is focused on four interconnected priorities: 1. Strategy: make biodiversity a key driver of the business model Biodiversity is a structuring issue of Eramet's strategy, given the the nature of its activities and their direct interaction with ecosystems. The Group has begun a phased process of integrating biodiversity issues into its business model and overall strategy, notably through a double materiality assessment and by conducting a corporate biodiversity footprint evaluation covering the entire value chain (Scopes 1, 2, and 3-upstream). These analyses have enabled the main impacts and risks to be identified, particularly those related to land occupation and land transformation, and for the strategy to be adapted accordingly. The Group's commitments for the period 2024-2026 aim to reinforce the resilience of its business model by combining the alignment of mining practices with the best international standards for responsible mining (IRMA) and using scientific partnerships to strengthen the robustness of decisions and action plans. 2. Acting on our impacts Eramet implements operational actions based on the strict application of the Avoid-Reduce-Rehabilitate-Offset sequence in order to control and reduce its impacts on biodiversity and ecosystems. Biodiversity Action Plans (BAPs) are implemented and gradually reinforced on mining sites, in line with international benchmarks, such as the IRMA standard and the guidance note of the IFC Performance Standard no. 6. These plans cover the entire life cycle of the projects, from the design phase to site closure, and include short-, medium- and long-term time horizons. The Group is also committed to extending these requirements to its minority joint ventures (PT Weda Bay Nickel) in order to ensure a consistent approach across all its operations and its value chain. 3. A Biodiversity Foundation Eramet supplements its operational activities by providing support to a Biodiversity Foundation, which develops and supports research, conservation and ecosystem restoration projects. This Foundation enables partnerships to be developed with scientific, associative and institutional stakeholders, and ensures that local and scientific expertise is factored into the Group's strategic decisions. 442 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] Eramet's support for long-term initiatives for biodiversity contributes to the resilience of the regions in which it operates and to achieving global ecosystem preservation objectives which are beyond its direct operational scope. 4. Raising awareness and training our internal and external stakeholders Upskilling and stakeholder engagement are key drivers of Eramet's biodiversity strategy. The Group provides awareness-raising and training for its employees and managers in order to integrate biodiversity issues into operational practices and decision-making processes. In parallel, Eramet organises events and dialogue actions with its external stakeholders, including experts, NGOs, institutions and local communities. These initiatives encourage knowledge sharing, the inclusion of societal aspirations and the recognition of local expertise, which helps to strengthen the robustness and resilience of the Group's strategy in addressing biodiversity and ecosystem challenges. 5.6.2.1 Ambition Eramet's biodiversity strategy is based on a scientific and collaborative approach , aligned with major international initiatives such as the Kunming-Montreal Global Biodiversity Framework and the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD). It aims to avoid, reduce, rehabilitate and offset the impacts of activities while strengthening the resilience of ecosystems in the regions where the Group operates. Finally, it embodies Eramet's ambition to move towards a net positive impact on nature by 2035 , by integrating innovation, research and training as drivers for transformation. The preservation of biodiversity is one of Eramet’s major objectives, and is part of the Group’s “Act for Positive Mining" Roadmap (see 5.1.3.2.5 Eramet's sustainability strategy: Act for Positive Mining): 5.6.2.2 Governance Biodiversity governance at Eramet is based on a structured organisation that ensures biodiversity issues are effectively integrated into the Group's strategy and operations. Biodiversity commitments are managed at Group level under the responsibility of the CSR Steering Committee, with regular monitoring by the Executive Committee, to ensure that they are taken into account in strategic and operational decisions. The implementation of the biodiversity strategy is ensured by each operational site, with the support and monitoring of the Corporate team. Coordination meetings are organised three times a year with all of the Group's biodiversity representatives to share best practices, strengthen knowledge and actively monitor tools, regulations, international standards and reference guides. These regular exchanges enable approaches to be harmonised, feedback to be shared and the Group's biodiversity performance to be continuously improved. 5.6.3 Impacts, Risks and Opportunities Management [ESRS 2 | SBM-3] Eramet's activities are carried out in environments where biodiversity can have a high ecological value. These local issues are integrated into the strategy of the Group and the sites through Biodiversity Action Plans (BAPs) which are aligned with the IRMA(2) and IFC PS6(3) international standards. These standards require concerted development with stakeholders, a quantified approach to biodiversity losses and gains, as well as management and monitoring plans specifying the criteria for the implementation and effectiveness of the various avoidance, reduction, rehabilitation and, where applicable, offset measures. 5.6.3.1 Biodiversity issues 5.6.3.1.1 The location of Eramet sites Eramet operates four mining sites - including the Argentinian site that came on stream at the end of 2024 - and seven industrial sites for processing minerals. Its Gabonese subsidiary also operates the Setrag railway company, which also transports its ore, the ore of other players, timber and goods, as well as passengers. (2) IRMA (Initiative for Responsible Mining Assurance) is an international benchmark standard for the independent assessment of the environmental, social, and governance performances of mining sites. (3) IFC PS6: International standard governing the management of impacts on biodiversity, establishing the application of the mitigation hierarchy and setting requirements for natural habitats, critical habitats and endangered species. It was developed as part of a multi-stakeholder consultation involving governments, environmental NGOs, financial institutions, companies, local communities and scientific experts. 5 443ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] Activities Country (no. of sites) Main Impacts Main Dependencies Sensitive sites superimposed on activities Mining operations New Caledonia (1) Gabon (1) Senegal (1) Argentina (1) • Habitat degradation, including edging effects and forest gaps • Habitat fragmentation • Changes in hydrology and hydrogeology • Transport of solids in waterways • Light and noise disturbances • Additional pressure on biological resources (fishing, hunting, poaching) related to the opening of access to sites or the influx of populations • Water supply • Climate events: landslides, fires, extreme heat and cyclones in tropical areas • Reputational factors New Caledonia: • High valleys of the Néaoua, Koua and Kouaoua rivers (KBA(1)) - 300 ha • Pic Ninga (KBA) – 121 ha Senegal: • Les Niayes (KBA) – 6,386 ha Industrial operations France (1) New Caledonia (1) Norway (3) United States (1) Gabon (1) • Chemical degradation of environments • Climate change • Light and noise disturbances • Water supply • Climate events: extreme heat and cyclones in tropical areas - Rail transport Gabon • Habitat fragmentation, including edge effects and forest gaps • Collisions with large fauna • Additional pressure on biological resources (fishing, hunting, poaching) along the railway line • Climate events: landslides and extreme heat • Lopé Park (UNESCO World Heritage) – 124 ha • Mboungou Badouma and Doume Rapids (Ramsar) – 153 ha • Ivindo Falls and Rapids (Ramsar) – 82 ha • Bas-Ogooué (Ramsar, KBA) – 119 ha • Lopé-Iboundji (KBA) – 207 ha (1) Key Biodiversity Area In New Caledonia, the KBAs of the high valleys of the Neaoua, Koua and Kouaoua rivers and Pic Ningua are all recognised for their importance for bird conservation. They are home to dense forests, savannah and gallery forests. SLN has created three conservation areas ("Ecosystem Preservation Zones") and is rolling out an action plan for rare and endangered species, including habitat rehabilitation and the fight against feral cats (trapping and capture). In Senegal, the KBA of Niayes includes permanent lakes and wet depressions. The risks to biodiversity were assessed during the feasibility phase and then periodically during five-yearly studies. The rehabilitation programme is carried out in consultation with communities and local authorities. In 2023, 85 ha were returned to the Department of Water and Forests; In 2025, an additional 1,000 ha were returned. In Gabon, the railway line built in the 1970s crosses several conservation and protection areas. Setrag launched its first Biodiversity Action Plan (BAP) in 2015 in accordance with the IFC no. 6 standard, and updated it in 2024 to include the new track restoration work. The BAP aims to reinforce the protection of biodiversity-sensitive areas and to develop knowledge. 5.6.3.1.2 Challenges for species The most important species challenges for the Group are currently concentrated in New Caledonia and Gabon, which have particularly rich species biodiversity. New Caledonia Gabon Senegal Argentina Number of species classified CR(1) 93 2 2 1 Number of species classified EN(2) 89 8 0 2 Number of species classified VU(3) 34 7 0 2 (1) CR: IUCN classification designating critically endangered species. (2) EN: IUCN classification designating endangered species (3) VU: IUCN classification designating vulnerable species. 444 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] These data are taken from: • Screening studies carried out with an internal GIS(4) tool that queries several international databases, including the Integrated Biodiversity Assessment Tool (IBAT) developed by BirdLife International, Conservation International, the International Union for the Conservation of Nature (IUCN) and the United Nations World Conservation Monitoring Centre (UNEP-WCMC), • National literature reviews, and • Field studies entrusted to independent specialists in the local fauna and flora (study offices, associations, scientific institutions, etc.), which constitute the baseline characterisation studies. They are used in the resulting impact studies and biodiversity action plans. 5.6.3.2 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities [ESRS-2 | IRO-1] As described in subsection 5.1.3.2.1, 65 internal and external stakeholders were consulted to gather their perceptions and prioritization of Eramet's sustainability issues, including biodiversity. This approach enabled the most significant impacts, risks and opportunities to be identified, confirming biodiversity as a material challenge. Description of Eramet's sustainability, impact, risks and opportunities (IRO) issues, The main IROs identified in the double materiality assessment are: Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Actor in the value chain Impact on biodiversity Identify and assess the impacts on biodiversity and ecosystems, apply the mitigation hierarchy and move towards no net loss or even a net gain Actual negative impacts on biodiversity, ecosystems, erosion and deforestation related to Eramet's activities (e.g. exploration and extraction) Financial risks related to the cost of rehabilitating mining sites Regulatory risks connected to the implementation of, and/or non- compliance with increasingly stringent biod iversity regulations and standards Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Local communities 5.6.3.2.1 Impacts ESIA and BAP - Detailed assessment of Scope 1 Environmental and Soc ial Impact Assessments (ESIAs) are an essential tool for anticipating, measuring and managing the effects of Eramet's mining and metallurgical activities. They enable the impacts on biodiversity, ecosystem services, communities, as well as the project's direct emissions to be assessed in detail. They focus on Scope 1. ESIAs, which are conducted during the upfront feasibility phases, structure the identification of issues, the quantification of potential impacts and the definition of the avoidance, reduction, rehabilitation and offsetting measures required to design responsible projects that comply with regulatory requirements and international performance standards such as the IFC standards. Stakeholders (academics, NGOs, local communities, authorities, etc.) are involved in the development of studies and the sharing of results. The engagement can extend to implementation and monitoring actions. In addition, Eramet draws up and updates Biodiversity Action Plans (BAPs) for all mining sites in operation, located in New Caledonia, Gabon, Senegal and Argentina. These plans translate operational commitments to biodiversity management and ecosystem services into long-term actions: they establish conservation objectives, drivers for action and the measures to be deployed to achieve no net loss—or even a net gain—in biodiversity. The BAPs apply a methodology aligned with international standards (IFC PS6, IRMA) and rely on data from ESIAs, which they then enrich through follow up, monitoring and continuous improvement programmes. Together, the ESIAs and BAPs are a coherent system that governs how Eramet develops its projects, assesses its impacts (Scope 1) and implements concrete actions to reduce its biodiversity and ecosystem footprint. (4) GIS: Geographic Information System. 5 445ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] CBF – A macro approach integrating Scope 1 and 2 and the upstream value chain Eramet wanted to broaden its understanding of the pressures on biodiversity from all of its activities in addition to the impact studies and Biodiversity Action Plans carried out at the site and project level. In 2023, the Group began a process to assess its biodiversity footprint at a more global level by adopting a complementary and more macro approach: the Corporate Biodiversity Footprint (CBF). This methodology not only enables the impacts of Scope 1 (direct impacts of operations) to be analysed in a consolidated manner, but it also covers Scope 2 (energy consumed) and Scope 3 upstream (impacts connected to purchases and activities upstream in the value chain). This broader approach aims to provide an integrated and consistent view of the main pressures placed on biodiversity by the Group as a whole, by consolidating environmental data from sites and supplementing it with information relating to the supply chain. It enables Eramet's contribution to the major pressures on biodiversity identified by IPBES to be understood on a systemic level. The assessment of the biodiversity footprint remains an experimental approach given the current state of knowledge. It was carried out following the methodology developed by Icare, with the Corporate Biodiversity Footprint (CBF) based on the GLOBIO model of ecology research algorithms and the LC-IMPACT methodology for global life cycle impact assessments. It assessed the Group’s impacts on three of the five key pressures on biodiversity identified by IPBES,(1) namely: • Changes in land and sea use taking into account land occupation and the dynamics of land use change/ rehabilitation/offsetting, disturbances related to noise and light pollution, fragmentation for the rail transport subsidiary, water consumption, and emissions of dust and particles ; • Climate change with greenhouse gas emissions; • Pollution, and particularly eutrophication, acidification and ecotoxicity. The impacts on the other two key pressures were assessed qualitatively: • Overexploitation of resources through the management of species at the sites; • Invasive alien species through the presence and management of invasive alien species at the sites. Significant efforts have been made to collect and incorporate as much data as possible from the sites: • Site footprints, biodiversity studies and management plans with the environment and production teams; • Integration of monetary or physical flows when the data was available for all purchases. The mapping of procurement data can be improved to reduce uncertainties and refine the Scope 3 assessment. These data were then supplemented with the information available on international databases, which were considered conservative in all cases. The biodiversity footprint is expressed in km².MSA*.yr. It enables the cumulative loss of biodiversity over time to be quantified by integrating three dimensions: • The intensity of the degradation (change in the MSA percentage – Mean Species Abundance), • Spatial extent (area impacted in km²), • Duration (number of years over which the impact is measured). In order to strengthen the results'precision, the IBAT(2) platform was used to correct the calculations and take the local vulnerability of the species into account. IUCN STAR metric was therefore used. It is the metric developed based on the IUCN Red List of Threatened Species. It calculates the potential reduction of the threat of extinction risk by reducing threats to species present in the area of interest. The STAR score is generated by calculating the proportion of the extent of each species’ current habitat area that is within the area of interest, weighting that value by the species’ extinction risk (Near-Threatened, Vulnerable, Endangered or Critically Endangered), and then adding up the total of those values. The results confirm the predominant share of Scope 1 in the overall footprint, which is influenced by land use and the dynamics of land clearance/restoration in mining. Greenhouse gas emissions also have a significant impact. Scope 3 is the second largest contributor to this global analysis, with three times less impacts on land use and climate change, as well as on water stress. ▼ Biodiversity footprint by scope (km²).MSA.yr) (1) IPBES: Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. (2) IBAT: Integrated Biodiversity Assessment Tool. 446 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] ▼ Breakdown by activity (Scope 1) ▼ Distribution of pressure (Scope 1) 5.6.3.2.2 Risks The dependency assessment was performed at Group level in 2025 using the Biodiversity Risk Filter (BRF) tool of the WWF. The tool is based on a broad spectrum of data: information on species and ecosystems, protected areas and the main stress factors for biodiversity (deforestation, destruction of natural habitats, environmental pollution, etc.). The data were provided by many organisations (including WWF, IBAT, IUCN, UNEP-WCMC, ENCORE, RepRisk, FAO, World Bank and NASA). The BRF results indicate a moderate to high overall level of risk for the Group in terms of biodiversity. The main physical risks concern supply services, in particular water availability, as well as pressures on biodiversity, including changes in land use, loss of forest cover and pollution. Water resource disruptions over the coming years are also assessed using the World Research Institute (WRI) Aqueduct tool and the climate change adaptation study conducted in 2024, the results of which can be found in the Water Resources and Climate Change sections. Reputational risks also appear significant, due to the presence of sites near areas of high ecological value and the issues relating to local communities and media exposure. More specifically, there is a very high level of risk associated with the “media exposure” which reflects the level of coverage in the media and on social networks, the tone of articles, the frequency of disputes and the likelihood of topics going viral. The Group has established regular dialogue with civil society and NGOs in order to identify and address controversial issues and concerns related to biodiversity. This system is reinforced by the establishment of Group standards, the pursuit of partnerships, and, on certain sites, local committees and participatory oversight mechanisms, which contribute to strengthening the credibility of these practices. BRF score PHYSICAL RISKS 3.4 Provisioning services 3.4 Regulating Services - Enabling Functions 2.2 Regulating Services - Mitigating Functions 2.8 Cultural services - Impacts 3.8 REPUTATIONAL RISKS: 3.7 Environmental factors 3.6 Socio-economic factors 3.3 Other reputational factors (including media exposure) 3.7 Key: Very low risk 1.0-1.8 Low risk 1.8-2.6 Moderate risk 2.6-3.4 High risk 3.4-4.2 Very high risk 4.2-5.0 9% Climate change 8% Pollution 53% Land occupation 6% Habitat fragmentation 0% Water stress 24% Land transformation 5 447ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] The regulatory risk related to biodiversity was also identified as material in the double materiality assessment; it mainly concerns compliance with constantly evolving and increasingly demanding environmental regulations. Although the likelihood of violations is now considered low thanks to the management and monitoring systems in place, the potential consequences remain significant. The corresponding financial and administrative penalties differ greatly depending on the jurisdiction: some countries impose relatively small penalties, while others have stricter legal frameworks with significantly higher penalties for biodiversity violations. Besides financial penalties, there are major reputational consequences: isolated incidents can quickly spark international mobilisation, affect stakeholder confidence, and result in drastic decisions such as the cancellation of mining permits. 5.6.3.2.3 A holistic approach As previously mentioned, the analyses of impacts, risks and dependencies took aspects of biodiversity sensitivity, land use, emissions and pollution, access to water and climate change into account. This holistic approach is essential because all these components are interrelated. 5.6.3.3 Policies related to biodiversity and ecosystems [E4-2] 5.6.3.3.1 Policy Eramet is committed to taking action to preserve biodiversity and ecosystem services in its environmental policy. The Group is maintaining its strategic ambition in 2025: to integrate biodiversity issues into all its activities and ultimately contribute to an overall net positive contribution to biodiversity , in accordance with its Act for Positive Mining roadmap and international commitments such as the Sustainable Development Goals (SDGs 14 and 15) and the vision of the Kunming-Montreal Global Biodiversity Framework. To achieve this, Eramet undertakes to: • Apply the mitigation hierarchy “Avoidance, Minimisation, Rehabilitation, Offsetting" to all its mining projects: • Prohibit all mining and exploration activities in: ➔(1) World Heritage sites and areas on a State Party's official tentative list for the inscription of a World Heritage site, ➔(2) Protected areas of the International Union for Conservation of Nature (IUCN) of management categories I-III, ➔(3) Core areas of UNESCO biosphere reserves, • Prohibit the exploration and exploitation of the seabed (deep sea mining) and the discharge of residues at sea (deep sea tailing placement), • Reduce impacts that cannot be avoided in order to reduce the duration, intensity and/or extent of such impacts, • Rehabilitate the areas impacted by its activities as soon as possible, with a focus on the reintroduction of local species, • Offset significant residual impacts in accordance with international standards, and by aiming for no net loss or even a net gain in biodiversity, • Share naturalist data and acquired knowledge with the scientific community and competent authorities, • Fund research, innovation and conservation programmes, in particular through the Lékédi Biodiversity Foundation (Gabon). In 2025, Eramet confirmed that it did not have a single global position with regard to deforestation. Each mining centre adopts a position based on the specific challenges of the region. Alignment with the IRMA standard requires mapping natural habitats, assessing critical habitats according to the methodology of IFC Performance Standard no. 6, and the strict application of the mitigation hierarchy. The sites develop suitable avoidance, reduction, rehabilitation and offset measures based on these results. 5.6.3.3.2 Operational standards Eramet has developed and implemented three operational standards since 2024 which address: • Preservation of biodiversity and ecosystem services, • Mining restoration, • Water management These performance standards are based on the requirements of the IFC PS6 performance standard, the IRMA standard and the ICMM best practice guides(1). They are management and internal control tools. (1) ICMM: International Council for Mining and Metals. 448 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] 5.6.3.3.3 Scientific partnerships In 2025, the Group and its subsidiaries continued to develop scientific partnerships aimed at strengthening knowledge and improving biodiversity management and restoration practices. In New Caledonia, several collaborations have been carried out with academic, institutional and community partners, in particular the University of New Caledonia (UNC), SFEPM(1), FFCNC(2), Endemia(3), CNRTech(4) and ŒIL(5), on the conservation of rare and endangered species, the management of invasive alien species, improving knowledge of wildlife and developing decision-making tools for ecological restoration. A scientific partnership was also signed in 2025 at Group level with the scientific intitutes IRD(6) and ISRA(7), in conjunction with the Senegalese subsidiary Eramet Grande Côte. The purpose of this research agreement is to test innovative practices in agroecology and ecological restoration of mining sites in Senegal over a three-year period, in particular through improved soil restoration, the use of plant-microorganism symbiosis and optimised plant species selection. 5.6.3.3.4 Responsible sourcing Suppliers are assessed in a proportional manner, according to the location of the business, the importance of its activity and the amount of the order. This assessment is based on internal questionnaires and can be supplemented by EcoVadis or Moody's assessments. In 2025, the biodiversity dimensions started to be strengthened using in-house assessment tools in order to more accurately identify the risks, impacts and practices associated with biodiversity within the upstream value chain. These changes mark a first step in the gradual strengthening of the Group's requirements in terms of the preservation of ecosystems, in line with changes in international standards and regulatory expectations. At this stage, no specific certification or additional geographical exclusion is required from suppliers. 5.6.3.3.5 Technical support, assessment and monitoring The implementation of the policy and operating standards is the responsibility of the sites and projects. Assessment and monitoring is the responsibility of the Environment Department. The Environment Department provides support in the implementation of the policy, both in the development of studies and action plans and in the implementation on the ground. The site and corporate biodiversity managers meet every two to three months to discuss their experiences, challenges, expectations and international news. Progress and discrepancies are reported three times a year to the Group’s CSR Committee, two of whom are members of the Executive Committee, and also annually to the Executive Committee. More information on the environmental policy is available in the introduction to the environment chapter, in section 5.2.2 "Policy and Guidelines". (1) SFEPM: French Society for the Study and Protection of Mammals. (2) FFCNC: Federation of Wildlife and Hunting of New Caledonia. (3) Endemia: Endemia – association for knowledge, assessment and protection of biodiversity in New Caledonia. (4) CNRTech: National Centre for Technological Research. (5) ŒIL: Environmental Observatory in New Caledonia. (6) IRD: Research Institute for Development. (7) ISRA: Senegalese Institute of Agricultural Research. 5 449ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] IRO Policies and Standards Scope of application Monitoring and assessment Reference(s) Negative impacts: Habitat loss and degradation (land conversion, habitat fragmentation) Environment Policy as well as Biodiversity and SE Performance Standard, and mine restauration Performance Standard, including: • Prohibited practices • Exclusion zones • Application of the mitigation hierarchy • Site rehabilitation during and after mining operations • BAP aligned with the IRMA standard • Scientific partnerships • Trained biodiversity managers • Raising employee awareness on biodiversity All Group mining activities + extension to minority joint ventures (dialogue, support and monitoring aimed at gradually aligning minority joint ventures with Group Standards) Environment Department with the support of the Technical Department, which reports to the CSR Committee and the Eramet Executive Committee act4nature, Business for Nature, IRMA Standard, IFC PS6, TNFD, ICMM guides, GBF(1) Positive impacts: Lékédi Biodiversity Foundation 3 principal missions: • Research and innovation programmes • Conservation of species and ecosystems • Knowledge transmission: awareness-raising, training and contribution to the development of scientific knowledge All Group sites Executive Director and Scientific Committee who report to the Board of Directors act4nature, Business for Nature, IRMA Standard, TNFD, GBF Water dependency Environment Policy and Performance Standard on water management: • Water management plan • Management and monitoring of effluent and environmental quality Environment Department with the support of the Technical Department, which reports to the CSR Committee and the Eramet Executive Committee act4nature, Business for Nature, IRMA Standard, TNFD, ICMM guides Regulatory risk • Environment policy, key environmental standard on environmental management, and thematic performance standards: • Monitoring tool • ISO 14.001 certification of all sites Environment Department with the support of the Technical Department, which reports to the CSR Committee and the Eramet Executive Committee IRMA Standard, ISO 14001 Reputational risk • Environment policy, key environmental standard on environmental management, and thematic performance standards: • Regular dialogue with civil society and NGOs • Involvement of stakeholders during the development of studies and the implementation of actions • Scientific partnerships • Provision of results of studies and achievements • IRMA audits Environment Department with the support of the Societal Impact and Human Rights and Public Affairs Department, which reports to the Eramet CSR Committee and Executive Committee IRMA Standard, IFC PS6, TNFD, GBF (1) GBF: Global biodiversity framework adopted under the Convention for Biological Diversity to guide international action for nature. 450 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] The Group’s climate commitments as well as the additional environmental commitments (air emissions, water, etc.) constituting the “Act for Positive Mining” roadmap are covered in sub-sections 5.1.3.2.5. The Group's CSR strategy: Act for Positive Mining, 5.3 Climate change [ESRS E1], 5.4 Pollution [ESRS E2] and 5.4 Water and marine resources [ESRS E4]. 5.6.3.4 Actions and resources related to biodiversity and ecosystems [E4-3] 5.6.3.4.1 Biodiversity action plan and alignment with the Group's strategy The actions associated with Eramet's biodiversity commitments are structured in a multi-year plan that covers all of the Group's mining sites and major projects. This plan is published on Eramet's websites as well as via the collective platforms act4nature international and "It's Now for Nature!": These actions satisfy objective No. 5 of the "Nature" theme of the "Act for Positive Mining" roadmap: "Incorporate biodiversity conservation into all our activities and develop plans aimed at making a net positive contribution to biodiversity.” They are structured according to the four interrelated themes of the biodiversity strategy: 1. Strategy 2. Acting on our impacts 3. A Biodiversity Foundation 4. Educating and training employees and stakeholders. 5 451ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] 5.6.3.4.2 Main actions and associated resources (ESRS 2, MDR-A) The main actions and resources related to biodiversity and ecosystems, in connection with the material challenges identified (impacts, dependencies, risks – IRO), are summarised below. Strategic areas Key actions Scope Time horizons Progress in 2025 IRO Strategy 2.2 Alignment of mining practices with the IRMA standard 2.3 Scientific partnerships Scope 1 Medium Term 2.2 IRMA audit of Eramet Grande Côte / IRMA self-assessment in progress on the other sites 2.3 Launch of an agroecology project in Senegal with the IRD and ISRA scientific institutions NI: Habitat loss and degradation D: Water dependency R: Reputational risk Acting on our impacts 3.1 Exclusion zones 3.2 Integration of the biodiversity component upstream of projects 3.3 Mine site rehabilitation 3.4 Application of mitigation hierarchy/ BAP to IRMA Standard 3.5 Preservation of water resources 3.6 Influence our minority JVs Scope 1: mining sites, rail transport, projects Scope 3: minority JV (PT Weda Bay Nickel) Short- and medium- term 3.1 and 3.2 Group "Biodiversity Passport" GIS tool used to verify exclusion zones and to assess site and project sensitivity 3.3 Rehabilitation of 319 ha by 2025 / Return of 1,000 ha of rehabilitated land to the Directorate of Water and Forests in Senegal(1) 3.4 Finalization of the EGC and SETRAG BAP in line with the IRMA standard First version for Eramine 3.5 See section E3 3.6. Monitoring and support of our partner for the implementation of PT Weda Bay Nickel BAP (excluding offset) NI: Habitat loss and degradation D: Water dependency R: Regulatory risk R: Reputational risk A Biodiversity Foundation 4.1 Preservation and conservation area 4.2 Research and innovation programmes All Group sites Short- and medium- term 4.1 14,000 ha reserve in Gabon / The sanctuary welcomed 2 chimpanzees, 1 gorilla, several mandrills and guenon monkeys in 2025 4.2 POC with two British start-ups and the National Herbarium of Gabon aimed at improving knowledge and restoration of savannahs / Ongoing tests at Comilog of two habitat qualification tools: BIRS and Wallacea Trust PI: Lékédi Biodiversity Foundation Raising awareness and training employees and stakeholders 5.1 Environmental education programme 5.2 Biodiversity Day of the Foundation 5.3 Training of biodiversity officers and managers 5.4 Raising awareness amongst employees Scope 1: all sites + Lékédi Biodiversity Foundation Continuous 5.1 Environmental education programme rolled out to more than 1,100 high school students over the 2024-2025 school year. The programme has been renewed for 2025-2026 5.2 Fondation Biodiversity Day: 4th edition dedicated to ecosystem services and strongly focused on local communities 5.3 Three meetings of the internal Biodiversity WG / Training on the Group's biodiversity issues and our commitments to the Communication and Financial Communication teams at the corporate and the ESG teams at Eramine 5.4 Development of an Eramet game to increase awareness on ecosystem services NI: Habitat loss and degradation PI: Lékédi Biodiversity Foundation R: Reputational risk R: Regulatory risk 5.6.3.4.3 Mitigation hierarchy All the biodiversity actions form part of the mitigation hierarchy (Avoid, Minimise, Rehabilitate, Offset), which is at the heart of the sites' impact studies and Biodiversity Action Plans. A hierarchical approach is required, as well as quantification of biodiversity losses and gains for mining sites. Avoidance Eramet favours avoidance at the early stages of the projects, in particular by: • Respecting exclusion zones • Questioning the appropriateness of certain project components; • Adopting alternative technical solutions; • The search for less exposed locations for fixed infrastructure. The Biodiversity Passport, a GIS tool developed in-house, is used from the exploration phases to check that the syrveyed areas are located outside the exclusion zones and to also identify biodiversity issues. It enables the data available in international databases such as IBAT or Global Forest Watch to be collected and analysed in order to carry out a pre-diagnosis and therefore guide decision-makers. The sensitivity of the areas under consideration is assessed according to three criteria: the presence of endangered species (including those classified as Endangered or (1) Eramet Grande Côte returns 1,000 hectares of rehabilitated land to the State of Senegal - 25 November 2025 - News - Eramet 452 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] Critically Endangered by the IUCN), the vulnerability of ecosystems (forests, wetlands...), and proximity to sensitive areas (conservation or protection areas). Another concrete example of the implementation of the avoidance stage is a project strategy adopted following the confirmation of the presence of chimpanzees—an IUCN‑classified Endangered species. The approach involved avoiding gallery forests, which function as ecological corridors, and revising the mining area boundaries in consultation with experts, resulting in more than 15% of the initial mining reserves in place. Minimisation After the avoidance phase, the aim is to reduce the impacts as much as possible. Eramet therefore seeks to reduce the duration, intensity and/or extent of residual impacts, in particular by: • Measures to limit nuisance: light deflectors, wildlife crossings; • Practices incorporated into mining operations to reduce dust emissions and sediment in waterways: sedimentation ponds and track watering. A concrete example is the reduction of animal mortality linked to a site's activities (direct and indirect impacts). Several measures are being implemented to limit collisions and external impacts on terrestrial wildlife and birds of conservation concern: • Raising awareness among staff and local communities; • Systematically removing carcasses near roads to avoid attracting vultures; • Strict ban on all poisoning practices; • Speed limits have been reduced and traffic signs installed to encourage drivers to be more vigilant. Rehabilitation Rehabilitation is integrated into the life cycle of the mine and begins as soon as space becomes available. It aims to stabilise soils, limit erosion, restore ecological functions and promote the sustainable return of biodiversity. The actions implemented include in particular: • Protecting the areas where operations are carried out; • Management of runoff water and enhancement of topsoil; • Progressive revegetation or reforestation, focussing on the reintroduction of endemic species; • Monitoring the ecological performance and long-term viability of the restored land. Role of nurseries and community involvement The rehabilitation projects carried out by Eramet rely heavily on a network of local nurseries, whose models vary depending on the context, but share the same logic: to strengthen local capacities and ensure a reliable supply of seedlings adapted to the original ecosystems. Three main forms coexist on our sites: • Independent nurseries , managed by specialised local players; • Economic interest groups that can be hosted on the mining site, allowing close collaboration between the mining operation and the communities; • Nurseries integrated into the Company, operating with the involvement of entrepreneurs and local agricultural cooperatives to produce seedlings. These schemes promote local employment, the transfer of skills and the territorial appropriation of ecological restoration projects. Applied research and conservation of endangered species On certain sites, notably in New Caledonia, Eramet conducts or supports research dedicated to the reproduction of rare and endangered species, in order to enable their conservation and reintroduction in restored areas. For example, SLN carries out conservation actions for endangered plants, in conjunction with the authorities and the scientific community. This work enables nurseries to be enriched with local species of conservation interest and provides a more appropriate ecological restoration solution for the challenges facing the region. Monitoring and management The rehabilitated areas are checked monthly on each site and compared with the cleared areas. The rehabilitated/ cleared ratio is consolidated at Group level and integrated into the " Act for Positive Mining" roadmap, ensuring a homogeneous, transparent management oriented towards continuous improvement. Offsetting Offsetting is the final step in the mitigation hierarchy and aims to offset significant residual impacts that could not be avoided, reduced or rehabilitated. Offsetting measures are implemented as a priority on the site itself or nearby. They are essential for the development of projects in sensitive areas, in the presence of natural or critical habitats, or emblematic or protected species. Quantitative approach The calculation methods are adapted to the specificities of each site and take into account the quality of the habitats and the vulnerability of the species. Losses are mainly generated by land clearance prior to mining, which is exclusively open-cast at Eramet. The gains are generated by rehabilitation and offsetting actions in favour of biodiversity. Two mining sites have currently set up offsetting actions, including Additional conservation actions. Offsetting actions are aligned with the regulations in force (OECD framework(2)) for New Caledonia, and according to IFC performance standard no. 6, and the Business and Biodiversity Offset Programme (BBOP) standard for Gabon. The actions are monitored and assessed for their effectiveness, and adjusted according to a principle of continuous improvement, if necessary. (2) OECD: Organisation for Economic Co-operation and Development. 5 453ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] Mining site Rehabilitation Offsetting New Caledonia Yes • Establishment and management of 36 conservation areas with a surface area of nearly 2,700 ha. • Action plan to protect rare and threatened plant species (research programmes with scientific institutes and the CNRT(1) :harvesting, multiplication, reintroduction in conservation areas and sharing of knowledge) • Partnership with the Endemia association, which carries out the assessments of the IUCN Red List of Neo-Caledonian flora(2) Gabon Yes • Strengthening quarantine and reception capacities for primates orphaned by poaching in Lékédi Park • Rehabilitation of 1,700 ha of degraded savannah areas. • Support for national forces in the fight against poaching Senegal Yes No Argentina No, no available area No 5.6.3.4.4 Research and Innovation In addition to the actions carried out on its sites, Eramet supports structuring research, innovation, conservation and awareness-raising programmes , mobilising both its Lékédi Biodiversity Foundation (whose annual operating budget exceeds €1 million) and the expertise of the information-system teams at the corporate and innovation teams at Eramet Ideas. These initiatives contribute directly to achieving the Group's biodiversity objectives. Eramet Ideas organises an Open Innovation Challenge every year aimed at encouraging innovative solutions in support of the Group's priority issues. The 2024-2025 edition was dedicated to biodiversity, with a particular focus on the detection and control of invasive alien species (IAS), which represent a threat to local ecosystems. In April 2025, the Challenge rewarded two British start-ups – Mozaic Earth and Gentian – specialising in image analysis using artificial intelligence. Their solution combines field data and remote sensing data in order to order to map IAS, to evaluate habitat condition and monitor the evolution overt time. A Proof of Concept was implemented on five pilot plots in Gabon during the second half of 2025, in conjunction with the operational teams. The first results are promising. 5.6.3.4.5 Lékédi Biodiversity Foundation The Foundation is a tool for deploying Eramet’s biodiversity strategy. It contributes to the major objectives and targets of the Global Biodiversity Framework (GBF) adopted at the COP 15 in Kunming-Montreal in 2022, with programmes focused on the conservation and protection of environments and species, the restoration of ecosystems, the development and sharing of scientific knowledge and awareness-raising and training. The Foundation retains solid roots in Lékédi Park, a 14,000- hectare park in the south-east of Gabon, which is a larger surface area than the surface area covered by Eramet’s activities. It has permanent infrastructures (laboratories, veterinary clinic, quarantine buildings) and a committed team of about fifty people (veterinarian, animal specialists, guides, ecologists, anti-poaching and maintenance teams). Its annual budget exceeds €1 million. The Board of Directors is made up of managers and specialists in biodiversity and CSR. The Board met three times in 2025. It is supported by the Foundation's Executive Director, former head of the Park, and a scientific committee created in 2024. The Foundation works in partnership with government bodies (Ministry of Water and Forests, Ministry of Education and National Agency of National Parks of Gabon), research institutes (CNRS (3), Max Planck Institut IRD(4), CIRMF(5), CENAREST,(6) USTM(7), etc.), NGOs (WWF, Conservation Justice), other foundations (Aspinall Foundation), sanctuaries, as well as zoos. It also regularly welcomes Gabonese and international interns under agreements with universities and research institutes, thus contributing to training young people and the sharing of scientific knowledge. In 2025, the Foundation continued its ambition to position itself as a reference centre for biodiversity, scientific research and regional commitment. https://lekedi-biodiversite.org Biodiversity Day In December 2025, for the fourth time, the Foundation organised the Biodiversity Day, an annual event dedicated to sharing and discussing environmental issues. The 2025 event, which w as held on the 16th of December in Bakoumba, was characterised by its strongly local and community-based character, with a focus on communities (1) CNRT: The National Technological Research Centre (CNRT) on Nickel and its Environment is an organisation based in New Caledonia. It was created to support the competitiveness of the region’s mining and metallurgical sector in a sustainable and responsible manner. The CNRT focuses on three interrelated themes: Nickel and Technology, Nickel and Society, and Nickel and Natural Environment. https://cnrt.nc/nickel-et-environnement/ (2) IUCN: International Union for the Conservation of Nature. (3) CNRS: National Centre for Scientific Research. (4) IRD: Research Institute for Development. (5) CIRMF: International Centre for Medical Research of Franceville (6) CENAREST: National Centre for Scientific and Technological Research. (7) USTM: Masuku University of Science and Technology. 454 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] living in the province and near the park. The event aimed to increase awareness of ecosystem services among communities and young people. Presentations and discussions were held throughout the day, supplemented by tours and educational trails to illustrate the importance of these services in practical terms. It was followed in early January by an exhibition dedicated to ecosystem services in Bakoumba, with posters that will be circulated throughout the country until June 2026. The event was widely reported in the press, highlighting the Foundation's commitment to bringing science and conservation closer to local communities. Rehabilitation of primates This is the historical programme. Lékédi Park, and now the Foundation, have been involved in the protection of great apes for the past fifteen years. In agreement with the Ministry of Water and Forests, the Park is home to gorillas, chimpanzees and other primates, all of whom are orphans from the bushmeat trade. The objective is to rehabilitate them, but also to raise awareness among visitors about the protection of these fully protected species. The orphans become ambassadors for their species to humans. A dozen gorillas have been reintroduced into the Batékés Plateaux National Park since the start of the programme. In 2025, two new chimpanzees and a gorilla were welcomed. Lékédi Park is an accredited member of the PASA (Pan African Sanctuary Alliance), which comprises most of the primate sanctuaries in Africa, since 2017. The accreditation was renewed in 2023(see the website: https://pasa.org/) Mandrillus since 2012, Lékédi Park hosted the Mandrillus Project managed by CNRS and supported by the Institut des Sciences de l’Évolution de Montpellier. This programme studies the socio-ecology of wild mandrills and addresses issues of evolutionary ecology, anthropology, conservation, and epidemiology. Some of the more than 300 mandrills living in the wild are accustomed to humans, which enables detailed observations and long-term data collection. 2025 was marked by several publications, including: • A study on the attractiveness of faces in mandrills and humans, using AI tools to explore mechanisms of social recognition. • Scientific updates on the demography, genetics and physiology of the monitored population, via the OREME portal. • A popular article entitled "Living with mandrills", on the progress of the project. Savannahs The programme is being developed in conjunction with Comilog's Biodiversity Department. It includes the development and sharing of knowledge on the composition of savannahs, its biodiversity and its ecosystem services. The programme is part of Comilog's rehabilitation and offset activities. The ambition is to increase knowledge about the Gabonese savannahs, develop new conservation practices and deploy them on a large scale. In 2025, the Foundation launched a Proof of Concept (POC) to improve knowledge and the restoration of savannahs. This project, which is the result of an open innovation challenge on invasive alien species (IAS), aims to map ten priority species and assess the condition of savannahs using digital tools and the Wallacea Trust method. Deployed on five pilot plots (Comilog and Park), it combines field data, satellite imagery and machine learning, and is supported by the National Herbarium of Gabon. Early results are promising and confirm the feasibility of detection and ecological assessment models. Gabon Green Generation Gabon Green Generation is an environmental education programme for Gabonese high school students, developed with WWF Gabon and the National Pedagogical Institute of Gabon. Launched in November 2024, it has educated nearly 1,100 Grade 9 and Grade 10 students on biodiversity, climate change and sustainable development, through more than 730 hours of lessons taught by trained teachers. The first phase ended in June 2025 with a creative presentation (poetry, slam, crafts) and an environmental competition. Building on this success, the programme will continue in the 2025-2026 school year. Participatory Science The Lékédi Biodiversity Foundation uses participatory science to bring research closer to local communities. Every year, events such as the City Nature Challenge and the Great Southern Bioblitz invite students and residents to inventory the fauna and flora. Observations are shared on the iNaturalist platform, where they are validated by experts and contribute to the enrichment of scientific databases. These initiatives educate young people on environmental issues and encourage everyone to become involved in conservation. The Foundation is constantly contributing to improving knowledge of Gabon's flora and fauna by sharing all of its field observations in international scientific databases, boosting transparency and collaboration within the global biodiversity community. 5 455ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] 5.6.4 Metrics and targets 5.6.4.1 Targets related to biodiversity and ecosystems [E4-4] The targets cover the 2024-2026 period. They include, firstly, the targets established in the "Act for Positive Mining" roadmap (see section 5.1.4.2.5 "The Group's CSR strategy: Act for Positive Mining"), presented in the table below, and, secondly, the targets related to the act4nature international and Business for Nature commitments, in section 5.6.4.2. The methodological guides of the Science Based Targets Network (SBTN) cover nature-related issues with defined ecological thresholds for terrestrial ecosystems and fresh water. Eramet has set targets for freshwater recycling on its sensitive sites (see section E3) with a goal of reducing abstraction, but these are not currently aligned with ecological thresholds. Regarding the quality objective, the SBTN's current methodology focuses on nitrogen and phosphorus, two pollutants that are not relevant to our direct operations. The SBTN's methodology defines three main objectives for terrestrial ecosystems that undertakings must achieve: • No conversion of natural ecosystems, • Reduction of the undertaking's land footprint, • Implementation initiatives at landscape level. The first two objectives must be established for all the undertaking's activities, while the third must be defined for the priority landscapes where it operates. These three objectives are interrelated and can be linked to the freshwater objectives via the landscape commitment in order to maximise the impact of the actions undertaken. Eramet prohibits the exploration and exploitation of the seabed (deep sea mining), as well as the discharge of residues at sea (deep sea tailings placement). The Group also undertakes not to conduct mining and extraction activities in natural sites included on the UNESCO World Heritage List, as well as in UNESCO Biosphere reserves and IUCN protected areas, categories Ia, Ib, II and III. The importance of biodiversity is assessed for each mining site and project, and the mitigation hierarchy is systematically applied, as part of our objective to align with the IRMA Standard and to upgrade our biodiversity action plans. However, as an extractive industry, an overall “non- conversion” objective is difficult to apply. With regard to the objective of reducing the land footprint, the Mining & Metals sector is not included on the list of industries that are involved. No threshold is defined. However, continuous efforts are being made to progressively rehabilitate mining sites, with the aim of restoring ecosystems and minimising long-term environmental impact. Finally, as things currently stand, the objective regarding landscape initiatives (local-level actions aiming at a transformation across ecoregions) can only be validated if an undertaking has also set a "no-conversion" objective, which is not the case for Eramet. Therefore, although ecological thresholds could not be applied, Eramet's targets aim to meet global challenges for the preservation of habitats, biodiversity and ecosystem services. 2026 Target Unit of measureme nt Scope of application Reference year 2023 2024 results 2025 results 2025 performance level Policy and Standards 100% of mining sites have updated their biodiversity action plan to comply with the methodology of IFC performance standard no. 6 (Integration of an avoid, reduce, offset approach) % of mining sites All mining sites (4) 37.5 % 45% 66 % Achievement of the 2025 target – Early delay in finalising the BAPs in New Caledonia by the end of 2026 Mitigation hierarchy Consultation with communities and other relevant stakeholders BAP Ratio of rehabilitated land to cleared land maintained ≥ 1 Ratio All mining sites (4) 12 0.69 0.81 Achievement of the 2025 target – Early delay to the end of 2026 Biodiversity, Water Management and Rehabilitation Performance Standards The act4nature international/Business for nature commitments are also based on international best practices and contribute directly or indirectly to the targets of the Kunming-Montreal Global Biodiversity Framework (GBF). The mapping between the commitments and the GBF targets is presented in section 5.6.4.2. Our commitments, action plan and results are public in accordance with the GBF’s expectations of transparency and accountability (target 15). They are published on our website, as well as the websites of the CDP, act4nature international and Business for nature. 456 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] 5.6.4.2 Impact metrics related to biodiversity and ecosystem changes [E4-5] The table below shows the reporting format of the act4nature international initiative. Progress in 2025 is reported, as well as the verification of the implementation of each of the biodiversity commitments, including the commitments in the “Act for Positive Mining” roadmap. Description of SMART commitment Link to CMB targets Measurable objective Maturity Status COMMITMENT 1 - GOVERNANCE 1.1 Biodiversity issue raised to the highest level of management bodies - Executive Committee Review of act4nature international commitments by the Executive Committee once a year from 2024. Target 21 Integration of biodiversity issues at the highest level of strategic decision-making (indirect contribution) Publication of annual results in the Universal Registration Document (URD) Permanent Ongoing 1.2 Biodiversity issue raised at the highest level of management bodies - CSR Steering Committee CSR Steering Committee established the CSR roadmap and monitors the achievement of commitments on a quarterly basis. The progress of act4nature international commitments is presented and assessed by this committee at least once a year. Target 21 Regular and structured monitoring of biodiversity commitments strengthening internal transparency and accountability 3 CSR Committee meetings per year Permanent Ongoing 1.3 Management incentives Inclusion of biodiversity performance in the variable compensation of managers (i.e. around 1,850 people) through the results from implementing the CSR roadmap, which includes objectives in terms of soil transformation, climate change, pollution, water and the deployment of biodiversity action plans. Target 18 Alignment of managerial incentives with biodiversity objectives, and more broadly with the "Act for Positive Mining" roadmap 100% of managers Permanent Ongoing COMMITMENT 2 - STRATEGY 2.1 Contribution to the circular economy Make a new technical and economic model viable for the industrial recycling of electric vehicle batteries in Europe and the production of second- generation metals as substitutes Targets 7 and 14 Indirect contribution to reducing pressures on biodiversity through the development of circular economy solutions Design a recycling unit targeting an annual production of 5,000 t of nickel, 1,000 t of cobalt and 5,000 t of battery-grade lithium carbonate, which initially required handling more than 100 times more minerals and 2 gigalitres of brine. 2026 Suspended 2.2 Alignment with international responsible mining best practices Deploy the Eramet standards aligned with the Initiative for Responsible Mining Assurance (IRMA) standard and initiate audits with independent bodies to assess the compliance of our mining sites with IRMA Targets 1, 4, 8, 9, 14, 22 and 22 Gradual alignment of mining practices with an international standard integrating spatial planning, protection of ecosystems and species, sustainable management of biological resources and integration of biodiversity into operational decisions, in conjunction with local stakeholders 100% of mining sites launched an independent third party audit 2026 Delay Eramet standards developed Self-assessment carried out at each site Delay in the deployment of external audits Launch of a scientific partnership Establish a scientific partnership to improve the robustness of our projects and support the development of our action plans. Target 20 Strengthen scientific knowledge and capacity on biodiversity, including North- South cooperation Scientific partnership established 2024 Closed 5 457ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] Description of SMART commitment Link to CMB targets Measurable objective Maturity Status COMMITMENT 3 - ACT ON OUR IMPACTS 3.1 Prohibitions Eramet prohibits the exploration and exploitation of the seabed (deep sea mining), the discharge of residues at sea (deep sea tailings placement) and exploration and mining activities in the natural sites listed on the list of UNESCO World Heritage sites, UNESCO biosphere reserves and protected areas classified Ia, Ib, II and III. The other sensitive areas are managed under actions 3-2 and 3-3. Target 1 Application of the principle of avoidance by excluding the most sensitive areas 100% of mining sites and exploration projects Permanent Ongoing 3.2 Integrating the biodiversity component from the feasibility stages of mining projects Conduct environmental and social risk and impact assessment studies and develop associated management measures in accordance with IFC performance standards for all new mining projects. Targets 1, 4, 9 and 14 Integrate biodiversity issues from the early stages of projects to guide design choices, prevent the alteration of natural ecosystems, limit impacts on species and ecological functions, and ensure that biodiversity is taken into account in development decisions 100% of mining projects Permanent Ongoing 3.3 Rehabilitate mining sites during and after our operations according to a Group standard Establish and implement an internal standard for the rehabilitation of mining sites including the management of run-off, topsoil, etc. which will be reviewed by the scientific partner. Targets 2 and 6 Gradual rehabilitation of mining areas, before, during and after operations in order to restore degraded ecosystems, improve the ecological functions of soils and contribute to the fight against environmental degradation Ratio of rehabilitated areas to cleared areas ≥ 1 over 2024-2026 2026 Delay Standards developed in 2024 Delay anticipated until the end of 2026 due to lack of area available for rehabilitation 3.4 Deploy the mitigation hierarchy on mining sites Establish and deploy an internal Biodiversity Standard aligned with IFC PS6 “Conservation of biodiversity and sustainable management of living natural resources”. Targets 1, 4, 9, 14 and 22 Application of the avoid–minimise- rehabilitate–offset sequence to prevent ecosystem conversion, limit impacts on species and integrate biodiversity into project decisions, in conjunction with stakeholders Update of the 4 biodiversity action plans (BAP) in accordance with the IFC NP6 for the 4 mining locations 2026 Ongoing Preserve water resources Develop and implement formalised water management plans on all sites. Achieve reduction targets for sites in Senegal and Argentina. Report annually to CDP Water Security. Target 7 Reduce pollution and pressures on aquatic ecosystems 100% of sites with a water management plan 60% recycling in Senegal and 20% reduction in water intensity in Argentina Annual reporting to CDP Water Security 2026 Ongoing 3.6 Act on our minority JVs (value chain) Eramet wants to encourage its minority joint ventures to apply the Group’s standards on rehabilitation and biodiversity. Targets 1, 4, 9, 14 and 22 Indirect promotion of biodiversity issues among joint ventures by influencing practices, project planning and impact management, in conjunction with local stakeholders Update of the BAP to Eramet standards Launch of an IRMA audit 20252026 Delay Delay in finalising the BAP and deploying the IRMA external audit 458 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Biodiversity and ecosystems [ESRS E4] SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] Description of SMART commitment Link to CMB targets Measurable objective Maturity Status COMMITMENT 4 - A BIODIVERSITY FOUNDATION 4.1 A preservation and conservation space Manage and protect a reserve of 14,000 ha located in Haut-Ogooué in Gabon. Host and rehabilitate protected species. Targets 3, 4, 5 and 6 Direct contribution to the conservation of ecosystems, the protection of species, the restoration of degraded environments and the fight against local pressures on biodiversity: - Management of a reserve of 14,000 ha, surface area larger than the Group’s active areas - Rehabilitation of orphans from poaching - Combating invasive exotic species - Awareness of and combating poaching - Awareness of zoonoses Annual operating budget of €1 million Permanent Ongoing 4.2 Research programmes with scientific partners Develop research and innovation programmes to improve our expertise and practices in the reserve and on the mine. Target 20 Support for scientific research in favour of biodiversity: establishment of South-South, North-South and triangular cooperation 3 R&D programmes contributing to the major objectives and targets of the Global Biodiversity Framework, beyond target No. 15 2026 Ongoing COMMITMENT 5 - RAISE AWARENESS AND TRAIN OUR INTERNAL AND EXTERNAL STAKEHOLDERS 5.1 Environmental education programme Develop educational content and deploy it to Gabonese secondary school students through the Foundation with an associative partner (WWF Gabon). Target 16 Launch an environmental education programme to encourage people to make sustainable choices Launch of the 3G by Lékédi programme and training for 1,200 students 2026 Ongoing 5.2. Biodiversity Day of the Foundation Organise an annual day of meetings, discussions and conferences (internal and external stakeholders) on biodiversity within the Lékédi Park with national and international stakeholders. Target 21 Strengthen access to information: association of Gabonese authorities, community representatives, nature conservation associations One day per year Permanent Ongoing 5.3 Train biodiversity officers and managers Ensure that there is a trained biodiversity officer on each mining site. Deploy biodiversity training programmes. Target 20 Strengthen internal skills dedicated to biodiversity 3 annual training and feedback meetings with site biodiversity managers 100% of managers (i.e. 1,850 employees) Permanent Ongoing 5.4 Raising awareness amongst employees Organise a biodiversity event on each of our sites Target 16 Dissemination of biodiversity issues to employees to promote responsible practices 100% of sites 2025 Delay One-week Group event scheduled for 2026 Biodiversity values, including aspects reported in sections 5.6.1.1.4 and 5.6.1.15 on sensitive sites for biodiversity and endangered species, are included in the definition of the biodiversity action plans of the mining centres. Metrics are developed for each centre to reflect the specificities of the regions and respond with appropriate avoidance, reduction, rehabilitation and offset measures, by seeking to achieve no net loss in biodiversity, or even a net gain. The commitment to develop biodiversity action plans aligned with the IRMA standard has been extended to the mining activities of PT Weda Bay Nickel. 5 459ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Biodiversity and ecosystems [ESRS E4] 5.6.4.3 Anticipated financial effects from biodiversity and ecosystem-related impacts, risks and opportunities [E4-6] The CSRD rules allow for a phased compliance period of up to three years for certain disclosure requirements. The information relating to this chapter is only mandatory from the 2025 reporting period. Consequently, Eramet has opted for deferred publication in order to allow time to collect and validate this financial data. 5.6.5 PT Weda Bay Nickel focus PT Weda Bay Nickel (PT WBN), a player in the Eramet value chain with significant impacts on biodiversity, has established a biodiversity policy and principles aligned with Indonesian regulatory requirements as well as international reference standards, in particular the IRMA standard. This policy commits the site to protecting fauna and flora, preserving ecosystem services and respecting biodiversity values In line with this commitment, PT WBN applies the mitigation sequence throughout the mine lifecycle, prioritising avoidance and reduction of impacts, and then the gradual restoration of mined areas. The work currently in progress is being driven by the goal of net biodiversity gain. However, the ecological offset strategy needed to achieve this goal is still being established at this stage. The site has an intermediate Biodiversity Action Plan, based on baseline studies including an assessment of critical habitats and ecosystem services, and intended to structure management and restoration actions. Rehabilitation practices are subject to continuous improvement aimed at strengthening the ecological functionality of the restored areas. The work focuses in particular on the optimization of soil stability, the reduction of erosion, improving soil conditions and using local and endemic species adapted to post-mining conditions. Revegetation techniques combining planting, hydroseeding and biological amendments are used to accelerate the establishment of plant cover, promote plant recovery and support gradual recolonisation by wildlife. These actions are supported by the development of internal seedling production capacities, the development of nursery practices towards more sustainable and circular inputs, as well as by operational innovations aimed at limiting pressure on soils and natural resources. A new nursery is being built with a target capacity of about one million seedlings per year, compared to 250,000 currently. In 2025, 97 hectares were rehabilitated, including 37 hectares by hydroseeding. The effectiveness of rehabilitation measures is monitored using ecological indicators and flora and fauna surveys, enabling practices to be adjusted and the effectiveness of the measures implemented to be enhanced. In addition, PT WBN collaborates with local communities, authorities, academic institutions and conservation organisations to contribute to the protection of sensitive habitats, prevent illegal activities and strengthen environmental awareness within its perimeter of operation. 460 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Resource use and circular economy [ESRS-E5] SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] 5.7 Resource use and circular economy [ESRS-E5] 5.7.1 Management of impacts, risks and opportunities 5.7.1.1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities [ESRS-2 | IRO-1] The procedures for identifying and assessing impacts, risks and opportunities are described in sub-section 5.1.3.1. As explained in sub-section 5.1.3.2.1 Description of Eramet's sustainability, impact, risks and opportunities (IRO) issues, the main IROs related to resource use and the circular economy that were identified in the context of the double materiality assessment are: Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders impacted Recycling and the circular economy Contribute to the reduction of the impacts of the mining industry and clean operations through the development of circular economy activities (recycling, recovery, reuse) Potential positive impacts of recycling activities on the extraction of primary metals Risks connected to dependency on metals and minerals Opportunities for developing recycling activities (e.g. recycling of active materials from battery cathodes), innovation, eco- design and recovery activities Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Waste and hazardous materials management Ensure the collection, processing and disposal of waste Reduce, minimise and/or eliminate the quantity and toxicity of hazardous materials used, stored or disposed of Prevent potential threats to the environment from hazardous waste that present substantial or potential risks to health and the environment Potential negative impacts on the environment and the population due to a limited or inadequate waste and/or hazardous waste management system or the inability to prevent the generation of waste Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Employees Local communities Mine rock and tailings Managing tailings and mining residues in accordance with international standards, ensuring the safety of local residents and employees, minimising environmental impacts, and promoting reuse in a circular economy approach (including aqueous residues). Potential negative impacts of waste rock and tailings (including aqueous tailings), in particular on the safety of local residents and employees, as well as on the environment Safety risks related to tailings management and potential accidents Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment Employees Local communities Mining operational excellence Optimise mining processes to reduce environmental impacts and maximise and optimise mining resources, in terms of quality and quantity, across the Company's operations Actual negative impacts related to the use of raw materials essential to Eramet's activities Actual positive impacts of mining operational excellence on the quantity of metals extracted Opportunities to generate additional revenue or reduce operational costs through operational mining excellence Group level, all activities included (manganese, nickel, Mineral Sands, lithium) and value chain Environment 5 461ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] Given Eramet's positioning upstream of the value chain – covering ore extraction and metallurgical processing – the majority of the impacts, risks and opportunities (IROs) identified are directly related to the Group's own activities. Nevertheless, certain issues, in particular those relating to recycling and the circular economy, extend more broadly across the value chain. Beyond the CSR requirements imposed on suppliers, set out in the Group's Procurement Standards, these issues involve increased cooperation with downstream stakeholders. The Group's technical and sales teams are therefore developing partnerships with the downstream sectors in order to design new products, notably from the recycling of waste and co-products, such as ilmenite-56 developed by Eramet Grande Côte (Senegal). Similarly, the project to build a battery recycling plant involved, prior to its suspension in 2024, the entire value chain: upstream, to secure access to incoming resources (used batteries), and downstream, to ensure outlets for recycled products, in particular metal salts. At Group level, resource inflows are mainly composed of primary raw materials of mineral origin: ores, fuels and reducing agents. Resource outflows include finished goods considered saleable, waste and co-products. Non-hazardous waste and co-products represent approximately 99% of the total volume of waste and co- products generated by the Group. They mainly come from mineral processing operations (mining tailings from ore washing) and metallurgical operations (slag from smelting processes). Silicomanganese slag (SiMn) and ferromanganese slag (FeMn) have a registration dossier(1), and SiMn treatment fumes have been registered under REACH following a PPORD (Product and Process Oriented Research and Development). Eramet’s outgoing products have a Safety Data Sheet (SDS). In addition, Eramet also provides SDSs for waste, thus guaranteeing management in accordance with current regulations and complete traceability of the substances used and produced. The environmental management systems existing on each site enable the impacts, risks and opportunities associated with their production and their future to be assessed. (1) Registration, Evaluation, Authorisation and Restriction of Chemical. 462 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Resource use and circular economy [ESRS-E5] SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] 5.7.1.2 Policies related to resource use and circular economy [E5-1] The policy and action plans relating to the use of resources and the circular economy are established in connection with the IROs identified in the double materiality assessment. Responsibilities for implementing the policy are described in section 5.1.1 "Governance". The policies and standards apply to activities operated directly by the Group. To date, they do not cover the activities of the value chain, which represents an area for improvement. They are monitored and assessed by the Environment Department, with the support of the Technical Department, which reports to the Group's CSR Committee and Eramet's Executive Committee. IRO Policies and Standards Scope of application Monitoring and assessment Reference(s) WASTE AND HAZARDOUS MATERIALS MANAGEMENT Potential negative impacts on the environment and the population due to a limited or inadequate waste and/or hazardous waste management system or the inability to prevent the generation of waste Environmental Management Key Standard incorporating the Group's "Waste Management" standard All Group sites Monitoring of waste volumes Maturity to the Group "Waste management" standard E5-5 indicator IRMA Group "Waste management" standard MANAGEMENT OF WASTE ROCK AND TAILINGS Potential negative impacts of waste rock and tailings, notably on the safety of local residents and employees, and on the environment Environmental policy with a commitment to refrain from deep-sea mining and deep-sea tailing placement All Group sites Internal and external audits (frequency depending on the level of impact in the event of a breach) GISTM IRMA Safety risks related to tailings management and potential accidents Group "Management of natural and artificial slopes and geotechnical structures" procedure All Group sites RECYCLING AND THE CIRCULAR ECONOMY Potential positive impacts of recycling activities on the extraction of primary metals Environment policy with a commitment to optimise mineral resources and contribute to a circular economy All Group sites E5-3 and E5-4 metrics Risks connected to dependency on metals and minerals Environmental policy Human Rights Policy Environmental Management Key standard Host Community Relations Key standard Respect for human rights Key standard All the Group processing plants E5-3, E5-4 and S3-5 metrics IRMA Opportunity to develop recycling activities (e.g. recycling of active materials from battery cathodes), innovation, eco-design and recovery Environment policy with a commitment to optimise mineral resources and contribute to a circular economy All Group sites E5-3 metric OPERATIONAL MINING EXCELLENCE Actual negative impacts related to the use of raw materials essential to Eramet's activities Environment policy with a commitment to optimise mineral resources and contribute to a circular economy All Group sites E5-3 metric Actual positive impacts of mining operational excellence on the quantity of metals extracted EPS Operations Management System All Group mining sites Maturity matrix Monitoring of implementation EPS Operations Management SystemOpportunity to generate additional revenue or reduce operational costs through mining operational excellence Eramet's environmental policy integrated into the Eramet Management System (see section 5.3.1 " Governance") includes a specific commitment to optimise mineral resources and contribute to a circular economy. In particular: • The Group is committed to the optimum management and recovery of mining resources for its mining activities; • At its industrial sites, Eramet aims to incorporate as much secondary raw material as possible into its inflows to avoid consuming virgin raw materials, and to recover as much of the waste and co-products generated by its own activities as possible. This last point is the subject of a specific goal in the Act for Positive Mining roadmap for the period 2024-2026. • To include Eramet's industrial sites in regional industrial ecology initiatives whenever possible. • Develop new activities dedicated to recycling. 5 463ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] Information on energy resource management (including the supply of sustainable and/or renewable resources) and water resource management can be found in the sections dealing with ESRS E1 and ESRS E3. These commitments are operationally reflected in the Environmental Management Key Standard, which establishes the mandatory internal requirements applicable to all Group sites. This framework is supplemented by Environmental Performance Standards, which detail specific requirements for waste management, thereby ensuring that environmental practices are implemented consistently, rigorously and measurably across the Group. In addition, the Group's strategy is based on the gradual deployment of the IRMA standard at its mining sites. The operational application of this standard involves significant stakeholder engagement throughout the entire process, from identifying environmental issues to sharing the results of monitoring the effectiveness of mitigation measures. Because of the nature of its activities — primarily mining — and its position at the upstream end of the value chain, it is not feasible to completely abandon the use of virgin raw materials derived from extraction at this stage. However, the Group endeavours to recover waste and co-products from its activities, either internally or through external channels, whenever this is technically and economically possible, and to increase the proportion of secondary resources used as inflow raw materials. 5.7.1.3 Actions and resources(1) related to resource use and circular economy [E5-2] The Group's Executive Committee provides the resources and means required to implement the Environmental Policy. By delegation, Site Directors ensure that sufficient resources are available to implement the Environmental Policy and that the operations do not impact the environment. The Group's actions in terms of responsible resource management and circularity are based on two complementary pillars: • Sustainable recovery of mineral resources • Optimisation of mine operation sequences to maximise the value of the mineral profile of deposits and increase extraction efficiency. • Continuous improvement of mining and industrial processes to reduce material losses, increase operational efficiency and limit the amount of tailings produced. • Recovery of waste and co-products, with increased development of internal or external outlets to transform these flows into secondary resources. • Innovation and new circular supply chains • Research and development of new ways of recovering materials which are currently considered to be process residues, in order to turn them into useful co-products. • Systematic integration of environmental criteria (water, waste, energy, circularity) into the design of new facilities and industrial projects. In 2025, Eramet published the Group's environmental rules called "Environment Performance Standards", which notably cover the prevention and management of waste. In line with the objectives of the ‘Act for Positive Mining’ roadmap (see "5.1.4.2.5 The Group’s CSR strategy: Act for Positive Mining"), the actions implemented over the 2024- 2026 period are detailed below. 5.7.1.3.1 Recovery of mineral resources The recovery of mineral resources is one of Eramet's core businesses and is an essential aspect of its contribution to the development of the circular economy. This approach aims to maximise the recovery of mineral resources by exploiting lower-grade ores or reusing materials previously considered to be waste or tailings. This principle enables the environmental efficiency of mining operations to be improved by increasing the quantity of metal resources produced for the same environmental footprint. The Group uses its production management system, the Eramet Production System (EPS), to support this initiative. This system provides a common set of best practices, operational standards and pragmatic methodologies intended to optimise operational performance and manage gaps in performance in a structured way. The internal community of experts — combining expertise in geology, mine planning and mineral processing within the International Competence Groups (ICG) — actively contributes to the development and diffusion of operational standards that are fully integrated into EPS. This approach, which can be applied to all mining sites and processing units, enables lower-grade ores and mining tailings to be recovered through technological processes and the identification of new commercial outlets adapted to their characteristics. An example is the Moanda Industrial Complex (CIM) in Gabon, whose process, developed in 2000, enables mangan iferous sands to be processed from the rehabilitation of the Moulili River. The use of these previously unused ore fines has helped to improve the yield of the deposit and increase the productivity of the processing units. (1) Details of the financial resources allocated to each action are not available for 2025. 464 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Resource use and circular economy [ESRS-E5] SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] The Eramet Ideas research centre drew up the "Eliminate Waste" roadmap in 2024 to strengthen and structure prevention, reuse and recycling actions. The aim of this programme is to identify, develop and promote solutions for recycling across all of the Group's activities, whether mining or industrial. It also aims to provide support for these opportunities through demonstration pilots. Several POCs were launched in 2025 to test the feasibility of recovering various process residues from the Group's plants and mines for use in new applications, notably in the manufacture of concrete, bricks and fertilisers. 5.7.1.3.2 Recovery of industrial process waste Waste and co-products from ore processing represents an annual quantity of approximately 3 million metric tons for all of the Group’s metallurgical transformation plants. The waste is managed according to the waste management hierarchy described in the table below. The examples given correspond to actions implemented before 2024 and which are still ongoing today. Waste hierarchy stage Levers Avoidance Reduce waste through process improvement E.g. reduce filtration dust by using ores with higher mechanical resistance Reuse Reuse the waste in the production process E.g. use of ferro-manganese slag as a source of manganese for producing silico-manganese Recycling/Recovery Offer our waste, with or without pre-treatment, as a product to existing markets or to develop new ones E.g. MOR fumes as a colouring agent for bricks, manganese residues as fertiliser, Ilmenite 56 as a raw material for TiO₂ Disposal Disposal in landfill E.g. desulphurisation slag sent to landfills 5.7.1.3.3 Construction of a model to recycle batteries in Europe Eramet's ambition is to contribute to the development of a European industrial battery recycling sector, from the collection of end-of-life batteries and gigafactory waste to the production of materials to manufacture new batteries. This positioning is fully in line with the challenges of the energy transition, securing supplies of critical metals and promoting the circular economy. Launched in 2019 in partnership with SUEZ and supported by the European Union, the ReLieVe project has developed a process capable of recycling more than 90% of the strategic metals (nickel, cobalt, lithium) contained in the blackmass of end-of-life batteries. A pilot plant was opened in 2023 in Trappes to optimise the production of battery- quality metal salts. In 2024, the Group decided to suspend the project, as the economic conditions necessary for its industrial viability were not satisfactory. This situation is mainly due to the slower than expected start-up of European gigafactories and the lack of confirmed outlets for recycled metal salts. No major changes were recorded in 2025 . However, Eramet is convinced of the need to develop a circular economy for critical metals in Europe and is continuing to monitor market conditions and partnerships likely to favour the future revival of such a project. 5.7.1.3.4 Focus: Mining waste Policy and commitments In accordance with its Environment policy, Eramet strictly prohibits the discharge of mine tailings into the sea ("deep- sea tailings placement"). This method is neither used on the Group's sites nor is it envisaged for future projects. Since 2020, Eramet has applied an internal procedure governing the management of tailings storage facilities, aligned with the principles of the Global Industry Standard on Tailings Management (GISTM), published jointly by UNEP and ICMM. This procedure specifies the requirements in terms of governance, design, construction and supervision of structures, incorporating ICOLD/ANCOLD standards and the most stringent local regulations. The aim is to standardise the risk analysis and ensure high design criteria across all projects. Operational site management COMILOG (Gabon) is the only one of the Group's three mining subsidiaries to use containment dams for tailings storage. The residues consist of clay fractions produced by washing with water without the addition of chemicals. Their inertness is confirmed by leaching tests. These tailings are stored in ponds consisting of closed dams with an average height of 16 metres and a unit volume of between 1 and 1.5 million m³. These structures are not raised and a new structure is built every year. 5 465ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] The enrichment plant at the Moanda Industrial Complex (CIM) also has a dyke which permits the storage of non- hazardous residues, separating sand (1–20 mm) and fine sludge (<1 mm). The downstream method used for the construction ensures the stability of the system, which reaches a height of 30 metres and a total capacity of around 4 million m³. The Group's other mining sites, SLN (New Caledonia) and Eramet Grande Côte (Senegal), do not use dykes for the storage of their tailings. In the United States, the Marietta Metallurgical Site (EMI) has a historic dam approximately 30 metres high, now used solely for the storage of sludges (wet gas treatment residues) and industrial water. The facility is regularly inspected by the local authorities and independent external audits, which have highlighted the quality of the management by Eramet. Security, compliance and transparency None of the Group's assets fall into the "extreme" or "very high" risk categories defined by the GISTM. Eramet does not use any upstream enhancement methods, which are considered to present greater risks of instability. All storage facilities are continuously monitored, with periodic internal inspections and external audits. Eramet actively supports international initiatives aimed at increasing safety and transparency of mining waste management. The Group is a signatory of the Global Industry Standard on Tailings Management and participates in the Church of England Pension Board's initiative to improve sectoral transparency. Its public statement is available on his website: www.eramet.com/fr/ rse/environnement/gestion-responsable-des-residus- miniers-et-steriles. Innovation and outlook Eramet is contributing to developing technologies aimed at reducing the water content of mine tailings as part of a continuous improvement and environmental impact control initiative. This objective aims to limit the risks associated with the storage of tailings (stability, integrity of infrastructure) and to reduce the pressure on water resources. In addition to already proven dewatering solutions, the Eramet Ideas research centre is assessing new techniques ("Dewatering tailings" programme) to accelerate the drying of tailings while improving process water recycling rates. 5.7.2 Metrics and targets 5.7.2.1 Targets related to resource use and circular economy [E5-3] In the context of the Act for Positive Mining roadmap (see "5.1.3.2.5 The Group’s CSR strategy: Act for Positive Mining"), the targets relating to the use of resources and the circular economy are established in pillar 8 “Transform our value chain”, namely: • For mining activities, a commitment to continuously monitor and improve the value of mineral resources (Group scope) • For industrial activities, a quantified target for recycling the main waste products / co-products from industrial processes (Group scope) • Building a robust technical and economic model for industrially recycling batteries in Europe (Group scope) Two indicators have been set up in the context of the Act for Positive Mining roadmap to monitor the results of waste recovery actions. For mining activities, the metric consists of monitoring the proportion of saleable materials compared to the quantity of materials extracted in situ. In 2025, this ratio was 12.9%, with no significant change compared to the value recorded in 2024. For industrial activities, this is the recovery rate for a selection of process waste and co-products (slag, filter dust and gas scrubbing sludge), which account for around 80% of the total waste and co-products generated by Eramet's industrial sites. The target, set on a voluntary basis, aims to improve the recovery rate by 10% by 2025 for a rate of 53%, and by 20 per cent by 2026 for a rate of 58%, compared to the baseline value established in 2023 (48%). This target includes recycling operations either internally, i.e. by the waste-producing site, or externally via other Group plants, or not. The recycling rate in 2025 remained at the same level as in 2023, 54%, despite an increase in the quantities of waste and co-products generated. This result confirms the attainment of the 2025 target. In general, there are no mandatory targets fixed by regulation other than traceability and reporting the quantities of regulated waste that are generated. 466 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Resource use and circular economy [ESRS-E5] SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] Targets Unit of measureme nt Scope of application Reference year 2023 2024 target/ results 2025 target/ results Policy and Standards Improve the recovery rate of plant waste by 10% per year in 2025 and 2026 % recovery All industrial sites (6) 48% Target: N/A Result: 54% Target: 53% Result: 54% Environment policy: recovery of process waste Monitor and continuously improve the mineral resources recovery ratio % recovery All mining sites (3) - Target: NA Result: 12.4% Target: NA Result: 12.9% Environment policy : optimal valuation of mining resources Develop a robust technical and economic model to industrially recycle EV batteries in Europe Progress of the project ReLieVe project - Project suspended in 2024 Project suspended in 2024 Environment policy: develop new activities dedicated to recycling 5.7.2.2 Resource inflows [E5-4] The diagram below provides a simplified illustration of resource inflows and outflows. The scope chosen is the scope of the metallurgical processing sites, i.e. the Doniambo plant in SLN (New Caledonia), Dunkirk (France), Kvinesdal, Sauda and Porsgrunn (Norway), the Moanda Metallurgical Complex (Gabon) and Marietta (USA). The scope excludes mineral extraction and processing activities, because these sites are designed to produce the primary raw materials. The sites which are not taken into account are the COMILOG mines and washing plants (Gabon), the SLN mines (New Caledonia) and all the activities of GCO (Senegal) and ERAMINE (Argentina). Inflow resources mainly consist of: • Primary raw materials: these are mainly ores and reducers; • Secondary raw materials: materials from the circular economy (waste produced by another plant, biofuel, etc.). It is important to note that recycling by a factory of its own waste and co-products is not taken into account in this calculation. A significant portion of the water used by the Group is used in industrial processes, in particular for cooling furnaces and washing ore. In accordance with the structure of the ESRS standards, water is not included in the resource use table presented in this chapter. Detailed information on water management, abstractions, consumption and associated issues is given in the Water Resources section (ESRS E3). Similarly, neither energy raw materials (natural gas, coal, fuel oil) consumed for energy production, nor the recovery of gases co-produced by the process, are included in this scope. The corresponding data and analyses are presented in the section on Climate change (ESRS E1). 5 467ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] 2025 results • In 2025, the share of secondary raw material reused or recycled remained stable compared to 2024. This result is driven exclusively by the plants of the MnAlloys division. This metric is dependent on many factors, such as the metal content of the ore or market opportunities. With a low metal content (around 2%) and a geographically isolated position which is unfavourable to industrial ecology actions, SLN (New Caledonia) does not use significant quantities of secondary materials. In contrast, the Norwegian Kvinesdal plant comprises around 40% secondary raw materials, reused or recycled thanks to co- products available locally from other ferroalloy plants. Products and materials 2024 2025 Technical and biological products and materials 3,902 kt 3,930 kt Reused or recycled secondary raw material 259 kt* 260 kt Share of secondary raw material reused or recycled as an incoming resource 6.6% 6.6% * 2024 value restated in 2025 In addition, since 2024, Eramet has been engaged in an industrial test programme to evaluate options for reducing ores by pyrometallurgy with biogenic reducers. Additional information is available in section 5.3.2.2.1.1. Determination of inflow resources The assessment of resource inflows is governed by a Group operating procedure. The scope used is that of the metallurgical transformation sites. Mining activities are excluded because the purpose of these sites is to supply raw material (manganese and nickel). The inflow resources taken into account include the raw materials loaded into the furnaces to produce metal alloys (ferromanganese, silicomanganese and ferro-nickel). These materials fall into three main categories: • Sources of metal consisting of crude ore, sinter ore or rich slag. Manganese and nickel are both on the list of critical raw materials. • Reducing agents such as coke and coal. • Additional manufacturing resources required for manufacturing: silicon , chemical corrector (dolomite, magnesia). Waste and co-products generated by other production sites are considered as inflow resources from the circular economy. The waste and co-products subject to internal recycling are excluded from the scope. The quantities used for the calculation are obtained either by weighing or by means of a mass balance. 468 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Resource use and circular economy [ESRS-E5] SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] 5.7.2.3 Resource outflows [E5-5] Waste A procedure dedicated to waste reporting was developed, validated and distributed to all sites in 2025, in order to ensure consistent, reliable and rigorous reporting across the Group. This procedure precisely establishes the scope of reporting, the accounting methodologies (categorisation, valuation, elimination) and the frequency of data collection and entry, thereby guaranteeing that environmental information is consistent and comparable across the Group. The table below summarises the figures relating to waste flows in 2024 and 2025. Indicator (quantities are expressed in metric tons) 2024 2025 Total Non-hazardous Hazardous Total Non-hazardous Hazardous Total recovered waste 205,383 201,342 4,041 609,657 607,167 2,490 Reused waste 191,383 191,132 251 1,688 1,016 672 Recycled waste 215,147 214,971 176 Waste recovered using other operations (including incineration with energy recovery) 14,000 10,210 3,790 392,822 391,180 1,642 Total waste disposed of 3,864,851 3,823,009 41,843 4,018,398 3,974,917 43,481 Incinerated waste (without energy recovery) 635 82 552 725 68 657 Waste sent to landfill 3,862,005 3,822,499 39,506 3,887,418 3,848,503 38,915 Waste disposed of using other operations 2,211 427 1,785 130,255 126,346 3,909 Total waste generated 4,070,234 ,024,350 45,884 4,628,055 4,582,084 45,971 Percentage of recovered waste 5.0% 5.0% 8.8% 13.2% 13.3% 5.4% Percentage of waste not recycled (%) 100.0% 100.0% 100.0% 95.4% 95.3% 99.6% Total waste not recycled (t) 4,070,234 4,024,350 45,884 4,412,908 4,367,113 45,794 The concepts of hazardous and non-hazardous waste are established in accordance with the regulations of the countries of operation. Indeed, to date, the measures regarding waste are very disparate from one country to another. The following chapters specify the nature of the waste concerned and provide the main elements of analysis on the evolution of the results. (in thousands of metric tons) 2023 2024 2025 Quantity of hazardous waste (expressed as wet weight) 38.2 45.9 46.0 Quantity of non-hazardous waste (expressed in dry volume) 4,408 4,024 4,582 (1) The collection of data expressed in dry extract is not guaranteed for all sites, particularly for quantities of sludge or oil, which could result in an insignificant overestimate. (2) Some data reported in 2024 have been restated for the purposes of this report (see section 5.1.4.2) Non-hazardous waste Ore washing residues are the Group's main category of non-hazardous waste, representing around two-thirds of the total tonnage of waste produced. This waste mainly comes from: • The three manganese ore mineral processing units of COMILOG (Gabon). They correspond to the fine (schlamms) and sandy fractions generated during the washing operations aimed at separating the marketable granular fraction from the ore. The schlamms are stored in dedicated industrial basins, while the sandy fractions are dumped. • From the Mineral Separation Plant (MSP) at Eramet Grande Côte Opérations (Senegal), which are reused as part of the rehabilitation of exploited dunes. • From SLN's two Ore Processing Units (OPUs) located in Népoui and Tiébaghi (New Caledonia), part of whose tailings are recovered in the form of co-products. In the Nickel business, another significant volume of non- hazardous waste (around one-third of the Group's waste – co-products) comes from smelting slag generated by the pyrometallurgical process at the SLN plant (New Caledonia). At much lower levels, other industrial activities such as steel milling, smelting-reducing or ferroalloy production also generate non-hazardous co-products or waste, mainly in the form of inert slag or slag, either stored in landfills or recovered externally. The increase in the volumes of non-hazardous waste in 2025 is due to: • An adjustment to the waste reporting scope in Senegal and New Caledonia, taking into account residues from mineral processing (ore washing); • The ramp-up of SLN's Doniambo plant (New Caledonia) after a year disrupted by the country's social context in 2024. 5 469ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Resource use and circular economy [ESRS-E5] Hazardous waste The majority of the Group's hazardous waste comes from processing plants. These activities mainly generate: • dust captured by dry filtration systems, • sludge from wet gas treatment, • and calcosodium slag from the metal desulphurisation process. This waste is handled by specialised and authorised channels. Controls are carried out at each stage – transport, reception at an approved centre, final processing – to ensure compliant and secure management. The amount of hazardous industrial waste generated in 2025 remained stable compared to 2024. Calculation methods The quantities reported relate to both waste and co- products generated by production processes (slag, tailings from ore washing) and domestic waste (scrap metal, wood, used oil, etc.). The published quantities for the latter mainly correspond to the quantities of waste discharged from the production site or received on the processing site. On some sites, they may correspond to the quantities entering the site’s internal temporary storage area pending evacuation. Quantities are mainly obtained by weighing (weighbridge, load cells, etc.) and, for a small part, by calculation (generally by the product of a volume and an estimated density). These weighings are carried out either by own means or by the collection service provider. Data collection is expressed by default in wet weight (except for sludge which is in dry weight). Although they may be subject to occasional inspections by the competent authorities, these data are not verified by an external body. 5.7.2.4 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities [E5-6] The CSRD rules allow for a phased compliance period of up to three years for certain disclosure requirements. The information relating to this chapter is only mandatory from the 2025 reporting period. Consequently, Eramet has opted for deferred publication in order to allow time to collect and validate this financial data. 5.7.3 PT Weda Bay Nickel focus The waste generated by the Weda Bay Nickel mine mainly comes from maintenance operations on its machinery park (excavators, lorries) and mining camps. Hazardous waste is stored in a temporary storage facility before being shipped to approved disposal channels. The quantities produced within the mine premises reflect the pace of mining operations, and are therefore higher than in previous years, with 338 metric tons of non- hazardous waste and 1,293 metric tons of hazardous waste. 470 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] SOCIAL INFORMATION 5.8 Own workforce [ESRS-S1] 5.8.1 Strategy 5.8.1.1 Material impacts, risks and opportunities and their interaction with the strategy and business model [ESRS-2 | SBM-3] As mentioned in section ESRS-2 | SBM-3, the main sustainability issues related to the Company’s workforce include health and safety, social policies regarding workforce, social dialogue as well as issues of violence and security. Eramet’s business model, set out in the Integrated Report (see pages 18-19), highlights the importance of human resources as a key success factor in the success of the Group’s mining and industrial activities. As an illustration, in 2025, Eramet employed 8,684 employees with 73 different nationalities. This diversity of cultures commits the Group to ensuring an inclusive working environment for all, where everyone, regardless of their differences, is welcomed, respected and has the same career opportunities. This inclusion of everyone is essential to live and work better together, in a good social climate, where well-being at work and performance go hand in hand to ensure the continuity of operations in mines and factories. Eramet is particularly attentive to sustainability issues related to the workforce, and to retention and development of its talents, from the time they join the Group and throughout their careers. If the risks identified relating to the health and safety or social policies of employees materialise, this would directly affect Eramet’s business model, in particular through the reputational risk or the costs incurred. In order to seize the associated opportunities, Eramet is sending a positive signal on the job market by maintaining high-performance and effective health and safety policies, thus attracting and retaining talent. Breakdown of the total workforce The information provided in this ESRS concerns all Group employees. The Group’s HR reporting in force concerns the consolidated workforce and the managed workforce. It should be noted that the workforce of the Weda Bay project (1,653 employees as at 31 December 2025), in which Eramet is a minority shareholder, is not included in the own workforce figures below. At 31 December 2025, the Group had: • 8,684 employees in 17 countries, compared with 8,828 employees as at 31 December of the previous year, in the scope of continuing operations (-1.6%). • 19% women (1,652) and 81% men (7,032 as of 31 December 2025) (stable figure compared to 2024). • 96% of Group employees have permanent contracts (stable figure compared to 2024). The technical nature of the mining and metallurgy professions requires a long professional training period, and the use of short-term employment contracts remains very minor. Employees on fixed-term contracts within the Group have the same rights and benefits (pension systems, healthcare costs, profit share, etc.) as employees on permanent contracts. Group employees are defined as having a direct employment contract with the Company, including full- time, part-time and temporary employees. They are paid directly by the Company and benefit from the social benefits and legal protections associated with their employee status. Non-employees include workers not directly employed by the Company but providing services or contract work (self- employed workers, temporary workers, international Interns (VIE), trainees, subcontractors and transition managers). 5 471ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] Impacts, risks and opportunities As explained in sub-section 5.1.3.2.1 Description of Eramet’s sustainability issues, impact, risks and opportunities (IRO), the main IROs identified in the double materiality assessment are: Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders Health and safety at operational premises Implement all necessary measures to guarantee the health (including mental health) and safety of employees (including on-site subcontractors), in particular by preventing the risk of exposure to operational hazards Manage employee exposure to diseases specific to operating areas, while ensuring prevention and safety Potential negative impacts on the health (including mental health) and safety of employees and subcontractors (excluding joint ventures), mainly resulting from exposure to hazardous industrial environments, inadequate working conditions and infrastructure, accidents or exposure to diseases in the areas of operation Potential negative impacts of human rights violations. Human rights encompass decent working conditions (e.g. fair pay, adequate housing conditions for workers, prohibition of modern slavery, child labour and the use of force) and protection against the violation of fundamental freedoms . Group level, all activities included (manganese, nickel, mineral sands, lithium) Employees Subcontractors Working conditions of own workforce Foster employee loyalty and support their career development through various talent management measures (individual support, training, mobility, benefits, compensation, etc.) and strengthen employee commitment to the corporate vision and culture, thereby ensuring sustained and profitable performance Ensure proper working conditions (including infrastructure: adequate housing), improve quality of life at work, adequate working hours, work-life balance Potential negative impacts on employees because of inadequate management of working conditions such as work-life balance, distance from the place of work, quality of life at work for shift workers Potential negative impacts on employees resulting from potentially inadequate infrastructure and its potential inaccessibility for certain employees with special needs Risks of not retaining and/or recruiting talent and expertise because of the Company's attractiveness (e.g. remote sites, work organisation) and its reputation Group level, all activities included (manganese, nickel, mineral sands, lithium) Employees 472 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Sustainability matters Description Impacts Positive and negative Risks including dependencies on natural and social resources Opportunities impacting future cash flows, development, performance and position Scope Stakeholders Non- discrimination and fight against harassment Strengthen inclusion and diversity (gender diversity, representation of the communities in which we operate, etc.) as well as equal opportunities, in recruitment and when working Fight against all forms of discrimination, intimidation, bullying, sexual harassment and victimisation through our zero tolerance policy Management of effective complaints mechanisms Potential negative impacts on employees due to inadequate training, procedures, monitoring, complaint mechanisms, etc. to prevent discriminatory behaviour, harassment and victimisation during hiring and when working Group level, all activities included (manganese, nickel, mineral sands, lithium) Employees Labour relations Encourage social dialogue and ensure dynamic and transparent management of the workforce, freedom of association and trade unions Potential negative impacts associated with the prevention of social dialogue or the absence or inadequacy of information/ consultation/ complaint mechanisms for employees and subcontractors, or insufficient compensation in the value chain Risks related to production stoppages due to employee discontent Group level, all activities included (manganese, nickel, mineral sands, lithium) and value chain Employees Subcontractors Security management Manage the risks faced by employees, sub- contractors and affected communities when exposed to terrorism, political violence, crime and geopolitical conflicts. Develop efforts to protect the physical and psychological safety of employees and their property, in particular by facilitating the evacuation or relocation of employees who may leave Potential negative impacts on the physical safety of employees and contractors due to geopolitical tensions Real positive impacts of securing operating areas Group level, all activities included (manganese, nickel, mineral sands, lithium) and value chain Employees Subcontractors Local communities The social issues listed below concern all of the Group’s workforce and are classified by systemic or one-off impacts. The following issues have systemic impacts: • Health and safety • Social policies related to the workforce through the information and consultation/complaint mechanism, the displacement of local communities, quality of training, etc. • Dialogue with external stakeholders • Social dialogue The following issues have specific impacts: • Social policies related housing conditions • Violence and security because of geopolitical tensions • Training and skills development • Social protection/benefits offered by the Group The main risks are: • Employee health and safety risks • Risks related to the hiring and the retention of talent • Risks related to ineffective social policies 5 473ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] • Risks of non-compliance with human resources regulations • Risks of breakdown in social dialogue Human rights risk mapping on forced labour The Group’s Human Rights risk mapping was updated in 2023 with a study of 11 sites in 8 countries. Special focus was placed on the risks associated with modern slavery, in particular forced labour and child labour. At the end of this analysis, child labour and forced labour were not identified as major risks in the operations performed by the Group because of the mitigation measures put in place (verification of identity cards or birth certificates, mandatory medical check-ups, working practices governed by internal regulations and Company-wide agreements, etc.). 5.8.2 Management of impacts, risks and opportunities 5.8.2.1 Policies related to own workforce [S1-1] All Group policies are detailed on the Eramet website: Charter & policies - Eramet. They apply to all Group employees in all controlled subsidiaries. 5.8.2.1.1 Health policy While acknowledging that it would be impossible to totally eliminate all health risks, the Group’s Health Policy seeks to contain these risks in order to minimise the frequency and seriousness of their consequences. This document is not associated with an international standard or initiative. This policy applies to all Group employees at all sites, as well as to visitors and people living around the sites. The Group’s management is responsible for this policy, which is applied and reviewed by the HR, Health and Safety Department. Each employee is responsible for ensuring that it is applied properly. Eramet implements the following means to deploy its Health Policy: • Integration of health and working conditions into everyday life • Drafting, dissemination and application of standards • Development of a Health action plan for each entity with appropriate actions on training health and first aid personnel, medical equipment plans and protocols for using this equipment. These actions aim to harmonise best medical practices within the Group. • Harmonisation of methods for assessing the level of implementation of Health Fundamentals at the level of all entities in order to implement corrective action plans. • Personnel involvement (obtaining the opinion of the personnel representative bodies on health matters when drawing up the corrective action plan) • Employee awareness • Screening to enable the early detection of health problems that may be related to manufacturing processes or products placed on the market • Information and traceability of exposure levels • Continued scientific follow-up and benchmarking on new risks and best practices • Development of a policy to combat addictive behaviour This policy covers the IROs concerning the safety of the “health and safety” issue identified in the double materiality exercise. 5.8.2.1.2 Safety Policy Safety is a fundamental value of the Eramet Group. Our activities in plants and mining sites require constant vigilance in order to prevent accidents and not endanger the health of employees or external workers. The Group therefore implements prevention and protection measures to guarantee the greatest possible security on its sites. The key objective of the strategy is to become a safety leader and achieve the goal of zero injuries. This policy applies to all Group employees, as well as to visitors and subcontractors on all sites. The issues concerning the safety of the Group's workers are addressed at the highest level of the Company by the Group's Executive Committee. This Policy is signed, at the highest level of governance, by all the members of the Executive Committee. The Safety policy reasserts that safety is the primary responsibility of every manager in the Company, and that each one is responsible for their own safety and the safety of their employees and those around them. The Group’s Safety and Prevention Department is responsible for this policy. This policy, updated in October 2025, is fully in line with the Group's "Act for Positive Mining" roadmap. It is based on the first pillar, "We Care for People" : people are at the heart of actions, in a spirit of care, respect and solidarity. Since October 2024, the Chief Safety and Prevention Officer reports directly to the Chief Operating Officer and functionally to the Group Chief Executive Officer. The Director establishes and proposes the plan and security guidelines for the Group to the Executive Committee. Once approved, these guidelines are implemented at site level by the Site Managers, who are themselves assisted by a site Safety Manager/Coordinator. Safety risk prevention strategy The Eramet Group recognises that accident prevention tools must be adjusted to the types of risks: tripping is not prevented with the same tools used to prevent the rupture of a furnace in an industrial unit. • Technological risk prevention is based on the implementation of measures resulting from industrial risk analysis and hazard studies. The effectiveness of prevention depends greatly on the technical expertise of the teams that has been acquired over years of operations and their ability to identify and respond to weak signals; 474 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] • The risks associated with critical activities are too great to leave the choice of operating procedure to the participants, so they are governed strictly by rules. Eramet has compiled a set of minimum essential rules – “Essential Safety Requirements” and “Mining Standards” – that are required to be implemented by all sites. These rules constitute barriers (technical, organisational, human) that can prevent accidents if they are complied with; • Finally, non-standardised activities cannot be properly regulated by following simple rules. It is not practical to write rules on how to use a hammer or adjust one’s pace depending on the condition of the ground. For all these work situations, Eramet is developing methodologies at its sites that can consolidate its Zero Injury Policy, while taking the employees' level of safety maturity into account. For example, at the sites of the Manganese Alloys BU, which already have advanced injury prevention, one of the practices used is the "What If" approach which encourages reflection on potential events downstream. This approach, based on the risk analysis methodology of the same name, considers that the accident, although unlikely given the measures put in place, is still likely to occur. A hypothesis analysis is performed to determine the potential consequences of the failures likely to occur. This is followed by a check or the implementation of safety measures, and above all additional protection, to ensure that no injuries occur. Finally, it checks that emergency response measures are planned and immediately available and cover all activities. This methodology also enables the critical mindset of employees to be improved vis-à-vis established situations. Safety management system These prevention tools must be part of a broader safety management system (SMS), largely inspired by ISO 45001 international standards, which includes requirements that cover the following aspects: • Regulatory compliance; • Risk analysis; • Action plans and progress loops; • Reception at the workstation and training of staff; • Monitoring, audits and inspections of field activities; • The handling of safety events; • Leadership, objectives and safety management. Beyond tools and processes, safety culture is all about leadership. Managers are both relays and key players in this culture. They are responsible for embodying it and disseminating it on a daily basis by helping the teams and improving their working conditions through regular interactions and structured managerial routines. These practices not only strengthen vigilance and prevention, but also create an environment where safety is perceived as a positive and shared value and not as a constraint. Deployment of the Safety Policy Eramet implements the following means to deploy its Safety Policy: • Clearly define safety roles and responsibilities. • Support the policy with sufficient resources dedicated to safety, as well as the involvement of operational management on a daily basis. • Appoint a safety manager on each site, who advises and supports the site management regarding workplace safety. The safety officer has the authority to enforce the rules and draws on standards that define the main principles and safety rules, such as: • Risks are identified and classified according to criticality. Control measures are put in place to eliminate risks or reduce their criticality to an acceptable level. • Routine tasks are carried out according to a work instruction that takes the risks identified for this task into accounts. Critical tasks which are not covered by a work instruction require a work permit. • The critical activities are carried out in accordance with the “Essential Safety Requirements” and the safety standards established by the Group. • The missions and work performed by the companies involved are governed by a specific Safety Plan, and compliance with safety rules is checked on the ground. • Safety interactions are carried out by a sufficient number of managers in accordance with the objectives set. • Quantified targets and dashboards enable relevant safety indicators to be monitored. This policy covers the Impacts, Risks and Opportunities (IROs) concerning the “health and safety” issue identified in the double materiality exercise. 5.8.2.1.3 Human Resource Management Policy The Eramet Group invests in the talents of all employees and capitalises on their diversity to get them on board the Eramet adventure. The Group wants them to become actors in a demanding and caring performance-based managerial culture, proud to belong to a Group that is moving forward and transforming itself. Eramet wants to make its international positioning a real opportunity for mutual development by combining viewpoints, experiences and cultures. Eramet strives to uphold social dialogue as a critical lever for the Group’s successful transformation and one which will make a lasting contribution to its performance. Close to the ground, attentive, bold and determined, the members of the HR network aspire to become a Human Resources (HR) community, flagbearers of the Group’s cultural and organisational changes. This policy applies to all Group employees on all sites. The Group’s Human Resources Department is responsible for this policy. Reporting to the Group’s CEO, it is responsible for establishing and implementing the talent development framework and for managing the pipeline to ensure the Group always has an optimal level of resources and skills. It also ensures that the objectives related to the Group's Human Resources Management, described in this policy, are implemented and achieved. 5 475ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] Eramet implements the following actions and procedures in order to deploy its Human Resources Management Policy: • Support operational teams to create agile, high- performance and value-creating organisations. • Identify our critical skills and key positions as part of People Reviews in order to safeguard our succession plans. • Develop our employees’ skills to enhance their employability and secure Eramet’s success for today and tomorrow. • Develop cross-functional collaboration between teams to boost internal mobility so that the operations have the right profiles, with the required skills at the right time, in order to deliver our projects and strategic challenges and offer development opportunities to employees. • Offer a variety of development opportunities, enabling each employee to take charge of their own career plan while supporting them. • Encourage and recognise individual and collective performance. • Offer competitive compensation in each country of operation to attract, retain and engage talent, by proposing a clear and transparent overall compensation structure adapted to local contexts. • Clarify possible career paths using a single “Manager@ Eramet” framework, which describes the skills expected by the Group and the Business Line, and which explains the different families of existing jobs and positions, to contribute to the deployment of a common Eramet culture. This policy covers the IROs concerning human resources management of “Employee-related policies” and “Social dialogue” issues identified in the double materiality exercise. 5.8.2.1.4 Human Rights Policy The Group’s Human Rights Policy published in 2019 is part of the Eramet Group’s ambition to be a responsible and sustainable company. It is anchored in the commitments of the Group’s purpose and in the objectives of the CSR roadmaps developed by Eramet since 2018. This document was developed in consultation with internal and external stakeholders (including NGOs and trade unions). The document applies to the entire Group and to all its controlled sites, without exception. This Policy is signed, at the highest level of governance, by all members of the Executive Committee, and the Societal Impact and Human Rights Department is responsible for ensuring that it is implemented at Group level. It is divided into three parts: protection of employees, protection of local communities and respect for human rights in the value chain. The section on employee protection highlights the Group’s commitments to workers’ health, safety and security; decent working conditions and housing; prohibition of forced labour and child labour; prohibition of harassment and violence; prohibition of discrimination; respect for freedom of association and data protection and confidentiality. The commitments included in the document include the major international conventions on the subject, such as the ILO conventions, the United Nations Charter of Fundamental Rights and the United Nations Guiding Principles, as part of the Group's human rights due diligence. Communication on the policy is carried out by various means: compulsory display on all sites, regular training sessions by the Group's Human Rights Officer during field missions, compulsory internal e-learning on human rights for all connected employees, and also by information and communication campaigns during special events such as International Human Rights Day. In addition, in 2021, a first assessment of the sites’ compliance with the Policy was performed, resulting in the implementation of multi- sectoral action plans across all sites. At the end of 2023, the Group had achieved 100% compliance of sites with the Policy. This compliance check has since continued with the implementation of the IRMA process and the action plans drawn up to obtain the assurance of mining sites. This policy covers the IROs concerning human rights relating to the “Social policies related to workforce”, “Social dialogue”, “Responsibility in the value chain”, and “Impact on local communities” issues identified in the double materiality exercise. Key Standards and Golden Rules The Human Rights Key Standard was adopted to internally transcribe the Group’s human rights commitments into a document that is more operational than a General Policy. The various commitments are listed and explained for the sites and departments in order to have a better understanding of the obligations to be respected, e.g. the minimum housing conditions to be respected when constructing or renovating living quarters. The document applies to the entire Group and to all controlled sites, without exception. The Societal Impact and Human Rights Department and the Internal Control Department monitor that it is implemented correctly. The document is integrated into Eramet’s management system (EMS) and is accessible to all Group employees, who must comply with this standard in the same way as the Human Rights Policy. In addition, golden rules specific to human rights (forced labour, working conditions, etc.) have been created and apply to all Group entities and their subcontractors. The rules have been integrated into the Eramet Production System, to be implemented by operational staff. They provide descriptions of human rights along with examples for greater clarity. The Policy, procedures, Key Standards and Golden Rules apply to all sites controlled by the Group and are the responsibility of the Societal Impact and Human Rights Department. At the level of the Executive Committee, compliance with these texts is the responsibility of the Director of Sustainable Development and Corporate Commitment. 476 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] 5.8.2.2 Interaction process regarding impacts with the Company’s workforce and their representatives [S1-2] 5.8.2.2.1 A development in the social dialogue that is closer to the geographical and cultural diversity of the new Eramet For Eramet, social dialogue and bargaining are essential pillars of social cohesion, crucial for implementing the conditions for its transformation and its long-term performance. The Eramet Group’s social policy, while continuing to be based on complementarity between central and local bodies, has evolved to take better account of the Group’s new challenges and its geographical and cultural diversity. For example, in most companies of the Eramet Group, there are predominantly elected employee representatives. To strengthen social dialogue at the transnational level, in 2023 the Group created a space for discussion and negotiation at international level called the Eramet Global Forum. This puts Eramet at the forefront of social innovation in its business sector, because it is the first mining player to create this type of body. The social implications of Eramet’s global strategy In a context where more than 85% of Eramet's own workers are now located outside Europe, the Group Management and the social partners wished to set up, via an agreement, a new body for social dialogue and staff representation to more accurately reflect the extent and diversity of the Group's locations and activities – an international social dialogue that until now had only been provided by the European Works Council. The Eramet Global Forum, launched in June 2023, has 22 full members and one deputy member per country. These representatives are employees in the Group’s main countries: France including New Caledonia, Gabon, Norway, Senegal and soon Argentina. The Forum meets twice a year, in plenary meetings, to discuss and share strategic issues for the Group with the members of the Executive Committee. Other opportunities for discussion such as preparatory meetings, monitoring committees and working groups enable representatives to work on cross-functional issues. Within the Eramet Global Forum (EGF), a six-member committee meets four times a year to advance specific topics, identify issues to be forwarded to management and disseminate information on the EGF's work to local elected representatives. This body, which goes beyond the legal obligations, does not replace the local bodies, but is complementary to them. It deals exclusively with transnational issues and has as its main missions: • To develop and sustain an open social dialogue that respects local cultures. The representatives discuss Eramet’s strategy, CSR commitments and development projects among themselves and with the Group’s management. The body thus enables staff representatives to express the views of employees on key issues for Eramet's future; • To negotiate agreements such as Eramet Global Care, which applies to all employees on subjects such as social protection, quality of life at work, parenthood and diversity and inclusion. This ability to negotiate agreements at transnational level is particularly innovative. The social partners successfully negotiated an initial agreement in 2024 (Eramet Global Care) comprising three pillars forming a common base for social protection which applies to all Group employees, without distinction. The first pillar, relating to maternity and conditions for women in the workplace, guarantees 16 weeks of maternity leave paid at 100%. The second pillar, relating to death coverage, provides all beneficiaries with death benefit equal to 12 months' salary in the event of the death of an employee. The final pillar concerns access to healthcare for all Group employees, by providing essential health cover (hospitalisation, routine and emergency care, maternity). The results of social dialogue in our main subsidiaries Comilog The Social Dialogue at Comilog was marked by several highlights in 2025: • At the end of March, a mediation protocol was signed with the trade unions, including a salary increase (between 10,000 and 30,000 CFA francs depending on the socio-professional category), an increase in bonuses associated with internal home ownership loans and the establishment of a labour truce until the next professional elections January 2026 at the earliest. • At the end of June, the Occupational Health and Safety Committee was elected and installed in September 2025 following a training course provided by the General Directorate of Occupational Health and Safety. • In September 2025, the Board of Directors appointed shareholder representatives to the Standing Committee for Economic and Social Consultation in accordance with Gabonese regulations. • In November, a conciliation report was drawn up by the Lebombi-Leyou Departmental Service between the representatives of the Employer, the Occupational Health and Safety Committee and the staff delegates concerned to transition to a work rhythm of 2 shifts of 12 hours (06:00-18:00 and 18:00-06:00) for the Bangombé and Okouma quarries. In 2025, the corporate regulatory framework was clarified, with the updating of several structuring documents: • The new version of the internal regulations and its appendices, in particular on the Ethics Charter, the scale of penalties for speeding and the management of blood alcohol levels. • Memos establishing the framework for temporary workers, the application of the collective agreement for the mining industries on transport tickets, transport for school children, continuous basket and fire bonuses (compensatory allowance paid to employees working shifts intended to compensate for constraints specific to the work organisation, staggered meals, continuity of activity, etc.) or the delegation of authority to department heads and employee representatives for each site to deal with social issues at the lowest level of relevant decision- making. 5 477ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] • Case law has been established following mediation with the services of the Special Inspectorate of Mines of Libreville on the legal retirement age of senior technicians (middle managers). In terms of trade unions, two new ones were registered, bringing the total number of unions in the Company to eight organizations. In terms of Health, a new social security coverage contract was established to, firstly, renew the existing contract (after several years without competitive bidding) and, secondly, to extend 100% hospital coverage to employees and supervisory staff on the Owendo and Libreville sites (80% previously). Similarly, the geographical scope of medical evacuation coverage has been expanded. Finally, regarding the home ownership policy, in addition to the new provisions on internal home loans, an eleven- hectare plot located in Plaine Ayémé in the suburbs of Libreville has been definitively acquired, ending a historic dispute with the National Real Estate Company (SNI). Looking ahead to 2026, the year will, firstly, focus on the election of staff representatives, whose current term of office ends in March 2026, and, secondly, on the resumption of negotiations with the trade unions following the professional elections, the timetable for which must be communicated by the Ministry of Labour, Full Employment and Social Dialogue. Setrag Setrag continued and strengthened its commitments in terms of social dialogue and employee well-being in 2025: 1. Social dialogue We have recorded a total of 19 meetings between General Management via the Human Resources Department and the combined trade unions between January 2025 and today. The majority of these meetings concerned the working conditions of employees, and more specifically those relating to Traction (the entity which manages train driving staff). The complaints raised during the meetings with the Employee Representatives are very varied: housing, transport, working conditions, but also relations between managers and employees. Secondly, the union hall is in the process of being rehabilitated and the specifications have been transferred to Procurements to select service providers. Social dialogue remained fluid in 2025, with numerous meetings concerning, in particular, issues of housing, transport and working conditions. 2. Internal Requests and Complaints Management Mechanism (MGRPI) The MGRPI, set up in 2024, is now fully operational. It is used to report complaints of bullying or sexual harassment, intimidation in the workplace, dangerous practices for the health and safety of employees, discrimination, or any other work-related grievance. Advisors are now deployed in the different business areas to support complainants and ensure that complaints are handled confidentially and fairly. 3. Awareness campaigns In May 2025, the second annual campaign against GBV (Gender-Based Violence) was launched in Libreville, Ndjolé, Booué, Lastourville and Franceville. It aims to train employees, increase awareness in local communities and strengthen internal prevention and care systems. Eramet Grande Côte Opérations Social dialogue continued in 2025, mainly concerning the list of employee grievances for the period 2024-2027 and efforts to professionalise the social dialogue between management and employee representatives. At the beginning of the year, Management proposed a framework agreement establishing the rules for collaboration to ensure calm and constructive dialogue. In parallel, the training programme for employee representatives, begun in 2024, continued to strengthen skills in the first quarter. In February, a day of discussions with department heads enabled representatives to become involved in the IRMA (Initiative for Responsible Mining Assurance, an international standard that independently assesses the environmental, social and governance performance of mining sites) assurance process. Their active involvement has increased their contribution to the development, implementation and assessment of management programmes and documents that impact staff. This approach is now included in the agenda of regular discussions with staff representatives. In the context of supporting inclusive social dialogue, a schedule of periodic meetings has been set up between Management and internal associations (Amicale des femmes, Amicale des cadres, Comité des sages). Thus, the first meeting of the Social Forum bringing together all workers' organizations and associations was held in June, marking an important step in consulting with all the social partners present at GCO. On Labour Day, celebrated on 1 May, Management issued a communication on the roadmap for the 2025-2026 social contract based on the social progress proposals made by the representatives of the associations and the college of employee representatives. Discussions with the delegation this year focused on the framework agreement on social dialogue, revision of the Company agreement and priority points expressed by the delegation: reform of pension and housing policies, increase in the tuition bonus and performance bonus. These discussions also enabled the reliability of health insurance services to be improved in October. The recent conclusion of four major agreements concerning the framework for social dialogue, the performance bonus, the adaptation of death and disability insurance to the Senegalese context and the scholarship bear witness to the quality of social dialogue at GCO. These results reflect a constructive evolution of social dialogue which has begun since this body was last renewed. 478 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Eramine The Collective Labour Agreement between Eramine Sudamérica and AOMA (Asociación Obreros de Minería Argentina) was signed in February 2025. This agreement included a revision and definition of employee categories, and an update of salary scales, with agreed increases coming into force in March and July 2025. Collective wage negotiations were conducted in a second phase, resulting in additional salary adjustments between September and December 2025, allowing the Company to position itself competitively compared to the market. 5.8.2.2.2 Diversity & Inclusion study Consistent with Eramet's ambition to ensure a working environment where each individual is respected, treated equally and included, the Group conducted a first-ever Diversity & Inclusion (D&I) study at the end of 2023. Its objective was twofold: • Carry out an inventory to more accurately identify the needs of Eramet's employees in terms of D&I; • Ensure that the initiatives launched respond to the needs and priorities of the employees, taking the context of each country and each site taking into account. The D&I study involved 53% of the workforce concerned (France, Argentina, Indonesia, Gabon, Senegal), i.e. 2,400 employees, which constituted a representative sample of the Group’s employees to date. The Talent, Diversity & Inclusion Department shared the results of the D&I Study with the Executive Committee, the subsidiaries' Management Committees and all Group employees (including those outside the scope concerned) in order to highlight the points of view of its workforce that may be particularly vulnerable to the impacts and/or marginalised. In particular, this D&I study showed that work to include women, people with disabilities and young people should be one of Eramet’s priorities. Following the results of the D&I study, actions were set up in 2023 to take action on the various issues raised by employees. A D&I webinar was organised at the end of 2024 to take stock of these actions in order to communicate in full transparency with employees. In parallel, the Talent, Diversity & Inclusion Department has also been training D&I representatives in the subsidiaries to act as local ambassadors. In 2024 it began training harassment representatives in the subsidiaries on the prevention and management of harassment to provide local contacts for employees who need to discuss D&I issues or who are victims or witnesses of discrimination and/or harassment. 5.8.2.3 Procedures for remedying negative impacts and channels for Company workers to raise concerns [S1-3] 5.8.2.3.1 Compensation for negative impacts If economic difficulties arise, the Group supports its employees and does its utmost to limit the negative impact on employees or from the fall in activity. However, there is no general procedure, as the mechanisms vary according to local provisions. Nevertheless, the social partners are systematically involved in the decision-making process and the Group proposes solutions and procedures to minimise the impact of Group reorganisation. These efforts are illustrated by the two examples below. • Paulo Castellari, Group Chief Executive Officer, visited Weda Bay Nickel's mining operations in early October 2025, following fatal accidents. This visit was more than just commiseration. It conveys a message that the root cause must be identified and the crisis addressed, with lessons to be learned and business operations to be improved. • In September 2025, the Eramet Group's Chief Executive Officer conducted an Organisational Culture survey among 141 selected colleagues representing all of Eramet's operating entities. The survey aims to garner basic insights into organisational culture, recognising both strengths and challenges, and what would be needed for a cultural transformation. 5.8.2.3.2 Motivated employees for a successful company Eramet launched an onboarding survey for new arrivals in January 2024, as part of its ongoing strategy to listen to employees, implemented in 2023 to promote a culture of management-led feedback and open and transparent communication. This digital and anonymous survey is designed to assess the onboarding experience of new employees with an e-mail address, whether they are employees on fixed-term contracts, permanent contracts, trainees or International Interns (VIE), at all Eramet sites worldwide. Several themes are assessed: effectiveness of the recruitment process, quality of reception, integration within the team, clarity of missions, understanding the environment. A first questionnaire is automatically sent to each new employee seven days after their arrival, followed by a second questionnaire three months later. These questionnaires are in the Group’s six languages (English, French, Bahasa Indonesia, Chinese, Spanish and Norwegian). 5.8.2.3.3 The Whistleblowing System The Group provides a whistleblowing system for internal stakeholders, called Ethics Line, which permits the reporting of unethical behaviour, such as: • Corruption, bribery and facilitation payments; • Money laundering; 5 479ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] • Fraud, falsification of documents, accounting manipulation; • Theft, misappropriation of funds or Company assets; • Conflicts of interest; • Favouritism, influence peddling and the illegal acquisition of interests; • Non-compliance with international sanctions, embargoes or export control rules; • Anticompetitive practices; • All forms of discrimination (based on religion, gender, sexual orientation, ethnic origin, etc.); • Bullying, aggression, violence in the workplace; • Sexual harassment, sexist acts, gender-based violence; • Violations of human rights and fundamental freedoms, including those of local communities; • Breach of personal data laws; • Violation of environmental laws; • Violation of health and hygiene rules; • Breach of security rules in the workplace; • Breaches of safety on Eramet's sites or involving personnel; • Any other conduct contrary to the Group’s policies and standards; • And in general, any crime or offence, serious and clear violation of the law or regulations, and any threat or serious harm to the general interest. The Group’s whistleblowing system is open to all and is publicised through poster campaigns on the sites and communications on the Group’s intranet page and in the newsletters of certain subsidiaries. Employees can file an alert by visiting the system’s website, but also by scanning the QR code of the website appearing on the posters displayed at all Group sites, or by calling the free number assigned to the country in which they are located. Each country has its own telephone number, which is widely displayed in subsidiaries on notice boards. This platform is owned by a third party which does not have access to alerts. The system is managed entirely by the Group. This system ensures total confidentiality for employees and external stakeholders, and protection against any potential retaliatory measures for using the tool, providing they act in good faith and with no direct financial recompense. The whistleblower can remain anonymous if allowed by local law. Visibility of these channels Social partners are always informed of planned projects that could impact the organisation of the sites or the Group. If these issues are likely to concern several countries, the Eramet Global Forum is informed of them through plenary or exceptional meetings (see Article 3.2.1 of the agreement constituting the Eramet Global Forum). However, if these matters only concern specific companies, it is the local representative bodies that are informed, in accordance with national legislation. The alert platform is accessible to all interested parties and is the subject of regular communications. Its use and the processing of alerts are subject to a specific procedure, explained in ESRS G1-1. When the internal investigation confirms the alleged facts, remedial measures are put in place, which may be disciplinary measures, in accordance with the internal regulations, or extra-disciplinary measures. More information on the whistleblowing system is provided in the section 5.11.2.2.1 "Whistleblowing system". 5.8.2.4 Actions taken to address material impacts, risks and opportunities concerning the Company’s workforce [S1-4] 5.8.2.4.1 Human Resources roadmap The Eramet Group invests in the talents of all employees and capitalises on their diversity to get them on board the Eramet adventure. The Group wants them to become actors in a demanding and caring performance-based managerial culture, proud to be part of a Group which is advancing and transforming itself. Eramet strives to make its international positioning a genuine opportunity for mutual development by exchanging experiences and cultures: in 2025, 91% of the Group’s employees worked outside metropolitan France. 480 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Eramet strives to uphold social dialogue as a critical lever for the Group’s successful transformation and one which will make a lasting contribution to its performance. In the field, the members of the Human Resources (HR) network want to be a HR community that drives the Group's cultural and organisational changes, with listening, boldness and determination. The Eramet HR Department has therefore built its Human Resources Management Roadmap 2020- 2025 on several key issues in order to promote this vision: 5.8.2.4.2 Diversity & Inclusion action plan The responses from employees collected during the Diversity & Inclusion Study enabled the needs and priorities of the Group's subsidiaries to be identified, D&I roadmaps to be compiled for each country, and the Group's D&I 2024- 2026 roadmap to be established. It is based on three pillars: Developing an inclusive working environment through webinars, training and D&I tools with a focus on gender equality, intergenerationality, disability and interculturality. Adopt zero tolerance for all forms of discrimination and harassment through actions to prevent, raise awareness and support employees who are victims of, or who witness inappropriate behaviour. Improving well-being at work to guarantee quality of life and decent working conditions by creating mental health services, improving physical health services, awareness- raising actions and monitoring the condition of infrastructures. The translation into actions of this D&I roadmap is managed by the Group’s Talent, Diversity & Inclusion Department. To prevent or mitigate significant negative impacts on its workforce, Eramet has implemented: • An Ethics Charter which defines the rules and duties applicable to all its employees • Harassment prevention and management training, as well as the identification and training of harassment officers on all its sites • Diversity & Inclusion training to raise awareness of discriminatory biases, inclusive recruitment and management • Mental health services across our sites Ongoing actions: • Improved infrastructure around mining sites (housing, toilets, leisure areas, etc.) • A Group communication campaign on inappropriate behaviour was launched in 2025 in 7 countries (metropolitan France, New Caledonia, Norway, Indonesia, Argentina, Gabon and Senegal), and in 5 languages (French, English, Spanish, Norwegian, Indonesian) and in 4 formats (posters, videos, wallpapers and postcards). This campaign aims to arouse empathy through its slogan "What if she were your sister?", "What if she were your daughter?", "What if he were your son?" by focusing on scenes of everyday life at work, which are understood by all because they take cultural differences into account. This recurring campaign will continue in 2026. • Clarify and standardise the sanctions applicable at Group level in the event of non-compliance with the Ethics Charter, internal site regulations and local labour law Performance and transformation levers for the Company For Eramet, diversity and inclusion are drivers of innovation, performance and well-being at work. For all employees, this translates into a caring working environment that respects differences, and improves employee engagement, creativity and well-being. Developing an inclusive working environment that recognises and values differences is one of the Group’s objectives to improve living together. The promotion of diversity enables the diversity of profiles, backgrounds and skills to be recognised within the Group. With 70 nationalities represented, diversity is an integral part of Eramet's DNA and constitutes a competitive advantage that leads to a better understanding of the communities where Eramet operates. Promoting inclusion creates a work environment where everyone feels respected, valued and included, regardless of their differences. This involves awareness-raising and training programmes to deconstruct stereotypes in order to combat the resulting discrimination and to show zero tolerance for any form of discrimination or harassment. The Group’s conviction is that each employee, regardless of their profession and hierarchical level, must work at their 5 481ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] level to develop and maintain a caring work culture that respects differences, so that each person can express their full potential regardless of their identity as a gender, age, disability, sexual orientation, religious beliefs, origins, etc. Commitments to diversity and inclusion Two commitments integrated into Eramet's Ethical Charter cover all the grounds for discrimination mentioned above and beyond, since they cover the 25 criteria for discrimination recognised by French law: • Eramet is committed to the diversity and inclusion of its employees • Eramet is committed against all forms of discrimination These commitments apply to all Group employees regardless of their geographical location. In the event of proven discrimination, the whistleblower is protected by the Group. Ensure an inclusive working environment for all In 2022, the Group created a Talent, Diversity & Inclusion Department to accelerate its D&I actions. From 2022 to 2023, a unique mandatory D&I training programme dedicated to Eramet's top 120 (ELT) called "All Together" was launched. From 2023 to the end of 2025, a series of D&I webinars was offered to all employees on various D&I topics: • Inclusion of LGBT+ people in companies • Work better in a multicultural environment • Why mobilise for disability? • Inclusion of women in the mining industry; • Sport and inclusion in the era of the Olympic and Paralympic Games, etc. • Gender fatigue • Understanding, identifying and acting against violence against women • Disability: as an affected person, as a caregiver, as a manager. • The challenges of interculturality in the workplace. The objective is to improve employees' understanding of diversity and inclusion issues in a setting that allows for open and supportive discussion, so they can develop a new outlook on subjects they may have held prejudices, and become more inclusive. The Talent, Diversity and Inclusion Department conducted face-to-face training courses in France, Gabon, Senegal, Argentina and Indonesia as part of the D&I 2024-2026 roadmap on the following topics: • Diversity & Inclusion • Recruiting without discrimination • Prevention and management of harassment • Interculturality New tools were also introduced in 2024 and 2025 in response to employees' needs: • Disability guide • Multicultural guide • Internal mobility guide • New D&I e-learning course which, at the end of 2025, ended with a participation rate of 53% of Group employees • D&I Masterclass cycle Encouraging more women to become managers, respecting gender equality and supporting the employment of young people In December 2025, 28.4% of management positions were held by women within the Group. In a mining industry where men remain the majority of the workforce, the Group aims to have 30% of women managers by 2026. Several measures have been set up since 2023 to achieve this, such as: • A “Women Friendly Indicator”, from 2023, to ensure that the Group's employees have access to a minimum common standard at all our sites (single-sex sanitary facilities, changing rooms and showers, personal protective equipment adapted to different body types, etc.) • Regular "People Reviews" of women to highlight the profile of competent female candidates for each replacement or vacancy • Internal promotion of the clauses in the collective agreements on gender equality signed at many metropolitan sites, notably including the equality index, to ensure equal pay for men and women • Twin mentoring via the internal WoMen@Eramet network • A partnership with International Women In Mining (IWIM) to share best practices in the sector in terms of women’s inclusion and participation in the International Women in Resources Mentoring Program (IWRMP) to support the careers of high-potential women • A poster campaign "Who runs the mine? in 2024 to raise the profile and promote the place of women in the Company. • Workshops to combat sexism in 2025 • Raising awareness amongst men on the issues of women being included on a regular basis during D&I field training. The goal is to make all of the Group's job positions, at all hierarchical levels, accessible to women who wish to fill them. 482 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Local efforts are also being made upstream to promote mixed teams in the mining industry, more specifically among young people in technical professions. This includes: • ChooseMyCompany’s annual “Happy Trainees” campaign, which tracks the experience of young people recruited at Eramet (work placements, work-study programs, apprenticeships, International Interns (VIE), C.A.G.E.). In fact, Eramet has been honoured worldwide as an employer recommended by young people 4 years in a row (2022, 2023, 2024, 2025). • Participation of Group and local HR teams in school forums (Mines d'Alès, Mines Nancy, Libreville, etc.); • Organisation of a job caravan by Comilog in 2025, around schools in Moanda for 3rd, 1st and final year classes to promote mining professions • Participation at Industry Week in Norway in 2025. • Support for the education of young talents (public-private partnership with the École des Mines de Moanda, funding of merit scholarships, etc.) • Participation in the State programme to promote the employment of women in the "Jiggén Moy Lér" mine in 2025 in Senegal A development opportunity for all The Group’s employees represent 74 nationalities spread over five continents. This exposes Eramet to a multitude of cultures, traditions and ways of thinking. Understanding others and their cultures is a key issue for successful integration and inclusion of each and every person. The Group has been rolling out face-to-face interculturality training in France, Argentina, Indonesia, Gabon and Senegal since 2023, to date. To enrich this in-the-field support, it has also developed a multicultural guide, published in 2025, which is designed to give all employees a better understanding of their contacts and to strengthen the quality of collective work in an international environment. In 2025, local actions in the entities will complement the Group's actions. In New Caledonia, SLN has deployed delegates in the fight against sexism and launched a fight against violence against women week. In mainland France breast cancer awareness events were organised at all sites in Paris, Trappes, Dunkirk and Clermont-Ferrand in partnership with the Ligue contre le cancer, as part of the "Pink October" ("Octobre Rose") event. In Argentina, Eramine promotes respectful working relationships through a webinar on inappropriate behaviour (sexism, bullying and sexual harassment) In Senegal, Eramet Grande Côte has launched several actions on the inclusion of women, supported by the Amicale des Femmes, sponsorship of all new recruits, welcome box and participation in the state programme to promote women's employment in the "Jiggén Moy Lér" mine Eramet has created new facilities in Indonesia: a relaxation room in Halmahera and a lactation room in Jakarta. Actions to improve well-being at work have been carried out in Gabon: a diet monitoring unit with a dietician (Comilog), awareness-raising about high blood pressure, diabetes and obesity (Setrag). A mental health day is organised in Norway. Regular D&I events such as International Women's Day (March 8), World Day for Cultural Diversity, Quality of Life and Working Conditions (QVT) Week, Pink October ("Octobre Rose") or Movember, International Women’s Day, the International Day of Persons with Disabilities was also marked on site with workshops, conferences and awareness-raising sessions. 5 483ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] 5.8.2.4.3 The Eramet Human Rights approach The purpose of the different stages of the human rights approach is to ensure reasonable care and diligence by identifying risks, implementing measures to prevent, remedy, and repair negative impacts, communicating the Group's commitments and strategy, and finally, providing a means of reporting human rights violations and at-risk situations through alert systems. Assessing Human Rights risk mapping Group risk mapping has been extended to all Group subsidiaries since 2023 and includes an assessment of the Group’s employees, the upstream value chain (on-site and off-site subcontractors), as well as an assessment of the affected communities. They are updated every three years and mark the launch of new waves of action plans on a site- by-site basis with each update. Since the adoption of the law relating to the Duty of Care in France in 2017, Eramet has carried out three successive human rights risk mapping exercises with the support of independent experts (in 2017, 2020, 2023). In 2023, in order to better integrate international human rights standards (e.g. the United Nations Guiding Principles – UNGP) and the French law relating to the Duty of Care, Eramet performed a more detailed human rights risk mapping than in previous years. This allowed all sites to carry out a human rights risk mapping exercise and put in place an associated action plan. Process The human rights risk mapping for 2023 was a six-month undertaking that included site-level mapping in addition to Group-wide mapping. It covered all of the Group’s sites: France, United States, Norway, Gabon, Senegal, Argentina, Indonesia and New Caledonia. A bottom-up approach was adopted, with site-level risks identified first and then taken into account in the identification of the Group’s risks. To this end, interviews were conducted at site level with internal and external stakeholders, mostly in the local language. This resulted in a site-by-site human rights risk mapping, where all sites received their own lists of risks and definitions, as well as their own criticality and prioritisation matrices. A Group-wide matrix was also drawn up, with its own criticality and prioritisation matrices. Assessment In accordance with the United Nations Guiding Principles, risks were measured according to their scale, scope, likelihood and irremediable character. These criteria and their level of granularity were aligned with the Group’s risk assessment methodology through an interview with the Eramet Control, Audit and Risk Management Department, to ensure the consistency of the risk management exercises and their integration into Eramet’s business-wide risk management framework. In addition, some subsidiaries have carried out their own human rights impact assessments. The focus on people and the degree of irremediability is an essential aspect of human rights risk assessment. Indeed, the UNGP(1) framework stresses that companies must first avoid, then limit and finally remedy violations of human rights through appropriate measures. Consequently, in the event of a violation of human rights, the victim’s ability to return to his or her previous situation is paramount for assessing the impact of the violation. Stakeholders: Company employees The assessment was based on the relevant documentation provided by Eramet’s stakeholders (e.g. previous risk mappings, assessment results, policies, risk management procedures, etc.), as well as on information gathered from various experts during interviews. In addition, at site level, key functions such as Human Resources, Security, Health, etc., took part in the risk mapping exercise. In total, more than 95 interviews were conducted with internal stakeholders. The Group’s Human Rights Committee was an effective forum for peer debate and discussion on the potential risks identified. The stakeholders were identified through an internal census of people liable to be affected by the Group’s activities. In addition, international standards such as those of the IFC, IRMA or the EU Corporate Sustainability Reporting Directive (CSRD) provide a clear framework for identifying the Company’s stakeholders. This new mapping not only highlighted risks of which Eramet (1) UN Guiding Principles. 484 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] was already aware, but also new risks and challenges for the Group, which enabled it to continue improving its practices and better understand its challenges. Continuous assessment In addition to risk mapping, monitoring of human rights issues raised via the Ethics Line (see "4.6.6 Whistleblowing system") by employees enables the Societal Impact and Human Rights Department and the Ethics and Compliance Department to continuously assess the effectiveness of the system put in place. HRIA Eramet Grande Côte for IRMA In 2025, a new Human Rights Impact Assessment (HRIA) was carried out for the Eramet Grande Côte site as part of the IRMA standard. This human rights risk assessment was intended to complement the 2023 HRIA. New action plans and complements to action plans have been put in place and are now monitored by the Sustainable Development Director. Setrag - Assessment of working conditions In 2025, Eramet conducted an assessment of working conditions along the SETRAG railway line. Its purpose was to analyse access to water, food and sanitation, as well as rest times and working conditions on track renovation sites located in remote areas. The study focused on both SETRAG employees and the subcontractors involved. An initial action plan was validated to meet essential needs. Internal audits In addition, the internal audit team communicates the results of its audits on human rights issues to the relevant departments in order to inform their experts of the results and any potential new challenges. The Audit Department collaborates with the Societal Impact and Human Rights Department at two levels: • Prior to an audit, in order to identify the risks or problems identified by the experts and examine them further; • By calling on expert auditors who support them in the field and provide them with their expertise on audit topics. Implementing Since the 2023 mapping, a specific action plan has been drawn up for all human rights issues in collaboration with the persons responsible for the actions (either at site level or at Group level, when certain actions require corrective measures at Group level). These plans have been developed in accordance with future IRMA requirements. With regard to remediation or redress in the context of impacts on employees, there are several ways to file complaints or raise concerns: • People can contact their manager so that the matter can be dealt with quickly; • People can contact the management team that has expertise in the field; • People can also turn to the networks set up within the Group, such as the sexual harassment and sexist behaviour network; • Finally, people can use the Group’s Ethics Line whistleblowing system, which is open to all stakeholders and accessible 24 hours a day, 7 days a week, via the Group’s website and intranet. This system is also accessible via telephone numbers available for 22 countries. Ethics Line is also mentioned in the Ethics Charter. To ensure the effectiveness of the whistleblowing system, a study on confidence in the system was conducted in 2021, 2022 and 2023. Communicating Employees At the Corporate level, an induction programme is organised for all new recruits. The Charter, policies and other key documents are communicated to employees through three main tools: the Company’s website, the Eramet Management System (EMS), which is the internal framework of the Group’s procedures, and the Eramet Production System (EPS), which is the set of rules and operational processes of the Group. These key documents are also presented during induction days, when the Director of Societal Impact and Human Rights outlines the Group’s human rights framework to new recruits. The most effective communication takes place throughout the year through policy postings and videos on all Group screens on major topics, as well as regular communication campaigns on all the sites. An online training programme, “Understanding and integrating human rights in business”, has existed since 2020 to ensure that Group employees have a better grasp of the notion of Human Rights, understand its challenges for businesses and identify risks as well as vigilance best practices. This e-learning was updated in 2024 to reach a wider audience (more than 6,000 people), representing all connected employees, and is now available in four languages (English, French, Spanish and Norwegian). Over 3,000 registered participants had validated this training course at the end of 2025. Regular awareness-raising sessions on specific topics are organised. For example, in 2024, the Societal Impact and Human Rights Department and the Ethics and Compliance Department trained 283 people on the Eramine, Setrag and Comilog sites on human rights issues, as well as 11 internal auditors on modern slavery and 44 people from different teams (Environment, Business Development, Exploration, etc.) on indigenous populations. Lastly, during an event organised as part of the International Human Rights Day in December, 227 participants from all of the Group’s sites were made aware of the human rights approach and indigenous populations. 5 485ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] Two training sessions were held in 2025: one at Eramine on working conditions and the IRMA standard (for more information, see 5.8.2.4.3 Eramet's human rights approach); and one for head office buyers on human rights risks in the value chain (for more information, refer to 5.9.2.1.2 Eramet's Human Rights approach). In addition, special training sessions are regularly held on combating discrimination (e.g. on non-discriminatory hiring), the promotion of diversity and inclusion within the Group ( e.g. "All together" for the Top 120 and "Diversity & Inclusion: what is it?" to raise awareness among employees) or against gender-based violence in Gabon, New Caledonia and Argentina. Representative After their involvement in the development of the Human Rights Policy, employee representatives are regularly informed about the deployment of the human rights approach during their working sessions. In 2023, the Human Rights Officer presented the human rights approach to the employee representatives from the European sites, and in 2024, a presentation of the approach was made at the Group’s Global Forum in front of the representatives of all the regions where it operates. Human Resources In 2025, during a mission focused on the IRMA project, the Human Rights Officer trained the Human Resources teams at the Eramine site in Argentina on the section of the IRMA standard related to workers and working conditions. 17 members of the Human Resources team were trained. Whistleblowing The EthicLine system, presented earlier, is the Group’s whistleblowing mechanism (see "4.6.6 Whistleblowing system"). This whistleblowing system is available in the 22 countries where the Group operates, in 13 languages. It ensures the protection of the whistleblower, as established by the applicable law. It guarantees the confidentiality of reports submitted by all whistleblowers, as well as their anonymity if they have so requested. Risk management and implementation measures The mapping of human rights risks by the Societal Impact and Human Rights Department focuses on the remediability of the impact and refers to the United Nations Guiding Principles approach. Companies must therefore prioritise the most serious human rights impacts, recognising that a late response may affect the ability to remedy the situation. Thus, the complementary question that arises to the question of what mitigation measures are in place to prevent the risk, is whether an affected person can be returned to their previous situation. This methodological approach, which places the emphasis on remediability, complements the risk mapping exercise carried out by the Risk Department as well as the one performed by the Ethics and Compliance Department as part of its Duty of Care. The risks identified in the context of human rights risk mapping are: • The safety of employees: risks related to activities that could cause serious injury to the workers concerned, such as working at height, mechanical equipment or vehicles (cars or trains); • Psychosocial risks: risks related to stress and burnout, harassment, conflict or external factors such as threats, assaults, etc.; • Gender-based violence : risks of differential treatment, discrimination or sexual harassment based on gender; Human rights risk management The risk management measures and opportunities developed for each of these categories are explained in detail and presented separately in the Sustainability Report: • The approach to managing risks related to employees’ Human Rights (including in particular safety, health, security and non-discrimination) is explained in detail in the section entitled “Commitments to employees”, which also contains the Group’s main social data; • The approach to managing the risks of harassment is detailed in section 5.1.2 "Business conduct"; • The Group’s Vigilance Plan also details many of the management measures for all the identified risks, in particular for impacts on communities and indigenous populations. • A monitoring committee was set up to monitor the renovation of the real estate portfolio in relation to the risk related to the good housing conditions of workers identified at the Setrag. The Committee meets on a monthly basis to assess the progress of work and the improvement of housing. Specific commitment on modern slavery The Human Rights Policy has a specific commitment on modern slavery, and more specifically on the prohibition of forced labour and child labour. In addition, two golden rules exist on these subjects to explain these concepts internally and to provide examples that enable employees to identify risky situations. 5.8.2.4.4 Safety Action Plan Deployment of the Essential Safety Requirements and strengthening of the Safety Culture After the audits carried out between 2023 and 2024, which assessed the compliance of the sites with the Essential Safety Requirements with an average rate of 80% (an increase compared to 2022), 2025 was devoted to a key milestone: the diagnosis of the safety culture and operational risk management at all Group sites. The objectives of this procedure are to: • Establish a clear view of the maturity of the safety culture within each entity. • Identify priority levers to strengthen risk prevention. • Build a Group strategy and adapted action plans for 2026, 2027 and beyond. In parallel, the action plans resulting from previous audits continued to be monitored in order to consolidate what has been was already been achieved. The roadmap currently being developed will incorporate these lessons to move from a one-off audit approach to continuous safety performance monitoring with harmonised performance indicators. 486 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Recognition of exemplary behaviour and management of consequences The Group has formalised the classification of safe and at- risk behaviours in order to strengthen the safety culture. This approach distinguishes between: • Exemplary behaviour, which must be positively rewarded, i.e. recognition and appreciation. Employees who adopt best practices, either individually or as a team, are singled out for recognition. In this spirit, some of the Group's sites reward “Safety Champions”—whether or not they come from the safety function—for their good practices. • At-risk behaviour, which requires an appropriate response: serious violations are punished, while unintentional errors are dealt with in a non-punitive manner, using learning logic. Above all, each stakeholder bears individual responsibility for his or her actions and decisions in terms of safety. This responsibility is accompanied by a collective and shared responsibility, which also involves Management, in order to guarantee a consistent and fair approach. The analysis of behaviour cannot therefore be limited to employees without considering the role of management. Disciplinary measures must be applied fairly and equitably, in accordance with a Group procedure applying to all parties concerned. Finally, this information is also communicated to other workers on the Company's sites, particularly those in the value chain, in order to ensure uniform understanding and application of the rules. 5.8.2.4.5 Health Action Plan The Group implements several health-related initiatives on its sites. Firstly, actions to prevent or mitigate the risks of occupational diseases: • Improve medical support for high-altitude workers (Argentina and Chile) with high-tech medical equipment and contracts with air ambulances and top-tier hospitals. • A Collective Health Fundamentals upgrade in 2025 for more requirements to offer better standards in healthcare and preventive medicine. • Improve medical safety with training courses for extreme environments: jungles and high altitudes. In addition, actions are implemented on specific themes according to the site and their context: • Focus on malaria prevention by improving medical screening, monitoring and providing travel kits, including mosquito repellents and rapid malaria tests. • Screening and treatment of the overweight in New Caledonia in a rehabilitation centre for obese employees. • Launch of skin cancer screening with pilot projects in France and New Caledonia. • Launch of scientific research to improve the medical management of acute mountain sickness in Chile and Argentina, with the involvement of French scientists. 5.8.3 Metrics and targets 5.8.3.1 Targets for managing material impacts, risks and opportunities [S1-5] Eramet has developed a social pillar called “Take care of people” in its Act for Positive Mining roadmap (see "5.1.3.2.5 The Group’s CSR strategy: Act for Positive Mining"). The objective is to ensure harmonious living together through safety, respect, support and development. This pillar consists of three objectives, two of which concern the Group’s employees: 5.8.3.1.1 Taking care of the health and safety of people on our sites Our social responsibility begins with the health and safety of employees and subcontractors. This issue is at the top of our double materiality matrix, reflecting its importance for our internal and external stakeholders. In this new CSR Roadmap, the Group confirms its absolute commitment to Safety with a more ambitious objective: to achieve an FR2 frequency rate of less than 1. This objective is supported by a comprehensive approach to health through the determination of a common social security protection base for employees, and the development of programmes dedicated to employee well-being. 5 487ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] 2026 target metrics 2025 results 2025 performance level FR2 < 1.0 FR2 = 0,77 but 3 fatal accidents with 3 victims (Group and PT Weda Bay Nickel) 0% 100% of our employees benefit from a common social protection system 99.5% of employees covered by 2/3 of the common base 100% 90% of our sites have set up a Well Being programme 100% of sites implemented actions on at least 4 of the 6 themes 150% 5.8.3.1.2 Promoting an inclusive environment where everyone can grow Building a diverse workforce is essential to keep up w FRith the Group’s evolving industrial footprint and the growing need for innovation. This objective is in keeping with the CSR roadmap 2018-2023. While maintaining a target percentage of female managers already included in the 2018-2023 period, Act for Positive Mining introduces: • A goal of supporting the development of all employees; • A youth employment target, contributing to training to enhance local skills for the development of each country where we operate. 2026 key indicators 2025 results 2025 performance level 30% of managers are women 28.2% 80% 1,000 “early career contract” opportunities 1,386 125% 90% of employees have a formal discussion about their career progression 85% 125% 5.8.3.2 Characteristics of the Company’s employees [S1-6] Total workforce and breakdown by country and gender At 31 December 2025, there were 8,684 employees with the following breakdown by country and by gender: Country 2024 - Total workforce 2024 - of which men 2024 - of which women 2025 - Total workforce 2025 - of which men 2025 - of which women Gabon 3,833 3,161 672 3,831 3,144 687 New Caledonia 1,900 1,610 290 1,830 1,542 288 France 781 453 328 743 436 307 Norway 668 536 132 603 503 100 Argentina 481 364 117 536 428 108 Senegal 837 744 93 833 737 96 Other 328 255 73 308 242 66 TOTAL 8,828 7,123 1,705 8,684 7,032 1,652 Workforce by geographical area Africa Americas Asia Europe Oceania 2025 - Total Total workforce 4,668 730 110 1,346 1,830 8,684 Workforce - Permanent contracts 4,419 696 110 1,268 1,810 8,303 Workforce - Fixed-term contracts 249 34 0 78 20 381 Number of employees on zero hours contracts 0 0 0 0 0 0 Workforce - Full-time 4,668 729 110 1,292 1,816 8,615 Workforce - Part-time 0 1 0 54 14 69 488 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Total workforce by gender Gender 2024 total workforce 2025 total workforce Men 7,123 7,032 Women 1,705 1,652 Other N/A N/A Not declared N/A N/A TOTAL 8,828 8,684 Breakdown of total number of employees by contract type and by gender As at 31 December 2025, 96% of Group employees had permanent employment contracts. This is the case for 94% of women. 2024 - Women 2024 - Men 2024 - Total 2025 - Women 2025 - Men 2025 - Total Total workforce 1,705 7,123 8,828 1,652 7,032 8,684 Workforce - Permanent contracts 1,584 6,739 8,323 1,557 6,746 8,303 Workforce - Fixed-term contracts 121 384 505 95 286 381 Number of employees on zero hours contracts 0 0 0 0 0 0 Workforce - Full-time 1,668 7,108 8,270 1,612 7,003 8,615 Workforce - Part-time 38 20 58 40 29 69 Departures (excluding internal transfers) and turnover rate Total number of departures - permanent & fixed-term contracts Workforce 2024 - permanent & fixed- term contracts Turnover rate 605 8,828 6.9% Total number of departures - permanent contracts Workforce 2024 - permanent contracts Turnover rate 583 8,323 7.0% The total number of departures for all employees on permanent and fixed-term contracts in 2025 was 605, including 154 dismissals (16% of departures), 229 resignations (24%), 122 retirements (13%), 90 negotiated departures and (9%) and 10 deaths. The total number of departures for employees on permanent contracts in 2025 was 583, including 220 resignations (38% of departures), 143 dismissals (25%), 122 retirements (21%), 88 negotiated departures and 10 deaths (1%). It should be noted that intra-Group transfers are not included in departures. The employee turnover rate is determined by comparing the number observed during the financial year to the workforce recorded at the end of the previous financial year. The workforce data published were collected from Group HRIS data. They correspond to the data at the end of the reference period (December 2025). Total number of employees and breakdown by geographical area Geographical area 2024 total workforce 2025 total workforce Africa 4,675 4,668 Americas 670 730 Asia 134 110 Europe 1,449 1,346 Oceania 1,900 1,830 TOTAL 8,828 8,684 More than 85% of the Group’s workforce is located outside Europe, including 54% in Africa. 5 489ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] Breakdown of the total workforce by working time, gender and geographical area Geographical area Full-time employees of which women of which men Part-time employees of which women of which men Africa 4,668 785 3,883 0 0 0 Americas 729 130 599 1 1 0 Asia 110 41 69 0 0 0 Europe 1,292 371 921 54 36 18 Oceania 1,816 285 1,531 14 3 11 TOTAL 8,615 1,612 7,003 69 40 29 As of December 31, 2025, 1% of employees were part-time, of which 58% were women. The organisation of working time depends on the companies, the nature of their activities and their location, and is established in order to best meet the requirements of the activity and the wishes of the employees. The Eramet Group complies with legislation on working time regulations wherever it operates. All of the above data was extracted from the Group's HRIS at 31/12/2025 and is expressed in workforce, with the exception of the full-time and part-time workforce resulting from time management solutions and local activities. 5.8.3.3 Characteristics of non-employee workers in the Company’s workforce [S1-7] The CSRD rules allow for a phased compliance period of up to three years for certain disclosure requirements. The information relating to this chapter is not mandatory for the 2025 reporting. Consequently, Eramet has opted for deferred publication in order to be able to collect and validate this data. 5.8.3.4 Collective bargaining coverage and social dialogue [S1-8] 100% of Eramet employees are covered by at least one agreement because there is, firstly, Eramet Global Care, and secondly, the agreements negotiated with their employee representative bodies at the local level. Collective bargaining agreement coverage Social dialogue Coverage rate Employees - EEA (for countries with > 50 employees representing > 10% of total employees) Employees - non-EEA (estimate for regions with > 50 employees representing > 10% of total employees) Workplace representation (EEA only) (for countries with > 50 employees representing > 10% of total employees) 0% 20– 39% 40 - 59% 60 – 79% 80 - 100 France Norway Africa Americas Asia Oceania France Norway In cases where employees of smaller entities are not covered by a local collective bargaining agreement, they are still covered by Eramet Global Care, an agreement which establishes a common social protection framework, and which applies to all Group employees, as explained above. Eramet is only present in the European Economic Area in France and Norway, countries in which employees have local representation bodies. These subsidiaries located in the European Union or in a Member State of the European Economic Area are part of the European Works Council. Therefore, 100% of Eramet employees in the European Economic Area are covered by employee representatives. 490 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] 5.8.3.5 Diversity metrics [S1-9] Gender distribution within senior management 2024 % - 2024 2025 % - 2025 Number of men in the Eramet Leadership Team (ELT) 88 72% 85 75% Number of women in the Eramet Leadership Team (ELT) 35 28% 28 25% Number of men on the Executive Committee 4 57% 5 71% Number of women on the Executive Committee 3 43% 2 29% The change of CEO during the year led to a new composition of the Executive Committee, changing the gender distribution and leading to a reversal of the trends observed in previous years. The proportion of women in the ELT (Executive Leadership Team) fell slightly compared to last year. The ELT designates a small group of employees holding strategic positions within the Company. This group consists mainly of members of the management committees of the various entities of the Company as well as corporate positions. Some exceptions may include important positions with crucial issues for the Company or the group. The ELT plays a key role in ensuring that the Group’s strategy and standards are rolled out and applied in all Group entities and functions. Average age and age distribution 2024 % - 2024 2025 % - 2025 Under 30 902 10% 943 10% Between 30-50 6,177 70% 5,692 70% 50 years and above 1,749 20% 2,054 20% As at 31 December 2025, the average age of the Group’s employees was 42 years. Employees aged 50 and over represent 20% of the total workforce; those aged 30 and under represent 10% of the total workforce. Eramet Group carefully monitors the evolution of the age distribution of its managerial staff, particularly in order to anticipate the retirement of its key employees. Since the "People Review" process was implemented at the local, Business Unit and Group level, Eramet has updated succession plans for all its key positions every year. 5.8.3.6 Living wages [S1-10] As part of its compliance with the CSRD requirements for 2025, the Eramet Group carried out an analysis of the compensation of its employees in order to ensure that it exceeds the legal minimum levels in force in the countries where it operates. This analysis covered all employees on fixed-term or permanent contracts present at 31 December 2025 who joined the Group before 1 January 2025. Temporary workers, service providers, interns, work-study students and International Volunteer (VIE) employees were excluded from the study. The data was extracted from the Eramet Group HRIS, in full-time equivalents. In the event of discrepancies identified with the minimums, each situation was examined in detail, including the fixed and regular premiums, where applicable. Following these verifications, the Eramet Group confirms that 100% of employees are paid above the legal minimums in force. In addition, in 2025, the Group carried out an additional internal analysis to assess the positioning of its compensation levels with regard to living wage benchmarks based on data available from the Fair Wage Network. This internal analysis indicates that all Group employees are above the living wage standards defined by the Fair Wage Network. This approach is an internal assessment tool and is not part of an external certification process. As the contractual minimums are attached to specific occupational classifications, their use as a single reference for all employees may result in unrepresentative comparisons. As a result, the 2025 analysis did not cover the minimum agreements and was limited to verifying compliance with the applicable legal minimums. This approach is consistent with the definition of “decent wages” as specified in the CSRD, which is based on minimum wages set by legislation or collective agreements, and which differs from the notion of adequate wage defined by the International Labour Organization (ILO). 5 491ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] 5.8.3.7 Social protection [S1-11] Social benefits The Human Resources Department strives to identify the most appropriate social protection solutions for the Group’s international activities as part of its human resources policy. In this respect, Eramet deploys programmes to cover the main risks to which employees may be exposed during their work, in particular in the areas of health, welfare and business travel. This approach has resulted in works to establish common basic social protection applicable to all Group employees, regardless of their status or country of operation. It resulted in negotiations with the social partners and the implementation of a system covering health, welfare and parenthood in 2024. As an integral part of the 2024-2026 CSR “Act for Positive Mining” roadmap, (see "5.1.3.2.5 The Group’s CSR strategy: Act for Positive Mining") and the “Care for people” pillar in particular, the negotiation resulted in the signing of the first Eramet global agreement establishing a common social protection framework on 5 June 2024. Eramet is the first mining company to propose such a programme and to implement it in the context of negotiations with its representatives. This agreement, called Eramet Global Care, is based on three major pillars: • Death coverage: guarantee "death" coverage equivalent to one year’s salary for all employees. • Maternity and working conditions for women: provide all employees with favourable provisions concerning maternity, childcare and adapted working conditions. • Health and prevention: offer all employees essential health coverage and prevention measures. There are three major deadlines for deploying the measures: • End-2024: at least 75% of employees must be covered by one of the categories of the programme. • 2024 result: The global agreement was signed and the deployment of at least one pillar of the programme was launched across the entire scope with a gradual ramp-up of coverage that continued in 2025. • End-2025: 100% of employees must be covered by 2 of the 3 categories • End-2026: 100% of employees must have full coverage on all categories. Regular monitoring and support are in place at each Group company to ensure that each measure is properly deployed. In accordance with the requirements of the CSRD and European standards, the Human Resources Department conducted a detailed analysis to identify the coverage of risks connected to loss of income within the Group. This assessment includes both public programmes and internal measures. This analysis enabled a summary to be compiled showing the percentage of Group employees covered by social protection against lost income due to major life events, such as: Major event Percentage of employees covered 2025 Illness 100% Unemployment 46% Work-related accidents and disability 100% Maternity leave 100% Paternity leave 67% Retirement 100% The analysis also enabled an inventory to be drawn up of the guarantees offered in each country, covering the main life events likely to result in a loss of income for employees. The key points of this assessment are detailed below. Illness: In each country where the Group operates, it provides medical coverage commensurate with market practices. In addition, all Group employees benefit from coverage that guarantees full or partial compensation in the event of absence due to illness. The duration of compensation depends on local regulations. In addition to regulatory provisions, the Group’s companies in France, Norway, Indonesia and New Caledonia, i.e. 41% of the workforce, offer additional schemes to better cover lost wages in the event of illness. As part of the Eramet Global Care agreement, the Group has also strengthened its commitment to health prevention by deploying actions in each country adapted to the needs identified locally. Thus, in 2025, several initiatives were carried out, notably: • skin cancer screening campaigns in France and New Caledonia; awareness action concerning women's cancers in Africa, France, Argentina, the United States and Indonesia; • targeted prevention actions concerning male cancers in Gabon. At the same time, programmes dedicated to well-being and quality of life at work have been developed, including coaching systems or psychological support provided by professionals. The Group also continued its actions to raise awareness of addictions, as well as prevention initiatives concerning obesity, diabetes and high blood pressure, in particular at SLN, Setrag and Eramet Grande Côte. 492 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Unemployment: Apart from the provisions provided by the public authorities, no Group company provides for specific measures related to the loss of income due to unemployment. As Gabon and Senegal do not have unemployment benefits, 54% of the Group’s employees are not covered if they lose their jobs. The other countries have measures following the loss of employment, most often involuntarily, and the duration and amount of compensation vary according to local regulations. Work-related accidents and disabilities: All the countries in which the Group operates provide compensation measures, the duration and amount of which vary according to local regulations. Some Group companies have additional insurance policies providing coverage that goes beyond the public provisions. This is the case for companies in France, Indonesia, Norway, New Caledonia and Brazil. Thus, nearly 40% of employees have more favourable coverage than the provisions put in place by the public authorities. Parenthood: Concerning maternity leave, as part of Eramet Global Care, the Group has committed to guaranteeing at least 16 weeks of maternity leave to all its employees. To comply with this requirement, Group companies whose regulatory maternity leave was not at the expected level extended it. Thus, Setrag in Gabon, whose female workforce represents 18% of the Group’s female workforce, added 2 weeks to reach a total of 16 weeks of maternity leave. Comilog, also in Gabon and whose female workforce represents more than 23% of the Group's female workforce, made a similar adjustment in 2025 by adding two weeks to the legal system. PT EIM has aligned itself with the provisions of the agreement by completing the three months of statutory maternity leave in Indonesia. Eramet South Korea, Eramet Tokyo and Eramet Taiwan have also committed to offering an additional leave to the statutory maternity leave to reach 16 weeks. Other Group companies have also introduced more favourable provisions than statutory maternity leave. This is the case for Eramet Grande Côte in Senegal, Eramine in Argentina, and Eramet Shanghai, whose female workforce represents 13% of the Group’s female workforce. Group companies apply the legal provisions concerning paternity leave. Nevertheless, some companies propose more favourable measures. This is the case for Eramine in Argentina, PT EIM in Indonesia, Eramet South Korea and Eramet India PL. Retirement: All the countries in which the Eramet Group operates have pension plans set up by the public authorities. Some Group companies have also set up pension schemes to complement the compulsory legal schemes, with contributions and benefits in line with local market practices. This applies to companies in the France scope that have a Company Pension Scheme (PERECO) and a Compulsory Company Pension Scheme (PERCO) financed by the employer, and for Comilog and Setrag, which have set up a pension scheme for employees with managerial status, co- financed by the employee and the employer. In addition to the legal provisions, Eramet Grande Côte in Senegal pays a severance payment upon retirement, calculated on the basis of seniority and compensation. Eramet Norway offers its employees a defined contribution scheme. Employee benefits: The Eramet Global Care agreement also provides for the implementation of death coverage equivalent to one year's compensation. When the agreement was signed, only 52% of employees benefited from a guarantee of at least an equivalent level. This rate is now 90%. Setrag, Comilog and Eramet Grande Côte have taken out an insurance contract to implement this guarantee. Eramet Shanghai has also adjusted its contract to reach the required level. Some companies, such as Eramet Norway and Eramine, already offered death coverage to their employees. However, existing contracts sometimes provide for differentiated ceilings or terms depending on family composition, which need to be revised to ensure consistency with the standards established by the global agreement. 5.8.3.8 Employees with disabilities [S1-12] Employment and integration of people with disabilities 2024 - % of employees with disabilities 2025 - % of employees with disabilities 2025 - of which men 2025 - of which women New Caledonia -- 2.1% 84% 16% France 2.0% 2.6% 53% 47% Norway -- 1.0% 67% 33% Gabon -- 0.2% 67% 33% The Eramet Group wishes to promote the employment and integration of people with disabilities. A disability is a limitation of activity or a restriction of participation in life in society suffered by a person in his or her environment due to a considerable, lasting or permanent impairment of one or more functions: physical, sensory, mental, cognitive or psychological. A disability can also be a disabling health problem. Several disabilities can be combined, in which case we speak of multiple disabilities. The Group has 72 employees with disabilities. It should be noted that regulations in certain countries do not permit the accounting of employees with disabilities. Furthermore, the definition of disability and the cultural approach to this subject is specific to each country and therefore difficult to standardise. Nevertheless, this year the scope was extended beyond mainland France, by including New Caledonia, Norway and Gabon. 5 493ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] There are different actions to promote the employment of people with disabilities on the majority of Group sites: adapting premises, access ways and workstations, awareness campaigns, financing of hearing aids, contributions to organisations or associations dedicated to helping people with disabilities, participation in forums, etc. For France, the objective is to encourage and support employees to take steps for recognition as a disabled worker (RQTH - Recognition as a Disabled Worker). Actions to raise awareness of disability have therefore already been put in place, in particular through actions during the EDEW (European Disability Employment Week) 2025. 5.8.3.9 Training and skills development metrics [S1-13] In 2025, 7,397 employees took part in regular performance and career development assessments, i.e. 1,675 managers and 5,722 non-managerial staff/workers, employees, technicians and supervisors. 5.8.3.9.1 Assessment of performance Annual reviews are essential moments of discussion between employees and managers, and aim to engage employees and develop the Group’s performance. These interviews take place in two stages. EAA, or annual appraisal interview, aims to assess the individual performance of each employee during the past year, and to set the objectives (if any), for the coming year. They are mandatory for all Group employees. The purpose of the mid-year interviews is to discuss the employee's career trajectory and development: their wishes for career development, mobility, professional development plan, training needs, etc. They are mandatory for all Group Managers, and are gradually being extended to non-managerial populations. As part of our 2024-2026 CSR roadmap, we aim for 90% of our employees to have a development interview each year. For non-managers, this development discussion takes place at the same time as the EAA. These interviews are managed and administered in Talent@Work, our Group HRIS. Nevertheless, a certain number of our non-managerial employees are today non- connected employees (without access to a computer or work telephone), and these interviews are therefore conducted in a more “traditional” way in paper format. The sites are responsible for monitoring the progress of campaigns and monitoring the interviews carried out on paper, in order to be able to reach our target of 90% by 2026. Number of training hours provided 2024 2025 Average number of training hours 208,832.9 225,654.7 of which for male employees 169,154.6 175,266.9 of which for female employees 39,678.2 50,387.8 Professional development Employee development is a priority for the Group, and vocational training is an important part of the development approach. The Group develops training programmes specially designed for its employees in order to: • Facilitate their integration by quickly offering them a clear understanding of the Group’s organisational and management processes; • Strengthen their managerial skills; • Encourage the sharing of best practices; • Structuring and deploying appropriate development pathways. As part of the professional training dedicated to its employees, Eramet attaches particular importance to programmes focused on safety, the reinforcement of behavioural skills and the development of business skills. Special attention is paid to operational excellence and change management in order to continuously improve processes and operational efficiency. The programmes for "Viviers Talents" at various managerial levels can be mentioned among the leadership and management trainings offered by the Group: • The Executive Development Programme (EDP), a leadership programme rolled out over a period of 9 months, is intended to strengthen the leadership of senior executives in line with the Manager@Eramet repository, prepare them for their deployment within the Group and strengthen their network within the Group; • "Imagine", a programme for the Group’s Young Talents. This programme is run via distance learning over 18 months. It allows Young Talents to develop through a 100% digital programme combining a range of learning methods (diagnostic tool, coaching, workshops, co- development and mentoring); • The “Propulse” scheme, which aims to support the taking up of positions in the Eramet Leadership Team (ELT). This system gives programme recipients access to coaching sessions and enables them to benefit from support within the framework of the team building actions they carry out with their teams; • The “Raise & Engage" programme for middle and senior managers in the Group, which has been deployed internationally since 2023. This programme, which is adapted to the Group's sites and run in the local language, supports the development of managers and promotes the implementation of the new managerial culture. 494 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] • The “Management Fundamentals” programme for local managers, a programme that has been deployed in Africa, France, Indonesia and the United States since 2024. In addition to these programmes, there are themed workshops on key topics (such as feedback, how to conduct inclusive recruitment interviews, etc.) to strengthen skills and provide practical advice and tips. Significant and complementary local actions were also launched in 2025 in Gabon: the Cap Setrag and Ndzela programmes to support and accelerate managerial transformation and facilitate change. The Group has also stepped up its initiatives to develop the intercultural skills of its teams (more than 70 nationalities represented worldwide). These actions, now deployed on five continents, aim to respond to major challenges, such as collaboration in multicultural environments, facilitation of international exchanges, adaptation to various local markets and strengthening of cohesion within the global teams. In 2025, Eramet Group employees accumulated more than 225,654.7 hours of training, i.e. an average of 26 hours per employee over the year, compared to 23.7 hours in 2024. A total of 5,415 employees — representing 62% of the workforce — completed at least one training course in 2025. It should also be noted that a special effort has been made in favour of women, with an average of 30.5 hours of training per year, compared to 23.3 hours the previous year. Distance learning and digital training capsules are an integral part of any training offer. As such, the leadership and management development programmes are now supplemented with digital content to complement and support in-class or distance learning classes. The e-learning offer has been regularly extended and now covers the following five areas: • Integration of new employees; • Health, Safety and Environment; • Ethics & Compliance; • Diversity & Inclusion; • Business and Digital Technology. Digital content is now available in four languages to enhance the accessibility and impact of the systems offered. The boost given to digital learning is also reflected through the WeLearn+ portal, to which every Group manager has access. This innovative tool allows users, throughout all countries of operation, to enjoy self-service access to a wide range of digital resources (articles, videos, MOOCs, online courses) to improve their knowledge and skills according to their needs. The portal is regularly enhanced to respond more closely to the needs of its users. 5.8.3.10 Health and safety metrics [S1-14] Safety metrics The safety management system covers 100% of employees (employees, temporary workers and subcontractors) who work at the Eramet Group’s sites. This information is also reported for other workers working on Company sites, such as value chain workers, if they work at Company sites. Scope of the Eramet Group (excluding PT Weda Bay Nickel) Eramet Group (own operations) 2023 2024 2025 Number of fatal accident victims (employees & temporary workers) 0 0 0 Number of fatal accident victims (subcontractors) 0 0 0 FR1 1.2 1.0 0.6 FR1 (employees & temporary workers) 1.3 0.9 0.6 FR1 (subcontractors) 1.1 1.0 0.7 Number of accidents with lost time 52 42 27 Number of accidents with lost time (employees & temporary workers) 24 17 11 Number of accidents with lost time (subcontractors) 28 25 19 Number of days lost (employees) 1,692 1,222 736 SR (employees) 0.09 0.07 0.04 FR2 2.1 1.6 1.1 FR2 (employees & temporary workers) 1.9 1.6 1 FR2 (subcontractors) 2.2 1.5 1.2 Number of accidents with and without lost time 91 69 47 Number of accidents with and without lost time (employees & temporary workers) 36 30 18 Number of accidents with and without lost time (subcontractors) 55 39 29 Millions of hours worked 44.3 44 43.4 Millions of hours worked (employees & temporary workers) 19.2 18.2 18.7 Millions of hours worked (subcontractors) 25.1 25.8 24.7 5 495ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] PT Weda Bay Nickel scope PT Weda Bay Nickel 2023 2024 2025 Number of fatal accident victims (employees & temporary workers) 0 0 0 Number of fatal accident victims (subcontractors) 0 4 3 FR1 0.0 0.1 0.1 FR1 (employees & temporary workers) 0.0 0.0 0.0 FR1 (subcontractors) 0.0 0.1 0.1 Number of accidents with lost time 0 4 3 Number of accidents with lost time (employees & temporary workers) 0 0 0 Number of accidents with lost time (subcontractors) 0 4 3 Number of days lost (employees) 0 0 0 SR (employees) 0 0 0 FR2 0.0 0.1 0.5 FR2 (employees & temporary workers) 0.0 0.2 0.2 FR2 (subcontractors) 0.0 0.1 0.6 Number of accidents with and without lost time 0 5 28 Number of accidents with and without lost time (employees & temporary workers) 0 1 1 Number of accidents with and without lost time (subcontractors) 0 4 27 Millions of hours worked 39.5 55.5 58 Millions of hours worked (employees & temporary workers) 3.5 4.8 5.2 Millions of hours worked (subcontractors) 35.9 50.7 52.8 Definition of metrics Severity Rate (SR) = number of days not worked due to occupational accident x 1 000 number of hours worked. The number of days not worked corresponds to the number of calendar days (Saturday, Sunday and public holidays included, excluding the day of the accident) on which the Eramet employee is absent as a result of the work accident (this does not include subcontractors). Accident: an accident at work, irrespective of the cause, is considered to be an accident occurring as a result of or in the course of work, to any Eramet employees, temporary workers and subcontractors or working in any capacity or in any location, for one or more employers or Company directors. • Work Accident with Lost Time: Accident requiring the care of a medical practitioner, corresponding to medical treatment and resulting in sick leave equal to or greater than one day (or a Temporary Disability giving rise to compensation of at least one day), not including the day of the accident. • Work Accident without Lost Time: Accident requiring the care of a medical practitioner, corresponding to medical treatment, but not resulting in sick leave of more than 24 hours. Hours worked: hours worked represents the sum of the hours actually worked during the period in question, in the context of their professional activities. FR1 (also known as LTIFR): workplace accident frequency rate of Eramet employees, temporary staff and subcontractors. Frequency rate of workplace accidents (fatal + with sick leave), expressed as the number of accidents per million hours worked. FR2 (also known as TRIFR): the workplace accident frequency rate is the number of workplace accidents (fatal + with sick leave + without sick leave) occurring during a given period, divided by one million hours worked. These indicators have been established according to the definition of the International Labour Office (ILO) and according to the ICMM's guidelines. Health metrics In 2025, 100% of the Group’s employees are covered by health insurance. Eramet does not have a reliable tool to collect and monitor health-related data at all its sites. The Group is therefore unable to provide the number of cases of occupational illnesses or information related to deaths due to occupational illnesses. A digitalisation plan for the sites' health services was planned but put on hold in 2025 for budgetary reasons. This programme will enable reliable data to be obtained, precise monitoring to be carried out and the necessary actions implemented. 5.8.3.11 Work-life balance metrics [S1-15] Work/life balance The Group promotes a number of local initiatives of different kinds, all designed to promote this necessary balance. These range from teleworking systems and agreements deployed across several entities, to measures favouring parenthood: reorganisation of working time, allocation of universal service employment vouchers (Chèque emploi service universel – CESU ) for the employment of domestic help (childminding, tutoring, housework, etc.) and inter-company daycare. Sabbatical leave was granted to employees wishing to pursue a personal project. 496 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] Attention is paid during the Annual Appraisal Interview to the prevention of psychosocial risks. Indeed, at this special annual interview, particular attention is paid to the organisation of work, workload and work-life balance. In addition, as part of the trade union agreements related to the prevention of psychosocial risks, monitoring units have been set up at the various sites in mainland France and New Caledonia to anticipate risk situations and be in a position to give warning if an employee with psychological difficulty is identified. These topics can also be discussed by occupational health services on sites. Within Eramet, 100% of employees are entitled to family leave. In 2025, 944 employees took family leave, 26% of whom were women. This leave includes maternity, paternity, parental leave (birth or adoption) and caregiver leave (including sick child). 5.8.3.12 Metrics related to the pay gap and total compensation [S1-16] i. Gender pay gap (in %) Applicable scope and calculation methodology For the calculation of the Gender Pay Gap indicator, Eramet selected entities and scopes with more than 100 employees, (representing 98% of the Group's workforce) to ensure that the results were relevant. Staff in training (interns and work-study students), external staff and employees on fixed-term contracts were excluded from the calculation. This indicator includes the gross annual fixed compensation in full-time equivalents, converted into euros, taken from the HR Information System and converted back into hourly rates as required by the standard. Results The Group gender pay gap, based on the average of gross hourly compensation converted into euros without geographical distinction is -27%, suggesting that women receive on average 27% more compensation than men within the Group. This result is mainly due to the geographical and functional breakdown of the workforce. In the mining sector, operational and manual positions, mainly held by men, are located in countries with lower standards of living, while women are more present in qualified positions in higher- paid areas. The method of calculating the metric does not take differences in the cost of living between countries, nor the breakdown of workforce by type of position into account. This result therefore above all reflects the structure of jobs within the Group without highlighting inequalities. Eramet does not use the method recommended by the ESRS S1 to manage the pay gap, but an alternative approach where the gap is measured by hierarchical level and geography. This alternative calculation shows the following differentials: France Senegal Setrag (Gabon) Comilog (Gabon) Argentina Norway New Caledonia USA 2.9 % 0.7 % -1.0 % -2.2 % 8.2 % 1.8 % 2.4 % 9.9% The share of women in the top compensation quartile continued to increase slightly (from 23.7% in 2024 to 24.3% in 2025). This positive momentum reflects the efforts made to strengthen their representation in positions of greatest responsibility, in line with the objectives established in our Act for Positive Mining roadmap. These results also illustrate our commitment to guaranteeing equal treatment between men and women during annual salary review campaigns, performance appraisals and promotions. They underline the need to continue and intensify actions in favour of pay equality, with particular attention to subsidiaries that are lagging behind in this area. The objective remains to reduce disparities in the long term and to support their progress within local organisations. ii. Annual compensation ratio In accordance with the applicable sustainability reporting requirements, the Company presents a pay ratio below aimed at assessing the gap between the level of compensation of the highest-paid person and that of the Group's employees. This indicator contributes to the assessment of the internal fairness and the consistency of the pay policy, in line with the Group's social strategy and its commitments in terms of social responsibility. Changes in governance in 2025 and consequences on presentation The 2025 financial year was marked by a change in governance, with the separation of the functions of Chair of the Board of Directors and Chief Executive Officer as of the Shareholders' Meeting of 26 May 2025. This change has a direct impact on the determination of the "highest paid person" included in the numerator of the pay ratio presented for the sustainability report. In this context, the 2025 pay ratio is determined by taking into account the person with the highest pay over each of the following periods: • from 1 January to 26 May 2025: Ms Christel Bories, serving as Chairwoman and Chief Executive Officer for the same period; • from 27 May to 31 December 2025: Mr Paulo Castellari, serving as Chief Executive Officer for that period. Consequently, for the 2025 financial year, the pay used in the numerator corresponds to the sum of the compensation of the person with the highest pay during each of these periods pro rata temporis to the actual duration of performance of the duties during the financial year, without annualisation. 5 497ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] The pay of employees included in the denominator corresponds to the average and median compensation of employees, calculated using the methodology described below. The "Metropolitan France" and "France (including New Caledonia)" ratios are calculated using the same method as in previous years to ensure historical comparability. An additional indicator for a Group scope is also presented for information purposes. Methodology applied to the ratios for mainland France and France (including New Caledonia) Scope: The scope of analysis used corresponds to 100% of the scope of France and New Caledonia, representing 27% of the Group's workforce at 31 December 2025. It includes all consolidated entities located in mainland France, namely: Eramet SA, Eramet Ideas, Eramet Services, Comilog Dunkerque, as well as, since 2024, SLN (Société Le Nickel), in order to broaden the calculation base and strengthen representativeness. This scope was chosen because it covers companies operating in similar economic and social environments (cost of living, currency, taxation, compensation structures and social benefits). The scope was also chosen because of the limits on the international comparability of pay, taking into account : • significant differences in living standards between countries; • differences in pay and benefit structures; • the desire to guarantee reliable and representative data based on comparable environments. Salaried population: The employees included are all those on permanent and fixed-term contracts (excluding trainees and temporary staff) who have been continuously employed during the financial years in question. The definition of pay used: For all beneficiaries, including executive corporate officers, pay includes gross annual compensation (including variable compensation), if applicable, employee savings (profit- sharing, employee shareholding, employer contributions), bonus shares and performance shares granted during the financial years and valued at their fair value on the award date. Calculation of the numerator: The components taken into account in the numerator correspond to the components of compensation paid in 2025 for the periods under review: • fixed compensation for 2025; • variable compensation paid in 2025 in respect of 2024; • contributions to the supplementary pension plan; • performance shares granted during the same periods and valued at their fair value on the grant date. For 2025, the numerator corresponds to the compensation of Ms Christel Bories from 1 January to 26 May 2025, plus the compensation of Mr Paulo Castellari from 27 May to 31 December 2025, with these people being respectively the best paid over each of the periods. Calculation of the denominator: The components taken into account in the denominator correspond to the components of compensation paid in 2025 to employees within the selected scope: • fixed compensation for 2025; • variable compensation paid in 2025 in respect of 2024; • exceptional compensation linked to the constraints of the position; • contributions to the supplementary pension plan; • employee savings plans (incentives, profit-sharing and contributions); • performance shares granted during the same periods and valued at their fair value on the grant date. Reading of the 2025 ratios: The 2025 ratios are calculated taking into account partial periods, due to the separation of functions during the year. They must therefore be analysed with regard to: • the pro rata temporis corresponding to the actual length of time the duties were exercised during the financial year, • and the fact that the numerator corresponds to the sum of the compensation of two people successively better paid over the financial year. Ratios are not reconstructed on a full-time basis. 498 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Own workforce [ESRS-S1] SUSTAINABILITY REPORT Own workforce [ESRS-S1] PAY RATIO BETWEEN THE LEVEL OF COMPENSATION OF THE HIGHEST PAID PERSON AND THE MEDIAN COMPENSATION OF EMPLOYEES Christel Bories (period 1) + Paulo Castellari (period 2), these people being the best paid over each of the periods considered 2022 2023 2024 2025(1) Ratio compared to the average compensation of Group employees in mainland France 36 28 27 23 Change in ratio (%) compared to the previous financial year 24% -20% -6% -14% Ratio compared to the median compensation of Group employees in mainland France 54 41 38 32 Change in ratio (%) compared to the previous financial year 9% -25% -8% -15% Ratio compared to the average compensation of Group employees in France (including New Caledonia) 49 39 Change in ratio (%) compared to the previous financial year 0% -20% Ratio compared to the median compensation of Group employees in mainland France (including SLN) 65 52 Change in ratio (%) compared to the previous financial year 0% -19% (1) Compensation of the CEO, Christel Bories, from 1 January 2025 to 26 May 2025 + compensation of the CEO, Paulo Castellari, from 27 May to 31 December 2025 Methodology applied to the Group supplemental indicator In order to supplement the information provided to shareholders, the Company is introducing an additional pay ratio indicator for a Group scope. This indicator is intended to provide an overall order of magnitude and does not replace the ratios calculated for the metropolitan France and France (including New Caledonia) scopes, established according to the historical methodology. Scope The Group scope covers all Group employees employed on permanent or fixed-term contracts and present at 31 December 2025. The purpose of this choice is to retain a stable and homogeneous population at the reporting date. This additional indicator is based on a methodology that is separate from that of the ratios for mainland France and France (including New Caledonia), particularly with regard to the population selected, in order to limit the effects related to staff arrivals/departures during the year, changes in scope and differences in compensation practices depending on the country, and to have a more internationally comparable base. Methodological choices (international comparability) Given: • the diversity of compensation mechanisms (benefits, taxation, retirement, long-term) depending on the country, • difficulties in the homogeneous valuation of certain components (in particular local advantages and long- term schemes), the Company uses a simplified and comparable approach for this Group indicator, based on standardised components. Components selected For the Chief Executive Officer and for employees, the Group ratio is established based on annual target compensation in order to ensure international comparability. The components selected are the annual fixed compensation and the target annual variable compensation. For employees, the target variable compensation corresponds, where applicable, to the annual target amount provided for by the variable compensation schemes applicable within the Group, in order to obtain a homogeneous indicator. When employees do not benefit from a variable compensation scheme, the target variable compensation used is zero. Other elements (benefits, pension schemes, long-term compensation, local schemes) are excluded in order to limit biases related to differences in practices and valuation depending on the country. For the Chief Executive Officer appointed during the year, the use of an annual compensation target enables the effect of the date of assumption of office on the indicator to be neutralised. PAY RATIO BETWEEN THE LEVEL OF COMPENSATION OF THE CHIEF EXECUTIVE OFFICER AND THE AVERAGE AND MEDIAN COMPENSATION OF GROUP EMPLOYEES Chief Executive Officer (Paulo Castellari) 2025 Ratio compared with the average compensation of Group employees 48 Ratio compared with the median compensation of Group employees 75 5 499ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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5 SUSTAINABILITY REPORT Own workforce [ESRS-S1] 5.8.3.13 Serious human rights cases, complaints and impacts [S1-17] The table below shows the incidents reported in 2025 on the Ethics Line platform by employees, former employees, temporary workers, interns, executives or directors, and falling under the qualifications of i) discrimination, ii) bullying, iii) sexual harassment and sexist behaviour or iv) several of these and other qualifications. Discrimination Bullying Sexual harassment and sexist behaviour Incidents that fall under multiple classifications Total number of incidents reported 3 23 2 20 o/w total number of incidents closed* 1 10 1 11 o/w total number of proven* incidents 0 3 0 7 Key: • 184 reports were filed on the Ethics Line platform by employees or other stakeholders external to the Group (including allegations other than discrimination, bullying, sexual harassment and sexist behaviour). As some cases are still ongoing, these figures may change at the date of publication of this report. • A reported incident corresponds to a report sent to the Group’s whistleblowing platform for which the informant chose the category that best corresponds to the reported facts. • A closed incident corresponds to an alert for which the investigation has been completed and conclusions have been made. • An established incident corresponds to an alert whose reported facts were verified during the investigation. • An incident of bullying also includes intimidation and violence in the workplace. • An incident of sexual harassment and sexist acts also includes sexist acts and gender-based violence. For the Company’s complaints mechanism, see above. There were no complaints through other channels such as the OECD contact points. As stated previously, in the context of the mapping of human rights risks, the risk of modern slavery was not identified within the Group’s workforce. No serious incident contrary to the declarations of the International Labour Organization (ILO), the guiding principles of the United Nations and those of the OECD was noted in 2025. 500 ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025
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Workers in the value chain [ESRS S2] SUSTAINABILITY REPORT Workers in the value chain [ESRS S2] 5.9 Workers in the value chain [ESRS S2] 5.9.1 Strategy 5.9.1.1 Material impacts, risks and opportunities and their interaction with strategy and business model [ESRS 2 | SBM-3] The workers in the value chain who may be impacted by the Group’s activities fall into three categories: • Employees of subcontractors working on the sites • Subcontractor and supplier employees working off-site in the global value chain • The employees of customers in the global value chain The Group’s Human Rights risk mapping was updated in 2023 with a study of 11 sites in 8 countries. Special focus was placed on the risks associated with modern slavery, in particular forced labour and child labour. At the end of this analysis, child labour and forced labour were not identified as major risks in the operations performed by the Group because of the mitigation measures put in place (verification of identity cards or birth certificates, mandatory medical check-ups, working practices governed by internal regulations and Company agreements, etc.). However, the risk of forced labour and child labour has been identified in the mapping of human rights risks for the value chains in Gabon, Senegal, Indonesia and China. The Human Rights Policy, which applies to its subcontractors and its value chain through the Supplier Code of Conduct, contains a specific commitment regarding modern slavery, and more specifically on the prohibition of forced labour and child labour. In addition, two golden rules exist on these subjects in order to explain these concepts internally and to provide examples that enable employees to identify at-risk situations, including in their relations with subcontractors. As explained in sub-section 5.1.3.2.1 Description of Eramet’s sustainability issues, impact, risks and opportunities (IRO), the main IROs identified in the double materiality assessment are: 5 501ERAMET UNIVERSAL REGISTRATION DOCUMENT 2025