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© Lloyds Metals and Energy 2026 Lloyds Metals & Energy Ltd. Investor Presentation | November 2026
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Expanding Horizons, Deepening Strengths Bridging India's Dreams, Forging a New Steel City on the Map LMEL is building world-class assets in steel manufacturing, revolutionising iron ore mining and beneficiation, aligning with the nation's steel production goals and fulfilling aspirations to create an economic powerhouse at Chandrapur & Gadchiroli, Maharashtra. Touching Lives in Vidarbha by Driving Change and Progress
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Q2 FY27 Sustainability Performance Driving Sustainability, Delivering Profitability 4www.lloyds.inInvestor Presentation | November 2026 All Figures In INR are approx. Diversified Power Mix 39 MW RE in operation and 85+ MW under commissioning ~67 MW PPA and SSHA (Solar + Wind) finalised 21 MW off-grid rooftop and floating solar PPA finalised 153 MW RTC RE hybrid and 15 MW wind RFQ floated for further capacity NEW | IN-PRINCIPLE APPROVALS Ministry of Steel + MNRE CSIR-IMMT-led consortium + industry partners India's first 100% hydrogen DRI plant Runs entirely on hydrogen INR 2,070 Mn TOTAL PROJECT COST 30% hydrogen + biochar rotary kiln pilot For existing DRI processes INR 200 Mn TOTAL PROJECT COST 01 Diversified Power Mix 6 integrated electricity sources INR 261 Mn Cost saving, Q2 FY27 18,900 tCO₂ emissions saved 02 LSHS to LNG Green Pellets India's first integrated green pellet chain 7,742 MT LSHS replaced with LNG INR 106 Mn Cost saving, Q2 FY27 6,000+ tCO₂e saved 03 Slurry Pipeline Efficiency Logistics on renewable power INR ~890 Mn Cost saving for Q2FY27 3,800 KL Diesel avoided ~7,200 tCO₂e saved 04 Clean Energy on Wheels In-house EV conversion (TRC) 165+ Electric / battery HEMM 91 + 64 Battery & LNG trucks 12,900+ tCO₂e saved 05 R&D Expenditure Innovation at LMEL & Thriveni INR 76 Mn H1 BHQ Pilot Plant INR 20 Mn H1 Exploration cost
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Result Highlights Sustainable growth
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www.lloyds.in 6 *All figures in millions (₹) 25,480 38,398 49,129 54,129 41,320 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Standalone H1: Record Revenue, EBITDA and PAT 8,417 12,814 16,144 21,202 15,380 33.0% 33.4% 32.9% 39.2% 37.2% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 6,056 8,886 10,656 15,269 11,119 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Revenue PATEBITDA & EBITDA Margins 33,293 65,247 67,214 1,36,806 95,449 FY23 FY24 FY25 FY26 H1FY27 8,103 17,315 19,532 45,160 36,583 23.9% 26.5% 29.1% 33.0% 38.3% FY23 FY24 FY25 FY26 H1FY27 6,876 12,429 14,509 31,943 26,388 FY23 FY24 FY25 FY26 H1FY27 Revenue PAT 62% YoY +83% YoY +84% YoY EBITDA & EBITDA Margins Investor Presentation | November 2026
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www.lloyds.in 7 Q2 & H1 FY27 Highlights - Standalone H1FY27 Financial Performance INR 36,583 Mn EBITDA INR 95,449 Mn Revenue from Operations INR 26,387 Mn PAT 38.33% EBITDA Margin Strong Growth Backed by Operating Leverage and Mix Improvement • Revenue from Operations for Q2FY27/H1FY27 stood at INR 41,320 Mn/INR 95,449 Mn, registering a sharp 62%/94% YoY growth respectively.. • EBITDA for Q2FY27/H1FY27 came in at INR 15,380 Mn/INR 36,583 Mn, growing 83%/126% YoY respectively. Growth was driven by higher iron ore EC limits, faster ramp-up of the pellet plant, and improved sponge iron volumes. • The company reported best ever EBITDA margins of 38.33% in H1FY27 (+542 bps YoY), reflecting strong operating leverage and increased share of VAP. ➢ Commissioning of the slurry pipeline lowered logistics and freight costs for iron ore ➢ Higher realisations across products strengthened overall margins. ➢ A better product mix, with higher contribution from value-added products like pellets, led to meaningful margin expansion. • Demand for products remain strong and buoyant with domestic demand maintaining positive momentum Capex Update The company has incurred capex of INR 1,35,130 mn during FY24-FY26 and 30,470 Mn/ 60,523 Mn in Q2FY27/H1FY27 respectively. Net Debt Position Net Debt as on 30.09.2026 – INR 93,155 Mn Investor Presentation | November 2026
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www.lloyds.in 8 Q2 & H1 FY27 Highlights - Consolidated H1FY27 Financial Performance INR 45,956 Mn EBITDA INR 128,226 Mn Revenue from Operations INR 27,909 Mn PAT 35.84% EBITDA Margin Consolidated Growth Driven by Volumes and Product Mix • Revenue from Operations reached INR 56,725 Mn in Q2FY27 and INR 128,226 Mn in H1FY27, up 55% and 112% YoY respectively. • EBITDA reached INR 18,035 Mn in Q2FY27 and INR 45,956 Mn in H1FY27, up 75% and 151% YoY. PAT rose 86% and 132% to INR 10,230 Mn and INR 27,909 Mn respectively. • H1FY27 EBITDA margin rose 546 bps YoY to 35.84%, as EBITDA growth outpaced revenue growth. ➢ TEIPL: H1FY27 revenue grew 43% YoY and EBITDA rose 85% to INR 8,836 Mn. ➢ Execution: Both PB North West coal handling streams are operational. TEIPL completed FY27 equipment mobilisation on schedule. ➢ Copper: Q2FY27 production was 1,636 tonnes with EBIT of USD 4.86 Mn. High acid and logistics costs remain constraints. Net Debt Position Net Debt as on 30.09.2026 – INR 1,99,168 Mn ➢ Acquisition: In FY2025-26, the Group, with Virtus, acquired 100% of Chemaf Group and all its subsidiaries, with approximately USD 804 Mn borrowings, fully non- recourse to LMEL. ➢ Settlement estimate: Based on executed settlement agreements, management estimates total cash settlement of the entire Chemaf debt at USD 250 Mn or less. ➢ Expected impact: This would reduce Group debt by approximately INR 53,151 Mn and bring LMEL Group net debt to INR 1,46,017 Mn. Investor Presentation | November 2026
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www.lloyds.in 9 Q2FY27 Key Performance Update Q2-FY26 Financial Performance Iron Ore ▪ Iron ore production volume for Q2FY27/H1FY27 stood at 3.95 MnT/10.00 MnT, exhibiting a growth of 15.50%/35.14% YoY respectively. ▪ Iron ore sales volume for Q2FY27/H1FY27 stood at 2.12 MnT/7.59 MnT respectively. ▪ Realisation per tonne for Q2FY27/H1FY27 stood at INR 6,076/6,070 respectively. ▪ EBITDA per tonne for Q2FY27/H1FY27 stood at INR 2,082/2,239 respectively. ▪ Currently the monthly run rate in is ~2+ MnT DRI & Power ▪ DRI Sales Volume: DRI Q2FY27/H1FY27 volumes stood at 160.60kt/343.06kt higher 81%/104% YoY respectively. ▪ DRI Realisations & EBITDA : DRI Realisations stood at INR 31,040 for Q2FY27 and INR 29,082 for H1FY27. EBITDA/tonne stood at INR 9,231 in Q2FY27 and INR 7,593 in H1FY27. ▪ Power volumes were up by 82%/85% in Q2FY27/H1FY27 YoY respectively. Pellets ▪ Pellets Production for Q2FY27/H1FY27 stood at 2.11 MnT/3.81 MnT respectively. ▪ Realisation per tonne for Q2FY27/H1FY27 stood at INR 11,348/11,520 respectively. The quality achieved and geographical location led to good realisation. ▪ EBITDA per tonne for Q2FY27/H1FY27 stood at INR 4,604/4,988 respectively. ▪ 2nd Pellet Plant commissioned in May-26 ▪ Sales Mix: 71% domestic / 29% exports, supporting steady offtake and realisations. ▪ Market Reach: Exports expanded into Kenya, South Korea, Indonesia and China; domestic reach across central and southern India. Investor Presentation | November 2026
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Quarterly Product wise Performance www.lloyds.in 10 DRIIron Ore & Pellets Power Value Added ProductsIron OreTotal 13,758 33,147 12,901 4,632 12,561 4,420 33.67% 37.89% 34.26% Q2FY26 Q1FY27 Q2FY27 Revenue (INR Mn) EBITDA (INR Mn) EBITDA Margins 11,996 20,982 28,415 4,061 8,641 10,961 33.85% 41.18% 38.57% Q2FY26 Q1FY27 Q2FY27 Revenue (INR Mn) EBITDA (INR Mn) EBITDA Margins 2.47 5.46 2.12 0.70 1.34 2.05 Q2FY26 Q1FY27 Q2FY27 Sales (MMT) Iron Ore Pellets 44.85 26.49 23.50 Q2FY26 Q1FY27 Q2FY27 Sales (Mn Units) 25,734 54,129 41,320 8,693 21,202 15,382 33.78% 39.17% 37.23% Q2FY26 Q1FY27 Q2FY27 Revenue (INR Mn) EBITDA (INR Mn) EBITDA Margins Investor Presentation | November 2026 88.18 183.92 160.28 Q2FY26 Q1FY27 Q2FY27 Sales (‘000 MT)
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Quarterly Product Mix- Increasing VAP share www.lloyds.in 11 Revenue Split EBIT Split 39% 61% Q2FY27 61% 39% Q1FY27 57% 43% Q2FY26 33% 67% Q2FY27 51% 49% Q2FY26 60% 40% Q1FY27 MINING STEEL AND RELATED VAP Investor Presentation | November 2026
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Half-Yearly Product wise Performance www.lloyds.in 12 DRIIron Ore & Pellets Power Value Added ProductsIron OreTotal 34,649 46,047 12,296 16,981 35.49% 36.88% H1FY26 H1FY27 Revenue (INR Mn) EBITDA (INR Mn) EBITDA Margins 15,189 49,397 4,483 19,602 29.51% 39.68% H1FY26 H1FY27 Revenue (INR Mn) EBITDA (INR Mn) EBITDA Margins 5.92 7.59 0.70 3.40 H1FY26 H1FY27 Sales (MMT) Iron Ore Pellets 89.95 49.99 H1FY26 H1FY27 Sales (Mn Units) 49,838 95,444 16,780 36,584 33.67% 38.33% H1FY26 H1FY27 Revenue (INR Mn) EBITDA (INR Mn) EBITDA Margins Investor Presentation | November 2026 167.11 344.20 H1FY26 H1FY27 Sales (‘000 MT)
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Half-Yearly Product Mix- Increasing VAP share www.lloyds.in 13 Revenue Split EBIT Split 50% 50% H1FY27 71% 29% H1FY26 49% 51% H1FY27 74% 26% H1FY26 MINING STEEL AND RELATED VAP Investor Presentation | November 2026
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Standalone Financial Performance www.lloyds.in 14 Particulars (INR Mn) Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q H1FY27 H1FY26 Y-o-Y Revenue from Operations 41,320 25,480 62% 54,129 (24%) 95,449 49,279 94% Total expenses 25,940 17,063 52% 32,927 (21%) 58,867 33,060 78% EBIDTA 15,380 8,417 83% 21,202 (27%) 36,582 16,219 126% EBIDTA Margin (%) 37.22% 33.04% 419 bps 39.17% (195 bps) 38.33% 32.91% 542 bps Other Income 886 274 223% 954 (7%) 1,840 559 229% Depreciation and amortization 1,193 547 118% 1003 (19%) 2,197 825 166% Finance costs 1,024 262 291% 1072 (4%) 2,096 406 416% Profit Before Tax 14,049 7,883 78% 20,081 (30%) 34,129 15,547 120% Tax 2,930 1,827 60% 4,812 (39%) 7,742 3,145 146% PAT 11,119 6,055 84% 15,269 (27%) 26,387 12,402 113% Other comprehensive Income 0 (2) N.A. 0 N.A. 0 (4) N.A. Total Comprehensive Income 11,119 6,053 84% 15,269 (27%) 26,387 12,398 113% Investor Presentation | November 2026
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Strategic Growth Trajectory Across Key Product Vertical www.lloyds.in 15 Product Category FY26 Actual FY27 Guidance Iron Ore Production 21.96 MnT 26 MnT Pellet Production 3.03 MnT 7.75-8 MnT DRI Production 484 KT 825 KT Steel (WRM) Production - Q4FY27 Commissioning Copper 2.5 KT 8-10 KT Investor Presentation | November 2026
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www.lloyds.in 16 Thriveni Earthmovers and Infra Private Limited (TEIPL) Gadchiroli Operations • During the last two quarters, the mine achieved a dispatch of 11.02 million tonnes (MT), taking the total dispatch to 13.48 million tonnes (MT) to date. • Green fleet deployment is being implemented through electric, battery-operated, and LNG-hybrid mining equipment. • A 100-tonne diesel dumper has been converted to LNG-hybrid operation. • The EV and LNG ecosystem is being developed at SIOM. • Solar energy infrastructure is being developed to increase the utilisation of renewable energy and support sustainable mining operations. • Sustainability initiatives are also contributing to long-term structural cost optimisation. • 14 mobile crushers and 26 HEMM units have been mobilised for BHQ crushing operations at the mine. • Mobilisation and assembly of 10 EH5000 Ultra Class dump trucks are in progress. • Mobilisation and assembly of 1 No. R 996 Excavator are in progress. • Mobilisation and assembly of 2 Nos. Ex 2500 Excavators are in progress. • Full-scale mining operations have commenced at the Western Hill. • The FY27 equipment mobilisation plan has been completed as per schedule. • A total of 88 electric equipment units are operational at the mines. • An additional 20 electric equipment units are operational at the railway siding. Geomysore – Gold Mining • The Mining Plan has been approved for opencast and underground mining operations of 1.5 MTPA and a processing capacity of 1.5 MTPA. H1 FY27 Financial Performance INR 8,836 Mn EBITDA INR 46,082 Mn Revenue from Operations 19.18% EBITDA Margin Investor Presentation | November 2026
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www.lloyds.in 17 Q2FY27 Highlights- Thriveni Earthmovers and Infra Private Limited (TEIPL) Odisha Operations • MGM has been awarded a 5-star rating. • Operations have commenced at the Tata Joda West Manganese Mines. • Production at DCJ commenced in October 2026. • Operations are expected to commence shortly at the Tata Joda West Iron Ore Mines, Vijay-II Iron Ore Mines, and the Tata Tiringpahar and Bamebari Manganese Mines. Thriveni Sainik Mining – PB West • OB Removal: 141.4 lakh BCM • Coal Production: 34.4 lakh tonnes • Coal Crushing: 37.2 lakh tonnes • Coal Dispatch: 38.1 lakh tonnes • Electrical loading: 56 lakh BCM Highlights: • CII Northern Region Green Practices Awards 2026 - Water Management Champion (Service Category): Recognized for excellence in water conservation, sustainable resource management and environmental stewardship at the 5th CII Northern Region Green Practices Awards. The award ceremony is scheduled for December 2026. Investor Presentation | November 2026
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www.lloyds.in 18 Q2FY27 Highlights- Thriveni Earthmovers and Infra Private Limited (TEIPL) Q2-FY27 - Operational Performance Highlights • OB Removal: Achieved 141.4 lakh BCM, registering 15.04% YoY growth over Q2 FY 2025-26 and exceeding the quarterly budget by 14.03%. • Coal Production: Achieved 34.4 lakh tonnes • Coal Crushing: Achieved 37.2 lakh tonnes, registering 2.33% YoY growth over Q2 FY 2025-26. • Coal Dispatch: Achieved 38.1 lakh tonnes, registering 6.81% YoY growth over Q2 FY 2025-26. • Electrical Loading: Achieved 56 lakh BCM, registering a significant 95.80% YoY growth over Q2 FY 2025-26. PB North West • OB Removal : 20.09 lakh BCM • Coal Production : 5.62 lakh tonnes • Coal Crushing : 6.69 lakh tonnes • Coal Dispatch : 6.52 lakh tonnes Highlights: • Production & OB Removal: Achieved coal production of 5.62 lakh tonnes and Overburden (OB) removal of 20.09 lakh BCM. • Rehabilitation & Resettlement (R&R): Successfully completed the rehabilitation and resettlement of three major villages - Sirma, Basaria and Nawadih. • CHP Operationalization: Successfully commissioned and operationalized both streams of the Coal Handling Plant (CHP). • Consequently, the 15% penalty has been avoided with effect from 8th September 2026 Investor Presentation | November 2026
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TEIPL (Consolidated) - Key Matrices www.lloyds.in 19 Particulars (INR Mn) Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q H1FY27 H1FY26 Y-o-Y Revenue from Operations 19,364 15,908 22% 26,719 (29%) 46,082 32,295 43% Total expenses 17,108 13,805 24% 20,138 (17%) 37,246 27,507 35% EBIDTA 2,256 2,103 7% 6,581 (66%) 8,836 4,788 85% EBIDTA Margins (%) 11.65% 13.22% (157 bps) 24.63% (1279 bps) 19.18% 14.82% 436 bps Cash PAT 1,114 760 47% 4,468 (75%) 5,582 2,587 116% Cash Pat Margins (%) 5.75% 4.78% 97 bps 16.72% (1087 bps) 12.11% 8.01% 410 bps Key Balance Sheet Net Debt (incl RPS) (as on 30.09.26) 48,416 Net Worth (as on 30.09.26) 27,353 Particulars Q2-FY27 Q2-FY26 Q1-FY27 H1FY27 H1FY26 Iron Ore (Mn Tonnes) – Incl BHQ 11.22 9.60 19.09 30.31 54.94 Baryte – Incl. OB (Mn Cubic meters) 1.66 1.97 2.14 3.80 8.60 Coal (Indian operations) Incl. OB (Mn Cubic Meters) 18.82 16.87 26.02 44.84 95.35 Coal (Overseas operations) incl. OB (Mn Cubic Meters) - 8.41 5.93 5.93 36.43 Key Operational Data Investor Presentation | November 2026
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Copper Snapshot Q2FY27 www.lloyds.in 20 Particulars ($ Mn) Q2FY27 Total Copper Produced (in tonnes) 1636 Total Income 19.78 Total expenses 14.93 EBIT 4.86 Q2FY27 UPDATE R o a d M a p f o r R a m p u p ▪ Production at Surya mines facing headwinds with shortage of high-grade ore feed from own mines. ▪ Challenges in economics given high Sulphuric acid prices, supply chain disruptions, high ore cost due to high logistics cost with high diesel prices and mines > 70 Km from plant ▪ Chemaf plants expected to start delivering cathodes in early FY28, expected to deliver full capacity of 6,000 TPM (annualized 70K TPA) by mid FY28 ▪ Chemaf plants have access to 100% captive ore from own mines, providing significant advantage on raw material cost ▪ Logistics efficiency with plants located within 5 Km of mines ▪ In-house mining with support from Thriveni will help in improving margins ▪ Also, both Chemaf plants have 100% captive Sulphuric acid plants, cushioning the impact of high Sulphur prices ▪ Appreciated as the first project under US-DRC Critical Minerals Partnership by both US and DRC governments 5,850 45,372 85,251 3,868 12,524 FY27 FY28 FY29 Copper Cobalt
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Resilient Mix - Consolidated www.lloyds.in 21 Revenue Split EBIT Split 22% 45% 29% 5% Q2FY27 36% 27% 37% Q2FY26 MINING STEEL AND RELATED VAP MDO OPERATION & OTHER RELATED SERVICES 40% 26% 32% 2% Q1FY27 COPPER & RELATED PRODUCT 29% 61% 9% 1% Q2FY27 46% 43% 11% Q2FY26 47% 32% 23% -2% Q1FY27
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Resilient Mix - Consolidated www.lloyds.in 22 Revenue Split EBIT Split 32% 35% 30% 3% H1FY27 54%22% 24% H1FY26 MINING STEEL AND RELATED VAP MDO OPERATION & OTHER RELATED SERVICES COPPER & RELATED PRODUCT 40% 43% 17% -1% H1FY27 70% 24% 6% H1FY26
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Consolidated Financial Performance www.lloyds.in 23 Particulars (INR Mn) Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q H1-FY27 H1-FY26 Y-o-Y Revenue from Operations 56,725 36,521 55% 71,501 (21%) 1,28,226 60,356 112% Total expenses 38,690 26,241 47% 43,581 (11%) 82,270 42,019 96% EBIDTA 18,035 10,280 75% 27,920 (35%) 45,956 18,337 151% EBIDTA Margin (%) 31.80% 28.15% 365 bps 39.05% (725 bps) 35.84% 30.38% 546 bps Other Income 395 561 (30%) 1,468 (73%) 1,864 837 123% Depreciation and amortization 2,260 1,684 34% 2,445 (8%) 4,705 1,998 135% Finance cost 2,787 1,758 59% 2,540 10% 5,327 1,904 180% Profit Before Tax 13,383 7,399 81% 24,403 (45%) 37,788 15,272 147% Share of associates (272) 0 N.A. (12) N.A. (284) 0 N.A. Tax 2,881 1,888 53% 6,715 (57%) 9,595 3,243 196% PAT 10,230 5,511 86% 17,676 (42%) 27,909 12,029 132% Investor Presentation | November 2026
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Recent Developments
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www.lloyds.in 25 Katanga Copper Belt: three assets, one growth corridor 1 Kolwezi 3 Likasi 2 Lubumbashi 1 MUTOSHI 2 ETOILE 3 SURYA THREE OPERATING NODES 1 Mutoshi Mine / Project KOLWEZI 50,000 TPA copper | 16,000 TPA cobalt Input ore Feed basis 1.1 - 1.3% Cu; 0.2-0.3% Co 2 Etoile Mine / Project LUBUMBASHI 24,000 TPA copper | 4,000 TPA cobalt Input Ore Feed basis: 1.6 - 2.0% Cu; 0.2-0.3% Co 3 Surya Mines LIKASI 12,000 TPA copper Input Ore Feed basis: 2.0 – 2.5% Cu Q1 output 1,826 MT | Q2 output 1,615 MT Investor Presentation | November 2026 Note: All Copper capacity is referring to Copper Cathodes (99.99%) All Cobalt Capacity is referring to Cobalt Hydroxide with contained Cobalt metal tons
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Mineral Resource Details www.lloyds.in 26 Mt Copper grade (%) Gold grade (g/t) Copper (Mt) Gold (Moz) Measured & Indicated 1,538 0.30 0.33 4.6 16.1 Inferred 300 0.30 0.40 0.7 3.2 Total 1,838 0.30 0.34 5.3 19.3 2 Workforce & Employment More than 95% workforce is local, engaged in construction and training activities 1 Agreements & Government Relations Mines Preparatory works commencement by ABG on 7 August 3 Community & Workforce Development Learning & Development Centre was inaugurated on 11 July. Paid garment training started for women. 4 Social & Health Infrastructure • Hospital construction in full swing, to complete in FY27 • Accommodation camp construction progressing • Village training programs continue to scale. 5 Exploration Commenced • Exploration Drilling started to validate historical geology Panguna is moving from agreement to activity — people hired, infrastructure rising and the resource base being re-validated. Focus is on people development and social engagement to prepare for the future Investor Presentation | November 2026
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www.lloyds.in 27 Panguna (Autonomous Bougainville Govt) Partnership Structure A government-led framework, with landowners and communities positioned as long-term owners ABG Autonomous Bougainville Government BML Bougainville Minerals Ltd: 100% owned by the ABG; holds the Mining Lease LPMEL Lloyds Panguna Metals & Energy Ltd: preferred development partner providing funding and technical resources MILESTONES Nov 2025 Preferred developer ABG approves LPMEL as preferred developer and strategic partner Following approval MOU signed Non-binding MOU with the Bougainville Executive Council 29 Jul 2026 Partnership Agreement Signed with BML for preparatory activities pending the Final Agreement 7 Aug 2026 Commencement Certificate ABG issues BML the LSML-01 Preparatory Works & Feasibility Certificate Next Final Agreement Definitive agreement with BML & LMEL; feasibility study and further approvals (Subject to Board Approval) Owners, not only affected parties: Lloyds seeks to have landowners and affected communities participate as long-term shareholders in Panguna, on terms to be agreed with them and the ABG. COMMUNITY OUTCOMES Lloyds Kali Ammal Arawa Hospital Steel erection • Completion targeted Dec 2026 Women completed paid garment training 3 months • 5 villages • Apparel Training Centre Students in refurbished classrooms Floors, windows, lighting, fans, desks + benches Athletes in Lloyds Boxing Tournament 24–25 shortlisted • Ladies soccer team placed 3rd Medical supplies • Disaster relief • Medical evacuations • Search & rescue | Bildim Pipol, Bildim Komuniti Owners, not only affected parties: Lloyds seeks to have landowners and affected communities participate as long-term shareholders in Panguna, on terms to be agreed with them and the ABG. COMMUNITY OUTCOMES Owners, not only affected parties: Lloyds seeks to have landowners and affected communities participate as long-term shareholders in Panguna, on terms to be agreed with them and the ABG. COMMUNITY OUTCOMES Investor Presentation | November 2026
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Panguna in Motion: Community, Construction, Commitment Community & Landowner Engagement Learning & Development Academy Hospital Construction Progress Morgan Camp Accommodation Geotechnical Site Inspection Youth Soccer Tournament Community Sports Awards ABG Mining Lease Handover www.lloyds.in 28 Investor Presentation | November 2026
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EBITDA H1’FY27* INR ~89 Cr. Pellet Production H1 1243 KT 01 Mine Developer & Operator (MDO)Business Driving Sustainable Mining & Volume Growth at TSL Joda West Mines : 12,454 MT Mn Ore Production Achieved in Q2 FY'27 Backed by 1.99 Lakh BCM Excavation and Confirmed Expansion Potential. 02 Tata Steel Partnership: Stable income and rising aspirations for a bright future BRPL's Slurry Pipeline and Pelletisation assets (Odisha) shifting from a single stable-income business to a multi-engine growth platform integrating MDO and logistics projects for minerals Tata Steel - Lloyds Metals MoU to explore strategic collaboration opportunities across key growth areas Sustainable Logistics Infrastructure(Slurry Pipeline) ▪ Slurry pipeline development ▪ Slurry pipeline routes for TSL operations under study for feasibility and optimization ▪ Target to make a final investment decision based on feasibility assessment in early FY28 "Stable Today, Strategic Tomorrow, Transformative for the Future." Pellet Slurry Pipeline MDO 03 02 01 "Strategic Partnership with Tata Steel: Unlocking Value Across Mining, Logistics & Steel Manufacturing” Steel www.lloyds.in 29 * Lloyds Metals Share Investor Presentation | November 2026
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PROJECT UPDATES- Downstream Projects
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Roadmap towards Value Addition www.lloyds.in 31 BHQ Beneficiation (Throughput) Iron Ore Pellets DRI/PowerSlurry Pipeline Steel (WRM) Existing Post Commissioning - 45 MNT Existing Post Expansion 8 MNT 12 MNT Existing Post Expansion - 1.2 MNT Existing 26 MNT Existing Line - 2 85kms 195 kms Existing Post Expansion DRI 0.70 MNT DRI 0.84 MNT CPP 150 MW CPP - Copper Existing Post Expansion 12,000 TPA 1,00,000 TPA Cobalt Existing Post Expansion 4000 TPA 20,000 TPA Investor Presentation | November 2026
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Project Updates www.lloyds.in 32 Completed Projects Project Progress So Far Project Details Pilot Plant 5TPH completed Primary Engineering completed for BHQ plants and major equipment procuring in progress BHQ 30 mnt Throughput Pilot Plant has given Excellent results with yield of 38%+ Forest Land Secured for the ongoing BHQ project Mines FY22 – 3 MnT FY23 - 3.6 MnT FY24 & 25 – 10 MnT FY26 – 22 MnT FY27 - Mobilised along with Thriveni to mine and sell 26 MnT of iron ore Work Completed Slurry Pipeline - 1 & Pellet Plant - 1 Slurry pipeline – 85 Kms Pellet Plant 1 – 4 MnT 4MNT Commissioned in May- 2026 Pellet Plant - 2 Completed in 16 months from date of commencement of construction DRI plant at Ghughus is commissioned Steel Plant construction work has started 1.2mnt Steel The project is at the advanced stages and is expected to be on time. Undergoing Projects Phase 1 Phase 2 Investor Presentation | November 2026
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www.lloyds.in 33 Project Updates Future Projects Slurry Pipeline 195 kmsProject Progress So Far Project Details Pellet Plant – 3 BHQ Beneficiation of 15MNT Integrated Steel Plant Land procured, engineering in progress, EC in hand. Survey work completed, preliminary engineering completed, ROW approval in progress Construction work started expected commissioning in fiscal 2028. Land procurement completed. Hedri to Ghughus via Konsari Plant. Will feed steel plant at Konsari & the 3rd pellet plant at Ghughus. Company would have a new Stockyard at Chandrapur, with a railway siding saving Rs 1000 Pmt in transport Plant configuration being reworked and scaled upwards, leveraging new technologies to enhance efficiency and optimise the overall steel value chain Investor Presentation | November 2026
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www.lloyds.in 34 Integrated Slurry Evacuation Platform 10 MTPA Already commissioned slurry pipeline from Hedri to Konsari which 85 Kms long 11 MTPA New Slurry Pipeline from Hedri to Chandrapur Stockyard which is 171 Kms long 5 MTPA New Slurry Pipeline from Chandrapur Stockyard to Ghugus which is 47 Kms long Road Transportation from Konsari to Chandrapur Stockyard which is 70 Kms long Chandrapur Stockyard Investor Presentation | November 2026
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www.lloyds.in 35 Integrated Slurry/Iron Ore Evacuation Platform Investor Presentation | November 2026 INTERNAL CONSUMPTION | PRIMARY EVACUATION CORRIDOR Surjagarh Iron Ore Mine Hedri Plant Konsari Plant Chandrapur Stockyard Ghugus Plant ↓ External sales MINE → HEDRI Ore from Surjagarh moves through a pipeline network to Hedri, where slurry is prepared for onward transport. HEDRI → KONSARI New ≈99 km pipeline | planned ~16 MTPA Runs alongside the operating 85 km, 10 MTPA corridor. KONSARI → CHANDRAPUR A 72 km extension to Chandrapur Stockyard completes the mine-to-dispatch corridor with limited manual handling. STRUCTURALLY LOWER LOGISTICS COST ₹800–1,000/t Hedri → Ghugus savings ₹250/t additional savings on external sales via Chandrapur Stockyard BUILT-IN RESILIENCE Parallel slurry routes reduce disruption risk when any single line is down. From Mine to Market, Without Friction
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www.lloyds.in 36 Driving Cost Optimisation Across the Value Chain ▪ All of these initiatives have started showing results in this quarter with a ~635 bps increase in EBITDA margin both YoY and QoQ. ▪ Per tonne savings on iron ore to the tune of INR 400-500 on a consolidated basis ▪ Freight cost reduction of INR 500-600 per tonne on 85kms slurry pipeline ▪ Freight cost reduction of INR 800-1000 tonne on 195kms slurry pipeline ▪ Internal; Freight to reduce by INR 100-150 per tonne ▪ Significant cost savings of up to INR 100 crore annually for the Mining & Pellet operations Acquisition of Thriveni MDO Operations Slurry Pipeline ▪ 85kms-10mnt- From Hedri to Konsari ▪ 195kms-16mnt-From Hedri to Ghughus Captive Logistics ▪ Investment in a fleet of trucks to ensure captive logistics, which are currently third-party Investment in Renewable Energy ▪ Scaling to 100 MW, with 120 MW planned ▪ Thriveni-led greening & machine reuse (Jamshedpur) ▪ Natural gas introduced via trucks to optimise fuel costs ▪ Ongoing power sourcing & fuel mix optimisation to minimise costs Annual savings building up over time and expected to surpass INR 2,000 crore per annum as initiatives mature Investor Presentation | November 2026
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Industry Overview
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Iron Ore Supply Coming at Higher Premiums www.lloyds.in 38 FY 23 161 Crude Steel Capacity (MTPA) 127 Crude Steel Production(MTPA) 210 Iron Ore Req. (MTPA) 258 Iron Ore Prod (MTPA) 376 Iron Ore EC (MTPA) FY 30 Case – I 242 Crude Steel Capacity (MTPA) 210 Crude Steel Production(MTPA) 404 Iron Ore Req. (MTPA) 350 Minimum Iron Ore Prod Req. (MTPA) 525 Minimum Iron Ore Capacity Req. (MTPA) FY 30 Case – II 437 Crude Steel Capacity (MTPA) 255 Crude Steel Production(MTPA) 437 Iron Ore Req. (MTPA) 437 Minimum Iron Ore Prod Req. (MTPA) 637 Minimum Iron Ore Capacity Req. (MTPA) ▪ Case I – Assumptions (As per Steelmint) Considering the steel capacity utilisation factor remains similar to FY23 & India achieves capacities as suggested by industry players. ▪ Case II – Assumptions Considering as per NSP-2017. ▪ India Would need an Iron Ore ROM EC Capacity of at least 525-637 MTPA. Investor Presentation | November 2026
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Iron Ore Supply Coming at Higher Premiums www.lloyds.in Year Avg. auction premium (% of IBM notified prices) 2016 86.14 2017 93.62 2018 98.98 2019 85.92 2020 115.15 2021 116.58 2022 114.62 2023 178.61 2024 108.95 2025 160.67 2026 126.00 Year Number of Mines due for Auction Estimated total production capacity (MTPA) 2026 6 5 2027 3 2 2029 2 17 2030 8 59 Average 21 MTPA of iron ore mine due for upcoming auctions Source: Ministry of Mines, only mining leases with iron ore as the primary mineral considered; extreme outliers (above 200% duty are removed. ▪ More than 80 MTPA of Iron ore mining capacity due for auction till CY 30 ▪ With the current auction premium, cost curves of the upcoming mines have a risk of sharp increase LMEL mines are valid till year 2057, making them one of the prominent miners beyond CY30 39Investor Presentation | November 2026
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Green Mining Implementing electric solutions across entire mining operations, from drilling to dispatch, for enhanced efficiency. Renewable Energy Over 100+ MW through solar & wind power Community First In FY 26, over $19.06 Million invested through CSR activities to uplift local communities across Gadchiroli, Konsari, Vadha and Shengaon. Contribution to the exchequer amounts to INR 52 billion Local employment Maximising local employment by upskilling and empowering locals and especially womenRebuild Centre Re-engineering and re-using old equipment ESG Performance We define growth not just by our business success but by the positive impact we create empowering communities, enriching lives, and shaping a sustainable future. 40www.lloyds.inInvestor Presentation | November 2026 CAREEDGE ESG RATING CareEdge-ESG 1 Score 76.7 • Assigned CARE ESG Ratings Limited | 13 Oct 2026
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CSR Initiatives Lloyds Infinite Foundation, the social development arm of Lloyds Metals leads the community development initiatives in the operating locations of Lloyds Metals. 41www.lloyds.inInvestor Presentation | November 2026
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www.lloyds.in 42 Fostering the Development of Sustainable Institutions for Long-Term Growth Empowering Communities Beyond CSR – Aligning Growth with Government Vision & Sustainable Mining Free Medical Service 24x7 Dispensary and Ambulance Service Industrial Security Academy Garment Unit Simulator training Women HEMM Drivers Hospital Educational Support Investor Presentation | November 2026
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▪ Educational institution set up near the mines to deliver high-quality education. LRVN School, Hedri ▪ Offered from Pre nursery till 12th Standard. ▪ Hostel facility for 600 students. www.lloyds.in 43 Sustainable Business Practices Investor Presentation | November 2026
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▪ Educational institution set up near Plants GD Goenka Lloyds Public School, Ghughus ▪ Offering CBSE course to more than 150+kids. www.lloyds.in 44 Sustainable Business Practices Investor Presentation | November 2026
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Sustainable Business Practices www.lloyds.in 45 Gadchiroli District Premier League 2025 (GDPL 2025) Lloyds Metals & Energy Ltd. (LMEL) proudly organised the Gadchiroli Premier League (GPL) 2025 under its CSR activities as part of its ongoing commitment to community development and youth empowerment. Held from January 19 to February 2, 2025, at the Jilla Stadium, Gadchiroli, the tournament brought together seven spirited teams. Inaugurated by former Indian cricket legend Ravi Shastri, the 2025 edition of GPL highlighted LMEL’s dedication to holistic rural development. By encouraging sportsmanship, nurturing young athletes, and creating avenues for positive recreation, LMEL continues to contribute meaningfully to the social and cultural upliftment of the Gadchiroli region. Investor Presentation | November 2026
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Sustainable Business Practices www.lloyds.in 46 Industrial Lloyds Cup at Chandrapur The Industrial Lloyds Cup was successfully organized in February 2025, bringing together leading industrial and government teams from the region for an exciting display of sportsmanship and teamwork. Run for Fun: A 5KM Celebration of Fitness & Unity! Surjagarh, 1st Dec, 2024: We proudly hosted a 5 KM Marathon that brought together employees, management, and local villagers in a vibrant celebration of health and community spirit. The event took place from 6:30 AM to 9:00 AM, following a scenic route that started at Hedri Hospital through the Grinding Unit, Bande Gate, Mallam Pahari More, and concluded at Mines Camp. Investor Presentation | November 2026
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Sustainable Business Practices www.lloyds.in 47 01. Key HR KPI’s ▪ Attrition rates are c.13% in FY26 from 24% in FY22 ▪ Average tenure of employees; 25% more than 5 years “Lower attrition despite business activity engaged in socially backward areas” 02. ESOPS for All ▪ ESOPS for all Employees across ALL RANKS ▪ ESOPS have been given across group companies as well “Setting New HR Benchmarks with ESOPs for All “ 03. Employee Welfare ▪ Marriage and Child Birth- 1 month gross salary ▪ Skill development centre at Ghughus & Konsari (Welder, Rigger, masonry, etc) ▪ Total Mandays of upskilling panned in next three years – 1mn+ ▪ One monthly menstrual leave day to support gender equity and well- being. Investor Presentation | November 2026
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www.lloyds.in 48 LMEL at Glance Integrated Operations Allocated Iron Ore Mine, thereby saving outflow on premium royalty Mine lease is valid till CY2057 Iron ore Reserves ▪ DSO-157mnt ▪ BHQ-706mnt Forward Integrating into 12mnt Pellet and 4.2mnt Steelmaking Strong Balance sheet & Return Ratios All the expansion plans are drawn with the most efficient capital allocation IPS (capital subsidy) Entitle to receive refund of State GST and Royalty on Captive ore consumed. Avg. RoCE – FY26 – 56% (ex CWIP) Avg. RoE– FY26 – 37% Swift execution accompanying Sustainability Swift execution of projects has been a strong foothold of LMEL. Slurry pipelines have dual advantage, lower freight cost and a lower carbon footprint Creating a positive impact on lives of Vidarbha Investor Presentation | November 2026
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www.lloyds.in 49 Strategically Located Facilities The Surjagarh Iron Ore Mine (SIOM) is strategically located in the centre of India, equidistant from most steel plants. At LLOYDS METALS, we redefine customer service with our game-changing promise of Door-To-Door Delivery Iron Ore Mine Ghugus Hedri Konsari District Map of Gadchiroli District Map of Chandrapur Investor Presentation | November 2026
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Financial Overview
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Consolidated Historical Income Statement www.lloyds.in 51 Particulars (INR Mn) FY24 FY25 FY26 H1-FY27 Revenue from Operations 65,217 67,211 1,71,127 1,28,226 Operating Expenses 47,934 47,653 1,09,725 82,270 EBIDTA 17,283 19,558 61,402 45,956 EBIDTA Margin (%) 26.50% 29.10% 35.88% 35.84% Other Income 529 537 1,937 1,864 Depreciation and amortisation expenses 490 808 6,072 4,705 Finance costs 57 272 5,104 5,327 Profit Before Share of Associates 17,265 19,015 52,163 37,788 Share of Associates - - 206 284 Profit After Share of Associates 17,265 19,015 52,369 37,504 Tax 4,836 4,462 14,083 9,595 PAT 12,429 14,553 38,286 27,909 PAT Margin (%) 19.06% 21.65% 22.37% 21.77% Diluted EPS 24.43 26.12 66.87 48.75 Investor Presentation | November 2026
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Consolidated Historical Balance sheet www.lloyds.in 52 Particulars (INR Mn) FY25 FY26 H1-FY27 Equity (a) Equity Share Capital 523 563 563 (b) Other Equity (including Non Controlling interest) 63,498 1,42,098 1,85,897 Non-Current Liabilities (a) Financial Liabilities:- (i) Borrowings 7,539 1,38,493 1,81,405 (ii) Lease Liability 359 2,593 2,212 (iii) Other Financial Liabilities - 244 406 (b) Provisions 350 1,203 2,493 (c) Other non-current liabilities - 8,310 21,341 (d) Deferred Tax liabilities 757 2,017 2,441 Current Liabilities (a) Financial Liabilities:- (i) Lease Liability 35 766 931 (ii) Borrowings 18 65,312 45,501 (iii) Trade Payables 363 26,642 27,627 (iv)Other Financial Liabilities - 4,751 5,307 (b) Provisions 217 691 795 (c) Current tax liabilities 7,165 1,417 1,799 (d) Other Current liabilities 13,344 21,401 36,857 TOTAL EQUITY AND LIABILITIES 94,170 4,16,499 5,15,575 Particulars (INR Mn) FY25 FY26 H1-FY27 Non-Current Assets (a) Property, Plant and Equipment 15,315 99,925 1,25,760 (b) Capital Work in Progress 41,811 1,39,461 1,81,743 (c) Right to use account 810 3,881 3,256 (d) Goodwill on Consolidation - 16,951 11,752 (e) Other intangible assets - 10,932 19,128 (f) Financial Assets:- (i) Investments - 5,606 10,752 (ii) Loans 323 474 8,609 (iii) Others - 87 132 (e) Non-Current Tax Assets 2 1,010 888 (f) Other Non-Current Assets 5,706 39,932 56,446 Current Assets (a) Inventories 4,318 26,596 21,937 (b) Financial assets:- (i) Investments 751 1,051 1,366 (ii) Trade Receivables 1,714 14,805 17,553 (iii) Cash and Cash Equivalents 400 21,219 12,475 (iv) Other Bank Balances 6,993 5,811 6,331 (v) Loans and Advances 2,508 8,896 3,512 (vi) Others - 1,110 3,338 (c) Current Tax assets - 542 679 (d) Other Current Assets 13,519 18,210 29,918 TOTAL ASSETS 94,170 4,16,499 5,15,575 Investor Presentation | November 2026
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28,108 64,601 1,42,66159.80% 26.60% 37.00% FY24 FY25 FY26 Consolidated Historical Financial Highlights 53 www.lloyds.in Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margins (%) PAT (INR Mn) Net D/E (x) Avg. ROCE (Excl CWIP) (%) Networth (INR Mn) & Avg. RoE (%) 65,247 67,211 1,71,127 FY24 FY25 FY26 17,266 19,558 61,402 26.53% 29.10% 35.88% 0 10000 20000 30000 40000 50000 60000 70000 FY24 FY25 FY26 12,429 14,553 38,286 FY24 FY25 FY26 -0.10 0.00 1.20 FY24 FY25 FY26 106% 63% 56% FY24 FY25 FY26 Investor Presentation | November 2026
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Price Data (As on 30th September, 2026) INR Face Value 1 Current Market Price 1,878.90 52 Week H/L 2,127/ 1,043 Market Cap (INR Mn) 10,57,912.62 Equity Shares Outstanding (Mn) 563.05 1 Year Avg. Trading Volume ('000) 597.20 1 YEAR SHARE PRICE MOVEMENT (Up to 30th September, 2026) Capital Market Information www.lloyds.in v -20% 0% 20% 40% 60% 80% Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Lloyds Metals Nifty 50 Nifty Metal v Shareholding Pattern (As on 30th September, 2026) Promoter, 61.6% FII's, 1.9% DII's, 2.1% Public, 34.4% v Shareholders Returns 2% 4% NSE Metals LMEL Quarterly 27% 54% NSE Metals LMEL Yearly 87% 245% NSE Metals LMEL 3 Year 54Investor Presentation | November 2026
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Disclaimer 55 www.lloyds.in Lloyd’s Metals & Energy Limited (LMEL) Disclaimer: No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Lloyds Metals & Energy Limited(“Company” or “Lloyds”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward- looking statements, including future changes or developments in theCompany’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. Valorem Advisors Mr. Anuj Sonpal, CEO Tel: +91-22-49039500 Email: lloyds@valoremadvisors.com Investor Kit Link: https://www.valoremadvisors.com/lloyds Investor Relations Lloyds Metals and Energy Ltd Tel: +91-22-62918164 Email: lloyds_ir@lloyds.in Investor Presentation | November 2026