AMG Critical Materials N.V.

Good day, everyone, and welcome to today's AMG Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask questions during the question-and-answer period. You may register to ask a question at any time by pressing star 1 on your touchtone phone. Please note this call is being recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn today's call over to Michelle Fisher. Please go ahead.

Welcome to AMG's first quarter 2023 earnings call. Joining me on this call are Dr. Hein Schimmelbusch, the Chairman of the Management Board and Chief Executive Officer, Mr. Jackson Dunkel, the Chief Financial Officer, and Mr. Eric Jackson, the Chief Operating Officer. AMG's first quarter 2023 earnings press release issued yesterday is on AMG's website. Today's call will begin with a review of the first quarter 2023 business highlights by Dr. Schimmelbusch, Mr. Dunkel will comment on AMG's financial results, and Mr. Jackson will discuss operations. At the completion of Mr. Jackson's remarks, Dr. Schimelbusch will comment on strategy and outlook. We will then open the call to take your questions. Before I pass the call to Dr. Schimelbusch, I would like to expressly refer you to our statement on forward-looking statements and the meaning thereof, as which have used all previous occasions and will and we use at this earnings call, and which explanatory statement has been published as part of our financial presentation and at our website, all in connection with this earnings call. I will now pass the floor to Dr. Schimmelbusch, AMG's Chairman of the Management Board and Chief Executive Officer.

Thank you, Michelle. As announced and subject to approval of our shareholders at our Annual General Meeting later today, AMG will change its name from AMG Advanced Metallurgical Group, NV, to AMG Critical Materials, NV. We achieved record earnings and record operating cash flow in the first quarter of 2023. Revenue increased by 12% to $451 million versus the first quarter of 2022. EBTA increased 116% to 118 million compared to 55 million in the first quarter of 22. This is the third straight quarter in which AMG has exceeded 100 million of EBTA. The 63 million EBTA increase over the first quarter of 22 was driven largely by the clean energy material segment, specifically AMG Lithium, and its Brazil operation with an EBTA contribution of 92 million. Our expansion projects remain on track. The Lithium Concentrate expansion project in AMG Brazil is processing as planned. and our hydroxide refinery in Bitterfeld, Germany is under construction with commissioning for the first 20,000 ton module expected in the fourth quarter of 2023. With regards to resource development, AMG purchased a 25% shareholding in Sindwald Lithium PLC and is supporting the Sinwald Board to accelerate the development of this project. As a partner with Sinwald, together we will pursue a definitive feasibility study for the project in East Germany. Establishing a raw material base in Germany close to our Bitterfeld operations has obvious logistical and strategic benefits to AMG. Regarding solid-state battery activities, AMG Lithium GmbH has engaged in a joint production project with Fraunhofer, Münster University, Wacker, and Schunk to develop next-generation solid-state batteries based on lithium-sulfur technology. AMG Lithium will provide lithium sulfide and solid electrolytes for this project. The new spent catalyst recycling facility in Saintsville, Ohio, continues to progress with the roaster operating at full design capacity and the melt shop targeting full production capacity later in the second quarter this year. That might be earlier. AMG has completed the expansion of its vanadium oxide, referred to as V205, production in Nuremberg which is capable of using gasification ash and spent catalysts as feedstock. V205 is increasingly destined for the lever battery market. Shell AMG Recycling PV continues to advance its projects in the Middle East, including the first phase of the so-called Supercenter project based on long-term supply agreements with Aramco. Front-end engineering design for the first phase of the project, the conversion of gasification ash into V205, began in late 22 and will be completed in the fourth quarter of 23. I will now pass the floor to Jackson Dunkel, AMG's Chief Financial Officer. Jackson.