Neo Performance Materials Inc.

Good morning and welcome to the NEO Performance Materials Third Quarter 2025 Earnings Conference Call. For opening remarks and introduction, let me turn it over to Karin Murray, General Counselor for NEO.

Please go ahead. Thank you, Operator, and good day, everyone. Today's call is being recorded and replay will be available starting tomorrow in the Investor Center on our website at neomaterials.com. Our call will be accompanied by a live webcast presentation. If you are joining us online, the slides will advance automatically as we progress through the discussion. You can also download a copy of the presentation from our website. On today's call are Rahim Suleiman, NEO's President and Chief Executive Officer, and Jonathan Baksh, NEO's Chief Financial Officer. Please note that some of the information you will hear during today's presentation and discussion will consist of forward-looking statements, including, without limitation, those regarding revenue, EBITDA, adjusted EBITDA, product volumes, product pricing, income and expense measures, cash returns, operational changes, and future business outlook, including potential expansion plans and agreements. Actual results or trends could differ materially from those discussed today. For more information, please refer to the risk factors discussed in NEO's most recent financial filings, which are available on CDAR Plus and on our website. NEO assumes no obligation to update any forward-looking statements or information which speak as of their respective dates. Financial amounts presented today will be in U.S. dollars. Non-IFRS financial measures will be used during this conference call, and information regarding reconciliation to the IFRS measures is set out in the financial statements and MTMA. I will now turn the call over to Rahim.

Good morning, everyone, and thank you for joining us today. Let's move to slide four. The third quarter was another strong period for NEO, marked by continuing to execute our growth strategy in global rare earth magnetics, momentum across the business and at markets, and solid financial results. We are advancing our strategic growth plans as an integrated rare earth magnetics and critical materials company. Our product platforms and technologies continue to benefit from megatrends in electrification, robotics, AI, and clean energy. In the industry, it's accelerating its need for critical materials from both robust and localized supply chains. It's important to note that for NEO, we are well prepared to grow into this generational opportunity in rare earth magnetics. NEO, of course, has been in the rare earth magnetic space for 30 years and already has an integrated supply chain with rare separation in Europe for decades. Thanks to our operational history, we are extremely well positioned to capture more opportunities with the focus in critical materials to serve our longstanding customers as they need to be served. Moving to slide five, our new European permanent magnet facility held its grand opening in September, a major milestone for NIO and indeed all of the critical materials space in Europe. The event drew senior government officials from the European Commission and customers from major automotive and technology OEMs from across Europe and North America. Our successful grand opening of this European Magnet Plant is a tangible demonstration of how industrial policy, customer commitment, and private investment can converge to create a resilient and regionalized supply chain. Our partnerships with government and industry stakeholders in Europe underscore the strategic value of this project. It's not just a plant. It's the cornerstone of a European magnet ecosystem designed to support the transition to electrification, clean energy, and digital technologies. The early feedback from customers has been exceptional, with OEMs recognizing that NEO's European presence provides the reliability, transparency, and ESG assurances all increasingly required in critical material supply chains. This facility is designed as a scalable platform. Phase 1A establishes 2,000 metric tons of annual capacity, supporting both pilot production and initial customer programs for traction motors and eDrive systems. The next step, Phase 1B, is already being planned and will expand the site to approximately 5,000 tons. Given overwhelming customer demand, Neil will also expand his product offerings and magnetic solutions toward additional applications, including accessory drive systems, wind turbines, robotics, drones, and automation. This endeavor, will be one of the largest integrated magnet facilities in the Western Hemisphere. Importantly, this growth can be achieved within the existing site footprint, providing an efficient pathway to scale as customer commitments, responsible launch timelines, and policy incentives align. At the grand opening, NIO also showcased our European rare earth separation business, highlighting the integrated nature of NIO's existing business. We are in the process of installing a heavy rare earth separation line in Europe as well, building on the vast infrastructure, skills, technology, and operational history that we already have. We expect to start separating heavy rare earths at small scale later in 2026. Moving to slide six. Equally important this quarter was the signing of our expanded strategic partnership with Bosch, one of the world's most respected automotive technology leaders. This memorandum of understanding extends a long standing relationship and formalizes collaboration on the supply of advanced rare earth magnetics for Bosch's next generation e-motor platforms and other applications. The agreement provides a multi-year framework for magnet supply from our new European facility and underscores Bosch's confidence in NIO's technical capabilities, execution record, and alignment with their commitment to resilient and localized supply chains. This MOU represents a pivotal commercial milestone and a clear validation of our strategy of investing in Europe. It directly connects NIO's new magnet capacity with another leading tier one supplier. The multi-year nature of this agreement shows Bosch's desire to secure long-term capacity while reflecting one of the key mantras at NIO. It is about working together and managing responsible launch curves. In addition to Bosch and our first awarded customer, Schaeffler, NIO continues to advance qualification programs and contract discussions with additional automotive, industrial, and renewable energy customers. These engagements are translating into providing long-term demand visibility and supporting our path to scale. I think what should be of particular interest to our shareholders and partners is the nature of NIO's awards and NIO's customers. These are firm awards for real, multi-year programs with difficult technical specifications and for which we have already delivered samples. These programs are with some of the most advanced and largest motor manufacturers in the world. After all, to a magnet maker, the motor manufacturer, which is sometimes an OEM and sometimes a tier one, is the customer. And NEO and MagnetQuench have served motor manufacturers for decades. These are our customers. They know us well, and we will continue to grow with them. Shifting gears to slide seven, we are making meaningful progress in simplifying our portfolio and focusing our capital allocation on the highest value segments. In 2025, we have continued to deliver steady EBITDA expansion driven by operational efficiencies, improved product mix, and a disciplined approach to cost management. In our two largest manufacturing facilities, including the environmental catalyst facility we opened in 2024, we are seeing significant conversion cost savings with the introduction of new automation and advanced data analytic techniques applied to our established manufacturing processes. We have also made advances in sustainability. NEO's rare metal business continues to expand its recovery and recycling capabilities, including gallium and hafnium, supporting both environmental and economic goals. These capabilities not only reduce waste, but also strengthen our supply chain security. From a liquidity standpoint, our balance sheet gives us the flexibility to advance Phase 1B of the European Magnet Expansion, invest in next-generation processing technologies and pursue additional opportunities that enhance our downstream value-add capabilities. And as this slide 8 illustrates, NEO continues to be a pure-play beneficiary of the global shifts reshaping supply chains for critical materials. This is the convergence of three powerful forces, the macro demand for electrification, robotics, AI, and clean energy technologies, public policy tailwinds and customers driving regionalization, and our own unique asset base, technical experience, and years of operational excellence. NIO is positioned at the center of these three key success factors. Our differentiated platform enables us to meet customers' needs across geographies and technologies, from magnetics to catalysts to rare metal recycling. These markets are supported by enduring macro trends rather than short-term cycles, which gives us the confidence in the durability of our growth plans. Our teams have done a remarkable job executing on complex projects across multiple geographies, maintaining safety, cost discipline, and a long-term focus on profitability. I would like to thank them for their hard work and dedication. And with that, I will now turn the call over to Jonathan for the financial review.