AMG VANADIUM LLC

June 2019

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REYCLING SPENT

RESIDUE UPGR ADING

CATALYSTENABLING A GREENER FUTURE

THOMAS CENTA

Recycling Metals Conference 2019Indianapolis, IN

CAUT IO NARY NO T E

THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY

NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS

RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.

This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solic itation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should

it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract o r commitment whatsoever.

This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any accompanying materials are for information only and are

not a prospectus, offering circular or admission document. This presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of

the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to

subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information contained in this

presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the

opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its

affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever a rising from any use of this presentation or its contents or otherwise arising in connection with

the presentation.

Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans and objectives of management for future

operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of

the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the

achievement of the anticipated levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the ti mely development and acceptance of new products, the impact of competitive pricing, the ability

to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events

described herein.

Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this

presentation.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

This document has not been approved by any competent regulatory or supervisory authority.

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GLOBAL TRENDS

CO2 emission reduction, population growth,

increasing affluence,

and energy efficiency

DEMAND

Innovative new products that are lighter, stronger,

and resistant to higher

temperatures

SUPPLY

AMG sources, processes, and supplies the critical

materials that the market

demands

AMG IS A CRITICAL

MATERIALS COMPANY

AMG: MITIGATING TECHNOLOGIES

Products and processes saving raw

materials, energy and CO2 emissions

during manufacturing

(e.g., recycling of Ferrovanadium)

AMG: ENABLING TECHNOLOGIES

Products and processes saving

CO2 emissions during use

(e.g., light-weighting and fuel efficiency in

the aerospace and automotive industries)

LEADER IN ADVANCED TECHNOLOGIES

TO ADDRESS CO2 REDUCTION

A GLOBAL IMPERATIVE FOR THE 21ST CENTURY

CO2 REDUCTION

AMG AT A G LANCE

AMG IS A GLOBAL

SUPPLIER OF

CRITICAL

MATERIALS TO:

FY 2018 REVENUE

TRANSPORTATIONENERGY INFRASTRUCTURE SPECIALTY METALSAND CHEMICALS

BY END MARKET: BY REGION:BY SEGMENT:

42% Europe

37% North America

16% Asia

5% ROW

33% Technologies

67% Critical Materials

30% Infrastructure

21% Specialty Metals & Chemicals

40% Transportation

9% Energy

Market leading producer of highly

engineered specialty metals and

vacuum furnace systems

~3,300Employees

~$1 billionAnnual Revenues

At the forefront of

CO2 Reduction

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AMG BUSINESS SEG MENT S

AMG

TECHNOLOGIES

AMG

CRITICAL MATERIALS

AMG’s conversion, mining,

and recycling businesses

AMG’s titanium alloys, vacuum

systems and services business

• Vanadium

• Spent Catalyst Recycling

• Superalloys (Chrome)

• Aluminum Master Alloys

• Brazil (Tantalum & Lithium)

• Antimony

• Graphite

• Silicon Metal

• Titanium Alloys & Coatings

• Furnaces

• Heat treatment services

36% Infrastructure 22% Specialty Metals

& Chemicals

32%

Transportation

10% Energy

4% Infrastructure

15% Specialty Metals

& Chemicals

70%

Transportation

11% Energy

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CRIT ICAL RAW MAT ERIALS: AMG PRESENCE

• The EU identified 27 critical raw

materials* to the European economy in 2017, focusing on two determinants: economic importance and supply risk

• The US identified 35 critical materials* which are vital to national security and

the economy, primarily through assessing supply risk

• AMG has a unique critical materials

portfolio comprising:

o 7 EU critical raw materials

o 10 US critical raw materials

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Heavy REE

Light REE

Magnesium***

Germanium

Gallium

Beryllium

PGMs

PhosphateRock

Borate

TungstenVanadium

Aluminum

Tin Molybdenum

Nickel

Antimony

Silicon Metal

Natural

Graphite

Niobium

SU

PP

LY

RIS

K

ECONOMIC IMPORTANCE

Chromium MetalTantalum

Melted or treated by

AMG v acuum sy stems

Produced by

AMG

Critical raw materials

identif ied by the US

and produced by AMG

EU Critical Raw

Materials

Titanium

Lithium

* 2017 list of Critical Raw Materials for the EU, September 2017; US draft list of Critical Materials per February 16, 2018 announcement by U.S. Department of the Interior.** Chromium Metal (a subcategory of chrome ore) is not identified by the EU report. *** AMG possesses technology license patent for production of Magnesium products

Coking Coal

Baryte

Helium

Bismuth

Natural Rubber

CobaltFluorspar

Hafnium

Scandium

Indium

Phosphorus

Cambridge Ohio USA

VISION

AMG Vanadium is committed to being the leading hazardous waste processor in the world converting this waste into valuable products

MISSION

To acquire Vanadium (V), Nickel (Ni) and Molybdenum (Mo) bearing waste materials and convert them, in an environmentally beneficial manner, into valuable goods for the benefit of our stakeholders

Spent CatalystFerrovanadium

Ferronickel-molybdenumHSLA Steel

Stainless Steel

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AMG VANADIUM’S V IS IO N AND MISSIO N

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INDUST RY- LEADING ENVIRO NMENTAL SO LUT IO N

AMG’s process is the

gold standard in spent

catalyst recycling

▪ Recycled Raw Materials

▪ Utilize vanadium-bearing secondary materials and hazardous wastes

▪ 100% secondary aluminum

▪ Industry-Leading Process

▪ No waste water

▪ Lowest overall emissions (solid waste, air emissions, waste water) in

the industry

▪ Highest industry conversion: 99% of solids produced are saleable

material, only 1% are landfilled

▪ FeV is an Energy Efficient Microalloy

▪ Vanadium alloy steels reduce steel requirements by 20-40% thereby

drastically reducing CO2 emissions in construction and infrastructure

projects worldwide

▪ Refineries view AMG as the premier spent catalyst recycling

facility in the world

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VANADIUM

• Vanadium is a chemical element with symbol V and atomic number 23

• Vanadium occurs naturally in about 65 minerals and in fossil fuel

• It is produced in China and Russia from steel smelter slag, in South Africa and Brazil from magnetite directly, and other countries from the recycling of spent catalyst and ashes resulting from the refining, gasification or burning of heavy oil

• Vanadium was discovered in 1801

• The first large-scale industrial use of vanadium was in the steel alloy chassis of the Ford Model T

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• Atomic Weight 50.9415

• Atomic Number 23• Category Transition Metal

• Electrons per Shell 2, 8, 11, 2

• Oxidation States 5, 4, 3, 2, 1, -1, -3• Melting Point 2183 K (1910ºC)

• Boiling Point 3680 K (3407ºC)

Confidential

Ferrovanadium Production Processes

Red = Current AMG V Processing Route

F ERRO VANADIUM PRO DUCT IO N PRO CESSES

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Confidential

Secondary17%

Primary 16%

Co-Product

67%

Primary Route

Co-Product Route (Steel Producers)

Secondary Route

W HAT IS SPENT CATALYST ?

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Fresh Catalyst Composition

Aluminum

OxideVanadium Nickel Molybdenum Sulfur Carbon

80-90% 0-0.3% 1-10% 1-10% 0% 0%

Spent Catalyst Composition

Aluminum

OxideVanadium Nickel Molybdenum Sulfur Carbon

30-40% 8-15% 3-5% 1.5-3% 5-12% 20-30%

• Catalyst removes metals and sulfur from crude oil during refining

process

• AMG Vanadium then recovers these metals from the spent catalyst

• Metals include Vanadium (V), Nickel (Ni), Molybdenum (Mo) and

Aluminum Oxide (Al2O3)

• Nickel and molybdenum are contained in the fresh catalyst; all

vanadium and part of nickel come from the oil

Source: AMG-Vanadium Management

Distillation of

Crude Oil

Residual

Upgrading

Confidential

Ferrovanadium (Ferovan®)

AMG VanadiumCambridge, Ohio

Ferronickel-molybdenum

(FeNiMoly®)

Calcium Aluminate

Slag (Revan™)

Boiler Slag/Fly AshOil Burning

Power Plants

Oil Refineries

Primary

Furnace(melting and pre-

reduction)

Slag Transfer

Oil Gasification

Plants

Calcium Sulfate (Lime

Add™)

Hazardous Valuable Product

Secondary

Furnace(reduction)

Roaster

&

FGD

PRO PRIETARY PYRO METALLURG ICAL PRO CESS

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PRODUCTS > VALUE PROPOSITION > APPLICATIONS >

Ferovan®

(Ferrovanadium)

• High strength low alloy (HSLA) steel used for construction,

shipbuilding, pipeline, bridges, energy, automotive, etc.

• Rail steels, tool and die steels

• Rebar

FeNiMoly®

(Ferronickel-

molybdenum)Alloy addition for stainless steel and NiMo low-alloy steels

Revan™

(Calcium Aluminate)Slag-conditioner for the steel industry

LimeAdd™

(Calcium Sulfate)Solidification and stabilization

Future Product

High Purity V2O5

(Vanadium Pentoxide)

Vanadium redox flow batteries (VRFBs) require vanadium electrolyte to

store energy and enable sustained use of

renewable power sources

AMG VANADIUM’S PRO DUCT S

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CAMBRIDG E O PERAT IO NS - F ULL METALS RECLAMAT IO N

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Confidential

Rebar Installation

Exterior View

Multi-layer subfloor

liner system cutaway

KEY FEATURES

• 78,000 square feet• Segregated inventory bins • Multi-layer subfloor liner system to

capture free-flowing liquids

Spent Catalyst

Storage

RAW MAT ERIAL ST O RAG E BUILD ING ( O I L C O NTA I N M E N T )

Felt Liner Protection

Upper Liner

Drainage Net

Lower Liner

Concrete Slab – 8”

Gravel – 8”

Concrete Base – 36”

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SPENT CATALYST MUST BE PRO PERLY MANAG ED

• The Goal: safe, environmentally sound recycling of spent catalyst

• Spent catalyst has unique properties that must be taken into account by the generator to ensure management – recycling –reclamation is performed in a way that is protective of the environment.

• K171/172 Listed Hazardous Waste in the U.S.

• High sulfide content

• Self-heating

• Pyrophoric

• Reactive

• High polynuclear aromatic hydrocarbon (PAH)

• High oil content

• High metals content

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Confidential

SPENT CATALYST LEACHABIL IT Y

Roasted vs As Received Spent Catalyst (start)

Analyte

(mg/L)

Water Analysis

Roasted

Catalyst

Raw

Catalyst

Tap

Water

Sulfur 814 44 32.1

Nickel 600 0 <0.01

Molybdenum 475 0 <0.01

Sodium 268 121 123

Calcium 260 51 29.4

Vanadium 69 1 <0.01

Aluminum 29 0 0.046

Magnesium 15 14 10.6

Roasted vs As Received Spent Catalyst (72 hours)

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O PT IO NS AVAILABLE T O REF INERIES IN NO RT H AMERICA T O DAY

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B E S T I N C L A S S S PE NT C ATA LY S T TR E ATM E NT

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AMG V – Roasting + FMR Thermal Desorption Hydrocarbon Stripping

Raw Material StorageTotally enclosed building and conveyors

built to RCRA standardsOutside in totes or roll-off boxes Outside in steel tank or railcar

Oil ContainmentDual liner system under entire floor for

oil containmentNo identified secondary containment.

Tray under outdoor silo. Poor

secondary containment.

Elimination of Pyrophoric StatusConversion of metal sulphides to oxides

eliminates pyrophoric nature

Sulphur is not removed in this process.

Significant pyrophoric risk exists.

Sulphur is not removed in this process.

Significant pyrophoric risk exists.

SO2 ControlFlue Gas Desulphurization unit with

over 96% control

Desulphurization occurs in future

processing with unknown controls.

Some SO2 generation likely occurs due

to uncontrolled self heating.

Desulphurization occurs in future

processing with unknown controls.

Some SO2 generation likely occurs due

to uncontrolled self heating.

Control of Leachability Roasted catalyst is stored indoors prior

to conversion to ferroalloys

Desorbed catalyst is stored in

supersacks. Fire risk exists.

Stripped catalyst is stored in

supersacks. Fire risk exists.

Metals Reclamation Full recovery of vanadium, nickel, and

molybdenum. Alumina recovery as well

None. Material must still be roasted

(convert sulphides to oxides) before

metals reclamation.

None. Material must still be roasted

(convert sulphides to oxides) before

metals reclamation.

Final Product DestinationMetals sold to steel mills as alloys.

Alumina sold as slag refiner.

Desorbed catalyst shipped to reclaimers

in Asia for desulphurization and metals

reclamation

Desorbed catalyst shipped to

reclaimers in Asia for desulphurization

and metals reclamation

SUSTAINABIL IT Y

In 1987, the UN Brundtland Commission

defined sustainable development as "meeting the

needs of the present without compromising the

ability of future generations to meet their own

needs." (Report of the World Commission on

Environment and Development.)

In 1987, sustainability might have been seen as a

nice thing to do

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In 2019, sustainability is seen as a must-do

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CLIMAT E CHANG E

Two numbers to remember:

3 – the middle class is expected to grow by 3.3 billion people (from 2 billion to over 5 billion) by 2030

2 – The predicted average global temperature increase by 2030 is two degrees Celsius (2°C)

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* https://www.brookings.edu/wp-content/uploads/2017/02/global_20170228_global-middle-class.pdf

** https://www.popsci.com/what-happens-if-earth-gets-2-degrees-warmer#page-2

The need to act is urgent!

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SPENT CATALYST REG ULAT O RY ENVIRO NMENT

US EPA regulations promulgated under the Resource Conservation Act (RCRA) on August 6, 1998 (63 FR 42110) listed as hazardous wastes:

• spent hydrotreating catalysts (K171); and

• spent hydrorefining catalysts (K172)

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Confidential

CARBO N F O O T PRINT O F F ERRO VANADIUM

0

10

20

30

40

50

60

70

Primary Mining AMG

Kg C

O2

/ k

g F

eV

Estimated CO2 Emission by Process

AMG Process12.6 kg CO2 eq

per kg FeV

Primary Mining63.4 kg CO2 eq

per kg FeV

Source: Environmental Resource Management (ERM) AMG Ferovan® Carbon Footprint Interim Report dated October 1, 2018

Base TechnologyPrimary Production

(mining)

AMG Vanadium’s

Enhanced TechnologySecondary Production

Primary Ore

Crushing

Mi l l ing

Magnetic Separation Spent Catalyst

Roasting Roasting

Leaching

Des ilication

Precipitation

Barren Solution Handling

Ammonium vanadate processing to V2O5

Ferrovanadium Production Ferrovanadium Production

Ferrovanadium Ferrovanadium

FeV represents AMG’s average ferrovanadium chemistry of 57.8%

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PYROMETALLURGICAL RECYCLINGFerrovanadium is produced from oil refinery wastes with no mining or raw material beneficiation

required

Base Technology

Primary Mining and Processing

Kgs CO2/kg FeV 63.4 kg

Enhanced Technology

Spent Refinery Catalyst Recycling

Kgs CO2/kg FeV 12.6 kg

AMG production mitigates about 239,000 MT of CO2 emissions per year

Mitigating

Source: Environmental Resource Management (ERM) AMG Ferovan® Carbon Footprint Interim Report dated October 1, 2018

FeV represents AMG’s average ferrovanadium chemistry of 57.8%

MIT IG AT ING CO 2 REDUCT IO N – MIN ING VS. RECYCLING

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ENABLING CO 2 REDUCT IO N – F ERRO VANADIUM IN HSLA ST EEL

Ferrovanadium can be added to structural steel to reduce the quantity of steel required to perform the same function.

• A steel alloy containing vanadium results in a 20 - 40% reduction in mass.

• CO2 is reduced through the value chain with lighter weight steel, enabling more efficient transportation and fabrication.

Carbon Steel

Kgs CO2/kg steel 2.00 kg

HSLA Steel

Kgs Co2/kg steel 1.50 kg

Conventional Material Enhanced Technology

Enables 25.9% reduction in steel, yielding significant CO2

emissions savings

HSLA Steel using AMG vanadium enables the saving of more than 3.1 million

metric tons of CO2 per year

Source: Environmental Resource Management (ERM) AMG Ferovan Carbon Footprint Interim Report dated October 1, 2018

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AMG: MITIGATING TECHNOLOGIES

Products and processes saving raw

materials, energy and CO2 emissions

during manufacturing

(e.g., recycling of Ferrovanadium)

AMG: ENABLING TECHNOLOGIES

Products and processes saving

CO2 emissions during use

(e.g., light-weighting and fuel efficiency in

the aerospace and automotive industries)

A GLOBAL IMPERATIVE FOR THE 21ST CENTURY

CO2 REDUCTION

LEADER IN ADVANCED TECHNOLOGIES

TO ADDRESS CO2 REDUCTION

AMG has developed into a leader in enabling technologies

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Confidential

T HE END

Thomas Centa Executive Vice President

AMG Vanadium LLC

60790 Southgate Road

Cambridge, OH 43725 USA

Tel +1 740 435 4656 | Cell 740 630 4492

tcenta@amg-v.com

www.amg-v.com

THANK

YOUfor your time and

attention

to Heritage for

hosting and inviting

us

Confidential

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