Amsterdam, 8 November 2023 (Regulated Information) --- AMG Critical Materials N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported third quarter 2023 revenue of $369 million, a 13% decrease versus the third quarter of 2022. Third quarter 2023 EBITDA of $54 million decreased 48% compared to the third quarter of 2022.
Cash from operating activities was $178 million on a year-to-date basis, compared to $111 million for the first nine months of 2022.

 In 000's                                                    YTD        YTD
 US dollars        Q3 '23        Q3 '22        Change   Sept '23   Sept '22      Change

---------------------------------------------------------------------------------------
Revenue $368,717 $424,813 (13%) $1,258,626 $1,252,770 -%
EBITDA
((1)) 53,785 102,603 (48%) 279,349 238,489 17%
Cash from
operating
activities 24,926 74,747 (67%) 178,296 110,598 61%
Return on
Capital
Employed 28.4% 29.5%
(Note:)
((1) EBITDA is defined as EBIT adjusted for depreciation and amortization.)
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "The 48% decrease in EBITDA compared to the third quarter of 2022 was driven in large
part by the global decline in metal prices within our portfolio, predominantly the lithium price decline. The average quarterly prices of lithium carbonate and
ferrovanadium have decreased over 50% and 29%, respectively, versus the average pricing in the third quarter of 2022. On a year-to-date basis, however, EBITDA has increased 17% compared to the first nine months of 2022.
We ended the third quarter in a $320 million net debt position, and continued to
maintain a strong balance sheet and adequate sources of liquidity during the quarter. As of September 30, 2023, the Company had $347 million in unrestricted cash and cash equivalents and $195 million available on its revolving credit facility. As such, AMG had $542 million of total liquidity as of September 30, 2023. In today's rising rate environment, AMG continues to benefit from its low-cost fixed-rate debt facilities, and has an average interest rate charge across its two main debt instruments of 5%.
AMG Engineering signed $81 million in new orders during the third quarter of 2023, 51% higher year-to-date in 2023 than in the same period in 2022, driven by
strong orders of remelting and heat treatment furnaces, representing a 1.02x
book to bill ratio. AMG's order backlog was $341 million as of September 30, 2023, the highest in AMG's history for the second straight quarter. This is largely driven by the aerospace market, which is experiencing strong growth. Our
third quarter 2023 order intake remains at a very high level, reaching $323 million year-to-date."
Strategic Highlights
The Supervisory Board has authorized the implementation of a new corporate structure, which will be operational January 1, 2024. The present segmental reporting structure will be replaced by three corporate entities: AMG Lithium BV, AMG Vanadium BV, and AMG Technologies (AG/GmbH). Each entity will have its own leadership team and operating management.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "The three new 100% owned subsidiaries AMG Lithium, AMG Vanadium, and AMG Technologies, have very specific trends and business models, and require very different management skill sets. They will each be managed by newly installed Management Boards, which will exercise their control through respective Supervisory Boards that will reflect corporate governance principles that currently apply to AMG Critical Materials NV.
This updated structure will enable AMG to realize strategic, operational, and risk management synergies that will improve decision making, as well as strengthen the resiliency of the organization. This new structure will decrease the potential for overreliance on individual executives, improve succession planning, and improve collaboration throughout the organization. Additionally, the new structure will create strategic flexibility for various forms of equity diversification."
Lithium

  * In Brazil, the lithium concentrate plant shutdown to facilitate the
    expansion from 90,000 tons to 130,000 tons will take place in the first
    quarter of 2024 due to delivery delays of electronic components for
    processing automation. This will negatively impact second quarter sales
    volumes. We expect to produce at full run rate capacity, which is 130,000
    tons per year, starting in the third quarter of 2024.
  * AMG Brazil's project with Grupo Lagoa will begin basic engineering in
    December 2023. From present data, we conclude that the plant will confirm
    the main assumptions for the construction of a 150,000-ton lithium
    concentrate plant at the site.
  * AMG's lithium hydroxide refinery's first 20,000-ton module in Bitterfeld,
    Germany, is in the initial phases of commissioning and the ramp-up and the
    qualification process is planned for the second and third quarters of 2024.
    We expect to produce approximately 7,000 tons of qualified battery-grade
    lithium hydroxide in 2024 which is not included in our EBITDA guidance for
    2024. We expect to produce and sell a full 20,000 tons in 2025.

Vanadium

  * The spent catalyst roasting facility in Zanesville, Ohio operated at full
    capacity for the third quarter and outperformed our roasting facility in
    Cambridge, Ohio. The Zanesville melt shop has operated at full capacity
    utilization and the Vanadium team is focused on increasing operational
    availability, optimizing cycle time and increasing yield.

* AMG's innovative lithium vanadium battery ("LIVA") projects are integral for

    industrial power management applications and accelerate the industrial
    energy transition. The batteries are currently under various stages of
    bidding and development. One is operational, three are under construction,
    and 13 are in bidding and development stages, with a total megawatt hour
    (MWh) capacity of 379 MWh.
  * The vanadium electrolyte plant at AMG Titanium in Nuremberg, Germany is
    under construction. The target capacity is 6,000 m³ vanadium electrolyte,
    the equivalent of approximately 100 MWh, which will serve the electricity
    storage market, including a vertical integration into LIVA batteries.
    Production is expected to start in the first quarter of 2024.
  * Applying a newly developed process technology, AMG Titanium in Nuremberg,
    Germany has started to process spent roasted catalyst to V(2)O(5).
  * Shell & AMG Recycling's ("SARBV") project development of a closed loop
    circular recycling facility in the Middle East is progressing. Phase I of
    the "Supercenter" project, a hydrometallurgical facility to process
    vanadium-containing gasification ash, is under a long-term contract with
    Aramco. The gasification ash will be processed into vanadium oxide and then
    to vanadium electrolytes for use in batteries in the Kingdom of Saudi

Arabia. Phase I is expected to reach FEL3 status by the end of the year. The "Supercenter" concept also includes spent catalyst recycling projects, fresh

    catalyst production, and the manufacturing of vanadium batteries. The Phase
    I facility will also produce 6,000 m³ of electrolyte, which will support
    100 MWh of vanadium redox flow battery capacity annually. In addition, a
    LIVA Hybrid Energy Storage System and a Fresh Catalyst R&D facility will be
    part of Phase 1.

Financial Highlights
* Cash from operating activities was $25 million in the third quarter of
2023, and $178 million on a year-to-date basis, compared to $111 million for the first nine months of 2022.
* AMG's liquidity as of September 30, 2023 was $542 million, with $347 million of unrestricted cash and $195 million of revolving credit availability.
* Annualized return on capital employed was 28.4% for the first nine months of

    2023, compared to 29.5% for the same period in 2022.
  * AMG Engineering's order backlog of $341 million as of September 30, 2023,
    the highest in AMG's history, was driven primarily by the aerospace
    industry.

Key Figures
In 000's US
dollars

                                                                  YTD           YTD
                     Q3 '23        Q3 '22        Change      Sept '23      Sept '22        Change
 Revenue           $368,717      $424,813         (13%)    $1,258,626    $1,252,770            -%

-------------------------------------------------------------------------------------------------

 Gross profit        66,803       112,071         (40%)       334,179       289,505           15%
 Gross margin         18.1%         26.4%                       26.6%         23.1%

-------------------------------------------------------------------------------------------------
Operating
profit 24,059 121,680 (80%) 202,249 224,740 (10%)
Operating
margin 6.5% 28.6% 16.1% 17.9%
Net income
attributable
to
shareholders 163 68,146 N/A 99,147 126,892 (22%)
-------------------------------------------------------------------------------------------------
EPS - Fully

 diluted               0.00          2.09           N/A          3.04          3.91         (22%)
 EBIT ((1))          40,225        91,536         (56%)       239,149       205,532           16%
 EBITDA ((2))        53,785       102,603         (48%)       279,349       238,489           17%

EBITDA
margin 14.6% 24.2% 22.2% 19.0%
Cash from
operating
activities 24,926 74,747 (67%) 178,296 110,598 61%
-------------------------------------------------------------------------------------------------
(Notes:)
((1) EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses and other exceptional items, equity-settled share-based payments, and strategic expenses.)
((2) EBITDA is defined as EBIT adjusted for depreciation and amortization.)
Operational Review
AMG Clean Energy Materials
Q3 '23 Q3 '22 Change
---------------------------------------------------------

  Revenue            $140,344   $188,318           (25%)
  Gross profit         34,333     86,454           (60%)
  Operating profit     18,712     74,888           (75%)
  EBITDA               39,155     83,674           (53%)

AMG Clean Energy Materials' revenue decreased 25% compared to the third quarter of 2022, to $140 million, driven mainly by decreased prices in both lithium and vanadium as well as lower volumes in lithium concentrate, partially offset by increased volumes in vanadium. Ferrovanadium production increased 48% versus the
third quarter of 2022.
Gross profit for the quarter decreased 60% compared to the same period in the prior year, primarily due to the lower sales prices. The primary driver is the lithium price decline. Also, vanadium gross profit was lower due to fixed price inventory being processed from global sources. All other existing contracts are under indexed prices. We are working towards long-term contracts similar to our Cambridge model.
SG&A expenses in the third quarter of 2023 were higher than the same period in 2022 at $15 million, mainly driven by the increase in headcount related to the lithium and vanadium expansion projects, as well as higher employee benefit costs.
The third quarter 2023 EBITDA decreased 53%, to $39 million, from $84 million in
the third quarter of 2022, due to the decline in metal prices as noted above.
During the third quarter of 2023, a total of 16,012 dry metric tons ("dmt") of lithium concentrates was sold. The third quarter experienced lower sales volumes
due to shipping schedule variances noted in the second quarter. The average realized sales price was $2,395/dmt CIF China for the quarter. The average cost per ton for the quarter was $529/dmt CIF China. The cost per ton is lower than the second quarter due to higher sales volumes of tantalum concentrate in the current quarter.
In 2024, we anticipate the cost per ton to rise due to unabsorbed costs during the ramp-up as well as lower relative tantalum sales volumes offsetting higher spodumene production. It is important to note that AMG is one of the lowest cost
mines in the world and we plan to maintain that position.
AMG Critical Minerals
Q3 '23 Q3 '22 Change
--------------------------------------------------------------

  Revenue                   $52,593   $84,935           (38%)
  Gross profit                6,887       674            922%
  Operating (loss) profit     (269)    40,301             N/A
  EBITDA                      1,247     7,327           (83%)
AMG  Critical Minerals' revenue for the third quarter of 2023 decreased by 38%,

to $53 million, mainly due to lower volumes across the segment largely driven by
the silicon metal plant operating one furnace during the quarter, as discussed in detail below. The slowdown in the European industrial economy also continued to negatively impact the segment.
Gross profit of $7 million in the third quarter of 2023 was $6 million higher compared to the same period last year, largely due to the significant increases in gas and electricity costs experienced in the third quarter of 2022.
SG&A expenses in the third quarter of 2023 of $7 million were in line with the same period in 2022.
The third quarter 2023 EBITDA decreased 83% compared to the same period in 2022, to $1 million, due to silicon shutdown as well as the slowdown in the end-
use markets for the segment in the current quarter.
AMG Silicon operated one of four furnaces throughout the third quarter and plans
to operate one furnace for the remainder of 2023. The operational parameters of the silicon business will continue to be reviewed on an ongoing basis. Due to the noted interruptions in AMG Silicon's operations, the financial impact of the
business will be excluded from EBITDA during this period of abnormal operations.
However, AMG Silicon generated $10 million in cash flow from operating activities during the quarter driven by the receipt of energy sales made in the fourth quarter of 2022.
AMG Critical Materials Technologies
Q3 '23 Q3 '22 Change
---------------------------------------------------------

  Revenue            $175,780   $151,560             16%
  Gross profit         25,583     24,943              3%
  Operating profit      5,616      6,491           (13%)
  EBITDA               13,383     11,602             15%

AMG Critical Materials Technologies' third quarter 2023 revenue increased by $24
million, or 16%, compared to the same period in 2022. This improvement was driven by strong revenues in our engineering unit, as well as higher sales volumes of titanium alloys and chrome metal, partially offset by lower chrome metal pricing.
SG&A expenses increased by 10% in the third quarter of 2023 compared to the same
period in 2022, due to additional personnel at AMG Engineering and AMG LIVA corresponding to the record order backlog and business development, respectively.
AMG Critical Materials Technologies' EBITDA was $13 million during the quarter compared to $12 million in the same period of 2022. The increase was primarily due to higher profitability in Engineering and Titanium, partially offset by lower chrome margins driven by continued sequential decline in chrome price in the third quarter of 2023.
AMG Engineering signed $81 million in new orders during the third quarter of 2023, driven by strong orders of remelting and heat treatment furnaces, representing a 1.02x book to bill ratio. Order backlog was $341 million as of September 30, 2023, the highest in AMG's history.
AMG Engineering has been selected by PCC's TIMET to supply the vacuum melting and re-melting furnaces for their new, state-of-the-art Titanium melt facility in Ravenswood, West Virginia. AMG's scope includes several vacuum arc re- melting, electron beam welding, and electron beam melting furnaces, signifying one of the largest orders in all of AMG Engineering's history.
Financial Review
Tax
AMG recorded an income tax expense of $13 million in the third quarter of 2023,
compared to $39 million in the same period in 2022. This variance was mainly driven by lower profitability in the current quarter.
AMG paid taxes of $33 million in the third quarter of 2023, compared to tax payments of $10 million in the third quarter of 2022, primarily due to the timing lag in tax payments relative to tax expense recognition.
Exceptional Items
AMG's third quarter 2023 gross profit includes exceptional items, which are not included in the calculation of EBITDA.
A summary of exceptional items included in gross profit in the third quarters of
2023 and 2022 are below:
Exceptional items included in gross profit
Q3 '23 Q3 '22 Change
-------------------------------------------------------------------------

  Gross profit                               $66,803   $112,071    (40%)
  Inventory cost adjustment                    1,388          -      N/A
  Restructuring expense                        2,745         11      N/A
  Asset impairment expense                         -     11,587      N/A
  Strategic project expense                    4,924      1,241     297%

-------------------------------------------------------------------------
Gross profit excluding exceptional items 75,860 124,910 (39%)
AMG Vanadium had a $1.3 million non-cash expense during the third quarter of 2023. This is a result of inventory cost adjustments associated with declining prices and an increased inventory position of spent catalyst as we diversify our
sourcing strategy which has been adjusted in EBITDA.
SG&A
AMG's third quarter 2023 SG&A expenses were $43 million compared to $37 million in the third quarter of 2022, with the increase largely attributable to higher personnel costs driven by increased hiring in our Lithium, Engineering, and LIVA
businesses.
Liquidity
September 30, 2023 December 31, 2022 Change
-------------------------------------------------------------------------------

 Senior secured debt                   $337,952          $348,622          (3%)
 Cash & cash equivalents                347,293           346,043            -%

-------------------------------------------------------------------------------
Senior secured net (cash)
debt (9,341) 2,579 N/A
-------------------------------------------------------------------------------
Other debt 12,170 14,959 (19%)
-------------------------------------------------------------------------------
Net debt excluding
municipal bond 2,829 17,538 (84%)
-------------------------------------------------------------------------------

 Municipal bond debt                    319,064           319,244            -%
 Restricted cash                          1,428             6,920         (79%)

-------------------------------------------------------------------------------
Net debt 320,465 329,862 (3%)
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the third quarter. As of September 30, 2023, the Company had $347 million in unrestricted cash and cash equivalents and $195 million available on its revolving credit facility. As such, AMG had $542 million of total liquidity as of September 30, 2023.
Net Finance Costs
AMG's third quarter 2023 net finance cost was $9 million compared to $14 million
in the third quarter of 2022. This decrease was mainly driven by foreign exchange gains of $3 million during the quarter primarily due to non-cash intergroup balances and higher interest income earned on an increased cash and cash equivalents balance in the third quarter 2023 compared to the third quarter
of 2022. Additionally, in today's rising rate environment, AMG continues to benefit from its low-cost fixed-rate debt facilities. AMG has an average interest rate charge across its two main debt instruments of 5%.
Outlook
Since the end of July when we issued the previous 2023 EBITDA guidance of between $350 million and $380 million, market prices for spodumene and lithium carbonate have decreased by 50% and 43%, respectively. Given these price decreases, AMG's new EBITDA guidance for the full year 2023 is approximately $320 million.
Considering the ramp-up of the strategic projects explained above, as well as the volatility of our key material prices, specifically lithium, it is challenging to provide firm guidance for 2024. The recent fall in lithium prices
has surprised every industry participant. Establishing the cause of the fall in prices and projecting future movements involves analyzing both the Chinese lithium industry as well as broader macroeconomic factors in China.
Given the difficulty of this analysis, and despite certain signs that the lithium supply and demand picture remains strong, there is high uncertainty with
regard to near-term pricing dynamics. Therefore, utilizing today's depressed price levels, AMG's EBITDA will be approximately $200 million in 2024 with a stronger performance in the second half of the year.
Profit for the period to adjusted EBITDA reconciliation
Q3 '23 Q3 '22
----------------------------------------------------------------------

  Profit for the period                             $1,002    $68,339
  Income tax expense                                12,565     38,603
  Net finance cost                                   9,295     13,988
  Equity-settled share-based payment transactions    1,392      1,386
  Restructuring expense                              2,745         11
  Net contract settlements                               -   (46,407)
  Silicon's partial closure                          (739)          -
  Inventory cost adjustment                          1,388          -
  Asset impairment expense                               -     11,587
  Strategic project expense ((1))                   11,196      3,282
  Share of loss of associates                        1,197        750
  Others                                               184        (3)

----------------------------------------------------------------------

  EBIT                                              40,225     91,536
  Depreciation and amortization                     13,560     11,067

----------------------------------------------------------------------
EBITDA 53,785 102,603
(Notes:)
((1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA
for these exceptional charges.)
AMG Critical Materials N.V.
Condensed Interim Consolidated Income
Statement
For the quarter ended September 30

 In thousands of US dollars                              2023              2022
                                                    Unaudited         Unaudited
                                           ------------------------------------

Continuing operations

 Revenue                                              368,717           424,813
 Cost of sales                                      (301,914)         (312,742)
 Gross profit                                          66,803           112,071

Selling, general and administrative

 expenses                                            (42,800)          (36,888)
 Other income, net                                         56            46,497
 Net other operating income                                56            46,497
 Operating profit                                      24,059           121,680
 Finance income                                         5,676             1,222
 Finance cost                                        (14,971)          (15,210)
 Net finance cost                                     (9,295)          (13,988)

Share of loss of associates and joint

 ventures                                             (1,197)             (750)
 Profit before income tax                              13,567           106,942
 Income tax expense                                  (12,565)          (38,603)
 Profit for the period                                  1,002            68,339

Profit attributable to:

 Shareholders of the Company                              163            68,146
 Non-controlling interests                                839               193
 Profit for the period                                  1,002            68,339

Basic earnings per share

 Basic earnings per share                                0.01              2.13
 Diluted earnings per share                              0.00              2.09

AMG Critical Materials N.V.
Condensed Interim Consolidated Income
Statement
For the nine months ended September 30

 In thousands of US dollars                              2023              2022
                                                    Unaudited         Unaudited
                                           ------------------------------------

Continuing operations

 Revenue                                            1,258,626         1,252,770
 Cost of sales                                      (924,447)         (963,265)
 Gross profit                                         334,179           289,505

Selling, general and administrative

 expenses                                           (132,580)         (111,384)
 Other income, net                                        650            46,619
 Net other operating income                               650            46,619
 Operating profit                                     202,249           224,740
 Finance income                                        14,843             3,602
 Finance cost                                        (38,037)          (38,720)
 Net finance cost                                    (23,194)          (35,118)

Share of loss of associates and joint

 ventures                                             (2,989)           (1,250)
 Profit before income tax                             176,066           188,372
 Income tax expense                                  (75,044)          (60,270)
 Profit for the period                                101,022           128,102

Profit attributable to:

 Shareholders of the Company                           99,147           126,892
 Non-controlling interests                              1,875             1,210
 Profit for the period                                101,022           128,102

Earnings per share

 Basic earnings per share                                3.08              3.97
 Diluted earnings per share                              3.04              3.91

AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of Financial
Position
In thousands of US dollars September 30, 2023 Unaudited December 31, 2022
Assets
Property, plant and equipment 878,166 797,611
Goodwill and other intangible
assets 40,113 41,404
Derivative financial

 instruments                                           32,532            33,042
 Equity-accounted investees                            16,950                 -
 Other investments                                     31,095            29,324
 Deferred tax assets                                   38,524            37,181
 Restricted cash                                          370             5,875
 Other assets                                          10,989             8,612
 Total non-current assets                           1,048,739           953,049
 Inventories                                          262,763           277,311

Derivative financial

 instruments                                            2,065             3,516
 Trade and other receivables                          173,506           162,548
 Other assets                                         107,668           121,834
 Current tax assets                                     6,792             7,289
 Restricted cash                                        1,058             1,045
 Cash and cash equivalents                            347,293           346,043
 Total current assets                                 901,145           919,586
 Total assets                                       1,949,884         1,872,635

AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of Financial
Position
(continued)
In thousands of US dollars September 30, 2023 Unaudited December 31, 2022
Equity

 Issued capital                                           853               853
 Share premium                                        553,715           553,715
 Treasury shares                                     (10,730)          (14,685)
 Other reserves                                      (45,148)          (44,869)
 Retained earnings (deficit)                           77,610           (4,461)

Equity attributable to

 shareholders of the Company                          576,300           490,553
 Non-controlling interests                             35,21327,296
 Total equity                                         611,513           517,849

Liabilities

 Loans and borrowings                                 657,544           661,270
 Lease liabilities                                     43,548            44,224
 Employee benefits                                    124,819           117,160
 Provisions                                            12,847            12,361
 Deferred revenue                                      17,246            20,000
 Other liabilities                                      3,801            15,009

Derivative financial

 instruments                                              224               284
 Deferred tax liabilities                              15,974            27,269
 Total non-current liabilities                        876,003           897,577
 Loans and borrowings                                   5,497            15,164
 Lease liabilities                                      5,149             4,710
 Short-term bank debt                                   6,145             6,391
 Deferred revenue                                      23,294            28,277
 Other liabilities                                     73,064            69,917
 Trade and other payables                             249,598           240,101

Derivative financial

 instruments                                            3,986             7,746
 Advance payments from customers                       60,181            51,054
 Current tax liability                                 20,569            23,548
 Provisions                                            14,885            10,301
 Total current liabilities                            462,368           457,209
 Total liabilities                                  1,338,371         1,354,786
 Total equity and liabilities                       1,949,884         1,872,635

AMG Critical Materials N.V.
Condensed Interim Consolidated Statement
of Cash Flows
For the nine months ended September 30

 In thousands of US dollars                              2023              2022
                                                    Unaudited         Unaudited
                                           ------------------------------------

Cash from operating activities
Profit for the period 101,022 128,102
Adjustments to reconcile net profit to net
cash flows:
Non-cash:

 Income tax expense                                    75,044            60,270
 Depreciation and amortization                         40,200            32,957
 Asset impairment (reversal) expense                    (767)            11,587
 Net finance cost                                      23,194            35,118

Share of loss of associates and joint
ventures 2,989 1,250
Loss on sale or disposal of property,
plant and equipment 33 12
Equity-settled share-based payment
transactions 4,356 4,138
Movement in provisions, pensions, and
government grants 8,470 (7,532)
Working capital and deferred revenue

 adjustments                                           31,609         (113,601)
 Cash generated from operating activities             286,150           152,301
 Finance costs paid, net                             (19,163)          (19,014)
 Income tax paid                                     (88,691)          (22,689)
 Net cash from operating activities                   178,296           110,598

Cash used in investing activities
Proceeds from sale of property, plant and
equipment 34 151
Acquisition of property, plant and
equipment and intangibles (109,540) (134,244)
Investments in associates and joint

 ventures                                            (19,939)           (1,250)
 Use of restricted cash                                 5,492            76,365
 Interest received on restricted cash                      30               179
 Capitalized borrowing cost paid                     (11,583)          (15,307)
 Other                                                      4                12
 Net cash used in investing activities              (135,502)          (74,094)

AMG Critical Materials N.V.
Condensed Interim Consolidated Statement of
Cash Flows
(continued)
For the nine months ended September 30

 In thousands of US dollars                               2023             2022
                                                     Unaudited        Unaudited
                                             ----------------------------------

Cash used in financing activities

 Proceeds from issuance of debt                             57               83
 Repayment of borrowings                              (14,355)         (23,948)
 Net repurchase of common shares                       (6,960)          (1,523)
 Dividends paid                                       (28,212)         (19,885)
 Payment of lease liabilities                          (4,098)          (3,738)
 Contributions by non-controlling interests             14,000                -
 Net cash used in financing activities                (39,568)         (49,011)

Net increase (decrease) in cash and cash

 equivalents                                             3,226         (12,507)
 Cash and cash equivalents at January 1                346,043          337,877

Effect of exchange rate fluctuations on cash

 held                                                  (1,976)         (18,954)
 Cash and cash equivalents at September 30             347,293          306,416

This press release contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation.
This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
About AMG
AMG's mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG's products include highly engineered systems to reduce CO(2) in aerospace engines, as well as critical materials addressing CO(2) reduction in a variety of other end use markets.
AMG Clean Energy Materials segment combines AMG's recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO(2) footprint of both suppliers and customers. AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains.
AMG Critical Materials Technologies segment combines AMG's leading vacuum furnace technology line with high-purity materials serving global leaders in the
aerospace sector. AMG Critical Minerals segment consists of AMG's mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan (www.amg-nv.com).
For further information, please contact:
AMG Critical Materials N.V. +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com (mailto:mfischer@amg-nv.com)
Disclaimer
Certain statements in this press release are not historical facts and are "forward looking." Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward
looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.
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