#1C COVIA Investor Presentation January 8, 2020 NYSE: CVIA COOVIA C Cov#2Forward Looking Statements Forward-Looking Statements This presentation contains forward-looking statements intended to qualify for the protection of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. The words "anticipate," "estimate," "expect," "objective," "goal," "project," "intend," "plan," "believe," "will," "should," "may," "target," "forecast," "guidance," ," "outlook" and similar expressions generally identify forward-looking statements. Similarly, descriptions of the Company's objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements are based upon management's then-current views and assumptions regarding future events and operating performance that may ultimately prove to be inaccurate. Although management believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of its knowledge, forward-looking statements involve risks, uncertainties and other factors which may materially affect the Company's business, financial condition, results of operations or liquidity. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, the risks discussed in the Risk Factors section of the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on March 22, 2019; and the other factors discussed from time to time in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. This release should be read in conjunction with such filings, and you should consider all of such risks, uncertainties and other factors carefully in evaluating forward- looking statements. Pro Forma Information and Non-GAAP Financial Measures This presentation includes pro form a financial results which include the combined results of operations for Fairmount Santrol and Unimin for periods preceding the June 1, 2018 merger. This presentation also includes non-GAAP financial measures, including segment contribution margin, EBITDA, adjusted EBITDA and other measures identified as "adjusted" results. Please refer to the Appendix for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Management believes this supplemental financial information enhances an investor's understanding of Covia's financial performance as it excludes those items which impact comparability of operating trends. The non-GAAP financial information should not be considered in isolation or viewed as a substitute for measures of performance calculated in accordance with GAAP, but should be viewed in addition to the results as reported by Covia. The inclusion of non-GAAP financial information as used in this presentation is not necessarily comparable to other similarly titled measures of other companies due to the potential inconsistencies in the method of presentation and items considered. CCOVIA 2#3Covia: A Leading Diversified Mineral and Material Solutions Company Industrial Energy C COVIA ● ● ● ● 19 million tons of active nameplate capacity #1 or #2 position across most end markets Differentiated North American footprint Diversity of minerals, markets and geographies provides resiliency and growth Over 21 million tons of active nameplate capacity Ability to serve all major oil & gas basins with low cost plants Extensive product portfolio to address all well conditions Gross Profit Mix Energy 30% Industrial 70% 3#4Covia by the Numbers $ CCOVIA 2,000+ Customers Nearly 40 Plants¹ >$260 million Net debt reduction in 2019 1 Includes coating plants 2 Last 12 months as of 9/30/19 200 $ > 100 Years of Experience >40M Tons Active annual production capacity $1.7 Billon Revenue² 4#5● ● ● ● ● Diverse Industrial Business ● ● ● ● GLASS Containers Touch screens ● Automotive Architectural Solar ● FOUNDRY & METALS Transport - auto, rail & aerospace Equipment construction BUILDING PRODUCTS Grouts and mortars Commercial flooring agriculture & mining Household & building products Defense Roofing shingles Quartz surfaces Fiberglass CCOVIA 10-15% 45-50% COATINGS & POLYMERS Paints Architectural coatings Agricultural films Antiblock additives ● ● 10-15% 10-15% 10-15% Percentage of Industrial revenues by end market ● Demonstrated leadership across diversified end markets ● <5% CERAMICS Tiles Sanitary ware Bathtubs & sinks <5% SPORTS & RECREATION Custom turf blends Golf bunker sand Play sand ● ● ● ● · OTHER Commercial filtration Pool filters LO 5#6Energy Segment Matched to Market Raw Sand Northern White High-quality raw sand used in all basins Local In-Basin Well-located plants serving Permian and MidCon basins Local Sand CCOVIA Over 21 million tons of active capacity in the right locations Resin Coated Sand Northern White Sand Curable & Tempered Addresses flowback and high-pressure challenges Plants Primary Basin(s) Served Mine to Well Unit Train Capable Last Mile Ability to offer integrated mine to well-site solutions Energy Capacity (mtpa) In-Basin Kermit, TX Crane, TX Seiling, OK Permian, Mid-Con 8.0 N/A BNS Wedron, IL Oregon, IL Bakken, Mid-Con Rockies, Permian, Eagle Ford 8.0 Yes Silver Bond Drilling Products ACCUPACK Well Cementing Additives & Gravel Packing Sand Additional products to support completions activities [CSX] Utica, IL Northeast 3.1¹ Yes Tunnel City, WI Bakken, Canada 3.2¹ Yes Northern White capacity consolidated into lowest-cost footprint, complemented by in-basin plants and flexible hybrid capacity 1- Currently rated to 1.2 mtpa 6#7Executing on Our Strategy Over $260 million net debt reduction in 2019 REPOSITION ENERGY SEGMENT Consolidation of production into lowest cost assets Idled 15 million tons of capacity Closed / idled 16 terminals Reduced rail car fleet by 2,800 cars² Commissioned 8 million tons of local capacity C COVIA GROW INDUSTRIAL 170 basis point expansion in gross rgin YTD ¹ 350k tons capacity expansion in Mexico in early 2020 1 - On a pro forma basis 2 LTM 9/30/19 $ STRENGTHEN BALANCE SHEET $240M divestiture of non- core assets Generated $70M of operating cash flow ³ Reduced capex more than 60% vs. prior year³ Lowered SG&A 31% from peak level 3 - YTD 9/30/19 7#8Improving Financial Flexibility ● ● Recent Actions $63 Million Face Value of Debt Retired Repurchased at 23% discount to par $4 million annual interest expense savings New $85 Million Revolver Commitment¹ 3-year facility without restrictive financial covenants Secured by accounts receivable LIBOR +175 bps, lower than previous facility CCOVIA All Railcar Purchase Obligations Terminated Canceled $195 million in obligations scheduled to mature in 2020 and 2021 Eliminates ~2,500 new cars entering fleet in coming years Modest cash consideration and lease modifications on small portion of fleet Additional Standby Liquidity Targeting additional $75 million in capacity Expected to close in 2020 1 - Commitment is up to $85 million 8#9COVIA FINANCIALS and OUTLOOK 11 1 619 Secue I. I PR WIE I Ge 41 81 11 31#10Third Quarter 2019 Results In millions Volumes (tons) Revenue Gross Profit Contribution Margin SG&A ROVla CCOVIA Industrial 3.6 $185.6 $59.1 $59.1 Energy 4.2 $223.3 $17.7¹ $24.6¹ Adjusted EBITDA 1 - Includes negative impact of $1.9 mm lease expense from lease accounting standard change 2-Includes $2.3 million in non-cash stock compensation expenses Total Company 7.8 $409.0 $76.7¹ $83.61 $35.6² $43.2 10#11Updated Outlook C COVIA Industrial Volumes End markets performed broadly as expected Strength in building products offset by moderate softness in U.S. container glass and foundry ● ● 4Q 2019 -3.2 million tons Includes negative impact from Calera sale Energy Volumes 4Q 2019 -3.3 million tons Volume decrease in-line with market completions decline Pricing bottoming in 4Q 19 1Q 20 expected to gradually improve from fourth quarter levels 11#12Drivers for Future Value Creation ● ● ● ● ● Industrial Predictable price increase across end markets Attractive end markets are growing New product development opportunities carry higher margins Energy Idling of market capacity will drive supply/demand stabilization. "Flight to quality" tier 1 suppliers will drive market share growth Rationalization of excess costs (rail cars, terminals, idled plants will improve profitability) Total Company Laser focused on free cash flow generation through reduced operating costs and low maintenance capex requirements Strong liquidity to opportunistically reduce debt CCOVIA COM 12#13C COVIA Appendix COOVIA C Cov#14Appendix: Non-GAAP Reconciliation Contribution Margin Covia Pro Forma Segment Contribution Margin & Reconciliation of Non-GAAP Measures (unaudited) The following table reconciles segment contribution margin and segment contribution margin per ton, non-GAAP financial measures, to the most directly comparable GAAP measures, segment gross profit and segment gross profit per ton, respectively (in thousands) Segment gross profit(¹) Energy Industrial Total segment gross profit Operating expenses excluded from segment contribution margin(2) Segment contribution margin (non-GAAP) (2) Energy Industrial Total segment contribution margin (non-GAAP) Segment gross profit per ton(¹) Energy Industrial Total segment gross profit per ton Operating expenses per ton excluded from Energy segment contribution margin per ton(2) Segment contribution margin per ton (non-GAAP)(²) Energy Industrial Total segment contribution margin per ton (non-GAAP) C COVIA Three Months Ended September 30, 2019 As Reported $ S $ S 17,662 59,061 76,723 6,914 24,576 59,061 83,637 4.23 16.48 9.89 1.66 5.88 16.48 10.78 (1) In the three months ended September 30, 2019, Energy segment gross profit was negatively impacted by the $1.9 million of operating lease expense incurred related to intangible assets that were reclassified to Operating right-of-use assets, net on the Condensed Consolidated Balance Sheets, as a result of the adoption of ASC 842. The expense, previously recognized as non-cash amortization expense, is now recognized in Cost of goods sold (excluding depreciation, depletion, and amortization shown separately) on the Condensed Consolidated Statement of Income (Loss). As a result of the June 1, 2018 merger, legacy Fairmount Santrol inventories were written up to fair value under Generally Accepted Accounting Principles ("GAAP"). For the nine months ended September 30, 2019, $1.1 million, respectively, of this write-up was expensed through cost of goods sold, thereby reducing segment gross profit. There was no write-up in the three months ended September 30, 2019. Of the $1.1 million in the nine months ended September 30, 2019, $0.4 million impacted the Energy segment and $0.7 million impacted the Industrial segment. (2) We define segment contribution margin as segment revenue less segment cost of sales, excluding any depreciation, depletion and amortization expenses, selling, general, and administrative costs, and operating costs of idled facilities and excess railcar capacity. We define segment contribution margin as segment revenue less segment cost of sales, excluding any depreciation, depletion, and amortization expenses, selling, general, and administrative costs, and operating costs of idled facilities and excess railcar capacity. Segment contribution margin per ton is defined as segment contribution margin divided by tons sold. Operating costs of idled facilities and excess railcar capacity costs, which are both entirely attributable to the Energy segment, were $6.9 million and $7.0 million in the three months ended September 30, 2019 and 2018, respectively, and $20.9 million and $9.1 million in the nine months ended September 30, 2019 and 2018, respectively. Segment contribution margin is a non-GAAP financial measure. A reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures is provided in tables. 14