#1OM HOLDINGS LIMITED . Australia • China • Japan • Malaysia Singapore South Africa roons 10000 September 2021 ⚫ Half Year Results Presentation ASX:OMH | Bursa: OMH (5298) 1#2DISCLAIMER This presentation has been prepared and issued by OM Holdings Limited ARBN 081 028 337 ("OMH"). This presentation contains summary information about OMH. The information in this presentation does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with OMH's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange which are available at www.asx.com.au. This presentation contains "forward-looking" statements within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of OMH, and its directors, officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are therefore cautioned not to place undue reliance on forward-looking statements and OMH, other than required by law, assumes no obligation to update such information. OMH makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omissions from, any information, statement or opinion contained in this presentation. This presentation is for information purposes only and is not a financial product or investment advice or a recommendation to acquire (or refrain from selling) OMH shares. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. OMH is not licensed to provide financial product advice, either generally or in respect of OMH shares. M 2#3M A MANGANESE ORE & FERROALLOY COMPANY Vertically integrated manganese ore and ferroalloy company, involved in mining, smelting, and trading Powered by sustainable hydro-power, pursuing growth and natural diversification into new commodities like silicon metal Listed on both the ASX and Bursa Malaysia, OMH offers unique exposure to the niche manganese and silicon ferroalloy space essential to steel and the modern world Lowest cost quartile smelter complex in Sarawak, the largest of its kind in Asia (ex-China) Operations in Australia, China, Japan, Malaysia, Singapore, and South Africa#41H 2021 FINANCIAL HIGHLIGHTS Revenue A$450.6m 1H 2020 A$386.5m Loan Repayment (1) A$17.0m 1H 2020 A$27.3m Cashflow from Operations A$23.6m 1H 2020 A$52.7m Adj. EBITDA A$63.4m Profit att. to owners A$17.4m 1H 2020 A$53.1m 1H 2020 A$13.5m Profit per share 2.36 cents 1H 2020 1.84 cents M (1) Loan Repayment includes the repayment of project financing and trade financing 4#5RECORDED A$63.4M EBITDA IN 1H 2021 Revenue A$ million A$ million $2,000 21.2% $1,500 $1,000 Revenue and GP Margin 23.4% 25% 18.9% 14.9% 20% 12.3% 13.8% 15% 1,510 10% $500 988 1,027 785 5% 387 451 0% $0 $400 $300 $200 $100 $0 -$100 FY2017 FY2018 FY2019 FY2020 1H2020 1H2021 Group Adjusted EBITDA (1) A$63.4m A$53.1m FY2017 FY2018 FY2019 FY2020 1H2020 1H2021 Mining Smelting Trading Associates D&A Others GP Margin 1H 2021 Revenue and EBITDA Growth . Global recovery with increased demand, leading to significant price recovery for ferroalloys Solid operations in spite of ongoing COVID- 19 restrictions and temporary stoppage Segment Breakdown • Higher contribution from smelting segment with improved ferroalloy prices in spite of temporary suspension at the Sarawak Plant Consistent contribution from distribution and trading Negative contribution from mining segment due to marginally higher mining and production costs in the final year of mining, exacerbated by significantly higher freight costs M *Adjusted EBITDA is defined as operating profit before depreciation and amortisation, impairment write-back/expense, net finance costs, income tax, and other non-cash items. Adjusted EBITDA is not a uniformly defined measure and other companies in the mining industry may calculate this measure differently. Consequently, the Group's presentation of Adjusted EBITDA may not be readily comparable to other companies' disclosures. 5#6A$ million GEARING RATIO LOWERED, POSITIVE CASH POSITION MAINTAINED A$ million $800 $600 3.05 $400 $200 Total Debt Gearing Ratio 3 2 Continue to focus on paying down debt 1.77 1.14 0.93 0.89 0.79 • 1 Repaid A$17 million comprising Sarawak project finance loan and other debt in 1H 2021 Gearing ratio decreased decreased to 0.79 times Majority of borrowings associated to Sarawak Project Financing, ring-fenced at asset level M $0 FY2016 FY2017 FY2018 FY2019 FY2020 1H2021 Cash Flow Movements for 1H2021 $150 $100 $50 $0 FY2020 Operating Investing Financing 1H2021 Cash Flow Activities O Prudent Cash Management • • Recorded positive operating cash flow of A$23.6 million Capital investment plans re-examined: Capital intensive projects temporarily postponed to conserve cash Recorded cash and cash equivalent of A$61.5 million as at end June 2021, an improvement from FY2020 6#7OPERATIONAL PERFORMANCE 1H 2021 Mn Ore Production Volume (kmt) • 475-580 738 570 +29% 415 • FY2019 FY2020 FY2021 F FeSi Production Volume (kmt) 45-60 231 -27% 167 61 FY2019 FY2020 FY2021 F Mn Alloy Production Volume (¹) (kmt) 110-130 290 -18% 238 120 FY2019 M FY2020 FY2021 F (1) Inclusive of OM Sarawak and OMQ's production volume • 7 Mining Segment (Mn Ore) FY2021: Last mile strategy to accelerate mining and production to optimize remaining lifetime mining cost Mining will cease in 2021 with final lump ore production in Q4 2021 Ongoing engineering rectification works for Ultra Fines Plant Sales of 410,212 tonnes in 1H 2021 (269,909 tonnes in 1H 2020) . • Smelting Segments (FeSi and Mn Alloy) By end July 2021, 12 out of 16 furnaces were in operation at the Sarawak smelter plant Sinter ore production at the Sarawak smelter plant approaching design capacity, pending final onsite performance testing 2H 2021 production plan may be readjusted. Pressure on existing labour force expected to intensify in Q4 2021. Production plans may be further modified in absence of changes in permitting process of foreign workers.#88 FERROSILICON MARKET REVIEW Strong demand from steel makers supported prices in 1H 2021 1 2020 Regional key steel producing countries cut production by 20%-30% YoY from Q2-Q3 2020. FeSi prices under downward pressure. Steel production recovered faster than expected. FeSi supply tightened. Freight costs surged as containers became limited. 2 28th April 2021 China increased the export tax for FeSi from 20% to 25% to discourage power intensive industrials. Expected to provide renewed price support. 3 Q3 2021 Power cuts across China due to power rationing, combination of factors including high power demand, shortage of renewable power, and reduced coal availability among others, resulting in production uncertainty. Chinese FeSi Production FeSi $2,100 USD/mt $1,900 $1,700 $1,500 $1,300 $1,100 $900 $700 1H 2021 FeSi: $1,586 / mt (+49.5% YoY) $500 Jan-13 Jan-14 Jan-15 M Source: Platts, CNFEOL 1 Production 600 ('ooos mt) 500 2 400 3 300 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 200 100#9MANGANESE ORE AND ALLOY MARKET REVIEW Strong demand from steel makers and constrained supply supported prices in 1H 2021 1 2020 SiMn 2 SiMn prices relatively stable but global demand depressed. Price spread between ore and alloy supported sustainable smelting margins. 2021 SiMn prices rise significantly higher than cost correlation implied price, demonstrating supply constraints for manganese alloy smelting. Higher EMM prices encouraging substitution for Refined FeMn. USD/mt $1,800 $1,600 $1,400 $1,200 Japan SiMn Index $1,000 $800 $600 $400 $200 1H 2021 Mn Ore : $5.02 / dmtu (-1% YoY) 1H 2021 SiMn : $1,256/ mt (+27%% YoY) US$9.07/dmtu Manganese Ore Index Chinese Ports Ore Inventory Jan-16 Jan-17 Jan-18 Jan-19 $0 Jan-13 Jan-14 Jan-15 M Source: Fastmarkets MB, Platts, the IMnl, and CNFEOL Jan-20 Ore Inventory (millions mt) 8.0 9 2 7.0 6.0 1 5.0 4.0 3.0 2.0 US$4.76/dmtu 1.0 0.0 Jan-21 *High Carbon Ferromanganese (HCFeMn) not included due to relatively low liquidity and absence of representative non-Chinese Asian benchmark#10M COMPANY SNAPSHOT Balancing debt reduction with sustainable dividends Issued Shares 738.6 million shares Share 2.00 Share Price A$ 0.795/RM2.67 Metrics ASX (AUD) 1.50 (as at 30th 52 weeks Low/High A$ 0.29/A$ 1.06 Aug 2021) 1.00 Market Capitalization A$ 587.2 million 0.50 0.00 Debt Total Borrowings A$ 398.6 million (1H 2021) Cash Cash & Cash Equivalent A$ 61.5 million (1H 2021) Share Price Performance Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-... Largest Shareholders (as at 1st April 2021) Huang Gang Jul-20 Jan-21 Jul-21 Enterprise Value A$ 924.3 million 14.03% Adj. EBITDA* (trailing 12 months) Marc Chan, Amplewood Resources Ltd A$ 91.7 million 13.57% Earnings EPS Low Ngee Tong & Key 1.26 cents 9.22% (trailing 12 months) Ratios EV: Adj. EBITDA 10.08x Heng Siow Kwee 8.93% Price Earning Ratio 63.10x *Adjusted EBITDA is defined as operating profit before depreciation and amortisation, impairment write-back/expense, net finance costs, income tax and other non-cash items. Adjusted EBITDA is not a uniformly defined measure and other companies in the mining industry may calculate this measure differently. Consequently, the Group's presentation of Adjusted EBITDA may not be readily comparable to other companies' disclosures. 10#1111 11 FUTURE PLANS AND GROWTH Core fundamentals unchanged, growth plans for both upstream and downstream M . . M Bryah Resources 701 Mile Manganese Element 25 Raw Material Development Explore prospective manganese opportunities in central Western Australia Expand OMH's manganese exposure to extract value across the entire manganese value chain ⚫ First shipment from Element 25 arrived in Qinzhou, China • Expanding Capacity (~Capex A$120 mil) Planned for 2023, CAPEX funding from 2022 Manganese capacity expansion of two 33MVA- furnaces for improved efficiency • Expected to yield additional 150ktpa of SiMn . Mn smelting expected to generate highest average returns over the full price cycle, and improve hedging ratio with ore • FeSi 14 Si Silicon SiMetal Higher Value Add (~Capex A$30 mil) Conversion to metallic silicon to produce higher value added products •⚫ Diversify into • aluminium, chemicals, and solar downstream industries Furnaces still able to produce ferrosilicon for added flexibility#12OM HOLDINGS LIMITED ● AUSTRALIA CHINA ⚫ JAPAN • MALAYSIA • SINGAPORE • SOUTH AFRICA#13FINANCIAL HIGHLIGHTS M A$'million 2016 2017 2018 2019 FY2020 1H2021 Revenue 414.2 988.2 1,510.4 1,026.5 784.6 450.6 Gross Profit 60.1 209.6 353.3 152.5 96.3 85.3 GP Margin (%) 14.5 21.2 23.4 14.9 12.3 18.9 Adjusted EBITDA* 35.0 186.1 339.7 154.5 81.4 63.4 Profit/(Loss) Before Tax (8.1) 72.6 236.9 58.9 (4.7) 20.1 Profit Att. To Owners 7.9 92.7 161.7 56.6 5.4 17.4 Shareholders' Funds 139.7 228.0 388.6 424.9 399.6 427.3 Borrowings 617.6 510.7 512.9 473.9 415.0 398.6 Borrowings to Equity Ratio 3.05 1.77 1.14 0.93 0.89 0.79 (times) EPS (AUD cents) 1.08 12.67 22.05 7.69 0.73 2.36 Dividend (AUD cents) 5.00 2.00 Adjusted EBITDA is defined as operating profit before depreciation and amortisation, impairment write-back/expense, net finance costs, income tax and other non-cash items. Adjusted EBITDA is not a uniformly defined measure and other companies in the mining industry may calculate this measure differently. Consequently, the Group's presentation of Adjusted EBITDA may not be readily comparable to other companies' disclosures. 13