The Magnesium Market is niche and tech-driven

• Magnesium is significantly lighter and stronger than aluminum, titanium and steel
• Niche global market at ~1 million mt and ~$3bn but rapidly growing estimated at 4-7% per annum until 2040
  • Potential to grow faster with electric vehicle and battery adoption
• Use cases are currently focused on Automotive & Aerospace parts casting, Aluminum alloying, Steel desulfurization, with emerging technological trends such as Mg-Ion batteries and Hydrogen release from Magnesium Hydrates (to be recharged/recycled)
• Recent evolutions in alloys with better corrosion and high temperature performance are further opening new niches for Magnesium as the material of choice for light-weighting solutions

Market dynamics support diversified Magnesium sources, especially in the EU

• China dominates 89% / 93% of Global / EU magnesium supply
• EU has identified magnesium as its #2 most critical raw material (CRM) after Rare Earths
• US protects domestic Magnesium production by applying 150% import tax on Chinese imports; lower import taxes for other origins creates trading opportunities for non-Chinese material.