AMG Reports Stable Results in Weak Markets
Amsterdam, 6 November
2024 (Regulated
Information) --- AMG Critical Materials N.V.
(“AMG”, EURONEXT AMSTERDAM: “AMG”) reports third quarter 2024
revenue of $356 million, a 3% decrease versus the third quarter of
2023. AMG achieved an adjusted EBITDA of $40 million, supported by
an exceptionally strong performance by the AMG Technologies segment
showing an increase of 112% compared to the same period in
2023.
Dr. Heinz Schimmelbusch, Chairman of the
Management Board and CEO, said, “EBITDA continued on a steady
growth trend in the third quarter of 2024, during which we achieved
$40 million of EBITDA. AMG Technologies delivered a strong
performance compared to the third quarter last year with excellent
results in a growing market. AMG Engineering secured $131 million
in order intake and had a record high order backlog as of September
30, 2024 of $367 million. This result continues to demonstrate the
earnings power of our diversified portfolio despite the challenging
market conditions and depressed price levels in both AMG Lithium
and AMG Vanadium.
In terms of our growth projects, our major
lithium capital expenditures are substantially complete. Our
Brazilian mine expansion is ramping up and on September 18, 2024,
AMG hosted the grand opening of Europe’s first lithium hydroxide
refinery in Bitterfeld, Germany. The refinery has finalized
construction and has transitioned to commissioning, ramp-up and
customer qualification. Both projects strengthen our low-cost
position in the lithium market. AMG is approaching the end of a
period of significant capital intensity that positions us for
strong profitability as market prices improve.
I am also pleased to report that we have
significant liquidity. With $272 million in cash on hand and $200
million available under our revolving credit facility, AMG has a
total liquidity of $472 million.”
Lithium
- Our lithium concentrate plant
expansion from 90,000 tons to 130,000 tons per year is ramping up
and we expect to produce at full 130,000-ton annualized capacity by
the end of the fourth quarter of 2024.
- On September 18, 2024 in
Bitterfeld, Germany, AMG hosted the grand opening of Europe’s first
lithium hydroxide refinery.
Vanadium
- Construction of the vanadium
electrolyte plant at AMG Titanium in Nuremberg, Germany is
complete, and we are producing qualification batches for our
customers.
- SARBV’s “Supercenter” phase 1
project in Saudi Arabia is beginning detailed engineering and
permitting. Several licenses and permits have already been
obtained, including the Industrial Investment License from the
Ministry of Industrial and Mineral Resources.
Technologies
- AMG Engineering achieved $367
million in order backlog as of September 30, 2024, the highest in
AMG’s history. Order intake of $131 million during the third
quarter of 2024 was 63% higher than the same period in 2023, driven
largely by strong orders of remelting furnaces.
- AMG LIVA’s first third-party
commercial Hybrid Energy Storage System, integrating Lithium-Ion
and Vanadium Redox Flow batteries with AI-driven efficiency, is now
operational at Wipotec GmbH, enhancing the facility's power
system.
Financial Highlights
- AMG’s liquidity as of
September 30, 2024 was $472 million, with $272 million of
unrestricted cash and $200 million of revolving credit
availability.
- EBITDA continued on a steady growth
trend in the third quarter of 2024, during which AMG achieved $40
million of EBITDA despite significant declines in lithium and
vanadium prices.
Key Figures
| In 000’s US
dollars |
|
|
|
| |
Q3 ‘24 |
Q3 ‘23 |
Change |
|
Revenue |
$356,003 |
$368,717 |
(3%) |
|
Gross profit |
46,098 |
66,803 |
(31%) |
| Gross margin |
12.9% |
18.1% |
|
|
|
|
|
|
|
Operating (loss) profit |
(1,252) |
24,059 |
N/A |
| Operating
margin |
(0.4%) |
6.5% |
|
| |
|
|
|
|
Net (loss) income attributable to
shareholders |
(13,353) |
163 |
N/A |
|
|
|
|
|
| EPS - Fully
diluted |
(0.41) |
0.00 |
N/A |
| |
|
|
|
|
EBIT (1) |
25,408 |
40,225 |
(37%) |
| Adjusted
EBITDA (2) |
40,266 |
53,785 |
(25%) |
| Adjusted EBITDA
margin |
11.3% |
14.6% |
|
| |
|
|
|
|
Cash (used in) from operating activities |
(1,822) |
24,926 |
N/A |
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, equity-settled share-based
payments, strategic expenses, and other exceptional items.
(2) Adjusted EBITDA is defined as EBIT adjusted
for depreciation and amortization.
Operational Review
AMG Lithium
|
|
Q3 ‘24 |
Q3 ‘23 |
Change |
|
Revenue |
$48,600 |
$62,346 |
(22%) |
| Gross (loss)
profit |
(781) |
26,769 |
N/A |
| Operating (loss)
profit |
(12,647) |
16,390 |
N/A |
| Adjusted EBITDA |
10,249 |
29,638 |
(65%) |
AMG Lithium’s revenue decreased 22% compared to
the third quarter of 2023. This variance was largely driven by the
67% decline in lithium market prices versus the third quarter of
2023, offset by a 42% increase in volume.
SG&A expenses of $12 million in the third
quarter of 2024 were 16% higher than in the same period last year,
mainly driven by the increase in headcount related to the German
lithium expansion project and higher professional fees.
The third quarter 2024 adjusted EBITDA decreased
65%, to $10 million, from $30 million in the third quarter of 2023,
due to the decline in lithium prices as noted above.
During the third quarter of 2024, a total of
22,731 dry metric tons (“dmt”) of lithium concentrates were sold,
42% higher than the 16,012 dmt in the third quarter of 2023. The
average realized sales price was $870/dmt CIF China for the
quarter. The average cost per ton for the quarter was $450/dmt CIF
China, driven by higher lithium concentrate production, lower costs
from the weakening Brazilian Real, and ongoing high tantalum sales
volumes which lower the cost of production.
Our lithium concentrate plant is currently
ramping to 130,000 tons and shipping volumes were therefore
impacted in the third quarter of 2024. We expect to reach design
capacity production in the fourth quarter of 2024. AMG is one of
the lowest-cost lithium concentrate mines in the world, and we plan
to maintain this competitive advantage.
AMG Vanadium
|
|
Q3 ‘24 |
Q3 ‘23 |
Change |
|
Revenue |
$150,972 |
$174,436 |
(13%) |
| Gross profit |
11,282 |
17,182 |
(34%) |
| Operating (loss)
profit |
(2,573) |
3,539 |
N/A |
| Adjusted
EBITDA |
10,762 |
15,067 |
(29%) |
AMG Vanadium’s revenue for the third quarter of
2024 decreased by 13%, to $151 million, due primarily to lower
sales prices across the segment and lower volumes of ferrovanadium,
partially offset by increased volumes in chrome metal.
Gross profit of $11 million in the third quarter
of 2024 was 34% lower compared to the same period in 2023, largely
due to the decline in revenues noted above.
SG&A expenses in the third quarter of 2024
of $14 million were materially in line with the comparable prior
period.
The third quarter of 2024 adjusted EBITDA of $11
million was 29% below the same period in 2023. This was primarily
driven by the 21% decrease in market prices for ferrovanadium
compared to the third quarter of 2023.
AMG Technologies
|
|
Q3 ‘24 |
Q3 ‘23 |
Change |
|
Revenue |
$156,431 |
$131,935 |
19% |
| Gross profit |
35,597 |
22,852 |
56% |
| Operating
profit |
13,968 |
4,130 |
238% |
| Adjusted
EBITDA |
19,255 |
9,080 |
112% |
AMG Technologies' third quarter 2024 revenue
increased by $24 million, or 19%, compared to the same period in
2023. This improvement was driven by higher sales volumes of
antimony and silicon, and higher sales prices of antimony.
SG&A expenses increased by 13% in the third
quarter of 2024 compared to the same period in 2023, due to
additional personnel at AMG LIVA and AMG Engineering corresponding
to the increased business development, as well as increased
professional fees and research and development costs.
AMG Technologies’ adjusted EBITDA was $19
million during the third quarter, more than double the same period
in 2023. The increase was primarily due to higher profitability in
antimony and graphite.
AMG Engineering signed $131 million in new
orders during the third quarter of 2024, representing a 1.82x book
to bill ratio. The third quarter 2024 order intake was driven by
exceptionally strong orders of remelting furnaces. Order backlog
was the highest in AMG’s history at $367 million as of September
30, 2024.
AMG Silicon has been operating two of its four
furnaces since March 2024, and we plan to run two furnaces for the
remainder of 2024. 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
profitability of the business is immaterial and excluded from
adjusted EBITDA during this period of abnormal operations.
Financial Review
Tax
AMG recorded an income tax expense of $2 million
in the third quarter of 2024. This expense was mainly due to $7
million of deferred tax expenses in our German businesses related
to losses that do not qualify for recognition as deferred tax
assets. This expense is offset by the $3 million tax benefit
related to the statutory tax rates applied to AMG’s negative profit
before tax. In addition, there was a $2 million deferred tax
benefit related to a favorable foreign exchange impact on our
Brazilian tax positions.
AMG paid taxes of $5 million in the third
quarter of 2024, compared to tax payments of $33 million in the
third quarter of 2023. The reduced cash payments in the current
period were largely a result of the decrease in profitability
year-over-year.
Exceptional Items
AMG’s third quarter 2024 gross profit includes
exceptional items, which are not included in the calculation of
adjusted EBITDA.
A summary of exceptional items included in gross
profit in the third quarters of 2024 and 2023 are below:
Exceptional items included in gross
profit
|
|
Q3 ‘24 |
Q3 ‘23 |
Change |
|
Gross profit |
$46,098 |
$66,803 |
(31%) |
| Inventory cost
adjustment |
18,258 |
7,283 |
151% |
| Restructuring
expense |
102 |
2,745 |
(96%) |
| Silicon’s partial
closure |
(1,224) |
(1,483) |
17% |
|
Strategic project expense |
441 |
512 |
(14%) |
|
Gross profit excluding exceptional items |
63,675 |
75,860 |
(16%) |
AMG had $18 million non-cash expense during the
third quarter of 2024 mainly driven by AMG Lithium due to the
decline in lithium prices, which has been excluded from the
calculation of adjusted EBITDA.
SG&A
AMG’s third quarter 2024 SG&A expenses were
$47 million compared to $43 million in the third quarter of 2023.
The increase was largely driven by the increase in headcount in our
Lithium, Engineering, and LIVA businesses associated with our
strategic expansion projects and higher professional fees relating
to additional regulatory requirements.
Liquidity
|
|
September 30, 2024 |
December 31, 2023 |
Change |
|
Senior secured debt |
$432,562 |
$337,402 |
28% |
|
Cash & cash equivalents |
271,599 |
345,308 |
(21%) |
|
Senior secured net debt (cash) |
160,963 |
(7,906) |
N/A |
|
Other debt |
11,807 |
13,105 |
(10%) |
|
Net debt excluding municipal bond |
172,770 |
5,199 |
N/A |
|
Municipal bond debt |
318,812 |
319,002 |
— % |
|
Restricted cash |
1,439 |
1,451 |
(1%) |
|
Net debt |
490,143 |
322,750 |
52% |
AMG continued to maintain a strong balance sheet
and adequate sources of liquidity during the third quarter. As of
September 30, 2024, the Company had $272 million in
unrestricted cash and cash equivalents and $200 million available
on its revolving credit facility. As such, AMG had $472 million of
total liquidity as of September 30, 2024.
Net Finance Costs
AMG’s third quarter 2024 net finance cost was $8
million compared to $9 million in the third quarter of 2023. This
is due to higher non-cash intercompany foreign exchange gains
compared to the same period in 2023, partially offset by increased
interest costs associated with the new $100 million incremental
term loan issued in April 2024.
Outlook
Due to the strong operating results to date
including exceptional results from our Antimony operation, we are
increasing our EBITDA guidance for 2024 from “exceed $130 million
EBITDA” to “exceed $150 million EBITDA.”
As the lithium prices have weakened further and
AMG Antimony’s contributions normalize, we expect AMG’s adjusted
EBITDA to exceed $130 million in 2025. Due to the uncertainty
related to the commissioning and ramp-up process as well as the
impact of the write-downs in the value of our inventory to the
current low market prices, we have excluded any expected
contribution from our lithium hydroxide refinery in Bitterfeld,
Germany from our 2025 guidance.
(Loss) profit for the period to adjusted
EBITDA
reconciliation
|
|
Q3 ‘24 |
Q3 ‘23 |
|
(Loss) profit for the period |
($11,708) |
$1,002 |
| Income tax
expense |
1,676 |
12,565 |
| Net finance
cost |
7,813 |
9,295 |
| Equity-settled
share-based payment transactions |
1,524 |
1,392 |
| Restructuring
expense |
102 |
2,745 |
| Silicon’s partial
closure |
(346) |
(739) |
| Inventory cost
adjustment |
18,258 |
7,283 |
| Strategic project
expense (1) |
7,127 |
5,301 |
| Share of loss of
associates |
967 |
1,197 |
|
Others |
(5) |
184 |
|
EBIT |
25,408 |
40,225 |
|
Depreciation and amortization |
14,818 |
13,560 |
|
Adjusted EBITDA |
40,226 |
53,785 |
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 |
2024 |
2023 |
|
|
Unaudited |
Unaudited |
|
Continuing operations |
|
|
| Revenue |
356,003 |
368,717 |
| Cost of
sales |
(309,905) |
(301,914) |
| Gross
profit |
46,098 |
66,803 |
| |
|
|
| Selling,
general and administrative expenses |
(47,446) |
(42,800) |
| |
|
|
| Other income,
net |
96 |
56 |
| Net other
operating income |
96 |
56 |
| |
|
|
| Operating
(loss) profit |
(1,252) |
24,059 |
| |
|
|
| Finance
income |
5,160 |
5,676 |
| Finance cost |
(12,973) |
(14,971) |
| Net
finance cost |
(7,813) |
(9,295) |
| |
|
|
| Share of
loss of associates and joint ventures |
(967) |
(1,197) |
| |
|
|
| (Loss)
profit before income tax |
(10,032) |
13,567 |
| |
|
|
| Income
tax expense |
(1,676) |
(12,565) |
| |
|
|
| (Loss)
profit for the period |
(11,708) |
1,002 |
| |
|
|
| (Loss) profit
attributable to: |
|
|
| Shareholders of
the Company |
(13,353) |
163 |
| Non-controlling
interests |
1,645 |
839 |
| (Loss)
profit for the period |
(11,708) |
1,002 |
| |
|
|
| (Loss)
earnings per share |
|
|
| Basic (loss)
earnings per share |
(0.41) |
0.01 |
| Diluted (loss)
earnings per share |
(0.41) |
0.00 |
| AMG Critical
Materials N.V. |
|
|
| Condensed Interim
Consolidated Income Statement |
|
|
| |
|
|
| For the
nine months ended September 30 |
|
|
| In thousands of
US dollars |
2024 |
2023 |
| |
Unaudited |
Unaudited |
|
Continuing operations |
|
|
| Revenue |
1,078,473 |
1,258,626 |
| Cost of
sales |
(929,717) |
(924,447) |
| Gross
profit |
148,756 |
334,179 |
| |
|
|
| Selling,
general and administrative expenses |
(137,234) |
(132,580) |
| |
|
|
| Other income,
net |
236 |
650 |
| Net other
operating income |
236 |
650 |
| |
|
|
| Operating
profit |
11,758 |
202,249 |
| |
|
|
| Finance
income |
15,127 |
14,843 |
| Finance cost |
(45,010) |
(38,037) |
| Net
finance cost |
(29,883) |
(23,194) |
| |
|
|
| Share of
loss of associates and joint ventures |
(2,706) |
(2,989) |
| |
|
|
| (Loss)
profit before income tax |
(20,831) |
176,066 |
| |
|
|
| Income
tax expense |
(15,504) |
(75,044) |
| |
|
|
| (Loss)
profit for the period |
(36,335) |
101,022 |
| |
|
|
| (Loss) profit
attributable to: |
|
|
| Shareholders of
the Company |
(40,615) |
99,147 |
| Non-controlling
interests |
4,280 |
1,875 |
| (Loss)
Profit for the period |
(36,335) |
101,022 |
| |
|
|
| (Loss)
earnings per share |
|
|
| Basic (loss)
earnings per share |
(1.26) |
3.08 |
| Diluted (loss)
earnings per share |
(1.26) |
3.04 |
| AMG Critical
Materials N.V. |
|
|
|
Condensed Interim Consolidated Statement of Financial Position |
|
| |
|
|
| In thousands
of US dollars |
September 30, 2024 Unaudited |
December 31, 2023 |
|
Assets |
|
|
|
Property, plant and equipment |
970,058 |
921,178 |
|
Goodwill and other intangible assets |
53,735 |
40,313 |
|
Derivative financial instruments |
11,940 |
22,847 |
|
Equity-accounted investees |
38,173 |
18,266 |
|
Other investments |
44,766 |
38,160 |
|
Deferred tax assets |
33,579 |
26,882 |
|
Restricted cash |
391 |
387 |
|
Other assets |
14,580 |
12,060 |
| Total
non-current assets |
1,167,222 |
1,080,093 |
|
Inventories |
318,135 |
260,945 |
|
Derivative financial instruments |
3,388 |
3,397 |
|
Trade and other receivables |
199,801 |
164,027 |
|
Other assets |
90,899 |
100,128 |
|
Current tax assets |
6,774 |
7,845 |
|
Restricted cash |
1,048 |
1,064 |
|
Cash and cash equivalents |
271,599 |
345,308 |
| Total
current assets |
891,644 |
882,714 |
| Total
assets |
2,058,866 |
1,962,807 |
| AMG Critical
Materials N.V. |
|
|
|
Condensed Interim Consolidated Statement of Financial Position |
|
| (continued) |
|
|
| |
|
|
| In thousands
of US dollars |
September 30, 2024 Unaudited |
December 31, 2023 |
|
Equity |
|
|
|
Issued capital |
853 |
853 |
|
Share premium |
553,715 |
553,715 |
|
Treasury shares |
(9,558) |
(10,593) |
|
Other reserves |
(45,484) |
(52,269) |
|
Retained earnings |
17,605 |
70,077 |
| Equity
attributable to shareholders of the Company |
517,131 |
561,783 |
| |
|
|
| Non-controlling
interests |
48,265 |
44,220 |
| Total
equity |
565,396 |
606,003 |
| |
|
|
|
Liabilities |
|
|
|
Loans and borrowings |
749,228 |
656,265 |
|
Lease liabilities |
46,003 |
46,629 |
|
Employee benefits |
130,072 |
133,333 |
|
Provisions |
17,560 |
17,951 |
|
Deferred revenue |
10,138 |
17,836 |
|
Other liabilities |
6,325 |
4,784 |
|
Derivative financial instruments |
— |
27 |
|
Deferred tax liabilities |
13,041 |
6,664 |
| Total
non-current liabilities |
972,367 |
883,489 |
|
Loans and borrowings |
5,696 |
5,566 |
|
Lease liabilities |
5,675 |
5,725 |
|
Short-term bank debt |
8,257 |
7,678 |
|
Deferred revenue |
16,228 |
14,083 |
|
Other liabilities |
89,134 |
77,052 |
|
Trade and other payables |
243,997 |
259,339 |
|
Derivative financial instruments |
2,582 |
2,828 |
|
Advance payments from customers |
121,221 |
60,561 |
|
Current tax liability |
20,572 |
24,279 |
|
Provisions |
7,741 |
16,204 |
| Total
current liabilities |
521,103 |
473,315 |
| Total
liabilities |
1,493,470 |
1,356,804 |
| Total
equity and liabilities |
2,058,866 |
1,962,807 |
| AMG Critical
Materials N.V. |
|
|
| Condensed Interim
Consolidated Statement of Cash Flows |
|
|
| For the
nine months ended September 30 |
|
|
| In thousands
of US dollars |
2024 |
2023 |
|
|
Unaudited |
Unaudited |
| Cash
(used in) from operating activities |
|
|
| (Loss) profit for
the period |
(36,335) |
101,022 |
| Adjustments to
reconcile net profit to net cash flows: |
|
|
|
Non-cash: |
|
|
|
Income tax expense |
15,504 |
75,044 |
|
Depreciation and amortization |
42,977 |
40,200 |
|
Asset impairment reversal |
— |
(767) |
|
Net finance cost |
29,883 |
23,194 |
|
Share of loss of associates and joint ventures |
2,706 |
2,989 |
|
Loss on sale or disposal of property, plant and equipment |
158 |
33 |
|
Equity-settled share-based payment transactions |
4,563 |
4,356 |
|
Movement in provisions, pensions, and government grants |
(8,776) |
8,470 |
| Working capital,
deferred revenue adjustments, and other |
(32,731) |
31,609 |
| Cash
generated from operating activities |
17,949 |
286,150 |
| Finance costs
paid, net |
(27,291) |
(19,163) |
| Income tax
paid |
(16,669) |
(88,691) |
| Net cash
(used in) from operating activities |
(26,011) |
178,296 |
|
|
|
|
| Cash used
in investing activities |
|
|
| Proceeds from
sale of property, plant and equipment |
28 |
34 |
| Acquisition of
property, plant and equipment and intangibles |
(85,448) |
(109,540) |
| Investments in
associates and joint ventures |
(22,613) |
(19,939) |
| Use of restricted
cash |
12 |
5,492 |
| Interest received
on restricted cash |
— |
30 |
| Capitalized
borrowing cost paid |
(11,584) |
(11,583) |
| Other |
(20) |
4 |
| Net cash
used in investing activities |
(119,625) |
(135,502) |
| 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 |
2024 |
2023 |
| |
Unaudited |
Unaudited |
| Cash from
(used in) financing activities |
|
|
| Proceeds from
issuance of debt |
100,000 |
57 |
| Payment of
transaction costs related to debt |
(2,483) |
— |
| Repayment of
loans and borrowings |
(4,381) |
(14,355) |
| Net repurchase of
common shares |
(688) |
(6,960) |
| Dividends
paid |
(15,072) |
(28,212) |
| Payment of lease
liabilities |
(4,835) |
(4,098) |
| Contributions by
non-controlling interests |
— |
14,000 |
| Net cash
from (used in) financing activities |
72,541 |
(39,568) |
|
|
|
|
| Net
(decrease) increase in cash and cash equivalents |
(73,095) |
3,226 |
| |
|
|
| Cash and cash
equivalents at January 1 |
345,308 |
346,043 |
| Effect of
exchange rate fluctuations on cash held |
(614) |
(1,976) |
| Cash and
cash equivalents at September 30 |
271,599 |
347,293 |
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 CO2 in aerospace engines, as well as
critical materials addressing CO2 reduction in a variety
of other end use markets.
AMG’s Lithium segment spans the lithium value
chain, reducing the CO2 footprint of both suppliers and
customers. AMG’s Vanadium segment is the world’s market leader in
recycling vanadium from oil refining residues, spanning the
Company’s vanadium, titanium, and chrome businesses. AMG’s
Technologies segment is the established world market leader in
advanced metallurgy and provides equipment engineering to the
aerospace engine sector globally. It serves as the engineering home
for the Company’s fast-growing LIVA batteries, and spans AMG’s
mineral processing operations in graphite, antimony, 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, and Sri
Lanka, 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
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.
- Third Quarter 2024 Earning Press Release
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