Progress Briefing on
2022-2024 New Medium
Term Business Plan
May 21, 2024
Mitsui Mining & Smelting Co., Ltd.

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0Purpose and 2022-2024 Medium Term Business Plan (22-24 MTP)
We commenced 2022-2024 Medium Term Business Plan in conjunction with establishing Purpose (Our social reason for existence),and FY2024 will be the final year of the medium-term plan.
We aim for sustainable growth and enhancement of corporate value in the medium to long term based on “ambidexterity” and“integrated thinking-based management”

Purpose⚫ Ambidexterity• Exploration(Experiment and act on new business)• Exploitation(Business efficiency improvement andceaseless kaizen efforts)⚫ Integrated thinking-based management• Social value improvement• Financial value improvement
Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

1

Financial Figures - Net Sales and Ordinary Income
Financial figures for the final fiscal year of 22-24 MTP (FY2024) are expected to fall far short of the target. However, the FY2030
target remains unchanged(Unit: 100 million yen)

(Unit: 100 million yen)

Net sales

Ordinary income
800

8,000
7,250

7,250
6,333 6,520

6,467 6,400

660

−850

600

5,229

513

4,731

−250

445
400

350
199
93

1
2 20203
4 2021
5
6
2019

.....

72022
8
9 202310 11 1213 14
2024
Result MTP
Result Forecast MTP

15

16 2030
17
MTP

2019
1
2 20203
4 2021
5
6

.....

2024
7202289 202310 11 12
13 14
Result MTP
Result Forecast MTP

15

16 2030
17
MTP

the financial figures were far short of the plan, our efforts toward 2030 (ambidexterity and integrated thinking-based management) are☞ Althoughprogressing better than 22-24 MTP. We will continuously aim to achieve sustainable growth and increase our corporate value in the medium to longterm

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2

Financial Figures - Ordinary Income and Real Income by Segment
All segments are expected to fall far short of 22-24 MTP due to lower sales of major products, higher costs, etc. compared to 22-24 MTP(Unit: 100 million yen)

(Unit: 100 million yen)

Ordinary income by segment

Real income by segment (operating income based)*Real income (operating income based)= figures exclude inventory factors and precious metal price effects from ordinary income

800

800

40

40

660
39

Corporate
Mobility

600

24

40

363

25
50

Metals199

Engineered
Materials

300

Adjustment

-58
-8

2021

40
32

350

113

90

−250

32

0

Mobility

75
200

10
57

25
175

Metals

27

155

270

-66

-86
-4

2022
Result

164

-65

-59

-59

-40

ResultCopyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

Business
Creation

-57

2024
MTP

2030
MTP

2021

305

45
15

198

-66

119
400
310

264
138

-86
-1

2022
Result

95

60

-10

Adjustment

Forecast

325

130

102

-41

2023
MTP

78

274

-63

176

-59

-59

-40

-37

2023
MTP

−310
200

65
Engineered
Materials

310
180

160

200

9

132

11

232

400

91

25

404

196
161

107
Business
Creation

130

145

28
7

Corporate

615

Decrease in retirement
benefit expenses ofheadquarters
including +47

537
13

445
400

200

4

Result2024
Forecast

MTP

2030
MTP
3

Financial Figures - Cash Flows, ROE, Equity Ratio
Due to deteriorating business performance compared to 22-24 MTP, various indicators are expected to fall short of FY2024
targets, but the financial structure is expected to improve moderately(Unit: 100 million yen)Free cash flows (FCF)

ROE, Equity ratio, Net DE ratio

850

ROE

23.8%

−232

14.0%

11.4%

618

9.8%

−6.3%

7.7%

3.5%
404

351

370

2021

2022
Result

114

2021

150

100

Net
D/E ratio

2022

2023

2024

cumulative(22-24) total

Result MTP

ResultForecast MTP

Forecast MTP

Cash flows fromoperating activities

607

430

700

753

650

800

1,833

2,300

Cash flows frominvesting activities

-255

-316

-550

-349

-550

-430

-1,215-1,450

FCF

352

114

150

404

100

370

618

850

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Equity
ratio

0.82

2023

MTP

0.76

Result0.71

Forecast

0.60

40.1% 41.0%

37.6%

2024
MTP

0.57
50.0%
44.3%

43.5%

0.42

1
2021

2

3 2022

Result

4

MTP

5

6
2023

Result7

8 2024

Forecast

9

MTP

4

Shareholder Returns
Based on the dividend policy, we plan to pay a dividend of 145 yen in 2024, an increase of 5 yen from the previous year. The
dividend policy will continue for the foreseeable future.
Dividend policy for 22-24 MTP onwards

To ensure stable and continuous dividend payments, we aim to pay dividends to shareholders with a dividend on
equity ratio (DOE) of 3%
Trends in dividend per share and DOE
220

3.3%

Interim dividends

3.5%

3.1%

3.0%
3.0%

DOE

170

2.5%

2.5%

2.6%

140
110

120

70

140 +5 yen145
70

85

70

2.5%

2.0%

1.5%

70

70

75

1.0%

⚫ Since FY2022, when we established our dividend policy,
we have paid continuous and stable dividends.
Aiming for DOE of 3%, dividend is expected to increase in
the medium term
⚫ With progress in improving our financial structure, we will
also revise our dividend policy in the medium to long term.

20
0.5%

2019

2020

2021

2022

-30

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2023
Forecast

2024
Forecast

0.0%

5Integrated Thinking-based Management
In order to achieve our vision based on Purpose, from April 2022, we conducted full-fledged introduction and promotion ofIntegrated thinking-based management, which aims to achieve both social and financial value improvement

Integrated thinking-based management(2) Financial value improvement(1) Social value improvement
ESG (Opportunities and risks)

Define product/market scope

We will evaluate each business from five perspectives related to ourmateriality initiatives, and utilize the perspective of businesssustainability in business decisions

Ambidexterity

Environmental
impactDynamic business portfolio management

SocialrelationshipcapitalBusiness model andinnovation

Exploitation

Human capital

Exploring synergies

M&A
Strategic
Investments

Exploration

Leadership andgovernance

Proactive allocation of management resources tobusiness creation sector(3) New structures to support integrated thinking
OrganizationalchangeCopyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

TalentstrategyDX

6Integrated Thinking-based Management
In order to achieve our vision based on Purpose, from April 2022, we conducted full-fledged introduction and promotion ofIntegrated thinking-based management, which aims to achieve both social and financial value improvement

Integrated thinking-based management(2) Financial value improvement(1) Social value improvement

Define product/market scope

ESG (Opportunities and risks)
We will evaluate each business from five perspectives related to ourmateriality initiatives, and utilize the perspective of businesssustainability in business decisions
Environmental
impactExploitation
Dynamic business portfolio management

SocialrelationshipcapitalBusiness model andinnovation

Ambidexterity

Human capital

Exploring synergies

M&A
Strategic
Investments

Exploration

Leadership andgovernance

Proactive allocation of management resources tobusiness creation sector(3) New structures to support integrated thinking
OrganizationalchangeCopyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

TalentstrategyDX

7

Social Value Improvement

Social value improvement

Initiatives are progressing as planned for Environment (Initiatives to achieve carbon neutrality), Human capital/Talent strategy,
and Governance
Main items
Environment(Initiatives to achieve carbon
neutrality)

Main progress• Formulation of Transition Strategies*1 for Carbon Neutrality (CN) (News release on January 9,2024)• Company-wide TCFD scenario analysis in progress (Scheduled to finish by FY2024)• Promote DE&I*2 Ratio of female managers: approximately 4%, male childcare leave ratio: 42%, newly launched Rewardingand Engaging Work Promoting Office

Human capital/
Talent strategy• 7.7% salary raise and salary revision for newly graduated employees (News release on February 14, 2024)• Obtained “Eruboshi,” certification mark of an excellent company promoting women's participation and advancement in
the workplace (News release on November 8, 2023)• Certified as 2024 Health & Productivity Management Outstanding Organization following 2023 (News release on March

P10

P11
P12

11, 2024)• Transition to a Company with an Audit and Supervisory Committee (TSE disclosure on January 22, 2024)• Formulation of Stock Ownership Guidelines for Executive Officers and Higher Positions (News release on March 25,
Governance

P14

2024)

• Evaluation of the Board's Effectiveness and Response to the Details of Interviews with Institutional Investors
and Outside Directors

P13*1 Transition Strategy: Four approaches (energy-saving/resource saving, energy and fuel transition, low-carbon electricity and offset/innovation) contribute to CN social implementation*2 DE&I: Diversity, Equity and Inclusion
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8

November 20, 2023
Reprinted version of ESG briefing session material

Medium- to Long-term CO2 Emission
Reduction Targets and Initiatives

Social value improvement(Environment)

CO2 emissions(% compared to reference year 2013)⚫ Reduce CO2 emissions by 38% globally by FY2030 (Scope 1, 2 compared to FY 2013)⚫ Aim to achieve carbon neutrality (zero net emissions) by FY2050
Reference year
100%

Result−7%(compared to 2013)
Target−38%(compared to2013)

1,720 kt
Japan: 1,420 kt
Overseas: 300 kt• Improve processes• Improve processes• Improve energy procurement• Introduce new tech
- Energy transition(Hydrogen, synthetic fuels, methanation, biomass)- Introduce technology for absorption, capture, and reuse- Reduce GHG intensity- Energy transition(Electrification, low-carbon fuel conversion)• Improve energy procurement

Carbon neutrality(net zero emissions)- Reduce per-consumption CO2 emissions- Generate renewable energy, leverage
environmental values

2013

2021
2022

2030

2050
Implement projects for reducing CO2 emissions

Create projects for reducing CO2 emissions
Follow Carbon Neutral Roadmap◆ Continuous scrutiny of environmental investments (technology assessment, cost
reduction)◆ ICP simulation (target, investment amount)

Scope 3 Monitor CO2 emissions◆ Completed identifying CO2 emissions ofdomestic locations in FY2023◆ Started studying reduction targets from FY2024

Use ICP*2 for environmental investment promotion scheme◆ Promote environmental investment by applying ICP to evaluate
CO2 reduction effects in terms of investment profitability (FY2023:
19 cases, FY2024: 52 cases)

Participate in GX League
Use LCA*1 to identify improvement points◆ Company-wide LCA introduction (Scheduled to finish
by FY2024)◆ Quantify CO2 emissions by each product and process

Use TCFD scenario analysis to formulate strategy◆ Company-wide TCFD scenario analysis in progress (Scheduled
to finish by FY2024) P10◆ Formulate strategies and tactics for reducing CO2 emissions

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Comply with new regulations and technologies◆ Establish a system for emissions trading◆ Gather information and materialize new technologies throughcollaboration with partner companies*1 LCA: Life Cycle Assessment*2 ICP: Internal Carbon Pricing

9November 20, 2023
Revised version of ESG briefing session material

Medium- to Long-term CO2 Emission
Reduction Targets and Initiatives

Social value improvement(Environment)

Company-wide TCFD scenario analysis introduction
Company-wide TCFD scenario analysis in progress by business from businesses highly likely to be affected by climate change.

Conducted review of metal and copper foil businesses with significant impact in FY2023. Plan to conduct further reviews and review
of Catalysts Division in FY2024

FY2021 and earlier

Metals Sector
FY2022
CO generation
71.2%
ratio

FY2022

FY2023

FY2024 (plan)

Metal business (2nd)Chemical products
business

Metal business

2

71.2%

*83% domesticallyEngineered Materials
Sector
FY2022CO2 generation
ratio

17.6%

Mobility Sector
FY2022CO2 generation
ratio

Copper foil
business

4.4%

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Catalyst
business

PVD materials
businessEngineered
powders business
Ceramics
business

Copper foil
business (2nd)15.4%

Door lockbusiness

Catalyst business (2nd)Die-casting business10

November 20, 2023
Reprinted version of ESG briefing session material

Social value improvement(Human capital)

Human Capital/Talent Strategy

Personnel are the most important management resource, so we are steadily implementing various measures to utilize personnel as anorganization while respecting the individuals(blue text below)
Engaged workplace

Realize businessstrategies

Innovative workplace

Promote workplace diversity(Diversity, Equity & Inclusion)

Strategically allocate talents acrossthe entire company

Initiatives to leverage all types of diversity

Reinforcement of human resources business partner functions

Introduction of KPI on women empowerment into remuneration of
directors and officers
Career development support
Achieve professional growth and career visionof each employee

One on one career advice, enhanced training
systemPromotion of rewarding and engaging
work
Provide a positive work environment fordiverse talents

Conduct employee awareness survey andexecute measures[Respect for Individuals] Recognize, enhance, and utilize diversity

Full-scale operation of specialized departments
Utilize human resources
information
Comprehensive, de-personalized,
centralized management

System installation

Develop human resources strategy
Identify issues with foresight and resolve
them quickly

Dialogue with management and businessdivision managers[Utilization as an organization] Create a competitive advantage in terms ofhuman resources

Performance-based talent management (Transition to a job-based human resources system in FY2022)
Respect for human rights
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11

Social value improvement(Human capital)

Initiatives to Enhance Human Capital

For bolstering the promotion of rewarding and engaging work
Organization chart of Human
Resource Department(Selected excerpts)

Human Resource
Department

Rewarding and Engaging
Work Promoting Office(Newlylaunched)

Diversity, Equity andInclusion Office⚫ Launched Rewarding and Engaging Work Promoting Office in April
2024⚫ We will implement company-wide strategies to accelerate the promotionof rewarding and engaging work and measures to continue the promotion⚫ We will increase employee engagement toward 2030 and build aworkplace attracting diverse people to increase our corporate value

HR Business Partner Office

Salary raise and salary revision for newly graduated employees (News release on February 14, 2024)[Outline]• For regular employees (excluding managers)• Salary raise of 20 thousand yen/month (Average rate of salary raise is 7.7%)• Reached the highest level of salary for new graduates in the industry by increasingsalaries according to each category from senior high school graduates to doctorate
graduates

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⚫ This salary raise is the largest ever seen in the last 30 years and exceeds
the union's request. The reaction to this salary raise was strong due to thequick response to the union's request⚫ We will continuously invest in human capital to improve employee
engagement and attract a talented workforce

12Initiatives to Strengthen Governance andEnhance Corporate Value

Social value improvement(Governance)

Response to the Board's effectiveness evaluation[Issues][Responses]• Discussion on allocation of management resources, including investment in
human capital and intellectual property• Discussion on strategy implementation regarding the business portfolio• Numerous items for discussion at Board of Directors meetings(Delegation of authority from the Board of Directors to Executive Officers shouldbe pursued)⚫ Transition to a company with an Audit and Supervisory Committee
Concentrate on discussions to enhance corporate value, such as companywide strategies, by delegation of authority to executive officers with amonitoring model approach to reduce the number of agenda items at Boardof Directors meetings

P14

Response to the details of interviews with institutional investors and Outside Directors[Requests for disclosure]••••Specific criteria for business portfolio management
Quantitative disclosure of capital cost and capital efficiency improvements
Connection of measures related to human capital to corporate value improvement
Discussions and responses by the Board of Directors regarding the dialogue
details with investors• Connection of intellectual property (IP strategies) to corporate value enhancement[Responses]⚫ All items are currently under careful examination. We will enrich disclosure
details at the start of 25-27 MTP

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[Expected measures]••••

Acceleration of business portfolio transformation
Increased accuracy regarding business performance forecasts
Reduction in capital costs through volatility reduction
Introduction of capital efficiency indicators in line with shareholder views on
performance-linked compensation (ROE, ROIC, etc.)[Responses]⚫ We accelerated some of the expected measures above from FY2024 by
the transition to a company with an Audit and Supervisory Committee
We will respond with more awareness than before from 25-27 MTP
13Transition to a Company with an Audit andSupervisory Committee

Social value improvement(Governance)

Strengthen governance through transition to a company with an Audit and Supervisory Committee, increased ratio of outside directors
to half, increased ratio of female executives, appointment of external financial accounting skilled personnel, appointment of Outside
Director as Chairman of the Board of Directors, thereby orienting to the Board of Directors as “Small-sized general meeting of stockholders”
Corporate governance system chart (Plan)

Transition objectives

General meeting of stockholders
Election anddismissal

Auditing

Board of Directors

Accounting
auditor(Audit firm)
Cooperation• Nominating Committee• Remuneration Committee<Business
operations>Auditing

Financialauditing⚫ Significantly transfer power to Executive Officers and strengthen
monitoring functions over management→ Transition to a monitoring model approach⚫ Concentrate on discussions to enhance corporate value, such ascompany-wide strategies, at the Board of Directors meetings→ Support for company-wide strategies from a governance
perspective

Direction andcooperation

Monitoring

Internal Audit
Committee

Internal Audit
Department

President

Composition of Directors

Significantly
strengthen andincrease the numberof members: maleAuditing

Executive Council

Directors
Cooperation

Executive Officers

CSR
Committee

Auditing
Corporate
units

Election anddismissal

Audit andSupervisory
Committee

Engage and participate

Selection anddismissal
Supervision

Businessunits

Election anddismissal

Affiliatedcompanies

Cooperation• Hotline Management Committee• Export Screening Committee• Supreme Safety and Environmental
Meeting• Information Management Committee• ICT Management Committee• Diversity Equity and Inclusion Committee• Supply Chain Committee
etc.

Research, instructions, etc.

(excluding members of Audit
and Supervisory Committee)

Directors
Members of Audit andSupervisory Committee: female: Chairman of the Board

Internal:
Outside:*Internal:
Outside:** Skilled in financial accounting

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14

Integrated Thinking-based Management
In order to achieve our vision based on Purpose, from April 2022, we conducted full-fledged introduction and promotion ofIntegrated thinking-based management, which aims to achieve both social and financial value improvement

Integrated thinking-based management(2) Financial value improvement(1) Social value improvement
ESG (Opportunities and risks)

Define product/market scope

We will evaluate each business from five perspectives related to ourmateriality initiatives, and utilize the perspective of businesssustainability in business decisions

Ambidexterity

Environmental
impactDynamic business portfolio management

SocialrelationshipcapitalBusiness model andinnovation

Exploitation

Human capital

Exploring synergies

M&A
Strategic
Investments

Exploration

Leadership andgovernance

Proactive allocation of management resources tobusiness creation sector(3) New structures to support integrated thinking
OrganizationalchangeCopyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

Talentstrategy

DX

15

FY2023 Review of Business Valuation Matrix

Financial value improvement

Added Nippon Yttrium and Ceramics to core businesses through review of the matrix in FY2023. Started selling of subsidiaries under
the umbrella of Business Reconstruction Office.
Going forward, we will implement business expansion measures including M&A in Value Expansion and Value Cultivation businesses
and searching best outside owners centered on Value Transformation business

Growth prospects (market attractiveness × winnability)◼ Business Valuation Matrix

Change through FY2023 review of the matrix

Value Expansion
Value Expansion

Value Cultivation⚫ Conversion of Nippon Yttrium to a Wholly-Owned
Subsidiary

Core businesses
Business
Creation
SectorNew Businessarea⚫ Nippon Yttrium⚫ Copper
Foil⚫ Ceramics

Engineered Materials
SectorMobility Sector
Metals Sector

Value Transformation

Value Reinforcement/Optimization
Business value

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Value Transformation⚫ Transfer of Shares of Consolidated Subsidiary Nihon
Kessho Kogaku Co., Ltd.

⚫ Die-casting

Business
Reconstructi
on Office→ Aim to further increase business value through synergy
creation (For details, see P28-29)⚫ Engineered
Powders*Utilizing M&A

Sold one subsidiary(New release on February 29, 2024)(News release on May 13, 2024)

To further improve capital efficiency, we will
actively invest management resources inValue Cultivation and Value Expansion
16Capital Investment / Investment andLending (M&A)

Financial value improvement

Downwardly revised approximately 10 billion yen for capital investment in Value Reinforcement/Optimization, as a result of thedeterioration of business performance compared to 22-24 MTP.
Secured M&A budget in 22-24 MTP (20 billion yen in three years from 2022 to 2024). Multiple projects are under consideration.
Trend in capital investment

Investment and lending (M&A)[FY2023 Result]⚫ Conversion of Nippon Yttrium to a Wholly-Owned Subsidiary(Unit: 100 million yen)

1,170
1,025

850
745

325

320

−105

380
276

243

226

82

94

104

2022

2023

2024

2022

2023

2024

ResultResultForecast

Capital Investment
for Value
Reinforcement/
Optimization, etc.

Capital investment
for Value
320
280
Cultivation andValue Expansion
cumulative(22-24) total
Forecast
MTP
3-year cumulative total

Capital investment for Value Cultivation and Value
Expansion
Business
Creation Sector• Increase the production capacity of solid
electrolyte A-SOLiD®
• Investment to increase production of HRDP®, etc.

Copper Foil

• Initiatives to increase production of MicroThin™
New installation of processing machines fordevelopment and testing, etc.

Engineered
Powders• Expansion of production capacity of NANOBIX™
New product development including iconos™

MTP22⚫ Working to be ready to invest in Value Cultivation and Value Expansion
immediately when opportunities are identified

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[FY2024 Forecast]⚫ Secured budget of 14 billion yen for FY2024.
Multiple projects are currently under consideration

17

Measures to Achieve Capital Cost andStock Price Conscious Management

Financial value improvement

We are accelerating our initiatives to enhance our corporate value thorough measures to improve financial value and advance
ROIC management(2) Advance ROIC management(1) Measures to improve financial value⚫ Aim to increase earnings per share (EPS) and
improve stock value multiple such as PER by steadily
implementing the measures to improve financial
value shown in 22-24 MTP

Financial value improvement⚫ We are considering the following measures to further implement
management with an emphasis on capital efficiency

Define product/market scope
Ambidexterity
Exploitation
Dynamic business portfolio management
Exploring synergies

22-24 MTP
(2022-24)• Established ROIC as one of the indicators ofbusiness value and structured it to evaluatebusinesses with high capital efficiency in dynamic
business portfolio management• Improve company-wide ROIC by setting andachieving ROIC targets by business

M&A
Strategic
Investments

Exploration
Proactive allocation of management resources tobusiness creation sector• Calculate Weighted Average Cost of Capital (WACC) by businessand set an appropriate ROIC target (ROIC spread: ROIC-WACC) by
business• Raise awareness of corporate value improvement and introduce
company-wide measures to spread ROIC
• Set indicators necessary for ROIC improvement at each company
organization and respond to them (ROIC tree, etc.)• Introduce efficiency indicators (ROIC, etc.) into the performancemeasures of Directors and Senior Executive Officers

Aim to start ROIC management from 2025, the first year of next MTP
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18

April 16, 2024
Revised version of briefing material prepared byBusiness Creation Sector

Business Creation Sector (1) 2030 Target of Business Creation Sector

Financial value improvement
Value Cultivation

Proactively invest management resources with the goal of achieving contribution income of 10 billion yen* or more in 2030 under thecommercialization theme
Key measures of Business Creation Sector
Measures(1) Strengthen R&D- Increase R&D Personnel- Promote DX utilization- Promote external collaboration(2) Strengthen commercialization promotion- Increase in human resources to promotecommercialization- Execute strategic investments

2030 target
Contribution income > 10 billion yen

Management resources
Expenses (Unit: 100 million yen)
300

Environment,
energy

100
0
MTP16
16-18
MTP

MTP19
19-21
MTP

MTP22
22-24
MTP

Investment (Unit: 100 million yen)

Materials: Zeolite, Silica, MOF/porous material
Functions: CO2 capture, Energy transition,
Hydrogen production
Technologies: Adsorption and desorption,
Catalyst

Next-genelectronics

100(3) Enhance strategic support functions- Enhance strategic support functions
including mass-production process
technology, IP, and QC(4) Strengthen competitiveness ofcorporate units- Promote MVV spread- Enhance human capital• Improve employee engagement• Develop personnel working globally,
etc.

CO2-related
themesSolidelectrolyte

200

50

Cu
paste

HRDP

0
MTP16
16-18
MTP

MTP19
19-21
MTP

Other

MTP22
22-24
MTP

Life science

Headcount
400

Review portfolio as needed
200

R&D
theme

0

2016

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2019

2022

2025 (plan)

R&D
theme

R&D
theme

*PL of Business Creation Sector = contribution income above - new R&D expenses

19April 16, 2024
Revised version of briefing material prepared byBusiness Creation Sector

Business Creation Sector (2) - A-SOLiD®, Solid
Electrolyte for All-Solid State Battery (ASSB)
Vision for 2030

Financial value improvement
Value Cultivation

Establish a position as a leading company in solid electrolyte by contributing to realizing a decarbonized society through All-Solid State Battery (ASSB)*1 Small Volume Manufacturing*2 High Volume Manufacturing

2020

2025

Developed solid
electrolyte

2030• Inquiries are rapidly increasing as companies accelerate
development for commercialization in the late 2020s• Expand mass-production testing facilities to meet customer demands• Co-create the EV market by providing high-quality solid electrolytes• Work on process development and cost reduction for HVM• Newly build initial mass-production plant for SVM

EV Application
Companies started smallscale mass-production
with accelerated R&D(Released on November 24, 2016)

Decided to launch mass-production
testing facilities

Commercialization

Industrial Application(December 4, 2019)

Sample supply started (November 11, 2021)

Commercialization

Application expansion

Decided to double production capacity Decided to triple(February 7, 2023)(January 26, 2024)

2024

A-SOLiD® mass production testing building(Ageo City, Saitama Prefecture)• Completed doubling of production capacity and the facilities
are operating as planned (April)• Inquiries are rapidly increasing as companies accelerate
development for commercialization
 Currently considering new construction of initial massproduction plant

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Industrial Application
Environment

2015

EV Application

HVM*2

SVM*1

Environment

Prepare for commercialization• For all solid-state battery characterized by high-temperatureenvironments and long life, Maxell has started receiving orders from
Nikon in FY2024. Commercialization of all solid-state battery begins
the year

Initiatives

R&D

Future Priority Measures

Initiatives

Roadmap• Steady supply of stable quality solid electrolytes• Expand product lineup to meet customer demand• Expand applications/markets in collaboration with partners
developing materials that meet customer/market needs
20April 16, 2024
Revised version of briefing material prepared byBusiness Creation Sector

Business Creation Sector (3) - HRDP® for
Next-gen Chip PKG Device

Achieve a de-facto standard for packaging platforms for next-gen chip PKG devices

Roadmap

2018

2020

SVM*1

HVM*2

2025

Developed HRDP🄬, and mass production
technology with GEOMATEC Co., Ltd.

2030

Environment

Prepare forcommercialization

R&D

Future Priority Measures*1 Small Volume Manufacturing*2 High Volume Manufacturing• Inquiries are increasing for next-generation chip packages for
5G/6G, AI and high-performance computing• Increase in development projects for mainstream customers as
a result of production efficiency improvement (panelization,shorter cycle time) by adapting HRDP®

Initiatives

Vision for 2030

Financial value improvement
Value Cultivation• Strengthen marketing activities to end-manufacturers using
DOE equipment• Expand product lineup to meet customer demand• 2nd production line will start production in 2025 as planned

Expand production adoption(Capacity: 40 thousand m2/year)

Commenced mass production(Domestic composite chip module manufacturer)

2030
Expand to 9.4 trillion yen market

Commenced mass production(Overseas IC chip mounting device manufacturer)

Commence operation of
DOE *3 equipment
1st production line automation(110 thousand m2/year)

Launch cutting-edge 2nd production line
(170 thousand m2/year)

DOE facility expansion
Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

HRDP® dedicated automatic peeling device(part of DOE equipment)*3 Design of Experiments(DOE): Initiatives in which we collaborate with customers to verify customer processes and to propose value for customers

21April 16, 2024
Reprinted version of briefing material prepared byBusiness Creation Sector

Business Creation Sector (4) - CO2-related
Theme Initiatives

Financial value improvement
Value Cultivation

We aim to realize higher offered value with membrane reactor combining separation membrane and catalyst in collaboration witheSep *1 and us holding catalyst technology
Lab-scale test results

Methanol production from CO2 through membrane reactor

CO2-Methanol production reaction

Confirmed it is possible to break theoretical yield withseparation membrane*2

CH3OH theoretical yield = around 20%

Catalyst layer
Zeolite membrane

Selectively separates products to accelerate reactions
and increase yields*1 News Release on July 28, 2022: Investment in Environmental Energy Venture Company “eSep”(Develop, manufacture and sell functional separation membranes made of ceramics)

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

CH3OH yield

Mechanism of membrane reactors

CH3OH
equilibrium

No separation
membraneWith separation
membrane*2 Already announced at The 36th Fall Meeting of The Ceramic Society of Japan
22

Engineered Materials Segment - Progress of2022-2024 Mid-Term Plan

Financial value improvement
Value Expansion

Vision for 2030
In FY2030, net sales of 180 billion yen, real profit of 40 billion yen, at least 70% of newly launched products, and at least 50% sales ratio ofenvironmentally friendly products

Progress of major strategies of 2022-2024 Mid-Term Plan
Major strategies of 2022-2024 Mid-Term Plan

Held a business briefing session regarding copper foil, engineered powders andNippon Yttrium on January 12, 2024

Evaluation
FY22 → FY23

Progress and future initiatives

Positive →Positive(1) Increased adoption of HDI MSAP (Positive)(2)-1 Progress of transfer from PKG-MT to Malaysia (Positive)(2)-2 Expansion of production capacity at Ageo operation site (Positive)(Expanded monthly production capacity to 2.5 million m2 in Ageo or
4.9 million m2 including Malaysia)

Engineered
powders• Maximize profits from existing products (expand
sales of copper powders for electrical materials andabrasives)• New product launches (iconos™*, copper powders
for 3D printer, etc.)

Neutral →Neutral• Existing products did not reach target due to external factors (Negative)• New products are performing well centered on iconos™ (Positive)

PVD
materials• Develop new products for the future byimplementing cost reductions through production
innovation while securing appropriate margins

Positive →Neutral• Although price correction and cost reduction are proceeding as planned, pricecompetition in general-purpose products market is further intensifying (Negative)• Development of new product (high value-added product) is going well (Positive)

Ceramics• Expand sales of new products including next-gen
setters

Positive →Positive• Steady progress in sales expansion for next-gen setters, 3D ceramic moldings,
etc. (Positive)
Change to Value Expansion business

Copper foil

• Fully prepared for the expansion of markets andapplications for MicroThin™
(1) Entering new markets (2) Supply capacity
maximization and further expansion

P24

P26

P27

*iconos™: Rare metal liquid solution
Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

23

January 12, 2024
Revised version of business briefing session
material regarding copper foil, engineered powders

Copper Foil (1) - MicroThin™ Sales Volume
Forecast and Production Capacity

Financial value improvement
Value Expansion

Although the FY2024 sales volume of MicroThin™ fell short of the 22-24 MTP target, the growth story toward 2030 remains unchanged.
The existing production capacity is sufficient to cater to present demand. Achieved further increase by improving productivity, etc. in FY2023(km2/month)MicroThin™ sales volume forecast
Production capacity 4,900 km2/month

5,000
4,000
3,000

(km2/month)▬: HDI-MT▬: Smartphone package MT▬: Non-smartphone package MT

22-24 MTP

5,000

Expect increased demand for nonsmartphones due to higher capacityand faster transmission speeds, etc.

22-24 MTP

Japan (Ageo)

CAGR (2023-2030)

8%
HDI

NonSmartphone
PKG

0

45%

1,000

16%

50%

2,400 km2/
month

0

FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Result2,500 km2/
month

Malaysia (MCF)
CAGR (2023-2030)

Smartphone
PKG

1,500 km2/
month

2,000 km2/
month

Realized
this time

2,000

50%
55%

1,000

Achieved production capacity expansion through promotion of
rewarding and engaging work as well as DX introduction(News release on December 12, 2023)

4,000
3,000

2,000

MicroThin™ production capacity

FY30

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Forecast/Plan

MicroThin™ profitability improvement⚫ Competitive situation remains unchanged: Share for PKG >95%, Share for HDI: 100%

⚫ Passing on various cost-increasing factors to selling prices⚫ For packaging: Increased demand in non-smartphone segment due to higher capacityand faster transmission speeds, etc.

⚫ Expand sales of new value-added products (GN) and improve sales mix⚫ For HDI: Expanded MSAP adopted models for Chinese smartphone manufacturers
Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

⚫ Promote production transfer of products for packaging to Malaysia(Effectively utilize both business locations)⚫ Speed up product development by using a new development test
processing machine24

January 12, 2024
Reprinted version of business briefing session
material regarding copper foil, engineered powders

Copper Foil (2) - Sales Performanceand Forecast of High Grade VSP™
(Very Smooth Profile Copper Foil)

Financial value improvement
Value Expansion

Amidst the future growth of the market for AI servers and other information and telecommunications infrastructure, expanding demand ofhigh grade VSP™ foil for high speed transmission is expected
Sales performance and forecast of high grade VSP™

Market and our initiatives

Sales volume
index*Displayed as an index with FY2019 as 100⚫ FY2022 and earlier• Promoted initiatives for stable supply of regular
products• Promoted high-grade products to new customers

2,500
CAGR (2023-2030)
18%

2,000

1,500

1,000

⚫ FY2023• Began full-scale mass production and adoption ofhigh-grade products for AI servers, high-speed
routers, etc.

Full-scale adoption
for AI servers andhigh-grade highspeed routers⚫ FY2024 onwards• Expect to increase volume of high-grade products inthe long term due to market share expansion

500

0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
ResultCopyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

Forecast/Plan

FY30

For future demand growth, our initial responses are to
improve product mix of electro-deposited copper foil and toincrease production capacity by improving productivity
25

January 12, 2024
Revised version of business briefing session
material regarding copper foil, engineered powders

Engineered powders (1) - Sales Performanceand Forecast of Copper Powders

Financial value improvement
Value Expansion

Sharply downgraded sales forecast of Copper Powders in line with MLCC market growth forecast revision. Current performance is
expected to grow, reflecting overseas sales expansion. Growth rate is higher than MLCC market CAGR (6%)
Market and our initiatives

Sales performance and forecast of Copper Powders
450

Index

409

400

 Smartphone market shrinking
 End of nesting demand Adjustment of excessive inventory

350

304

 Full-fledged market recovery
 Overseas sales expansion
 Obtaining large cases

300

CAGR (2022-2030)

13%
200

148

150

161
122

100

⚫ FY2023[Market] MLCC market in recovery phase from bottom[Our company] Prepared for MLCC market re-growth- Developed new overseas customers and recruited new
employees- Prepare to enhance competitiveness by enhancing thecapabilities of our production technology.

254

230

250

210

184

141

95

100
50
0

2019

2019

2020

2021

2020

2021

2022

2022

2022
Result MTP

2023

2024

2023

2024

2024

Forecast MTP

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

2025

2025

2026

2026

2030

⚫ FY2022 and earlier[Market] Large-scale production cutbacks by MLCC manufacturers due to themarket slowdown in China
Prolonged inventory adjustment due to the backlash of accumulated
MLCC inventory in FY2021[Our company] Delayed major development project launches

2030

2030
Forecast MTP⚫ FY2024 onwards[Market] Phase of MLCC market recovery and re-growth[Our company] Track MLCC market growth and expand market share- Increase sales to existing customers in China- Expand our share in the market by making the most of ourtechnological capabilities- Increase in demand for in-vehicle use
Expand applications to other than MLCC market

26

January 12, 2024
Revised version of business briefing session
material regarding copper foil, engineered powders

Engineered Powders (2) - Status of
New Product Development

Financial value improvement
Value Expansion

Expanded Production Capacity of Abrasive for SiC wafers (NANOBIX™). Steady progress in development of rare metal liquid solution(iconos™) that has a great impact on the market

Product outline

Abrasive for SiC wafers – NANOBIX™
• A two-pack abrasive for power devices
consisting of manganic oxide base abrasive
grain liquid and oxidant liquid for SiC wafers

Features

Abrasive for SiC wafers• Liquid with insoluble metals such as
rare metals dissolved in an aqueous
solvent(Chemical element: Nb, Ta, Mo, Ti,
etc.)

Photo of prototypes (example)
Nb-based

Ta-basedMo-basedTi-based

Observation image of SiC wafers (SICA)

Compared to existing rare metal-based liquid solutions,

Before grinding• Capable of grinding SiC wafers fasterwith less damage• Free of strong acidic chemicals such ashydrofluoric acid. Excellent in safety andhandling• Easier to remove the abrasive grains
after grinding SiC wafers• Highly reactive. Capable of forming uniform,
thin coatings on a variety of materials• Completed the plant design for 50 t/year production capacity. Production
capacity expansion will be completed in September 2024

• Developed iconos™, the unprecedented new materials will have a major impact
on the inorganic material market (News release on March 28, 2024)• Adopted by three customers in Japan, one customer in China. Under
evaluation by several companies in US, EU and other areas• Expected income in 2030 is over one billion yen/year. Currently several
projects in progress• Further demand growth is expected in the future as SiC semiconductors
become more widespread(Market scale of abrasive for SiC wafers: 170 million USD/2029)• Expected further application development by leveraging the features of
iconos™

Compared to existing silica abrasive/alumina
abrasives,

StatusRare metal liquid solution – iconos™

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

After grinding

approx.
55 nm

Sectional cut

Nb coated glass

Coating thickness(cross-section
picture)27

Nippon Yttrium (1) Conversion to a
Wholly-Owned Subsidiary

Financial value improvement
Value Expansion

As of March 1, 2024, Nippon Yttrium, one of the few rare-earth integrated manufacturers in Japan, became a wholly owned subsidiary.
By making Nippon Yttrium a wholly owned subsidiary, we are steadily implementing initiatives in the advanced materials field to createsynergies with our business of engineered powders and rare metals, which are adjacent to Nippon Yttrium's business areas
Initiatives for creating synergies

Growth potential(100
millionyen)

120

Market forecast of protective film forsemiconductor manufacturing
equipment*1(100
millionyen)Market forecast of sintered bodymaterial (rare earth) for semiconductor
manufacturing equipment*2

Engineered Powders
Division

70100

Business
area

60

80

50

• Electronics• Electronic components,
batteries• Energy• Semiconductor
manufacturing equipment• Electronic components,
batteries• Medicine• Several powder
production technologies• Solvent extraction/
solution technologies• Solvent extraction/powder
technologies• Ultra high purification• Rare metals• Metal powder• Rare earths• Yttrium compounds

40

60

30

Technologicaldomain

40
20
20

10
0

0

FY23

FY24

FY25

FY30

FY23 FY24 FY25

FY30

Nippon Yttrium are engaged in manufacturing, sales, and development of protective film
materials protecting inner walls of cutting-edge semiconductor manufacturing equipment(etching equipment) from plasma gas

Keep the world's No. 1 position in the market of protective film materials forsemiconductor manufacturing equipment toward 2030, and achieve increased
income through differentiated products accurately capturing user needs inelectronic materials and medical field materials*1, *2: Forecasts based on materials prepared by research firms
Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

Major
products

Nippon Yttrium• Accelerate new product development in the advanced materials field• Improving efficiency of rare earth recycle*3• Channel expansion and optimization of product sales/raw material
procurement, etc.

Achieve further business value enhancement through synergy creation*3: Started taking part in JOGMEC project (highly efficient solvent extraction project) in 2022
28

January 12, 2024
Reprinted version of business briefing session
material regarding copper foil, engineered powders

Nippon Yttrium (2) -Protective Film Materials for
Semiconductor Manufacturing Equipment-

Financial value improvement
Value Expansion

Nippon Yttrium is the industry leader of protective film materials for etching equipment supporting cutting-edge semiconductor
manufacturing processes. Contributes to yield improvement of semiconductor devices by reducing extraneous particle occurrence• Yttrium Oxyfluoride: YOF

Market scale and progress of product development

Granule• Market scale of protective film for semiconductor
manufacturing equipment
7 billion yen in 2025, 10 billion yen in 2030

• YOF
 High corrosion resistance forfluorinated plasma gases

Othermaterials

Protect inner walls of etching equipmentused for semiconductor manufacturing
process from plasma gas• Currently none in cutting-edge materials market(YOF, YAG: Patent acquired for the relevant application)

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

Maintainsmoothness

YOF and YAG protect equipment inner walls
from plasma

High-density plasmaContribute to yield improvement
by reducing particles occurred due
to inner wall damage

YOF developedby our company* Our developed products are used for advanced materials inthis market.
The advanced materials market is approximately 20%[Competing materials]

Afterexposure• YAG
 High corrosion resistance forchlorinated plasma gases

Surface property changes before and after plasma gas
exposure (example)

Particleoccurrence

Applications[Market scale]Fine powder• Yttrium Aluminum Garnet: YAG(Yttrium Aluminum Garnet)

BeforeexposureFeatures

Product
outlineOutline of developed products

Si waferDry-etching equipment diagram[Progress]• YOF:
Adopted for current cutting-edge manufacturing line
Under evaluation for next generation

Chamber
inner wall

• YAG:
Adoption decided by US major manufacturing
equipment manufacturer
Since December 2023
29

Metals Segment - Progress of2022-2024 Mid-Term Plan

Financial value improvement
Value Reinforcement/Optimization

Vision for 2030
We are indispensable in efforts to build a sustainable society We have a recycling network underpinned by our distinctive characteristics, and we use it toprovide new metals and minerals for renewable energy

Progress of major strategies of 2022-2024 Mid-Term Plan
Major strategies of 2022-2024 Mid-Term Plan

Evaluation
FY22 → FY23

MetalsSector• Build an advanced recycling network leveraging ourunique and diverse smelting assets

Positive →Positive

Progress• Plan and steer an overall optimal strategy using the recycling network of seven domestic
smelting plants• Developed and implemented facility management systems and operational data collection
systems for digital infrastructure development in Hachinohe Smelting• Conducted a demonstration test of 70% biomass fuel substitution in Miike Smelting• Conducted a demonstration test to introduce small equipment for CO 2 capture test being
developed by Business Creation Sector to Hachinohe Smelting• Leverage existing assets to expand industrial waste
disposal business

Positive →Positive• Achieved revenue from waste disposal business surpassing MTP target following the tailwind of
expanding waste disposal needs associated with a shift back to domestic manufacturing• Margin increase in raw materials due to increase incomplex ore disposal

Positive →Neutral• Complex ore disposal in Hachinohe Smelting achieved year-on year increase in collection
volume, but failed to reach the MTP target• Newly contribute to income through increased
collection and disposal of lead-based raw materials

Positive →Positive• Search for disposal needs of intermediate products containing valuable metals (recycled raw
materials) at external overseas smelters to utilize our smelting network of zinc, lead and copper

Copperandprecious
metals• Improve margins from increased smelting of profitable
raw materials

Positive →Positive• Realized improvement in raw material margins throughout Metal Sector by utilizing Hibi
Smelter (Tamano city, Okayama Prefecture)• Reduce costs by improving operations and investing
more judiciously

Positive →Positive• Control fixed repair costs through more judicious capital investment

Mineralresources• Explore new mining opportunities in Huanzala and
PallcaPositive →Neutral• Started feasibility study. In process of obtaining mining permit

Zinc andlead

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

P31

P33

P32

30

Metals Segment (1) - DX Initiatives(Hachinohe Smelting)

Financial value improvement
Value Reinforcement/Optimization

As part of our company-wide DX initiatives, set Hachinohe Smelting as the model of DX initiatives. Improved operational
efficiency by implementing digitization for facility management and operational data sharing/utilization. Under planning of further
Data utilization for stable operations as well as application to other business locations

Data system

Data sources
Data collection andaccumulation

Data processing

Data utilization forstable operations

Data visualization

Data analysis and formulating measures

Hachinohe Smelting
Accumulated over decades,
enormous data set reaching
hundreds of thousands of data

Streamline operations by automating tasks traditionally performed by engineers• Data aggregation andcentralization• Data extraction• Automatic generation of routine reports• Merging of multi-type data

• Automatic generation and sharing of
dashboards for status monitoring and operation
control• Time-series data linkage
Data onprocesses

Data ondevices• Conversion of paper media todigital• Automatic alerts based on threshold

Reference
image

Log

Various files

+

PDCA

[Non-routine operations]Improve efficiency of trouble-shooting, etc.

Example oaf auto-generated dashboards

Past

Analysisdata[Routine operations]
Stabilize operational quality

FutureOperation
control• Collect, process, and check a large quantity ofmanagement data
(Issues of increasing complexity and concentrationof information on specific individuals)• Automatically collect, process, andvisualize data, and prevent data
omissionsTroubleshooting• Delay in detection and response due to variationin the capabilities of individuals• Prevention of recurrence, response
speed-up

Formulation andexecution of
measures• Inadequate measures due to variation in thecapabilities of individuals• Difficulty in passing on the vast amount ofaccumulated control techniques• More objective analysis and formulationof measures• Full transfer of techniques based on thesystemCopyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

31

Metals Segment (2) - Smelting
Network Deepening

Financial value improvement
Value Reinforcement/Optimization

We are working on improving raw material margins across the Group through disposal of raw materials and intermediate smelting
products (recycled raw materials) utilizing our smelting network of zinc, lead and copper
Contribution to building a recycling-based
circular society (outside)

Utilizing our smelting network of zinc, lead and copper (internal)
Improve metal yield within the Group by reinforcing
mutual complementation

Lead smelting

Slag containing
lead (and copper)

Kamioka Mining andSmelting Co., Ltd.
Takehara Refinery 69
Crude lead(containing copper)

Concentrate(containing copper)

Slag containing zinc(and copper)

Primary
processing

Slag containing
copperIn-house raw materials(Cu-based)

Disposal

Products

Zinc smelting
Hachinohe Smelting
Co., Ltd.
Miike Smelting Co.,
51
Ltd.

In-house raw materials(Zn-based)

Hibi joint smelting
recycled raw
material processing
effectHibi joint smelting

26

Electrolytic copper

In-house smelting network
Outside recycled
raw materials

Copper smelting

Result(Index)ResultProcessed
components

ResultResult

151

155

FY22

FY23

Forecast
161

137

100

(Price index)
FY20

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

FY21

FY24
32

Metals Segment (3) - CO2 Capture and Separation
Demonstration Test in Hachinohe Smelting

Financial value improvement
Value Reinforcement/Optimization

We aim to develop and demonstrate technologies for CO2 capture and separation from factory exhaust gases with CO2 adsorbent developedby Business Creation Sector.
Conducted demonstration test at Hachinohe Smelting in April 2024 and obtained good results for practical application in 2030 and beyond
Small size CO2 separation and capture equipment (exterior)

Hachinohe
Smelting

Completed production of small size CO2 separation and capture equipment. Installed theequipment at Hachinohe Smelting and conducted demonstration test to separate and capture
CO2 from smelting furnace gas emitted at the smelter in April 2024
Adsorption filter A

Adsorption filter B[Result]• Confirmed CO2 capture rate of
approximately 90%• Similar result to the test with the model
gas in our research instituteCO2 separation and capture system
Adopt VSA (vacuum swing adsorption) system with CO2 adsorbent newly developed by ourcompany. Alternately adsorb and desorb CO2 through two parallelized adsorption filters
Adsorption filter A: CO2 adsorption
Adsorption filter B: CO2 desorption

Adsorption filter A: CO2 desorption
Adsorption filter B: CO2 adsorption

To atmosphere

Emissions

Adsorption
filterA

To atmosphere

Emissions
Emissions

Adsorption
filterB

Adsorption
filterA

Adsorption
filterB

CO2 capture

CO2 capture

pump

pump

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

[Features]• High adsorption/desorption capacity(Shorter cycle time)• Low energy consumption to capture CO2(Lower running costs)

Adsorbent

33

Mobility Segment - Progress of 2022-2024
Mid-Term Plan

Financial value improvement
Value Reinforcement/Optimization

Vision for 2030
Pioneer of a mobility society that continues to identify and create values to be chosen. New products sales ratio of more than 50%, ordinary income of 20 billion
yen, and zero recall

Progress of major strategies of 2022-2024 Mid-Term Plan
Major strategies of 2022-2024 Mid-Term Plan
Mobility
Sector• Explore and realize business synergies (short/medium/long term)• Develop and promote new business in response to changes in thebusiness environment

Catalyst• Maintain and strengthen technical development capabilities fordifferentiation• Enhance manufacturing efficiency in production, development,
asset compression, etc.
• Create a winning scenario from a medium- to long-term
perspective by leveraging our strengths

Mitsui
Kinzoku
ACT

Diecasting• Strengthen competitiveness of cost and quality by deepening
global optimum production and smart factory• Aim to transform into a system supplier by focusing on thedevelopment and sales expansion of electric system products• Business restructuring and generation of appropriate profits

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

Mobility segment in 22-24 MTP should be carefully monitored progress
Evaluation

Progress

FY22 → FY23

Positive →Positive• Working on synergy expansion through best practice development including production
process improvement and cost reduction methods (Neutral)• Promoting sales expansion by utilizing sales channels and market information(Positive)

Positive →Positive• Introduced MI * and started operation. Promoting DX fordevelopment/manufacturing/finance (Positive)• Medium term: Prior development to comply with new regulations, focusing on
catalysts for motorcycles (Positive)• Long term: Reduced development of catalysts for four-wheeled vehicles andshift in development to environmentally friendly products (Positive)

Neutral →Neutral• Implementing business restructuring in response to changes in the businessenvironment in China and Japan (Positive)• Plan and implement restructuring measures for business in North America (Neutral)• Accelerate development of electric door system products in Japan, U.S., andChina markets (Neutral)-Electric Frunk Lock: Selected by a Japanese manufacturer as a leading developer

Neutral →Negative• Create sales/technology synergies as a consolidated company (Neutral)• Currently working to expand product sales for EVs (Neutral)• Unachieved cost improvement in Nirasaki area (Negative)
Promoting use of external knowledge in addition to synergy initiatives by consolidating
Kamioka and Nirasaki*Materials Informatics

P35

P36

34

Catalyst - Trends in Sales Volume forMotorcycles and Automobiles

Financial value improvement
Value Reinforcement/Optimization

For motorcycles, increased sales in Southeast Asia and South America in FY2023. For automobiles, did not achieve the original planin FY2024 despite contribution of GPF* sales.
Collaborating with Business Creation Sector for developing environmentally friendly products in order to create new businesses that
contribute to CN based on exhaust gas catalyst technology in the long run⚫ FY2022/23 sales volume• Sales in Southeast Asia and South America increased over plan
• Temporary increase in orders received in India in FY2023

Sales results and forecasts of motorcycle catalysts(Let 2019 be 100)

100

2019

102

2020

103

2021

118 113

2022
Result MTP

123

2023

105 117

2024

Result Forecast MTP⚫ FY2024 sales volume• Competition expected to escalate in India

2030
MTP

⚫ FY2022/23 sales volume• Lower sales than planned due to shortage of semiconductors in FY2022• Sales strong in the U.S. and India, despite weak sales in China in FY2023

Sales results and forecasts of automobile catalysts(Let 2019 be 100)

100

2019

106

2020

114

2021

120

133

2022
Result MTP

149⚫ Future Strategy• Maintain market share by complying with new regulations in each country andby complying with precious metal regulations(50% global market share)

134 141⚫ FY2024 sales volume• Market shrink due to accelerated electrification. The China market in particular isquickly shifting

2023

2024

Result Forecast MTP

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

2030
MTP

⚫ Future Strategy• While continuing to develop technologies to meet the next regulations of eachcountry and to save precious metals, we will focus on developing environmentallyfriendly products in collaboration with Business Creation Sector*GPF: Catalyst that suppresses PM (particulate matter) emissions in addition to
the normal exhaust gas purification function

35

Mitsui Kinzoku ACT - Expand Sales ofElectric Door Systems

Financial value improvement
Value Reinforcement/Optimization

Increase the sales composition of high-value-added electric door system products in response to the expansion of electrification
and automation of doors◼ Electric door system products and products for EVs

FY28-

FY23-

TopicsStarted mass production of sliding doors for PSD,
sharing vehicles of compact cars in Japan and
U.S. markets

Started mass production of electric sliding
doors (PSD) for Chinese automobile
manufacturers

1,200
1,000

Net sales
800 yen)(100 million

FY26

Accelerated development of electric door systemproducts in Japan, U.S., and China markets

FY22

Scheduled to start mass
production of electric door systemproducts and products for EVs

788

860

978

980

991

10

80
For EVs
Electric Frunk System

600

Net 400
sales
System products
200
ratio

12

1,031

24%

25%

28%

27%

28%

60

30%

40

20
Electric sliding door

0

2021

2022

2023

2024

2025

2026

Electric back door

0%

2030

■ Expand sales and promote development (China, Japan)• China: Increased development staff to respond to product expansion* for Chinese automobile manufacturers *Scheduled to start mass production of new product (door lock) (FY2025)• Japan: Continuously strengthen corporate units structure (development/sales) to expand sales and promote development of electric door system products

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

36

Appendix

Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.

37

Performance Trends (2019-2024)
2022-2024 Mid-Term Plan

2019-2021 Mid-Term Plan
FY2019Results

FY2020Results

FY2021Results

FY2022
Results

FY2023Results

FY2024
Forecast

22-24 MTPFY202222-24 MTPFY2024473.1 billion yen 522.9 billion yen 633.3 billion yen 652.0 billion yen 646.7 billion yen 640.0 billion yen

725.0 billion yen 725.0 billion yen

Ordinary income

9.3 billion yen

51.3 billion yen

66.0 billion yen

19.9 billion yen

44.5 billion yen

35.0 billion yen

40.0 billion yen

60.0 billion yen

Real income

20.8 billion yen

38.6 billion yen

57.6 billion yen

26.7 billion yen

45.1 billion yen

30.7 billion yen

41.4 billion yen

62.0 billion yen

Net income attributable toowners of parent

1.6 billion yen

44.8 billion yen

52.1 billion yen

8.5 billion yen

26.0 billion yen

22.0 billion yen

29.0 billion yen

44.0 billion yen

Free cash flow

1.3 billion yen

11.2 billion yen

35.1 billion yen

11.4 billion yen

40.4 billion yen

10.0 billion yen

15.0 billion yen (85.0 billion yen)

Capital Investment

34.0 billion yen

28.2 billion yen

27.5 billion yen

32.5 billion yen

32.0 billion yen

38.0 billion yen

46.0 billion yen(117 billion yen)

ROE

0.9%

24.6%

23.8%

3.5%

9.8%

7.7%

11.4%

14.0%

Equity ratio

30.7%

33.4%

37.6%

40.1%

43.5%

44.3%

41.0%

50.0%

Net D/E ratio

1.22

1.09

0.82

0.76

0.60

0.57

0.71

0.42

Zinc price ($/t)

2,405

2,420

3,254

3,332

2,479

2,700

3,700

3,000

Exchange rate (Yen/$US)

108.8

106.1

112.4

135.5

144.6

145.0

120.0

120.0

Net sales**(Assumption)*Figures in parentheses are three-year totals
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38

Caution Concerning Forward-looking Statements
Statements contained in these materials regarding forecasts of future events are qualified by various risks, both existing andunknown, and uncertainties, which may have a material impact on the actual business conditions and operational activities.
Consequently, please be aware that actual performance may differ substantially from forecasts and business plans indicatedherein because of various unforeseeable factors.
Mitsui Mining & Smelting Co., Ltd. cannot guarantee the validity of the targets, assumptions, expectations, predictions, plans,
assessments and other information contained in this material, and the Company also cannot guarantee that its actual businessperformance will be consistent with the forecasts presented within.
Regarding latent risks which might impact forecast results and other uncertainties, some items are included in the “Business andOther Risks” section of our financial statements or our website. However, please recognize that these are just a summary rather
than a comprehensive list of all possible items relating to latent risks and uncertainties.
This material was compiled with the aim of furthering the understanding of our shareholders and other investors with regard to
the Company’s management policy and other details. This material is not for the purpose of soliciting investment through thepurchase or sale of stocks. Accordingly, you are advised not to make your investment decision solely on the basis of the materialpresented herein.

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39