# EDGAR Filing Document

**Accession Number:** 0001758766
**File Stem:** 0001193125-25-133283
**Filing Date:** 2025-6
**Character Count:** 42935
**Document Hash:** ddaaa519b6e7bde054f00200aa3c581b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133283.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133283

**CONFORMED SUBMISSION TYPE**: SD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEM, INC.
- **CENTRAL INDEX KEY:** 0001758766
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 264466193
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SD
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39455
- **FILM NUMBER:** 251014948

**BUSINESS ADDRESS:**
- **STREET 1:** 4 EMBARCADERO CENTER, SUITE 710
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** (415) 937-7836

**MAIL ADDRESS:**
- **STREET 1:** 4 EMBARCADERO CENTER, SUITE 710
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Star Peak Energy Transition Corp.
- **DATE OF NAME CHANGE:** 20200714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Star Peak Energy Acquisition Corp.
- **DATE OF NAME CHANGE:** 20181119

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roaring Fork Acquisition Corp.
- **DATE OF NAME CHANGE:** 20181109

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM SD** 

**SPECIALIZED DISCLOSURE REPORT** 

## Stem, Inc.
**(Exact name of the registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39455** | **85-1972187** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission File<br>Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

**4 Embarcadero Ctr., Suite 710, San Francisco, California, 94111** 

**(Address of principal executive offices) (Zip code)**

**Saul R. Laureles** 

**Chief Legal Officer and Corporate Secretary** 

**1-877-374-7836** 

**(Name and telephone number, including area code, of the person to contact in connection with this report.)** 

Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:

☒ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2024.

☐ Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended ______ .

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**Section 1 - Conflict Minerals Disclosure** 

**Items 1.01 and 1.02 Conflict Minerals Disclosure and Report; Exhibit** 

***Conflict Minerals Disclosure***

In accordance with Rule 13p-1 under the Securities Exchange Act of 1934, as amended, Stem, Inc. (the "Company") has filed this Specialized Disclosure Report and the Conflict Minerals Report attached hereto as Exhibit 1.01 for the calendar year ended December 31, 2024. Both of these documents are publicly available on the investor relations page of the Company's website at: investors.stem.com.\*

**Section 2 - Resource Extraction Issuer Disclosure** 

**Item 2.01 Resource Extraction Issuer Disclosure and Report** 

Not applicable.

**Section 3 - Exhibits** 

**Item 3.01 Exhibits** 

Exhibit 1.01 - Conflict Minerals Report as required by Items 1.01 and 1.02 of this Form.

\* \* \* \* \*

\* The reference to the Company's website is provided for convenience only, and its contents are not incorporated by reference into this Form SD or the Conflict Minerals Report, nor deemed filed with the Securities and Exchange Commission.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.

**STEM, INC.** 

---

| | |
|:---|:---|
| By: | /s/ Saul R. Laureles |
| Name: Saul R. Laureles | Name: Saul R. Laureles |
| Title: Chief Legal Officer and Corporate Secretary | Title: Chief Legal Officer and Corporate Secretary |

---

Date: June 2, 2025

## Exhibit 1.01

**Exhibit 1.01** 

**STEM, INC.** 

**CONFLICT MINERALS REPORT** 

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024** 

This Conflict Minerals Report (the "**Report**") of Stem, Inc. (the "**Company,**" "**Stem,**" "**we**" or "**our**") has been prepared pursuant to Rule 13p-1 and Form SD (the "**Rule**") promulgated under the Securities Exchange Act of 1934, as amended, for the reporting period from January 1, 2024 to December 31, 2024. The Rule requires disclosure of certain information when a company's products include specified minerals which are necessary to the functionality or production of those products. The specified minerals are columbite-tantalite (coltan), cassiterite, gold and wolframite, including their derivatives, which are limited to tantalum, tin and tungsten ("**conflict minerals**").

The information presented in this Report includes the activities of our majority-owned subsidiaries.

**Company Overview; Covered Products** 

We are a global leader in artificial intelligence (**"AI"**)-driven clean energy solutions and services. Our mission is to help our customers plan, deploy, and operate clean energy assets via AI-enabled software and services. We offer a comprehensive suite of solutions that are designed to transform how solar and energy storage projects are developed, built, and operated, including (i) an integrated suite of software and edge hardware products, and (ii) full-lifecycle energy services from a team of leading experts. We operate in two key areas within the renewable energy landscape: solar and storage. In solar, we serve project developers, asset owners and engineering, procurement and construction firms (**"EPCs"**) by selling them solar edge devices and monitoring and control software, as well as professional services related to the design and commissioning of the same. In storage, we serve project developers, asset owners, EPCs, and distributors by selling them software-enabled forecasting and optimization managed services that minimize spending on utility bills, or maximize revenue from energy market participation. In some cases, we also resell battery original equipment manufacturer hardware to our customers for a fee.

Because we do not manufacture products that contain conflict minerals necessary to the functionality or production of those products, this Report relates solely to products manufactured by some of our suppliers, containing conflict minerals necessary to product functionality or production ("**necessary conflict minerals**") (the "**covered products**").

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For the reporting period covered by this Report, our covered products included, edge hardware for solar assets management, energy storage systems comprised of lithium-ion battery modules, converters and related equipment that we source from suppliers and pass along to our customers at project sites.

**Reasonable Country of Origin Inquiry** 

We engaged Source Intelligence ("**SI**") as an outside agent to assist and guide us in our Reasonable Country of Origin Inquiry ("**RCOI**") and due diligence efforts. We then performed an analysis of our supply chain and defined the scope of our RCOI by identifying and contacting suppliers that provided products that we believed were likely to constitute covered products for the reporting period. During our review, we asked scoping questions that allowed us to exclude certain suppliers and ultimately identify 72 suppliers that were within the scope of the Rule.

Because we are several tiers removed from the mining, smelting, or refining of necessary conflict minerals, we then worked with SI to conduct a survey of suppliers using the Conflict Minerals Reporting Template ("**CMRT**") developed by the Responsible Minerals Initiative ("**RMI**"). The CMRT is a standardized reporting template that was developed to facilitate disclosure and communication of information regarding mineral country of origin, and the smelters and refiners being utilized in a company's supply chain. The CMRT has been widely adopted and used by many companies in their due diligence processes related to conflict minerals.

We worked with SI to engage with our suppliers and to provide them instructions about the CMRT and its requirements, as well as correct data collection processes for the information provided to us. At various points during the outreach program, the responses were reviewed against criteria developed to help validate such information and determine which suppliers required further engagement. We inquired about responses that were not clear to us and followed up with supplier contacts that were not responsive. We reached out to our suppliers using contacts we believed to be current and up to date. Where one contact person was unresponsive, we reached out to additional known contacts at the relevant supplier. We continued to seek responses through May 9, 2025.

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We received a valid CMRT from 38 of the 72 suppliers surveyed. The result is a 53% response rate, which is an improvement from our previous year's reporting cycle. Because the CMRTs indicated that some smelters or refiners in the suppliers' supply chains might be sourcing conflict minerals from the Democratic Republic of Congo or an adjoining country (the "**covered countries**"), we performed additional due diligence, as outlined below.

**Due Diligence Program** 

*Program Objectives* 

We are committed to responsible sourcing, transparency and sustainability in our supply chain. As we learn and gain further operational knowledge as a public company, we will continue to improve our processes, strategies and policies to realize these commitments. Our objectives include:

a.Expecting our suppliers to:

i.provide us with timely, accurate and complete information about conflict mineral content and country of origin information on the products supplied to us;

ii.work with us in any review of their supply chain and procurement process, conflict mineral audits, and due diligence on their suppliers as required for our annual SEC disclosure; and

iii.cooperate with us in developing a chain of custody for conflict minerals in the supply chain and identifying and sourcing conflict-free sources for the minerals used in our covered products.

b.Developing and implementing policies and processes toward preventing the use of necessary conflict minerals that may finance or benefit armed groups in the covered countries.

c.Expecting suppliers to actively engage with us on other supply chain due diligence efforts, such as human rights and forced labor assessments.

We believe in establishing and maintaining long-term relationships with suppliers whenever possible, and we are committed to working closely with our suppliers to accomplish the above objectives.

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*Diligence Process Design* 

Our due diligence processes have been designed in conformity with, in all material respects, the *Organisation for Economic Co-operation and Development ("****OECD****") Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (Third Edition)* and the related supplements for gold, tin, tantalum and tungsten (the "**OECD Guidance**"), consistent with our position in the supply chain for the covered products. The OECD Guidance provides a detailed due diligence framework to support responsible global supply chain management of conflict minerals and other mineral resources and is currently the leading international framework for raw material due diligence. Our process aligns with the following five steps:

a.*Step 1*. Establish Strong Company Management Systems

b.*Step 2*. Identify and Assess Risks in the Supply Chain

c.*Step 3*. Design and Implement a Strategy to Respond to Identified Risks

d.*Step 4*. Carry Out Independent Third-Party Audit of Smelter/Refiner's Due Diligence Practices

e.*Step 5*. Report Annually on Supply Chain Due Diligence

As a purchaser of our covered products, we are many steps removed from the mining of conflict minerals. We do not purchase raw ore or unrefined conflict minerals, do not purchase minerals directly from smelters or refiners, and do not conduct purchasing activities directly in any of the covered countries. As we do not have a direct relationship with conflict minerals smelters and refiners, we partnered with SI to help us use conflict mineral reporting resources developed by RMI to disclose upstream actors in the supply chain, and we use the CMRT to gather information on the chain of custody of the conflict minerals included in our covered products.

Due to the breadth, complexity and constant evolution of the global supply chain for the covered products, it can be challenging to verify the origin of all conflict minerals. In addition, the information provided by suppliers may be inaccurate, incomplete or subject to other irregularities. By using our supply chain due diligence processes, driving accountability within the supply chain by leveraging tools and resources developed by RMI and others to validate smelters or refiners as conflict free, and continuing our outreach efforts, we hope to further develop transparency into our supply chain as we grow.

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*Step 1. Establish Strong Company Management Systems* 

We have established a cross-functional team that is responsible for complying with the Rule and furthering the other objectives described above. Our team is led by our Director of ESG and Sustainability and includes other senior leaders from our legal and supply chain departments.

*Step 2. Identify and Assess Risks in the Supply Chain* 

To identify conflict minerals risks in the supply chain for our covered products, we partnered with SI to perform the RCOI, as described above. SI then worked with our cross-functional team to review the CMRT information received from our suppliers during our RCOI. For responses indicating that a smelter or refiner might be sourcing conflict minerals from the covered countries, SI performed an additional investigation to collect information about the source and chain of custody of the conflict minerals. SI also performed additional diligence where responses indicated that a smelter or refiner did not know the origin of the conflict minerals that they sourced.

SI relies on the following internationally accepted audit standards to research smelters and refiners: the Responsible Minerals Assurance Process (RMAP), the London Bullion Market Association Good Delivery Program and the Responsible Jewellery Council Chain-of-Custody Certification. SI is an official vendor member of the RMI to further facilitate the exchange of supply chain data and technical information in the quest for global ethical sourcing of materials.

If the smelter or refiner is not certified by these internationally recognized schemes, SI attempts to contact the smelter or refiner to gain more information. Additional research is also performed to determine whether there are any outside sources of information regarding the smelter or refiner's sourcing practices.

*Step 3. Design and Implement a Strategy to Respond to Identified Risks* 

As the completeness and accuracy of the due diligence information improves, our cross-functional team intends to continue to develop strategies to respond to risks in our supply chain. This includes taking steps to support the use of validation, certification and audit programs for smelters and refiners in the supply chain for our covered products. Where a supplier (i) has been unresponsive or otherwise uncooperative in our due diligence efforts or (ii) is not willing to expect its own suppliers to use conflict-free sources, then we may reassess the supplier relationship.

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*Step 4. Carry Out Independent Third-Party Audit of Smelter/Refiner's Due Diligence Practices* 

As stated above, we do not have direct relationships with smelters and refiners. As such, we do not perform direct audits of the entities that provide the necessary conflict minerals in our covered products. However, we support and rely on audits of smelters and refiners conducted by third parties, and this information is used throughout our due diligence process.

*Step 5. Report Annually on Supply Chain Due Diligence* 

This Report and our Form SD will be filed with the SEC, and will be publicly available on the investor relations page of our website at investors.stem.com.

**Due Diligence Results** 

*Survey Response* 

We received 38 completed CMRTs from the 72 suppliers surveyed, which is a 53% completion rate. Of the responding suppliers, 53% indicated that there were no necessary conflict minerals in the products they supply to us.

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*Efforts to Determine Country of Origin of Conflict Minerals* 

Our efforts to determine the mine or location of origin of the necessary conflict minerals in our covered products with the greatest specificity reasonably possible to us consisted of the due diligence measures described in this Report.

*Smelters or Refiners Identified* 

In total, 367 known smelters and refiners were identified as potentially in the supply chain for our covered products. Of those smelters and refiners, 246 are currently certified as being conflict-free, and; five are currently in communication with RMI regarding the process of their becoming compliant through the RMAP and are participating or have agreed to participate in the audit process. Six of the smelters and refiners were identified as having sourced conflict minerals from the covered countries and are not certified by any known organization, and 138 were identified as having no known country of origin for a portion of their conflict minerals.

Set forth in Annex 1 is the list as of May 9, 2025 of all known smelters and refiners identified as potentially being in the supply chain for our covered products. The information provided in Annex 1 is based on information provided by our suppliers and the RMAP. Our suppliers provided responses on a company-wide basis, rather than a product basis. As a result, the conflict minerals from the smelters or refiners identified in Annex 1 are not necessarily included in our covered products.

We determined that a portion of the conflict minerals contained in the covered products may have originated from the covered countries, but we were unable to determine the origin of all conflict minerals in our covered products. Therefore, we are unable to conclusively determine the country of origin of the necessary conflict minerals in all our covered products.

**Future Process Improvements** 

We intend to continue to communicate our expectations and information requirements to our direct suppliers and continue to work towards a more transparent and ethical supply chain. In addition, we intend to continue to make inquiries of our suppliers (including, in particular, those who reported the existence of smelters or refiners that we identified as having sourced conflict minerals from the covered countries and are not certified by any known organization) and undertake additional risk assessments. We expect our direct suppliers to take similar measures with their suppliers so that there is alignment throughout our supply chain.

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***Cautionary Note on Forward-Looking Statements***

This Report includes forward-looking statements within the meaning of federal securities laws. Investors are cautioned that statements in this Report that are not strictly historical statements, including without limitation, our intentions and expectations regarding future supplier engagement, risk mitigation efforts and strategy, and process improvements, constitute forward-looking statements that involve risks and uncertainties. Actual results or outcomes could differ materially from the forward-looking statements. Risks and uncertainties that could cause actual results or outcomes to differ include, without limitation, risks and uncertainties associated with the progress of industry and other supply chain transparency and smelter or refiner validation programs for conflict minerals (including the possibility of inaccurate information, fraud and other irregularities), inadequate supplier education and knowledge, limitations on the ability or willingness of suppliers to provide more accurate, complete and detailed information and limitations on our ability to verify the accuracy or completeness of any supply chain information provided by suppliers or others.

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**<u>ANNEX 1</u>**

**<u>Smelters and Refiners</u>**

Our due diligence indicated that the smelters and refiners listed below may be in the supply chain for our covered products.

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| | | |
|:---|:---|:---|
| **Metal** | **Official Smelter Name** | **RMI Smelter ID** |
| Gold | 8853 S.p.A. | CID002763 |
| Gold | ABC Refinery Pty Ltd. | CID002920 |
| Gold | Abington Reldan Metals, LLC | CID002708 |
| Gold | Advanced Chemical Company | CID000015 |
| Gold | African Gold Refinery\*\* | CID003185 |
| Gold | Agosi AG | CID000035 |
| Gold | Aida Chemical Industries Co., Ltd. | CID000019 |
| Gold | Al Etihad Gold Refinery DMCC | CID002560 |
| Gold | Albino Mountinho Lda. | CID002760 |
| Gold | Alexy Metals | CID003500 |
| Gold | Almalyk Mining and Metallurgical Complex (AMMC) | CID000041 |
| Gold | AngloGold Ashanti Corrego do Sitio Mineracao | CID000058 |
| Gold | Argor-Heraeus S.A. | CID000077 |

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| | | |
|:---|:---|:---|
| Gold | ASAHI METALFINE, Inc. | CID000082 |
| Gold | Asahi Refining Canada Ltd. | CID000924 |
| Gold | Asahi Refining USA Inc. | CID000920 |
| Gold | Asaka Riken Co., Ltd. | CID000090 |
| Gold | Atasay Kuyumculuk Sanayi Ve Ticaret A.S. | CID000103 |
| Gold | Attero Recycling Pvt Ltd | CID004697 |
| Gold | AU Traders and Refiners | CID002850 |
| Gold | Augmont Enterprises Private Limited | CID003461 |
| Gold | Aurubis AG | CID000113 |
| Gold | Bangalore Refinery | CID002863 |
| Gold | Bangko Sentral ng Pilipinas (Central Bank of the Philippines) | CID000128 |
| Gold | Boliden Ronnskar | CID000157 |
| Gold | C. Hafner GmbH + Co. KG | CID000176 |
| Gold | Caridad | CID000180 |
| Gold | CCR Refinery - Glencore Canada Corporation | CID000185 |
| Gold | Cendres + Metaux S.A. | CID000189 |
| Gold | CGR Metalloys Pvt Ltd. | CID003382 |
| Gold | Chimet S.p.A. | CID000233 |
| Gold | Chugai Mining | CID000264 |
| Gold | Coimpa Industrial LTDA | CID004010 |
| Gold | Daye Non-Ferrous Metals Mining Ltd. | CID000343 |
| Gold | Degussa Sonne / Mond Goldhandel GmbH | CID002867 |
| Gold | Dijllah Gold Refinery FZC | CID003348 |
| Gold | Dongwu Gold Group | CID003663 |
| Gold | Dowa | CID000401 |
| Gold | DSC (Do Sung Corporation) | CID000359 |
| Gold | Eco-System Recycling Co., Ltd. East Plant | CID000425 |
| Gold | Eco-System Recycling Co., Ltd. North Plant | CID003424 |
| Gold | Eco-System Recycling Co., Ltd. West Plant | CID003425 |
| Gold | Elite Industech Co., Ltd. | CID004755 |
| Gold | Emerald Jewel Industry India Limited (Unit 1) | CID003487 |
| Gold | Emerald Jewel Industry India Limited (Unit 2) | CID003488 |
| Gold | Emerald Jewel Industry India Limited (Unit 3) | CID003489 |
| Gold | Emerald Jewel Industry India Limited (Unit 4) | CID003490 |
| Gold | Emirates Gold DMCC | CID002561 |
| Gold | Fidelity Printers and Refiners Ltd. | CID002515 |
| Gold | Fujairah Gold FZC | CID002584 |
| Gold | GG Refinery Ltd. | CID004506 |

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| | | |
|:---|:---|:---|
| Gold | GGC Gujrat Gold Centre Pvt. Ltd. | CID002852 |
| Gold | Gold by Gold Colombia | CID003641 |
| Gold | Gold Coast Refinery | CID003186 |
| Gold | Great Wall Precious Metals Co., Ltd. of CBPM | CID001909 |
| Gold | Guangdong Jinding Gold Limited | CID002312 |
| Gold | Guoda Safina High-Tech Environmental Refinery Co., Ltd. | CID000651 |
| Gold | Hangzhou Fuchunjiang Smelting Co., Ltd. | CID000671 |
| Gold | Heimerle + Meule GmbH | CID000694 |
| Gold | Heraeus Germany GmbH Co. KG | CID000711 |
| Gold | Heraeus Metals Hong Kong Ltd. | CID000707 |
| Gold | Hunan Chenzhou Mining Co., Ltd. | CID000767 |
| Gold | Hunan Guiyang yinxing Nonferrous Smelting Co., Ltd. | CID000773 |
| Gold | HwaSeong CJ CO., LTD. | CID000778 |
| Gold | Impala Platinum - Base Metal Refinery (BMR) | CID004604 |
| Gold | Impala Platinum - Platinum Metals Refinery (PMR) | CID004714 |
| Gold | Impala Platinum - Rustenburg Smelter | CID004610 |
| Gold | Inca One (Chala One Plant) | CID004704 |
| Gold | Inca One (Koricancha Plant) | CID004705 |
| Gold | Industrial Refining Company | CID002587 |
| Gold | Inner Mongolia Qiankun Gold and Silver Refinery Share Co., Ltd. | CID000801 |
| Gold | International Precious Metal Refiners | CID002562 |
| Gold | Ishifuku Metal Industry Co., Ltd. | CID000807 |
| Gold | Istanbul Gold Refinery | CID000814 |
| Gold | Italpreziosi | CID002765 |
| Gold | JALAN & Company | CID002893 |
| Gold | Japan Mint | CID000823 |
| Gold | Jiangxi Copper Co., Ltd. | CID000855 |
| Gold | JSC Ekaterinburg Non-Ferrous Metal Processing Plant | CID000927 |
| Gold | JSC Novosibirsk Refinery | CID000493 |
| Gold | JSC Uralelectromed | CID000929 |
| Gold | JX Advanced Metals Corporation | CID000937 |
| Gold | K.A. Rasmussen | CID003497 |
| Gold | Kaloti Precious Metals | CID002563 |
| Gold | Kazakhmys Smelting LLC | CID000956 |
| Gold | Kazzinc | CID000957 |
| Gold | Kennecott Utah Copper LLC | CID000969 |
| Gold | KGHM Polska Miedz Spolka Akcyjna | CID002511 |
| Gold | Kojima Chemicals Co., Ltd. | CID000981 |

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| | | |
|:---|:---|:---|
| Gold | Korea Zinc Co., Ltd. | CID002605 |
| Gold | Kundan Care Products Ltd. | CID003463 |
| Gold | Kyrgyzaltyn JSC | CID001029 |
| Gold | Kyshtym Copper-Electrolytic Plant ZAO | CID002865 |
| Gold | L'azurde Company For Jewelry | CID001032 |
| Gold | Lingbao Gold Co., Ltd. | CID001056 |
| Gold | Lingbao Jinyuan Tonghui Refinery Co., Ltd. | CID001058 |
| Gold | L'Orfebre S.A. | CID002762 |
| Gold | LS MnM Inc. | CID001078 |
| Gold | LT Metal Ltd. | CID000689 |
| Gold | Luoyang Zijin Yinhui Gold Refinery Co., Ltd. | CID001093 |
| Gold | Marsam Metals | CID002606 |
| Gold | Materion | CID001113 |
| Gold | Matsuda Sangyo Co., Ltd. | CID001119 |
| Gold | MD Overseas | CID003548 |
| Gold | Metal Concentrators SA (Pty) Ltd. | CID003575 |
| Gold | Metallix Refining Inc. | CID003557 |
| Gold | Metalor Technologies (Hong Kong) Ltd. | CID001149 |
| Gold | Metalor Technologies (Singapore) Pte., Ltd. | CID001152 |
| Gold | Metalor Technologies (Suzhou) Ltd. | CID001147 |
| Gold | Metalor Technologies S.A. | CID001153 |
| Gold | Metalor USA Refining Corporation | CID001157 |
| Gold | Metalurgica Met-Mex Penoles S.A. De C.V. | CID001161 |
| Gold | Mitsubishi Materials Corporation | CID001188 |
| Gold | Mitsui Mining and Smelting Co., Ltd. | CID001193 |
| Gold | MKS PAMP SA | CID001352 |
| Gold | MMTC-PAMP India Pvt., Ltd. | CID002509 |
| Gold | Modeltech Sdn Bhd | CID002857 |
| Gold | Morris and Watson | CID002282 |
| Gold | Moscow Special Alloys Processing Plant | CID001204 |
| Gold | Nadir Metal Rafineri San. Ve Tic. A.S. | CID001220 |
| Gold | Navoi Mining and Metallurgical Combinat | CID001236 |
| Gold | NH Recytech Company | CID003189 |
| Gold | Nihon Material Co., Ltd. | CID001259 |
| Gold | NOBLE METAL SERVICES | CID003690 |
| Gold | Ogussa Osterreichische Gold- und Silber-Scheideanstalt GmbH | CID002779 |
| Gold | Ohura Precious Metal Industry Co., Ltd. | CID001325 |

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| | | |
|:---|:---|:---|
| Gold | OJSC "The Gulidov Krasnoyarsk Non-Ferrous Metals Plant" (OJSC Krastsvetmet) | CID001326 |
| Gold | Pease & Curren | CID002872 |
| Gold | Penglai Penggang Gold Industry Co., Ltd. | CID001362 |
| Gold | Planta Recuperadora de Metales SpA | CID002919 |
| Gold | Prioksky Plant of Non-Ferrous Metals | CID001386 |
| Gold | PT Aneka Tambang (Persero) Tbk | CID001397 |
| Gold | PX Precinox S.A. | CID001498 |
| Gold | QG Refining, LLC | CID003324 |
| Gold | Rand Refinery (Pty) Ltd. | CID001512 |
| Gold | Refinery of Seemine Gold Co., Ltd. | CID000522 |
| Gold | REMONDIS PMR B.V. | CID002582 |
| Gold | Royal Canadian Mint | CID001534 |
| Gold | SAAMP | CID002761 |
| Gold | Sabin Metal Corp. | CID001546 |
| Gold | Safimet S.p.A | CID002973 |
| Gold | SAFINA A.S. | CID002290 |
| Gold | Sai Refinery | CID002853 |
| Gold | SAM Precious Metals FZ-LLC | CID003666 |
| Gold | Samduck Precious Metals | CID001555 |
| Gold | SAMWON METALS Corp. | CID001562 |
| Gold | SEMPSA Joyeria Plateria S.A. | CID001585 |
| Gold | Shandong Gold Smelting Co., Ltd. | CID001916 |
| Gold | Shandong Humon Smelting Co., Ltd. | CID002525 |
| Gold | Shandong Tiancheng Biological Gold Industrial Co., Ltd. | CID001619 |
| Gold | Shandong Zhaojin Gold & Silver Refinery Co., Ltd. | CID001622 |
| Gold | Shenzhen CuiLu Gold Co., Ltd. | CID002750 |
| Gold | SHENZHEN JINJUNWEI RESOURCE COMPREHENSIVE DEVELOPMENT CO., LTD. | CID004435 |
| Gold | Shenzhen Zhonghenglong Real Industry Co., Ltd. | CID002527 |
| Gold | Shirpur Gold Refinery Ltd. | CID002588 |
| Gold | Sichuan Tianze Precious Metals Co., Ltd. | CID001736 |
| Gold | Singway Technology Co., Ltd. | CID002516 |
| Gold | SOE Shyolkovsky Factory of Secondary Precious Metals | CID001756 |
| Gold | Solar Applied Materials Technology Corp. | CID001761 |
| Gold | Sovereign Metals | CID003383 |
| Gold | State Research Institute Center for Physical Sciences and Technology | CID003153 |
| Gold | Sudan Gold Refinery | CID002567 |

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| | | |
|:---|:---|:---|
| Gold | Sumitomo Metal Mining Co., Ltd. | CID001798 |
| Gold | SungEel HiMetal Co., Ltd. | CID002918 |
| Gold | Super Dragon Technology Co., Ltd. | CID001810 |
| Gold | T.C.A S.p.A | CID002580 |
| Gold | Tanaka Kikinzoku Kogyo K.K. | CID001875 |
| Gold | Tokuriki Honten Co., Ltd. | CID001938 |
| Gold | Tongling Nonferrous Metals Group Co., Ltd. | CID001947 |
| Gold | TOO Tau-Ken-Altyn | CID002615 |
| Gold | Torecom | CID001955 |
| Gold | Umicore Precious Metals Thailand | CID002314 |
| Gold | Umicore S.A. Business Unit Precious Metals Refining | CID001980 |
| Gold | United Precious Metal Refining, Inc. | CID001993 |
| Gold | Valcambi S.A. | CID002003 |
| Gold | WEEEREFINING | CID003615 |
| Gold | Western Australian Mint (T/a The Perth Mint) | CID002030 |
| Gold | WIELAND Edelmetalle GmbH | CID002778 |
| Gold | Yamakin Co., Ltd. | CID002100 |
| Gold | Yokohama Metal Co., Ltd. | CID002129 |
| Gold | Yunnan Copper Industry Co., Ltd. | CID000197 |
| Gold | Zhongyuan Gold Smelter of Zhongjin Gold Corporation | CID002224 |
| Gold | Zijin Mining Group Gold Smelting Co. Ltd. | CID002243 |
| Tantalum | 5D Production OU | CID003926 |
| Tantalum | AMG Brasil | CID001076 |
| Tantalum | D Block Metals, LLC | CID002504 |
| Tantalum | F&X Electro-Materials Ltd. | CID000460 |
| Tantalum | FIR Metals & Resource Ltd. | CID002505 |
| Tantalum | Global Advanced Metals Aizu | CID002558 |
| Tantalum | Global Advanced Metals Boyertown | CID002557 |
| Tantalum | Guangdong Rising Rare Metals-EO Materials Ltd. | CID000291 |
| Tantalum | Hengyang King Xing Lifeng New Materials Co., Ltd. | CID002492 |
| Tantalum | Jiangxi Dinghai Tantalum & Niobium Co., Ltd. | CID002512 |
| Tantalum | Jiangxi Suns Nonferrous Materials Co. Ltd. | CID004813 |
| Tantalum | Jiangxi Tuohong New Raw Material | CID002842 |
| Tantalum | JiuJiang JinXin Nonferrous Metals Co., Ltd. | CID000914 |
| Tantalum | Jiujiang Tanbre Co., Ltd. | CID000917 |
| Tantalum | Jiujiang Zhongao Tantalum & Niobium Co., Ltd. | CID002506 |
| Tantalum | KEMET de Mexico | CID002539 |
| Tantalum | Materion Newton Inc. | CID002548 |
| Tantalum | Metallurgical Products India Pvt., Ltd. | CID001163 |

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| | | |
|:---|:---|:---|
| Tantalum | Mineracao Taboca S.A. | CID001175 |
| Tantalum | Mitsui Mining and Smelting Co., Ltd. | CID001192 |
| Tantalum | Ningxia Orient Tantalum Industry Co., Ltd. | CID001277 |
| Tantalum | NPM Silmet AS | CID001200 |
| Tantalum | PowerX Ltd. | CID004054 |
| Tantalum | QuantumClean | CID001508 |
| Tantalum | Resind Industria e Comercio Ltda. | CID002707 |
| Tantalum | RFH Yancheng Jinye New Material Technology Co., Ltd. | CID003583 |
| Tantalum | Solikamsk Magnesium Works OAO | CID001769 |
| Tantalum | Taki Chemical Co., Ltd. | CID001869 |
| Tantalum | TANIOBIS Co., Ltd. | CID002544 |
| Tantalum | TANIOBIS GmbH | CID002545 |
| Tantalum | TANIOBIS Japan Co., Ltd. | CID002549 |
| Tantalum | TANIOBIS Smelting GmbH & Co. KG | CID002550 |
| Tantalum | Telex Metals | CID001891 |
| Tantalum | Ulba Metallurgical Plant JSC | CID001969 |
| Tantalum | XIMEI RESOURCES (GUANGDONG) LIMITED | CID000616 |
| Tantalum | XinXing Haorong Electronic Material Co., Ltd. | CID002508 |
| Tantalum | Yanling Jincheng Tantalum & Niobium Co., Ltd. | CID001522 |
| Tin | Alpha Assembly Solutions Inc | CID000292 |
| Tin | An Vinh Joint Stock Mineral Processing Company | CID002703 |
| Tin | Aurubis Beerse | CID002773 |
| Tin | Aurubis Berango | CID002774 |
| Tin | Chenzhou Yunxiang Mining and Metallurgy Co., Ltd. | CID000228 |
| Tin | Chifeng Dajingzi Tin Industry Co., Ltd. | CID003190 |
| Tin | China Tin Group Co., Ltd. | CID001070 |
| Tin | CRM Fundicao De Metais E Comercio De Equipamentos Eletronicos Do Brasil Ltda | CID003486 |
| Tin | CRM Synergies | CID003524 |
| Tin | CV Ayi Jaya | CID002570 |
| Tin | CV Venus Inti Perkasa | CID002455 |
| Tin | Dongguan CiEXPO Environmental Engineering Co., Ltd. | CID003356 |
| Tin | Dowa | CID000402 |
| Tin | DS Myanmar | CID003831 |
| Tin | Electro-Mechanical Facility of the Cao Bang Minerals & Metallurgy Joint Stock Company | CID002572 |
| Tin | EM Vinto | CID000438 |
| Tin | Estanho de Rondonia S.A. | CID000448 |
| Tin | Fabrica Auricchio Industria e Comercio Ltda. | CID003582 |

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| | | |
|:---|:---|:---|
| Tin | Fenix Metals | CID000468 |
| Tin | Gejiu City Fuxiang Industry and Trade Co., Ltd. | CID003410 |
| Tin | Gejiu Kai Meng Industry and Trade LLC | CID000942 |
| Tin | Gejiu Non-Ferrous Metal Processing Co., Ltd. | CID000538 |
| Tin | Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. | CID001908 |
| Tin | Gejiu Zili Mining And Metallurgy Co., Ltd. | CID000555 |
| Tin | Global Advanced Metals Greenbushes Pty Ltd. | CID004754 |
| Tin | Guangdong Hanhe Non-Ferrous Metal Co., Ltd. | CID003116 |
| Tin | HuiChang Hill Tin Industry Co., Ltd. | CID002844 |
| Tin | Jiangxi New Nanshan Technology Ltd. | CID001231 |
| Tin | Longnan Chuangyue Environmental Protection Technology Development Co., Ltd | CID004796 |
| Tin | Luna Smelter, Ltd. | CID003387 |
| Tin | Ma'anshan Weitai Tin Co., Ltd. | CID003379 |
| Tin | Magnu's Minerais Metais e Ligas Ltda. | CID002468 |
| Tin | Malaysia Smelting Corporation (MSC) | CID001105 |
| Tin | Malaysia Smelting Corporation Berhad (Port Klang) | CID004434 |
| Tin | Melt Metais e Ligas S.A. | CID002500 |
| Tin | Metallic Resources, Inc. | CID001142 |
| Tin | Mineracao Taboca S.A. | CID001173 |
| Tin | Mining Minerals Resources SARL | CID004065 |
| Tin | Minsur | CID001182 |
| Tin | Mitsubishi Materials Corporation | CID001191 |
| Tin | Modeltech Sdn Bhd | CID002858 |
| Tin | Nghe Tinh Non-Ferrous Metals Joint Stock Company | CID002573 |
| Tin | Novosibirsk Tin Combine | CID001305 |
| Tin | O.M. Manufacturing (Thailand) Co., Ltd. | CID001314 |
| Tin | O.M. Manufacturing Philippines, Inc. | CID002517 |
| Tin | Operaciones Metalurgicas S.A. | CID001337 |
| Tin | Pongpipat Company Limited | CID003208 |
| Tin | Precious Minerals and Smelting Limited | CID003409 |
| Tin | PT Aries Kencana Sejahtera | CID000309 |
| Tin | PT Artha Cipta Langgeng | CID001399 |
| Tin | PT ATD Makmur Mandiri Jaya | CID002503 |
| Tin | PT Babel Inti Perkasa | CID001402 |
| Tin | PT Babel Surya Alam Lestari | CID001406 |
| Tin | PT Bangka Prima Tin | CID002776 |
| Tin | PT Bangka Serumpun | CID003205 |
| Tin | PT Bangka Tin Industry | CID001419 |

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| | | |
|:---|:---|:---|
| Tin | PT Belitung Industri Sejahtera | CID001421 |
| Tin | PT Bukit Timah | CID001428 |
| Tin | PT Cipta Persada Mulia | CID002696 |
| Tin | PT Masbro Alam Stania | CID003380 |
| Tin | PT Menara Cipta Mulia | CID002835 |
| Tin | PT Mitra Stania Prima | CID001453 |
| Tin | PT Mitra Sukses Globalindo | CID003449 |
| Tin | PT Panca Mega Persada | CID001457 |
| Tin | PT Premium Tin Indonesia | CID000313 |
| Tin | PT Prima Timah Utama | CID001458 |
| Tin | PT Putera Sarana Shakti (PT PSS) | CID003868 |
| Tin | PT Rajawali Rimba Perkasa | CID003381 |
| Tin | PT Rajehan Ariq | CID002593 |
| Tin | PT Refined Bangka Tin | CID001460 |
| Tin | PT Sariwiguna Binasentosa | CID001463 |
| Tin | PT Sukses Inti Makmur | CID002816 |
| Tin | PT Timah Nusantara | CID001486 |
| Tin | PT Timah Tbk Kundur | CID001477 |
| Tin | PT Timah Tbk Mentok | CID001482 |
| Tin | PT Tinindo Inter Nusa | CID001490 |
| Tin | PT Tirus Putra Mandiri | CID002478 |
| Tin | PT Tommy Utama | CID001493 |
| Tin | Resind Industria e Comercio Ltda. | CID002706 |
| Tin | RIKAYAA GREENTECH PRIVATE LIMITED | CID004692 |
| Tin | Rui Da Hung | CID001539 |
| Tin | Super Ligas | CID002756 |
| Tin | Takehara PVD Materials Plant / PVD Materials Division of MITSUI MINING & SMELTING CO., LTD. | CID004403 |
| Tin | Thaisarco | CID001898 |
| Tin | Tin Smelting Branch of Yunnan Tin Co., Ltd. | CID002180 |
| Tin | Tin Technology & Refining | CID003325 |
| Tin | Tuyen Quang Non-Ferrous Metals Joint Stock Company | CID002574 |
| Tin | VQB Mineral and Trading Group JSC | CID002015 |
| Tin | White Solder Metalurgia e Mineracao Ltda. | CID002036 |
| Tin | Woodcross Smelting Company Limited | CID004724 |
| Tin | Yunnan Chengfeng Non-ferrous Metals Co., Ltd. | CID002158 |
| Tin | Yunnan Yunfan Non-ferrous Metals Co., Ltd. | CID003397 |
| Tungsten | A.L.M.T. TUNGSTEN Corp. | CID000004 |
| Tungsten | ACL Metais Eireli | CID002833 |

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| | | |
|:---|:---|:---|
| Tungsten | Albasteel Industria e Comercio de Ligas Para Fundicao Ltd. | CID003427 |
| Tungsten | Artek LLC | CID003553 |
| Tungsten | Asia Tungsten Products Vietnam Ltd. | CID002502 |
| Tungsten | China Molybdenum Tungsten Co., Ltd. | CID002641 |
| Tungsten | Chongyi Zhangyuan Tungsten Co., Ltd. | CID000258 |
| Tungsten | CNMC (Guangxi) PGMA Co., Ltd. | CID000281 |
| Tungsten | Cronimet Brasil Ltda | CID003468 |
| Tungsten | DONGKUK INDUSTRIES CO., LTD. | CID004060 |
| Tungsten | Fujian Xinlu Tungsten Co., Ltd. | CID003609 |
| Tungsten | Ganzhou Jiangwu Ferrotungsten Co., Ltd. | CID002315 |
| Tungsten | Ganzhou Seadragon W & Mo Co., Ltd. | CID002494 |
| Tungsten | Global Tungsten & Powders LLC | CID000568 |
| Tungsten | Guangdong Xianglu Tungsten Co., Ltd. | CID000218 |
| Tungsten | H.C. Starck Tungsten GmbH | CID002541 |
| Tungsten | HANNAE FOR T Co., Ltd. | CID003978 |
| Tungsten | Hubei Green Tungsten Co., Ltd. | CID003417 |
| Tungsten | Hunan Chenzhou Mining Co., Ltd. | CID000766 |
| Tungsten | Hunan Jintai New Material Co., Ltd. | CID000769 |
| Tungsten | Hunan Shizhuyuan Nonferrous Metals Co., Ltd. Chenzhou Tungsten Products Branch | CID002513 |
| Tungsten | Hydrometallurg, JSC | CID002649 |
| Tungsten | Japan New Metals Co., Ltd. | CID000825 |
| Tungsten | Jiangwu H.C. Starck Tungsten Products Co., Ltd. | CID002551 |
| Tungsten | Jiangxi Gan Bei Tungsten Co., Ltd. | CID002321 |
| Tungsten | Jiangxi Minmetals Gao'an Non-ferrous Metals Co., Ltd. | CID002313 |
| Tungsten | Jiangxi Tonggu Non-ferrous Metallurgical & Chemical Co., Ltd. | CID002318 |
| Tungsten | Jiangxi Xinsheng Tungsten Industry Co., Ltd. | CID002317 |
| Tungsten | Jiangxi Yaosheng Tungsten Co., Ltd. | CID002316 |
| Tungsten | JSC "Kirovgrad Hard Alloys Plant" | CID003408 |
| Tungsten | Kennametal Fallon | CID000966 |
| Tungsten | Kennametal Huntsville | CID000105 |
| Tungsten | Lianyou Metals Co., Ltd. | CID003407 |
| Tungsten | Lianyou Resources Co., Ltd. | CID004397 |
| Tungsten | LLC Vostok | CID003643 |
| Tungsten | MALAMET SMELTING SDN. BHD. | CID004056 |
| Tungsten | Malipo Haiyu Tungsten Co., Ltd. | CID002319 |
| Tungsten | Masan High-Tech Materials | CID002543 |
| Tungsten | Moliren Ltd. | CID002845 |

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| | | |
|:---|:---|:---|
| Tungsten | Nam Viet Cromit Joint Stock Company | CID004034 |
| Tungsten | Niagara Refining LLC | CID002589 |
| Tungsten | NPP Tyazhmetprom LLC | CID003416 |
| Tungsten | OOO "Technolom" 1 | CID003614 |
| Tungsten | OOO "Technolom" 2 | CID003612 |
| Tungsten | Philippine Bonway Manufacturing Industrial Corporation | CID004797 |
| Tungsten | Philippine Carreytech Metal Corp. | CID004438 |
| Tungsten | Philippine Chuangxin Industrial Co., Inc. | CID002827 |
| Tungsten | Shinwon Tungsten (Fujian Shanghang) Co., Ltd. | CID004430 |
| Tungsten | TANIOBIS Smelting GmbH & Co. KG | CID002542 |
| Tungsten | Tungsten Vietnam Joint Stock Company | CID003993 |
| Tungsten | Unecha Refractory Metals Plant | CID002724 |
| Tungsten | Wolfram Bergbau und Hutten AG | CID002044 |
| Tungsten | Xiamen Tungsten (H.C.) Co., Ltd. | CID002320 |
| Tungsten | Xiamen Tungsten Co., Ltd. | CID002082 |
| Tungsten | YUDU ANSHENG TUNGSTEN CO., LTD. | CID003662 |

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\*\* One of our suppliers reported the presence of this entity in its supply chain. This entity was sanctioned by the United States Department of Treasury, Office of Foreign Assets Control on March 17, 2022 (specifically, CID003185 - African Gold Refinery). Stem does not purchase materials from or conduct any business directly with this entity. Most of Stem's suppliers provide smelter data at a company-wide level. As such, Stem is unable to confirm whether African Gold Refinery was in the Company's supply chain during fiscal year 2024. 

**<u>Countries of Origin</u>**

Below is a list of countries from which the above smelters and refiners are known to source conflict minerals.

Angola

Argentina

Armenia

Australia

Austria

Belarus

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Belgium

Bermuda

Bolivia (Plurinational State Of)

Brazil

Burundi

Cambodia

Canada

Central African Republic

Chile

China

Colombia

Congo

Congo, Democratic Republic of The

Cote D'Ivoire

Czechia

Djibouti

Ecuador

Egypt

Estonia

Ethiopia

Finland

France

Germany

Ghana

Guinea

Guyana

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Hong Kong

Hungary

India

Indonesia

Ireland

Israel

Italy

Japan

Jersey

Kazakhstan

Kenya

Korea, Republic Of

Kyrgyzstan

Lao People's Democratic Republic

Luxembourg

Madagascar

Malaysia

Mali

Mexico

Mongolia

Morocco

Mozambique

Myanmar

Namibia

Netherlands

New Zealand

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Niger

Nigeria

Papua New Guinea

Peru

Philippines

Poland

Portugal

Russian Federation

Rwanda

Saudi Arabia

Sierra Leone

Singapore

Slovakia

South Africa

South Sudan

Spain

Suriname

Sweden

Switzerland

Taiwan, Province of China

Tajikistan

Tanzania, United Republic of

Thailand

Turkey

Uganda

United Arab Emirates

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United Kingdom of Great Britain and Northern Ireland

United States of America

Uzbekistan

Vietnam

Zambia

Zimbabwe