EARNINGS CONFERENCE CALL QUARTER ENDED JUNE 30, August 5, 2015

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1 EARNINGS CONFERENCE CALL August 5, 2015

2 FINANCIAL HIGHLIGHTS FINANCIAL REVIEW It has been a difficult quarter for the Company. Revenues for the second quarter reached $87.3 million down from $136.6 million for the same quarter in 2014, negatively impacted by significant underlying commodity price volatility. Adjusted EBITDA and EBITDA reached positive $2.0 million and negative $6.0 million respectively in the second quarter of 2015 compared to $10.8 million and $11.5 million for the same quarter of 2014, margins impacted by decreasing commodity prices. The EBITDA for the second quarter was also impacted by a provision for impairment of inventory of $6.5 million, Selenium prices down 40% during the quarter. Net loss for the second quarter of 2015 reached $20.5 million, compared to net earnings of $4.4 million for the second quarter of The loss for the second quarter of 2015 is negatively impacted by an accelerated depreciation charge of $11.8 million on intangible assets. Net debt stood at $58.4 million, down from $84.0 million as at December 31, 2014, positively impacted by working capital management. Backlog and bookings were negatively impacted by decreases in underlying commodity pricing. Given the current underlying commodity pricing trend, the Company expects the third quarter to remain challenging as the Company continues to be negatively impacted by decreasing margins per unit resulting from higher cost of inventories compared to most recent market prices. 2

0 million respectively in the second quarter of 2015 compared to $10.8 million and $11.5 million for the same quarter of 2014, margins impacted by decreasing commodity prices.

3 REVENUES Revenues for the second quarter 2015 reached $87.3 million. Product demand remains solid but significant underlying commodity price volatility impacts unfavorably pricing. REVENUES IN MILLIONS USD Q Q Q Q Q Q Q Q Q215 LOWER REVENUES IN Q2 2015: + Despite sustainable demand and consumption for most metals + Since year end 2014 underlying commodity prices are negatively impacted by recent deterioration of the Fanya Metal Exchange performance + Bismuth bearing products are the most negatively impacted by the pricing deterioration over the last 6 months, with Selenium representing the second most important drop during Q2. 3

sustainable demand and consumption for most metals + Since year end 2014 underlying commodity prices are negatively impacted by recent deterioration of the Fanya Metal Exchange

4 2015 Q2 VS Q1 VOLUMES& SALES Actual sales ended 9% lower than Q1 at $87.3 million. Volume represents a 7% increase in revenues over Q1 positively impacted mostly by CdTe, Alloys and Se. Mix & Price is lower compared to Q1, mostly for Bi and other EFM Products. 120,0 100,0 80,0 95,7 7,0 17,3 1, ,0 40,0 20,0 0,0 Q1 Actual Volume Mix & Price Other Q2 Actual Other: Recycling & Special Products 4

Se. Mix & Price is lower compared to Q1, mostly for Bi and other EFM Products.

5 PROFITABILITY EBITDA resulted in a loss of $6.0 million in Q2 2015, mainly due to unfavorable pricing and its impact on margins, as well as a provision for impairment of inventory of $6.5 million, Selenium prices down 40% during the quarter. EBITDA IN MILLIONS USD 15,0 10,0 5,0 0,0 5,0 10,0 7,2 Q213 (1) 6,9 Q313 6,8 Q413 11,2 Q114 11,5 Q214 12,7 Q314 4,0 Q414 3,4 Q115 (1) Excludes Gain related to the settlement of MCP Acquisition $45.2M (Q2 2013) 6,0 Q215 2,0 Q2 Adj. Ebitda EBITDA FOR Q2 2015: + It has been a difficult quarter for the Company. + Margins have been impacted by unfavorable underlying commodity pricing for many of our metals, as well as higher cost of inventories compared to most recent market prices. + Bi prices coming down a further 12% since March 2015 (40% since Dec 2014). 5

EBITDA IN MILLIONS USD 15,0 10,0 5,0 0,0 5,0 10,0 7,2 Q213 (1) 6,9 Q313 6,8 Q413 11,2 Q114 11,5 Q214 12,7 Q314 4,0 Q414 3,4 Q115 (1) Excludes Gain related to the settlement of MCP Acquisition $45.

6 DEBT REDUCTION Net Debt as at June 2015 is at a lower level compared to Dec and March The Company plans on continuing to reduce debt as it decreases working capital Continued effort from management to maintain Net Debt/EBITDA Ratio around 2X over time. 40 Dec 2012 Operations, NWC, Invest FINANCIAL REVIEW Non Recurring Gain Dec 2013 NWC & Invest Q NWC & Invest Q NWC & Invest Q , ,

Net Debt/EBITDA Ratio around 2X over time.

7 BACKLOG & BOOKINGS 100 BACKLOG IN DAYS BOOKINGS IN DAYS Backlog and bookings were negatively impacted by decreases in underlying commodity pricing. + Demand remains solid in most market segments $150.4M $137.2M $153.2M $148.8M $131.3M $99.6M $101.3M $130.8M $91.3M $78.3M 7

8 FINANCIAL RESULTS REVENUES ADJUSTED EBITDA (1) NET EARNINGS ,8 8,1 5,7 0,3 2, * (1) Adjusted before impairment of inventories, litigation and restructuring costs, settlement of purchase price, gain on disposal of property, plant and equipment, change in fair value of debenture conversion option, foreign exchange and derivative loss (gain). * Before accelerated amortization of selected intangible assets for $11.8M 8

gain on disposal of property, plant and equipment, change in fair value of debenture conversion option, foreign

EARNINGS CONFERENCE CALL QUARTER ENDED SEPTEMBER 30, 2015. November 4, 2015

EARNINGS CONFERENCE CALL QUARTER ENDED SEPTEMBER 30, 2015. November 4, 2015 EARNINGS CONFERENCE CALL November 4, 2015 FINANCIAL HIGHLIGHTS Revenues for the three and nine month periods ended September 30, 2015 reached $68.7 million and $251.6 million down from $114.4 million and