Eramet S.A. (0MGV), the Paris-based mining and metallurgical group, published a detailed operational and strategic update on 9 November 2026, confirming its 2026 financial targets and providing an exceptional early outlook for 2027 in connection with its forthcoming capital increase. The group confirmed adjusted EBITDA of between €540m and €610m for 2026, alongside a return to positive adjusted free cash flow for the year. Investors will be watching closely as Eramet simultaneously pursues asset disposals and a capital increase expected before year-end, moves designed to restore its balance sheet and reduce leverage below 3x.

Key Points

  • Eramet S.A. (0MGV), a French mining and metallurgical group operating across manganese, nickel, mineral sands and lithium
  • Eramet confirmed 2026 adjusted EBITDA guidance of €540m–€610m and expects positive adjusted free cash flow for the full year
  • A disposal of undeveloped Arizaro salar mining concessions in Argentina agreed for $71m gross; capital increase targeted by end-2026
  • Investors should monitor completion of the capital increase, the Centenario and Weda Bay monetisation processes, and 2027 volume delivery

Eramet Confirms 2026 Adjusted EBITDA of €540m–€610m and Positive Free Cash Flow as Capital Increase Advances

Eramet confirmed its previously published 2026 targets, including adjusted EBITDA of between €540m and €610m and capital expenditure of between €250m and €290m, net of the French State's contribution to SLN's capex. Subject to completion of its planned capital increase, the group expects adjusted leverage below 3x and covenant gearing below 100%, with year-end liquidity estimated at more than €1.6bn including the capital increase. A strategic agreement between its two reference shareholders — the French State Shareholding Agency (APE) and Sorame-CEIR — was announced on 12 October 2026, enabling the group to proceed with the capital increase. The AMF granted a related waiver on 26 October 2026.

Arizaro Salar Disposal Agreed for $71m While Centenario and Weda Bay Processes Remain Ongoing

As part of its funding plan announced in February 2026, Eramet agreed to sell its undeveloped mining concessions in the Arizaro salar in Argentina for a gross value of $71m, equivalent to close to €60m net of taxes. The ten concessions cover nearly 33,000 hectares and were originally granted to Eramet in 2017. Closing is expected by year-end, subject to one remaining condition precedent. Separately, processes are underway for a minority stake disposal in the Centenario lithium project in Argentina and a significant disposal of Eramet's 38.7% indirect stake in PT Weda Bay Nickel in Indonesia, though no proceeds from either are expected before year-end.

Centenario Lithium Plant Reaches Nameplate Capacity in October 2026 with Long-Term Potential Revised Up to 150 kt-LCE Per Year

The Centenario lithium carbonate plant in Argentina reached nameplate capacity in October 2026 ahead of target, completing its ramp-up in 16 months. The announcement states that the Ex-Works cash cost fell below $6,000 per tonne of lithium carbonate equivalent for the month, in line with post-ramp-up targets. The latest studies have led to an upward revision of the salar's full long-term development potential to close to 150 kt-LCE per year. A Detailed Feasibility Study for a first brownfield expansion phase of approximately 11 kt-LCE per year is underway, with a Pre-Feasibility Study launched for a second phase of around 17 kt-LCE per year. Concept studies for two greenfield plants of roughly 50 kt-LCE each have also commenced.

Eramet Sets Higher 2027 Volume Targets Across Manganese, Lithium and Mineral Sands with Capex of €280m–€320m

For 2027, Eramet is targeting manganese ore transported volumes in Gabon of between 6.8 and 7.3 million tonnes, lithium carbonate production at Centenario of between 20 and 24 kt-LCE, and mineral sands output of around 900 kt of heavy mineral concentrate in Senegal, with a return to full capacity expected in the first quarter of 2027. Nickel ore external sales volumes in Indonesia are expected to remain in line with the previous two years, subject to permit approvals. Capital expenditure for 2027 is guided at between €280m and €320m, with development capex limited to between €20m and €30m, focused primarily on lithium growth studies and manganese value chain transformation in Gabon.