Advanced and Engineered Materials Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › ADVANCED AND ENGINEERED MATERIALS

Engineered Content Holds While Resource Names Take the Period's Damage

What moved, what companies announced, and where the transaction record stands in Advanced and Engineered Materials over September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   MATERIALS › MATERIALS › ADVANCED AND ENGINEERED MATERIALS

   This cover introduces the September 14–28, 2026 bi-weekly update on Advanced and Engineered Materials.

   We open this bi-weekly update on Advanced and Engineered Materials for the September 14–28, 2026 window, covering what changed, who moved, what transacted, and what it means for your position.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › ADVANCED AND ENGINEERED MATERIALS Engineered Content Holds While Resource Names Take the Period's Damage What moved, what companies announced, and where the transaction record stands in Advanced and Engineered Materials over September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Qualified Content Held Its Ground While the Resource End Carried the Losses

   This slide summarizes the two-week period's market split and transaction record on one page.

   We tracked 53 covered names over September 14–28, 2026 and found 37 fell, with a median move of -2.9% against a +0.8% gain for the S&P 500. Premium-tier names such as Entegris, Inc. (ENTG) and Materion Corporation (MTRN) led the upside at +17.2% and +9.1%, while Gold Fields Limited (GFI) and ASP Isotopes Inc. (ASPI) carried the drawdown at -18.4% and -18.5%. The transaction record held steady at 36 trailing transactions with a 12.3x median, keeping its premium to public levels. So what: the two-week period shows that qualified, spec'd-in positioning, not size, tracks with the split.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Qualified Content Held Its Ground While the Resource End Carried the Losses The two-week period in one page · 53 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most of the Sector Traded Lower While the Broad Market Rose 37 of 53 covered names fell; the median move was -2.9%. The S&P 500 returned +0.8% over the same window. 2 The Split Ran Along the Two-Market Line, Not Along Size Entegris, Inc. (ENTG) gained +17.2% and Materion Corporation (MTRN) +9.1%, both Premium-tier names. Gold Fields Limited (GFI) fell -18.4% and ASP Isotopes Inc. (ASPI) -18.5%. 3 The Transaction Record Stood Still and Kept Its Premium to Public Levels No new transactions were recorded in the window. The reference set remains 36 trailing transactions at a 12.3x median, against the 6.9x public median in NeuraCap's standing sector view. 4 Companies Spent the Period Funding Capacity and Locking in Supply Calumet, Inc. (CLMT) lifted its total credit commitment from $500 million to $600 million, and Almonty Industries Inc. (ALM) brought Sangdong Phase I into commercial operation. +17.2% Best mover — Entegris, Inc. (ENTG) worst: ASPI -18.5% · 16 up / 37 down of 53 covered -2.9% Sector median two-week return vs S&P 500 +0.8% 4 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Qualified Positions Led the Upside; Gold and Pre-Scale Names Carried the Drawdown

   This slide ranks the period's biggest individual stock moves against the sector median and a materiality bar.

   We see the sector median move at -2.9% against a +0.8% S&P 500 return, with a 6.6% bar marking moves worth flagging. Entegris, Inc. (ENTG) and Materion Corporation (MTRN) topped the list at +17.2% and +9.1%, both Premium-tier names, while Gold Fields Limited (GFI) and ASP Isotopes Inc. (ASPI) sit at the other end at -18.4% and -18.5%. Each move is tied only to the filings and headlines recorded in the window, so where no driver is on record, we say so. So what: the ranked list separates moves backed by evidence from moves that look like sentiment alone.

   Everything on this page

   PUBLIC MARKET MOVERS Qualified Positions Led the Upside; Gold and Pre-Scale Names Carried the Drawdown Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.9% · S&P 500 +0.8% · materiality bar ±6.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.9% ASP Isotopes Inc. Common Stock (ASPI) -18.5% The move appears to reflect the Sep 28 shareholder notice questioning whether ASP Isotopes Inc. (ASPI) insiders breached their fiduciary duties; shares fell -11.3% that day inside a -18.5% period. Pre-scale platform names take the sharpest drawdowns when governance questions surface. COMPANY-SPECIFIC Gold Fields Limited (GFI) -18.4% Shares moved following the Sep 27 Reuters report that an Australian gold producer rejected Gold Fields Limited (GFI)'s unsolicited $27.1 billion approach as opportunistic; the stock fell -12.9% on Sep 28, its worst session of the window. A rejected approach can reprice the bidder faster than it reprices the target. COMPANY-SPECIFIC Entegris, Inc. (ENTG) +17.2% No notable in-window news was identified that clearly explains the move. Entegris, Inc. (ENTG) gained +17.2% against a sector median of -2.9%. Semiconductor-facing demand keeps the Premium tier moving on a different clock from the rest. UNEXPLAINED Ero Copper Corp. (ERO) +11.1% Shares moved following Ero Copper Corp. (ERO)'s Sep 15 analyst and investor day; the biggest session came on Sep 22, up +7.5% to $37.29. The most likely driver was the growth detail set out at that event. Investor-day detail still moves Discount-tier producers when the growth path is spelled out. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Used the Period to Fund Capacity, Lock in Supply and Settle Leadership

   This slide lists the period's highest-impact company announcements, each linked to its source.

   We flag Calumet, Inc. (CLMT) lifting its total credit commitment from $500 million to $600 million, and Almonty Industries Inc. (ALM) bringing Sangdong Phase I into commercial operation, as the period's clearest capacity and supply moves. Each 'why it matters' line is a NeuraCap read tied to the underlying filing or article, drawn only from SEC filings, press releases and established outlets. So what: these are the moves that change forward capacity and supply commitments, not just sentiment.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Used the Period to Fund Capacity, Lock in Supply and Settle Leadership The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · GlobeNewsWire Major expansion announced at the Ashland sawmill Permitted brownfield capacity in constrained geographies is one of the sector's durable value drivers, and announced expansions are the visible end of it. Added capacity only pays once absorption follows; watch utilisation, not the announcement. Sep 16 · NEWS · GlobeNewsWire Updated detail issued on the announced Ashland sawmill expansion A follow-up release on the same expansion keeps a capacity addition in front of the market in a period when most covered names traded lower. Capacity announcements travel further when the operating detail follows quickly. Sep 15 · 8-K · SEC EDGAR BHP confirms its chief executive and sets its annual meeting for October Confirming the chief executive and fixing the meeting date signals settled leadership at a Core-tier producer heading into its next capital-allocation cycle. Governance clarity at the large producers frames how the upstream end is judged. Sep 15 · 8-K · SEC EDGAR Calumet lifts its total credit commitment to $600 million The Eleventh Amendment raised the total commitment from $500 million to $600 million, adding headroom in a sector where plant capital intensity and turnaround timing drive cash needs. Liquidity headroom is what lets an operator fund a debottleneck without selling into a soft market. Sep 14 · NEWS · Business Wire Almonty signs a binding tungsten partnership with the Government of Rwanda Vertical integration into critical feedstocks is a stated value driver here, and sovereign-linked arrangements are the characteristic route where critical minerals are involved. Feedstock security is being bought through partnership structures, not only through ownership. Sep 14 · NEWS · PRNewsWire ATI's chief executive to present on aerospace demand at an investor conference Putting the chief executive in front of investors on aerospace signals where the company wants its differentiated, qualification-gated capabilities judged. Aerospace build rates remain the reference demand story for qualified mill products.

5. 05
   M&A & STRATEGIC ACTIVITY

   New Deals Stay off the Board While the Reference Set Keeps Its Premium

   This slide shows that no new transactions were recorded in the window, leaving the reference set unchanged.

   We recorded no new transactions in the September 14–28, 2026 window, so the reference set stands at 36 trailing deals with a 12.3x median EV/LTM EBITDA. That multiple compares to a 6.9x public sector median in our standing view, a gap that held through the period. Deal multiples are LTM at announcement where disclosed, and our 'why the deal happened' reads are NeuraCap interpretations of the recorded evidence, not old transactions re-presented as news. So what: a still comparison set means acquirers are testing price expectations against a fixed, not moving, benchmark.

   Everything on this page

   M&A & STRATEGIC ACTIVITY New Deals Stay off the Board While the Reference Set Keeps Its Premium September 14–28, 2026 · precedent transactions: 36 recorded deals · median 12.3x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set therefore still rests on 36 trailing transactions at a median of 12.3x EV/EBITDA, above the 6.9x public median in NeuraCap's standing sector view. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 36 Recorded precedent transactions the reference set buyers and sellers price against 12.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Two-Market Period Means for Your Position

   This slide translates the period's evidence into implications for owners, acquirers and advisors.

   For owners and operators, we read the period as showing that qualified, spec'd-in content outperformed the merchant end. For acquirers, the reference set is unchanged at 36 trailing transactions with a 12.3x median, even as public prices moved. For advisors, the split is clear: 37 of 53 covered names fell at a -2.9% median, while Entegris, Inc. (ENTG) gained +17.2% and Materion Corporation (MTRN) +9.1%, against Gold Fields Limited (GFI) at -18.4%. So what: this is analytical interpretation of the recorded evidence, not investment advice, and it points to where the qualified-versus-resource line matters most for your position.

   Everything on this page

   WHAT IT MEANS What a Two-Market Period Means for Your Position The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.9x 55 companies in the study 3 valuation tiers Standing thesis: Advanced and Engineered Materials Trades as Two Markets: Engineered Platforms and Resource Producers FOR OWNERS & OPERATORS The Qualified End of the Portfolio Is What the Period Rewarded Companies in the space with qualified, spec'd-in content traded better than the merchant end over the window. FOR ACQUIRERS The Reference Set Is Unchanged, but Price Expectations Got a Public Test Nothing new entered the transaction record over September 14–28, 2026, so the comparison set stays at 36 trailing transactions with a 12.3x median. FOR ADVISORS Lead with the Split, Then with the Evidence Behind It 37 of 53 covered names fell and the median move was -2.9%, yet Entegris, Inc. (ENTG) gained +17.2% and Materion Corporation (MTRN) +9.1%, both Premium-tier names, while Gold Fields Limited (GFI) fell -18.4%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methods behind every figure in the update.

   We built this update on NeuraCap's analytics platform, drawing on the universe of covered names, prices, filings and transaction records, with publisher-sourced news linked where used, through market data as of September 28, 2026. Every figure traces back to the record it came from, and sources are weighted in a fixed reliability order: SEC filings first, then press releases, then established outlets, with no video or social platforms used. So what: you can trace any number on this page back to its filing or article before you act on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Advanced and Engineered Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T051634Z_341_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · sec.gov · businesswire.com · prnewswire.com

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