Industrial Minerals and Mining Sector Outlook — September 2026

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MATERIALS › MATERIALS › INDUSTRIAL MINERALS AND MINING

Industrial Minerals: A Premium End, a Discount End, and the Operating Gap Between Them

This report shows how earnings visibility, delivered economics and strategic fit separate the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   MATERIALS › MATERIALS › INDUSTRIAL MINERALS AND MINING

   Industrial Minerals: A Premium End, a Discount End, and the Operating Gap Between Them

   This is the cover page introducing the Industrial Minerals and Mining sector outlook as of September 2026.

   We open with the sector's core finding: a premium end and a discount end separated by an operating gap, not just a valuation gap. Everything that follows builds toward that one page.

   Everything on this page

   MATERIALS › MATERIALS › INDUSTRIAL MINERALS AND MINING Industrial Minerals: A Premium End, a Discount End, and the Operating Gap Between Them This report shows how earnings visibility, delivered economics and strategic fit separate the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five numbered sections and the appendix that make up the report.

   We've structured this report so the bottom line comes first — read section one and you have the whole story, then go deeper by section if you want the evidence. That structure is deliberate: it respects your time while still keeping the full trail available. So what: you can move at the pace you need, from headline to detail.

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   CONTENTS What This Report Covers 01 The Bottom Line Industrial Minerals and Mining Splits Across Distinct Valuation Lanes 02 The Landscape Different Mineral Models Face Different Value Tests 03 Valuation & Situations The Premium Sits with Forecast Growth Despite Lower Margin 04 Precedent Transactions What Buyers Agreed to Pay Reflects Asset Fit and Strategic Reach 05 Strategic Implications Strengthen Delivered Economics Before Choosing the Capital Path 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Industrial Minerals and Mining Splits Between Bulk Minerals, Completions Services and Adjacent Models

   Industrial Minerals and Mining Splits Between Bulk Minerals, Completions Services and Adjacent Models.

   Industrial Minerals and Mining Splits Between Bulk Minerals, Completions Services and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (6 of 10 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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   01 · THE BOTTOM LINE Industrial Minerals and Mining Splits Between Bulk Minerals, Completions Services and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (6 of 10 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forecast Earnings Support a Narrow Valuation Set The 4 names with a forward EV / EBITDA estimate sit within 10 approved companies. Their range runs from 23.1x at the premium end to 5.5x at the discount end. 2 Business Model Comes Before Sector Average Bulk non-metallic mineral producers represent 40% of the approved companies. Completions and pressure pumping services account for 3 of 10, placing delivered cost and last-mile logistics at the centre of their value case. 3 Margin Alone Does Not Place a Name Atlas Energy Solutions Inc. (AESI) carries a 20% margin, while ProFrac Holding Corp. (ACDC) carries 16%. Both sit in the core range, making contract coverage and delivered economics important areas for diligence. 4 The Deals Cluster Around Clear Strategic Fit The 8 recorded transactions span mineral supply, processing and adjacent service integration. Atlas Energy Solutions Inc. (AESI) agreed to an announced $450M transaction for Hi-Crush Inc., showing the scale attached to an in-segment combination. 6.9x Sector median EV/EBITDA CY2027E consensus · 4 rated of 10 companies 23.1x Premium end EV/EBITDA vs 5.5x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 31 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on how different mineral models face different value tests.

   Reserve quality, delivered reach and downstream position price differently across this peer set. We use this page to reset before walking through the market map.

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   SECTION 02 02 THE LANDSCAPE Different Mineral Models Face Different Value Tests Reserve quality, delivered reach and downstream position matter differently across the peer set. 02 of 06 Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Valuation Sits at Different Levels Across the Three Operating Models

   This page groups the 10 approved companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   We group all 10 approved companies by operating model and compare median EV/EBITDA (CY2027E) across the groups. The medians are built only on rated names within each group, so the comparison stays apples-to-apples. So what: which group a company sits in tells you more about its valuation starting point than its size does.

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   02 · MARKET MAP Valuation Sits at Different Levels Across the Three Operating Models 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BULK NON-METALLIC MINERAL PRODUCERS — BORATES, TALC AND KAOLIN 4 cos 23.1x · 1 rated MP Materials (MP) Compass Minerals (CMP) Critical Metals (CRML) NioCorp (NB) Reserve quality, beneficiation and downstream position shape how these assets compare. ADJACENT: COMPLETIONS AND PRESSURE PUMPING SERVICES 3 cos median 6.9x Atlas Energy (AESI) ProFrac Holding (ACDC) Smart Sand (SND) In-basin supply, proppant intensity and last-mile logistics frame the earnings case. ADJACENT MODELS 3 cos 5.5x · 1 rated ICL Group (ICL) Oil-Dri (ODC) NACCO Industries (NC) Fertilizer minerals, formulated products and mine management require asset-specific comparisons.

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   02 · LANDSCAPE

   Delivered Reach and Product Position Separate the Three Groups

   This page describes what each segment does and why delivered reach and product position separate them.

   We lay out what each of the three groups does and why delivered reach and product position separate their value cases. The medians shown are on rated names only, and full company detail sits in the appendix. So what: use this page to place any name in the universe before reading its multiple in isolation.

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   02 · LANDSCAPE Delivered Reach and Product Position Separate the Three Groups Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Bulk non-metallic mineral producers — borates, talc and kaolin 4 40% 23.1x n=1 MP Materials Corp. (MP) · Compass Minerals International, Inc. (CMP) · +2 more Reserve economics set the frame. This group represents 40% of the approved companies. Mine life, grade, permitting and the path from run-of-mine material through beneficiation shape the relevant comparison. Adjacent: completions and pressure pumping services 3 30% 6.9x Atlas Energy Solutions Inc. (AESI) · ProFrac Holding Corp. (ACDC) · +1 more Logistics sit beside the mine. This group represents 30% of the approved companies. In-basin supply, terminals and last-mile logistics influence delivered cost per ton and customer reach. Adjacent models 3 30% 5.5x n=1 ICL Group Ltd (ICL) · Oil-Dri Corporation of America (ODC) · +1 more Asset specifics outweigh labels. These 3 approved companies span fertilizer minerals, formulated mineral products and mine management. Their value cases depend on different catchments, customer uses and capital requirements.

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   SECTION 03

   03

   This divider introduces the section on public market valuation and where the premium sits.

   The forward earnings lens already credits forecast growth, which raises the bar for durability. We reset here before showing exactly where that premium sits.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Sits with Forecast Growth Despite Lower Margin The forward earnings lens already credits forecasts, raising the test for durability. 03 of 06 Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forecast Growth Marks the Gap Between the Two Ends of the Range

   This page ranks the 4 rated companies by EV/EBITDA (CY2027E) against a sector median of 6.9x.

   Sorting the 4 rated companies by EV/EBITDA (CY2027E) puts the sector median at 6.9x, with names ranging up to 23.1x and down to 5.5x. Forecast growth marks the gap between those two ends of the range. So what: the premium is being paid for expected growth, and that's exactly what needs to hold up under diligence.

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   03 · PUBLIC MARKET VALUATION Forecast Growth Marks the Gap Between the Two Ends of the Range EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 6.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (6 of 10 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 23.1x CORE · median 6.9x DISCOUNT · median 5.5x Sector median 6.9x WHAT SEPARATES THE TWO ENDS The top carries forecast growth. Among the 4 names with a forward EV / EBITDA estimate, MP Materials Corp. (MP) sits at the premium-end 23.1x with 77% growth, versus ICL Group Ltd (ICL) at the discount-end 5.5x with 3% growth. Margin does not sort them. Among the 4 names with a forward EV / EBITDA estimate, MP Materials Corp. (MP) carries a 7% margin, while ICL Group Ltd (ICL) carries 21%. The observed valuation order runs opposite to the margin order. Forward value raises the bar. A forward EV / EBITDA multiple already credits forecast earnings. A premium that holds on this basis places greater weight on the durability of growth, operating delivery and funding capacity.

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   03 · VALUATION DRIVERS

   Profitability Alone Does Not Sort the Four Forward-Valued Names

   This page splits rated companies into revenue-growth and margin cohorts to test what explains the valuation spread.

   We cut the rated names into growth cohorts and margin cohorts, each split at its own covered median, to see what actually explains the spread in EV/EBITDA (CY2027E). Profitability alone doesn't sort the four forward-valued names — margin and multiple don't move together in a simple line. This is an association we observe in the data, not a causal claim. So what: a name's multiple needs its own explanation, not just its margin.

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   03 · VALUATION DRIVERS Profitability Alone Does Not Sort the Four Forward-Valued Names Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 The Margin Spread Crosses the Range On the 4 names with a forward EV / EBITDA estimate, MP Materials Corp. (MP) carries a 7% margin at the top of the range, while ICL Group Ltd (ICL) carries 21% at the bottom. Forecast Growth Aligns with the Endpoints On the 4 names with a forward EV / EBITDA estimate, MP Materials Corp. (MP) carries 77% growth and ICL Group Ltd (ICL) carries 3%. This is an observed association, not evidence that growth alone sets valuation. Core Peers Still Need Operating Distinction Atlas Energy Solutions Inc. (AESI) carries a 20% margin versus 16% for ProFrac Holding Corp. (ACDC). For completions-linked models, delivered cost, take-or-pay coverage and last-mile logistics remain practical points of separation.

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    03 · SITUATION MAP

    Value Sits in Four Distinct Positions Across Margin and Multiple

    This page maps rated companies across EV/EBITDA versus the 6.9x sector median and EBITDA margin versus the 18% covered median.

    We cut the rated set on EV/EBITDA against the 6.9x sector median and on EBITDA margin against the 18% covered median, producing four distinct positions. These are observations about where value currently sits, not recommendations to act on any single name. So what: knowing which quadrant a company occupies tells you what question to ask next about its earnings quality.

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    03 · SITUATION MAP Value Sits in Four Distinct Positions Across Margin and Multiple Cut on EV / EBITDA vs the sector median (6.9x) (rows) and EBITDA margin vs the covered median (18%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 1 names Atlas Energy Solutions Inc. (AESI) Atlas Energy Solutions Inc. (AESI) sits above both reference lines. The operating priority is to protect delivered economics and contract quality while allocating capital selectively. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 1 names MP Materials Corp. (MP) MP Materials Corp. (MP) sits above the valuation reference and below the margin reference. The key test is whether forecast growth converts into durable earnings through processing progress and operating delivery. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 1 names ICL Group Ltd (ICL) ICL Group Ltd (ICL) sits below the valuation reference and above the margin reference. The value question is whether its earnings mix, market exposure and capital needs can support a stronger position. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 1 names ProFrac Holding Corp. (ACDC) ProFrac Holding Corp. (ACDC) sits below both reference lines. Cost structure, asset use and the balance between owned supply and customer demand are the immediate operating levers.

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    03 · THE AGENDA

    Build or Buy: The Routes on the Table Ask for Different Capital and Pay Back on Different Timelines

    This page frames build-versus-buy as a set of questions for owners and acquirers to resolve, without recommending any transaction.

    We frame the build-or-buy choice as a set of questions grounded in the cohort data shown earlier — the routes on the table ask for different capital and pay back on different timelines. This is directional judgment, not investment advice. So what: the right route depends on an owner's own reserve quality, logistics reach and downstream position, not a single sector answer.

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    03 · THE AGENDA Build or Buy: The Routes on the Table Ask for Different Capital and Pay Back on Different Timelines NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Contract Base Shift revenue mix toward take-or-pay or multi-year offtake where customer demand supports it. Better tenor and counterparty quality can improve earnings durability. What changes the answer: Customer willingness to exchange flexibility for supply assurance changes the answer. Extend Delivered Reach Evaluate terminals, rail access and last-mile logistics against the cost of serving adjacent catchments. The objective is a better netback, not simply more tons. What changes the answer: A durable delivered cost advantage in an adjacent market changes the answer. Move Further Downstream Test beneficiation, separation, refining or formulated products where customer qualification and pricing support the capital. Downstream investment should improve product position and reduce exposure to undifferentiated tonnage. What changes the answer: A qualified customer base and defensible product specification change the answer. Compare Build with Buy Set greenfield permitting, construction and commissioning risk against available mines, plants or logistics assets. Use replacement cost and time to market as the decision frame. What changes the answer: An available asset with better timing or delivered economics changes the answer.

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    SECTION 04

    04

    This divider introduces the precedent transactions section.

    What buyers agreed to pay reflects asset fit and strategic reach, spanning mineral supply, processing and adjacent service integration. We reset here before walking through the case studies.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Reflects Asset Fit and Strategic Reach Precedent transactions span mineral supply, processing and adjacent service integration. 04 of 06 Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Supply, Processing and Vertical Integration

    This page walks through case studies from the transactions with disclosed terms, including a $450M agreement.

    We walk through case studies drawn from the transactions with disclosed terms, with multiples read on LTM financials at announcement where disclosed. One case, an agreed $450M transaction, shows the scale attached to an in-segment combination. These deal multiples sit on a different basis from the CY2027E public multiples shown earlier, so no spread between the two is claimed. So what: precedent pricing confirms that strategic fit, not just size, is what buyers have been willing to pay for.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Supply, Processing and Vertical Integration 1 of 8 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 23 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2024 $450M Atlas Energy Solutions Inc. Atlas Energy Solutions Inc. (AESI) moved to combine with Hi-Crush Inc. in an announced in-segment transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a push to add mineral supply to an existing completions and pressure pumping services position. The strategic fit centres on scale and delivered reach within a shared customer chain. HOW THE TARGET WAS VALUED The disclosed transaction value was $450M. It benchmarks the scale buyers may attach to an integrated proppant and logistics position.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for owners, operators and capital allocators.

    Contract quality, logistics reach and downstream position should guide operating and build-versus-buy choices. We reset here before setting out what this means for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen Delivered Economics Before Choosing the Capital Path Contract quality, logistics reach and downstream position should guide operating and build-versus-buy choices. 05 of 06 Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Catchment Strength, the Contract Book and Capital Allocation Are Where the Valuation Gap Sits

    This page sets out what the valuation gap means for owners, operators and capital allocators.

    We put catchment strength, the contract book and capital allocation at the centre of where the valuation gap sits. These are directional views drawn from the analysis in this report, framed as observations rather than recommendations. So what: the questions on this page are the ones worth resolving before choosing a capital path.

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    05 · STRATEGIC IMPLICATIONS Catchment Strength, the Contract Book and Capital Allocation Are Where the Valuation Gap Sits NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Define the Earnings You Can Defend Focus the value case on delivered cost per ton, customer retention, contract tenor and the catchments where the asset has an enduring advantage. FOR OPERATORS Improve Netback Before Adding Volume Prioritise throughput, recovery, freight and last-mile choices that improve destination-level economics. Added tons matter when they strengthen contribution after delivery. FOR CAPITAL ALLOCATORS Fund Position, Not Capacity Alone Compare reserve extensions, logistics ownership and downstream processing on their ability to improve contract quality, customer reach and through-cycle cash generation.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparable universe, methodology and sources.

    The appendix carries comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. We reset here before the reference pages.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix page lists the 4 rated and 6 not-rated companies on EV/EBITDA (CY2027E), grouped by valuation tier against the 6.9x sector median.

    We list all 4 rated companies plus the 6 companies without an eligible EV/EBITDA, grouped by valuation tier against the 6.9x sector median. Every rated row here is also carried in the companion workbook with the complete field set. So what: this is the full trail behind every multiple used earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.9x); amber marks below · 4 rated companies; 6 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.2x · median 23.1x · 1 companies MP Materials Corp. MP Bulk non-metallic mineral producers — borates, talc… $8.4B 23.1x 77% 7% 123 CORE — 6.2x–11.2x · median 6.9x · 2 companies Atlas Energy Solutions Inc. AESI Adjacent: completions and pressure pumping services $2.2B 7.2x 15% 20% 39 ProFrac Holding Corp. ACDC Adjacent: completions and pressure pumping services $2.2B 6.5x 11% 16% 26 DISCOUNT — <6.2x · median 5.5x · 1 companies ICL Group Ltd ICL Fertilizer minerals — potash and phosphate rock $9.5B 5.5x 3% 21% 24

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists all transactions with disclosed terms, newest first, with multiples on LTM financials at announcement.

    We list every transaction with disclosed terms, newest first, with multiples read on LTM financials at announcement where disclosed. These deal multiples sit on a different basis from the CY2027E public multiples used elsewhere in this report, so no spread is claimed between them. So what: this table is the complete precedent record behind the case studies shown earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (31 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 23 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2024 Atlas Energy Solutions Inc. → Hi-Crush Inc. $450M n/a n/a Atlas Energy Solutions Inc. (AESI) announced a transaction for Hi-Crush Inc. The pairing suggests added mineral supply within an existing completions and pressure pumping services position. Jun-2022 ProFrac Holding Corp. → West Texas subsidiaries of Signal Peak Silica n/a n/a 8.8x ProFrac Holding Corp. (ACDC) completed the acquisition of the West Texas subsidiaries of Signal Peak Silica at 8.8x EV / EBITDA. The transaction links a completions platform with upstream mineral supply. Jul-2020 n/a → MP Materials $1.0B 10.1x n/a The announced MP Materials transaction carried a $1.0B value and 10.1x EV / revenue. The valuation provides a reference for a model where future processing and supply-chain position matter alongside current earnings. Nov-2018 Undisclosed buyer → Tronox Limited $5.0B 2.7x n/a The completed Tronox Limited transaction carried a $5.0B value and 2.7x EV / revenue. It offers a scale reference for a whole-company mineral transaction. Jun-2018 Elementis plc → Mondo Minerals Holding B.V. n/a n/a 8.8x Elementis plc announced the acquisition of Mondo Minerals Holding B.V. at 8.8x EV / EBITDA. The combination suggests an expansion of mineral and product capabilities. Mar-2018 U.S. Silica → EP Minerals n/a n/a 12.5x U.S. Silica announced the acquisition of EP Minerals at 12.5x EV / EBITDA. The transaction benchmarks a mineral platform with differentiated processing and end-market exposure. Dec-2016 Evonik Industries AG → J.M. Huber Corporation’s Silica Business n/a 10.5x 10.5x Evonik Industries AG announced the acquisition of J.M. Huber Corporation’s Silica Business at 10.5x. The transaction suggests value in combining mineral feedstock with downstream processing capability. Dec-2016 Imerys S.A. → Kerneos n/a 8.9x 8.9x Imerys S.A. announced the acquisition of Kerneos at 8.9x. The pairing suggests a strategic fit around mineral processing and a broader product position.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, assumptions and data-quality treatment behind the figures in this report.

    This page sets out how the figures were built, what was excluded, and where each underlying disclosure can be traced. Every figure links back to the record it came from, and where no link exists, the appendix names the source and the basis used. So what: any figure in this deck can be independently verified against its original source.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (6 of 10 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Industrial Minerals and Mining and it clears the coverage gate with 4 of 10 companies (40%). P / E is carried as a cross-check. The set earns: 4 of 10 companies carry a meaningful forward EBITDA on CY2027E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 23 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 397 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (396) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    The Observed Premium Sits with Forecast Growth; Durable Value Still Needs Delivered Economics.

    This closing page restates the report's core conclusion about where the premium sits and what durable value still requires.

    The observed premium sits with forecast growth; durable value still needs delivered economics. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further.

    Everything on this page

    The Observed Premium Sits with Forecast Growth; Durable Value Still Needs Delivered Economics. NeuraCap AI — Industrial Minerals and Mining Coverage September 2026 · Prepared by NeuraCap AI · Confidential Industrial Minerals and Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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