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Peter C. Dent VP Business Development Electron Energy Corporation

Strategies for More Effective Critical Materials Use 3 December 2010 Trans-Atlantic Workshop on Rare Earth Elements and Other Critical Materials for a Clean Energy Future. Peter C. Dent VP Business Development Electron Energy Corporation 924 Links Avenue, Landisville, PA 17538

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Peter C. Dent VP Business Development Electron Energy Corporation

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  1. Strategies for More Effective Critical Materials Use3 December 2010Trans-Atlantic Workshop on Rare Earth Elements and Other Critical Materials for a Clean Energy Future Peter C. Dent VP Business Development Electron Energy Corporation 924 Links Avenue, Landisville, PA 17538 www.electronenergy.com

  2. Real World Views“The purpose of a business is to serve a customer” Peter F. Drucker • “Effective” – “Do the Right Thing” • Provide customer value • Fulfill a need • Better Performance • Lower Cost • Realistic expectations • Solutions MUST make sense commercially • Sustainable manufacturing & supply chains • Environmentally responsible 2

  3. EEC’s Beginnings Marlin Walmer - innovator and pioneer in magnet materials Founded Electron Energy Corporation in 1970 First non-captured commercial Samarium Cobalt (SmCo) producer in the world Last US Rare Earth magnet producer (Samarium Cobalt or Neodymium Iron Boron - NdFeB) Marlin Walmer 1/11/29 – 12/12/99

  4. About EEC Landisville, PA – 40,000 sq ft single site 118 employees Small Business One Modern Manufacturing Site Samarium Cobalt magnet producer ISO 9001:2000 Certified Compliance with DOD Domestic Preferences of Specialty Metals (DFARS 225.252-7003, 7008, 7009) Defense Directorate of Trade Controls Registered

  5. Real World View of Magnet Materials Production Japan, US, European producers close plants, move production WW Total Market Size $7B 2010, $15B by 2020 NdFeB magnets 72% Alnico ½ SmCo 63% CHINA Rare Earth Oxide Ore production 97% Hard ferrites 66+ % Rare Earth pure Metals nearly 100% 5/18/2010 IVEC 2010 5

  6. Crush into ~ 200 - 500 m Ball milling or Jet milling To m scales Raw MaterialsSm, Co, Fe,Cu, Zr (SmCo) Nd, Pr, Dy, Fe, Co, B (NdFeB) Crushing Induction Melting or co-reduction Machining Sintering, Solution and Heat treatment Grinding, lapping, honing, Or wire EDM Pressing Magnetizing & Testing Typical Manufacturing Process for Sintered Rare Earth Magnets – Labor is predominant cost

  7. Criticality Matrix (US National Academies, 2008) This matrix was devised by the U.S. National Academies and published in 2008 in Minerals, Critical Minerals, and the U.S. Economy (2008). The matrix preceded by a detailed explanation of the conclusions from which it was created is (free) on the Internet at http://books.nap.edu/openbook.php?record_id=12034&page=165#p200140369960165001 -Increase use of periodic table of elements -Semiconductors- 24 plus new elements used in 2000 and beyond -11.3 Tons/year per person non-fuel minerals in USA, - ? T/yr developing world -New inventions -Changing demographics

  8. Magnet Sales Worldwide Market is growing due to automotive & more uses, miniaturization People pay lots more for better magnet performance ($5.4/kg Ferrite, $90/kg Nd) Smaller magnets make smaller less costly systems Lower systems costs will increase market “More electric” means more magnets Data courtesy of Webmagnetics.com

  9. Material Usage Perspective 30 years ago? Mother nature’s gifts Unique properties Benefits vs. cost of replacement Heavy Rare Earths (HRE’s) Light Rare Earths (LRE’s) 5/18/2010 IVEC 2010 9 9 9

  10. Global Metal Production 2008 - Record Year -A steel world -Recycling effectiveness of large vs. small, mid size -expectations -Large users volume, mature recycle -Rare metals have high price and big incentives Courtesy: Jack Lifton 10/25/2014 10

  11. Rare Earth Mineral Production • China REE worldwide reserves • 2 years ago over 50% • today substantially less • Reason, more discoveries • 100 plus potential sites for REE’s discussed for development worldwide • 5-6 new non-Chinese mining operations will likely be developed • Lots of investment is flowing to major REE producers • well funded • Downstream supply chain needs • Non-Chinese customers, OEM’s 11

  12. Forecast Global Demand for Individual Rare Earths in 2014 (±15%) (Im)balance of Supply-Demand - Air Products O2, N2 -steel -Reduce use of higher demand -Increase use of lower demand (Ce, Sm) – unsold material = cost, wildcard -Thorium? Source: Dudley J Kingsnorth IMOCA 2009 10/25/2014 10/25/2014 IVEC 2010 12 12

  13. Rare Earth Supply-Demand Source: Industrial Minerals Company of Australia 10/25/2014 13

  14. Rare Earth Prices -Fe, Co, Tb, Ce, Au, Re price comparisons -REE price disparities ($3/kg-$500/kg pre July 8, 2010, $10-12/kg avg.) 10/25/2014 14

  15. Core Issues What will be impact of new RE applications (wind power, Li vs. NiMH batteries, lighting, MCE refrigeration, To Be Invented) ? 1000’s of REE applications, how many can be helped? Who will make it to market profitably & sustainably grow over time? What will China do? –Wildcard factor, SEO’s Can private sector fix problems alone?

  16. REE Supply Core Strategies-Market Driven- Stockpile raw materials – price/availability disruptions Mitigate/Replace REE usage (short-medium term) Incremental Process improvements (Kaizen – Japan NdFeB) Better magnet technology (same flux with less material) => mitigate Hi electrical resistivity NdFeB, SmCo (DOE) Nanocomposites (NdFeB, SmCo) add 30% Fe New magnet systems (non REE) Leapfrog, disruptive technologies Develop / Adopt Recycling with ROI Develop applications for Ce, Sm, Pr and others in over supply – grow business Secure long term reliable, sustainable supply Develop & recruit people to innovate Engage with US government to affect appropriate REE policies Move from Studies => Resource Allocation & Action Multi faceted, balanced, realistic public policy approaches & expectations Be EFFECTIVE 10/25/2014 16

  17. Peter C . Dent(717) 459-1001 direct(610) 349-5525 cellpcd@electronenergy.com Questions Electron Energy Corporation 924 Links Avenue Landisville, PA 17538 (717) 898-2294 www.electronenergy.com www.usmagnetmaterials.com 17

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