Metlen Energy & Metals Plc: Postcard from Greece: Critical minerals and gallium in the spotlight

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Metlen Energy & Metals Plc: Postcard from Greece: Critical minerals and gallium in the spotlight

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Metlen Energy & Metals Plc

Postcard from Greece: Critical minerals and

gallium in the spotlight

Maintain Rating: BUY | PO: 52.00 EUR | Price: 41.50 EUR

Management meetings, aluminium gallium site visit 11 June 2026

We have been in Greece visiting with Metlen management and the group’s production Equity

site for aluminium gallium. We met most of top management, including Chairman

Evangelos Mytilineos and CEO Christos Gavalas. Key discussion points: 1) Investment Equity Research Jason Fairclough >>

plans in both critical minerals (gallium, more) and critical minerals production from non- Research Analyst

traditional feed stocks. 2) Recovery and restructuring to the business after the profit MLI+44 (UK)20 7995 0225

warnings in 2025. We maintain our EUR52 PO, based on an average of 7x 2027E EBITDA jason.fairclough@bofa.com

and DCF, and our Buy rating. Reinhardt van der Walt >>

Research Analyst

Critical minerals including gallium +++ MLIreinhardt.vanderwalt@bofa.com(UK)

The business plan for critical minerals has evolved since the group’s CMD in 2025. A pilot Paul Kirjanovs >>

plant has demonstrated that the group’s proprietary hydrometallurgical extraction process Research Analyst MLI (UK)

can recover economic quantities of metal from non-traditional feed stocks, particularly paul.kirjanovs@bofa.com

slags. The starting point for the business will be to run off the group’s legacy slag dumps Felicity Robson >>

at a now-closed facility in Romania, but there is a plan to consider using third-party Research Analyst MLI (UK)

sourced feed stock. Gallium extraction at the group’s aluminium smelter is being felicity.robson@bofa.com