European Metals & Mining Weekly: Metlen site visit feedback: Critical minerals + Gallium. PGMs lose their spark.

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European Metals & Mining Weekly: Metlen site visit feedback: Critical minerals + Gallium. PGMs lose their spark.

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European Metals & Mining Weekly

Metlen site visit feedback: Critical

minerals + Gallium. PGMs lose their spark.

Industry Overview

Postcard from Greece: Critical minerals and gallium 15 June 2026

We took investors to Greece to meet with Metlen management and visit the group's Equity

production site for aluminium and gallium. We met most of top management, including Europe

Chairman Evangelos Mytilineos and CEO Christos Gavalas. Key discussion points: 1) Non-Ferrous Metals,Mining &

Investment plans in both critical minerals (gallium, more) and critical minerals production Minerals

from non-traditional feed stocks. 2) Recovery and restructuring to the business after the Jason Fairclough >>

profit warnings in 2025. We maintain our EUR52 PO, based on an average of 7x 2027E Research Analyst

EBITDA and DCF, and our Buy rating. (See our report: MTLN). MLI+44 (UK)20 7995 0225

jason.fairclough@bofa.com

Strategists: PGMs lose their spark Reinhardt van der Walt >>

PGMs have largely tracked gold prices YTD and have therefore come under pressure, ResearchMLI (UK) Analyst

partly reflecting a normalisation of the trade-related dislocations in 2025. Meanwhile, Paul Kirjanovs >>

ongoing macro concerns from the Middle East conflict add downside risk to demand, Research Analyst

especially from the auto industry. This has weighed on investor interest, as reflected MLI (UK)

in sustained ETF outflows. From a fundamental perspective, platinum should remain in Felicity Robson >> Research Analyst

deficit this year, albeit smaller than in 2025, while palladium should shift into a small MLI (UK)

surplus after years of persistent deficits.