2015 Global Metals & Mining Conference Important Notice This - PowerPoint PPT Presentation

24 FEBRUARY 2015 – 2015 Global Metals & Mining Conference

Important Notice  This presentation has been prepared by the management of Nyrstar NV (the "Company"). It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.  The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. Unless required by applicable law or regulation, no person is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein. Neither the Company nor any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents.  This presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, performance, prospects, growth, stra tegies and the industry in which the Company operates. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results of operations, financial condition, liquidity and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.  This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.  The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. The Company’s shares have not been and will not be registe red under the US Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration under the Securities Act or exemption from the registration requirement thereof. 2

Nyrstar at a glance A unique industrial footprint with scale and diversity across zinc metal value chain and market leading position in zinc and growing positions in other base, precious and minor metals Global portfolio Approximately 95% of Nyrstar revenues are generated in OECD countries 9 mines 6 smelters 1 fumer  Operating in 11 countries across 4 continents  Market leading position in zinc smelting  Top 5 zinc mining company  Listed on Euronext, Brussels Top 5 zinc smelting companies 2 Gross profit % contribution per metal Top 5 zinc mining companies 2 Zinc Lead Sulphuric Acid Leach product 1,097 1,090 1,265 1,017 Copper 693 Zinc 707 587 634 Silver 573 70% 302 Gold Other metals Nyrstar Korea Glencore Hindustan Votorantim Glencore Hindustan Teck MMG Nyrstar 4 Zinc Zinc Zinc Limited 3 Production Production Revenue EBITDA ca.6,500 employees € 2.8bn € 280m 1.1mt zinc metal 278 kt zinc in conc. 1 2 Source: Wood Mackenzie, Global zinc long-term outlook Q4 2014; Nyrstar actual 2014 production 3 Note: All references to production, Gross profit, Revenue, EBITDA and number of employees are for FY 2014 3 MMG Limited zinc production predominately contributed from the Century mine, expected to close Q3 2015 1 Own mines production 4 Nyrstar mining production , including deliveries from the Talvivaara zinc streaming agreement

Outlook for zinc fundamentals continues to strengthen with indications of a dual deficit Global zinc demand & Zinc concentrate and metal stocks M ’tonnes Days 17.7  120 Fundamentals for zinc continue to strengthen 18 17.1 with expectations of a tightening of raw 17 16.4 100 15.8 material supply and refined zinc availability 16 15.1 15 14.5  80 Treatment charges expected to increase in 13.9 14 13.3 2015 with sufficient raw material supply 12.8 12.6 13 60 11.7 12 11.4 11.2 11.2 40 11 10.1 10 Global slab zinc consumption 20 9 Zinc/Bulk Conc Stock in days of requirement 0 8 Total Metal Stocks (Implied) in days of consumption 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LME price & Surplus / Deficit k’tonnes USD/t  Initial indicators show a potential dual deficit of 1,400 5,000 raw material and refined zinc expected from 1,200 2016, leading to increasing zinc prices 4,000 1,000 800 3,000 600 Dual 400 2,000 Deficit 200 Concentrate Surplus (+) Deficit (-) 1,000 0 Refined Implied Surplus (+) Deficit (-) -200 LME Price $/tonne Nominal $ -400 -600 -800 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 4 Source: Wood Mackenzie, Global zinc long-term outlook Q4 2014; Nyrstar

Concentrate supply moving towards deficit Significant zinc mine changes (>30kt) 1  An imminent tightening of raw material supply is 2015 2016 2017 forecast with mining depletions and attritions Century outpacing supply growth from 2016 Skorpion Rampura-Agucha  Wood Mackenzie identify a number of probable zinc Lisheen projects that are undergoing feasibility studies, Red Dog permitting or awaiting financing, which could be Pomorzany-Olkusz developed to meet the supply shortfall Turkey - Small Mines Dugald River  Based on proprietary commercial, technical and Mount Isa Pb/Zn strategic evaluation, Nyrstar expects that only a small Caribou percentage of probable projects will be viable and Kyzyl Tashtygskoe achieve commercial production – especially as the Aguas Tenidas current zinc price is below the incentive price for new McArthur River mine development Antamina Other Change y-o-y + 509 (254) (306) Zinc mine CAPEX intensity (1994-2022E) Mining project incentive zinc price 10,000 4,940 Zinc price 5,000 (USD/t) 80% of new projects have capital Zinc equivalent ($/tonne) 8,000 intensity above the top quartile average over the previous 10 years 4,000 6,000 3,600 4,000 3,000 2,695 2,000 New mine 2,164 capacity (Mt/a) 0 2,000 1994 1998 2002 2006 2010 2014 2018 2022 2.5 3.0 3.5 Incentive zinc price Av zinc price 2014 New mine capacity Operating mines Base case projects Probable projects Possible projects 5 1 Source: Nyrstar analysis of Wood Mackenzie data

Strong underlying demand fundamentals Chinese per capita consumption is at a less mature stage than other Asian economies  Chinese demand, driven by urbanization is expected to grow with a CAGR of 6%  Automotive sector in China is becoming more zinc intensive  Other BRIC economies such as India are also expected to grow strongly  Chinese urbanisation and the resultant move into more zinc intensive end uses has resulted in a sharp increase in per capita zinc consumption: China 5.1kg (2015) China GDP growth is slowing, though off a higher Chinese end use 2014 absolute base ( USD’Bn ) (%) Transport 500 15 14 10% Consumer 384 400 369 369 367 364 goods 355 13 Residential 329 30% 12 293 296 13% construction 285 300 11 234 10 190 200 9 8 100 19% 6% 7 Industrial 0 6 goods Non-residential 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 22% construction Infrastructure Y-o-Y growth Y-o-Y USDbn increase in real (2005) Chinese GDP 6 Source: Wood Mackenzie data, JP Morgan Economic and Policy Research, Nyrstar