{"id":16497,"date":"2021-08-12T07:00:37","date_gmt":"2021-08-12T11:00:37","guid":{"rendered":"http:\/\/www.neomaterials.com\/?p=16497"},"modified":"2024-04-25T18:11:22","modified_gmt":"2024-04-25T22:11:22","slug":"neo-reports-strong-second-quarter-2021-result","status":"publish","type":"post","link":"https:\/\/www.neomaterials.com\/neo-reports-strong-second-quarter-2021-result\/","title":{"rendered":"Neo Performance Materials Reports Strong Second Quarter 2021 Results"},"content":{"rendered":"<div id=\"divContent\">\n<p style=\"text-align: center;\"><b>Q2 2021 Highlights<br \/>\n<\/b><span style=\"font-size: 10pt;\"><i>(unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars)<\/i><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li>Q2 2021 revenue of $135.1 million higher by 99.5% YoY.<\/li>\n<li>Volumes in the quarter of 4,063 tonnes improved by 59.6% YoY.<\/li>\n<li>Operating income of $18.2 million in the quarter.<\/li>\n<li>Adjusted Net Income<sup>(1)<\/sup> of $14.1 million, or $0.37 per share.<\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup> of $22.2 million.<\/li>\n<li>Cash balance of $59.6 million after distributing $3.1 million in dividends to shareholders.<\/li>\n<li>A quarterly dividend of Cdn$0.10 per common share was declared on August 11, 2021 for shareholders of record at September 20, 2021, with a payment date of September 29, 2021.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>TORONTO, Canada<\/strong>, August 12, 2021 \u2013 Neo Performance Materials Inc. (&#8220;<strong>Neo<\/strong>&#8220;, the &#8220;<strong>Company<\/strong>&#8220;) (<strong>TSX:NEO<\/strong>) released its second quarter 2021 financial results. The financial statements and management&#8217;s discussion and analysis (&#8220;<strong>MD&amp;A<\/strong>&#8220;) of these results can be viewed on Neo&#8217;s web site at <a href=\"https:\/\/www.neomaterials.com\">www.neomaterials.com<\/a> and on SEDAR at <a href=\"https:\/\/www.sedar.com\">www.sedar.com<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><b>HIGHLIGHTS OF Q2 2021 CONSOLIDATED PERFORMANCE<\/b><\/p>\n<p>For the three months ended June 30, 2021, consolidated revenue was $135.1 million compared to $67.7 million in the second quarter of 2020; an increase of $67.4 million or 99.5%.\u00a0 Neo reported a net income of $13.0 million, or $0.34 per share.\u00a0 Adjusted Net Income<sup>(1)<\/sup> totaled $14.1 million, or $0.37 per share.\u00a0 Adjusted EBITDA<sup>(1)<\/sup> was $22.2 million, an increase of $21.0 million over the comparable prior-year period.<\/p>\n<p>As of June 30, 2021, Neo had cash and cash equivalents of $59.6 million plus restricted cash of $4.2 million, compared to $72.2 million plus $4.2 million as at December 31, 2020.\u00a0 In the six months ended June 30, 2021, Neo paid $6.2 million in dividends to its shareholders, remitted $3.0 million related to withholding taxes on stock-based awards and received $1.5 million from stock options exercised.\u00a0 In addition, Neo has approximately $6.5 million available under its credit facilities with $4.4 million drawn as at June 30, 2021, compared to $2.4 million drawn as at December 31, 2020.<\/p>\n<p>&#8220;We had an outstanding second quarter that exceeded our expectations, with record revenue and robust profitability, while our plants operated at near-record output,&#8221; said Constantine Karayannopoulos, Neo&#8217;s CEO. &#8220;Dialogue with existing and new customers on product innovation remained very active as we continue to collaborate on next generation products. We are continuing to diversify our sources of rare earth feed materials to include material sourced from North America for our European-based rare earth processing facility in Sillam\u00e4e, Estonia, which will strengthen our ability to meet growing demand from our global customers. Our R&amp;D pipelines are full and the outstanding customer service provided by our global teams is helping us win new business. With the organic growth we are seeing across all business units, the significant macro tailwinds boosting the entire rare earths sector, and a number of strategic growth opportunities on the radar screen, we remain confident in the sustainability of our long term vision and growth strategy.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p><b>SELECTED FINANCIAL RESULTS<\/b><\/p>\n<p>&nbsp;<\/p>\n<div align=\"center\">\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"9\" valign=\"bottom\" width=\"624\"><strong>TABLE 1: Selected Consolidated Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"182\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Quarter-over-Quarter Comparison<\/em><br \/>\n<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"182\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\">Volume (tonnes)<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,063<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,545<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">8,269<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">5,848<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">135,141<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">67,734<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">265,996<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">158,431<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\">Operating income (loss)<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">18,195<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(64,993)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">34,603<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(59,986)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">21,810<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(59,542)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">36,610<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(50,481)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">22,177<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,191<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">44,613<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"91\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">10,836<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"260\"><span style=\"font-size: 10pt;\">Adjusted EBITDA %<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"84\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">16.4%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"84\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1.8%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"84\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">16.8%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"84\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">6.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><span style=\"font-size: 10pt;\"><i><sup>(1)<\/sup><\/i><i>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/i><\/span><\/p>\n<div><\/div>\n<p>For the three and six months ended June 30, 2021, revenues were 99.5% and 67.9% higher, respectively, than the corresponding periods of 2020.\u00a0 All three segments experienced an increase in revenues due to higher pricing and volumes.\u00a0 Aside from this lower comparable period, all three segments demonstrated strong growth in volumes and profitability compared to recent (non-COVID-19) historical periods.<\/p>\n<p>Neo reported operating income of $18.2 million and net income of $13.0 million for the three months ended June 30, 2021; and operating income of $34.6 million and net income of $20.6 million for the six months ended June 30, 2021. Operating income in the three and six months ended June 30, 2021 was higher in all three segments.\u00a0 Operationally, all segments reported significant increases in volume, revenue and earnings.\u00a0 Magnequench saw broad volume increases across the majority of its applications including key end markets such as solutions for electrified vehicles (including traction motors) and in other applications such as factory automation and home appliances.\u00a0 C&amp;O saw continued strong demand particularly for its magnetic-based rare earth elements, growth in environmental catalysts exceeding market growth rates and record sales volumes in its environmentally protective water treatment solutions.\u00a0 The Rare Metals segment saw some recovery in the aerospace end market and made key progress to extended its sales into additional, non-aerospace markets.<\/p>\n<p>Adjusted EBITDA for the three and six months ended June 30, 2021 was $22.2 million and $44.6 million, respectively, an increase of $21.0 million and $33.8 million compared to the same periods of the prior year.\u00a0 Similar to operating income, in the three and six months ended June 30, 2021, Adjusted EBITDA in all three segments increased over the same periods in the prior year.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p><b>MAGNEQUENCH SEGMENT RESULTS<\/b><\/p>\n<p>&nbsp;<\/p>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"9\" valign=\"bottom\" width=\"624\"><span style=\"font-size: 10pt;\"><strong>TABLE 2: Selected Magnequench Results<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"186\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Quarter-over-Quarter Comparison<\/em><\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"186\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Volume (tonnes)<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,509<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,024<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,234<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,295<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">67,888<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">30,267<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">132,793<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">68,793<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Operating income<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">12,585<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,421<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">23,675<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">8,960<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">15,502<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">6,116<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">29,467<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,763<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">14,937<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">5,565<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">28,369<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,280<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><span style=\"font-size: 10pt;\"><i><sup>(1)<\/sup><\/i><i>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/i><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>For the three months ended June 30, 2021, revenue in the Magnequench segment was $67.9 million, compared to $30.3 million in the three months ended June 30, 2020; an increase of $37.6 million or 124.3%.\u00a0 For the six months ended June 30, 2021, revenue in the Magnequench segment was $132.8 million, compared to $68.8 million in the six months ended June 30, 2020; an increase of $64.0 million or 93.0%.\u00a0 Volume increased to 1,509 tonnes compared to 1,024 tonnes in the three months ended June 30, 2020.\u00a0 For the six months ended June 30, 2021, volume increased to 3,234 tonnes, compared to 2,295 tonnes in the same period in 2020; an increase of 40.9%.<\/p>\n<p>Operating income for the three and six months ended June 30, 2021 was $12.6 million and $23.7 million, respectively, an increase of $9.2 million and $14.7 million when compared to the three and six months ended June 30, 2020.<\/p>\n<p>For the three and six months ended June 30, 2021, volumes in the Magnequench segment saw a continued rebound and strong growth compared to prior periods.\u00a0 For the three months ended June 30, 2021, Adjusted EBITDA in the Magnequench segment was $14.9 million, compared to $5.6 million in the three months ended June 30, 2020; an increase of $9.4 million.\u00a0 For the six months ended June 30, 2021, Adjusted EBITDA in the Magnequench segment was $28.4 million, compared to $13.3 million in same period of 2020; an increase of $15.1 million.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p><b>CHEMICALS &amp; OXIDES (&#8220;C&amp;O&#8221;) SEGMENT RESULTS<\/b><\/p>\n<p>&nbsp;<\/p>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"9\" valign=\"bottom\" width=\"624\"><span style=\"font-size: 10pt;\"><strong>TABLE 3: Selected C&amp;O Results<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"186\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Quarter-over-Quarter Comparison<\/em><\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"186\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Volume (tonnes)<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,443<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,466<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,866<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,401<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">52,255<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">25,320<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">106,645<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">58,858<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Operating income<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">7,920<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(37,748)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">20,042<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(34,774)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">8,105<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(36,020)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,992<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(32,347)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">8,735<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1,462)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">21,653<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,951<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 10pt;\"><i><sup>(1)<\/sup><\/i><i>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/i><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>For the three months ended June 30, 2021, revenue in the C&amp;O segment was $52.3 million, compared to $25.3 million in the same period in 2020; an increase of $26.9 million or 106.4%.\u00a0 For the six months ended June 30, 2021, revenue in the C&amp;O segment was $106.6 million, compared to $58.9 million in the same period in 2020; an increase of $47.8 million or 81.2%.<\/p>\n<p>For the three and six months ended June 30, 2021, the C&amp;O segment reported operating income of $7.9 million and $20.0 million, respectively, compared to an operating loss of $37.7 million and $34.8 million in the same periods of the prior year.\u00a0 The operating loss in the three and six months ended June 30, 2020 was mainly due to a $35.1 million impairment charge.<\/p>\n<p>The C&amp;O segment continues to see strong demand for various rare earth products, particularly magnetic-based products.\u00a0 For the three months ended June 30, 2021, Adjusted EBITDA was $8.7 million, compared to $(1.5) million in the same period in the prior year.\u00a0 For the six months ended June 30, 2021, Adjusted EBITDA was $21.7 million, compared to $3.0 million in the same period in the prior year; an increase of $18.7 million or 633.8%.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p><b>RARE METALS SEGMENT RESULTS<\/b><\/p>\n<p>&nbsp;<\/p>\n<div align=\"center\">\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"9\" valign=\"bottom\" width=\"624\"><span style=\"font-size: 10pt;\"><strong>TABLE 4: Selected Rare Metals Results<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"186\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Quarter-over-Quarter Comparison<\/em><br \/>\n<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"4\" valign=\"bottom\" width=\"186\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2021<\/strong><\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>YTD Q2 2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Volume (tonnes)<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">161<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">90<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">279<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">232<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">20,083<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,529<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">36,799<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">33,979<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Operating income (loss)<\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,836<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(24,728)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,094<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(24,905)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,127<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(23,725)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,281<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(22,826)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"252\"><span style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,462<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">376<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,365<\/span><\/p>\n<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"93\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,287<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><span style=\"font-size: 10pt;\"><span style=\"font-size: 10pt;\"><i><sup>(1)<\/sup><\/i><i>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/i><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>For the three months ended June 30, 2021, revenue in the Rare Metals segment was $20.1 million, compared to $13.5 million in the same period in the prior year; an increase of $6.6 million or 48.4%.\u00a0 For the six months ended June 30, 2021, revenue in the Rare Metals segment was $36.8 million, compared to $34.0 million in the same period in the prior year; an increase of $2.8 million or 8.3%.<\/p>\n<p>For the three and six months ended June 30, 2021, the Rare Metals segment reported an operating income of $1.8 million and $2.1 million, respectively, compared to an operating loss of $24.7 million and $24.9 million in the same periods of 2020.\u00a0 The operating loss in the three and six months ended June 30, 2020 was mainly due to a $24.0 million impairment charge.<\/p>\n<p>For the three months ended June 30, 2021, Adjusted EBITDA in the Rare Metals segment was $2.5 million, compared to $0.4 million in the same period in 2020; an increase of $2.1 million or 554.8%.\u00a0 For the six months ended June 30, 2021, Adjusted EBITDA was $3.4 million, compared to $1.3 million in 2020; an increase of $2.1 million or 161.5%.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p>&nbsp;<\/p>\n<p><strong>CONFERENCE CALL ON THURSDAY AUGUST 12, 2021 AT 10 AM EASTERN<\/strong><strong>\u00a0<\/strong><\/p>\n<p>Management will host a teleconference call on Thursday August 12, 2021 at 10:00 a.m. (Eastern Time) to discuss the second quarter 2021 results.\u00a0 Interested parties may access the teleconference by calling (647) 792-1240 (local) or\u00a0 (800) 430-8332 (toll-free long distance) or by visiting https:\/\/cnw.en.mediaroom.com\/events.\u00a0 A recording of the teleconference may be accessed by calling (416) 436-0148 (local) or (888) 203-1112 (toll-free long distance), and entering pass code 5960788# until September 12, 2021 or by visiting https:\/\/cnw.en.mediaroom.com\/events.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p><b>NON-IFRS MEASURES<\/b><\/p>\n<p>This news release refers to certain non-IFRS financial measures such as &#8220;Adjusted Net Income&#8221;, &#8220;EBITDA&#8221;, &#8220;Adjusted EBITDA&#8221;, and &#8220;Adjusted EBITDA Margin&#8221;.\u00a0 These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Neo&#8217;s results of operations from management&#8217;s perspective. Neo&#8217;s definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting.\u00a0 Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Neo&#8217;s financial information reported under IFRS.\u00a0 Neo uses non-IFRS financial measures to provide investors with supplemental measures of its base-line operating performance and to eliminate items that have less bearing on operating performance or operating conditions and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.\u00a0 Neo believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers.\u00a0 Neo&#8217;s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period. For definitions of how Neo defines such financial measures, please see the &#8220;Non-IFRS Financial Measures&#8221; section of Neo&#8217;s management&#8217;s discussion and analysis filing for the three and six months ended June 30, 2021, available on Neo&#8217;s web site at www.neomaterials.com and on SEDAR at www.sedar.com.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p><b>TABLE 5: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<\/b><\/p>\n<div align=\"center\">\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"92\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>June 30, 2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"92\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>December 31, 2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>ASSETS<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Current<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Cash and cash <\/span><span style=\"font-size: 10pt;\">equivalents<\/span><\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 12.9241%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,596<\/span><\/p>\n<\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 12.7625%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">72,224<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Restricted <\/span><span style=\"font-size: 10pt;\">cash<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,167<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,219<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Accounts <\/span><span style=\"font-size: 10pt;\">receivable.<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">68,981<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">51,851<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Inventories<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">134,291<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">130,867<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Income taxes <\/span><span style=\"font-size: 10pt;\">receivable<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,808<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,186<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Assets held for <\/span><span style=\"font-size: 10pt;\">sale<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">415<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Other current <\/span><span style=\"font-size: 10pt;\">assets<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">18,804<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,889<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total current assets<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>287,647 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>275,651 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Property, plant and <\/span><span style=\"font-size: 10pt;\">equipment<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">74,035<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">74,322<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Intangible assets<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">51,742<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">53,653<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Goodwill<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">69,408<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">68,967<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Investments<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">11,321<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">10,045<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Deferred tax <\/span><span style=\"font-size: 10pt;\">assets<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,165<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,040<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Other non-current <\/span><span style=\"font-size: 10pt;\">assets<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,633<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">864<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total non-current assets<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>211,304 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>210,891 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total assets<\/strong><\/span><\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 12.9241%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>498,951 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 12.7625%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>486,542 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>LIABILITIES AND EQUITY<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Current<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Bank advances and other short-term <\/span><span style=\"font-size: 10pt;\">debt<\/span><\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 12.9241%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,415<\/span><\/p>\n<\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 12.7625%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,428<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Accounts payable and other accrued charges<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,950<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">79,106<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Income taxes payable<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">6,367<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,945<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Provisions<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,450<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,628<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Lease <\/span><span style=\"font-size: 10pt;\">obligations<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,475<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,297<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Derivative <\/span><span style=\"font-size: 10pt;\">liability<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">11,138<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">9,428<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Other current <\/span><span style=\"font-size: 10pt;\">liabilities<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">390<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">940<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total current liabilities<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>86,185 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>98,772 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Employee <\/span><span style=\"font-size: 10pt;\">benefits<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,294<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,358<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Provisions<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">15,551<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,201<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Deferred tax <\/span><span style=\"font-size: 10pt;\">liabilities<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,044<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,970<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Lease <\/span><span style=\"font-size: 10pt;\">obligations<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,316<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,243<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Other non-current <\/span><span style=\"font-size: 10pt;\">liabilities<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,559<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,513<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total non-current liabilities<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>34,764 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>24,285 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total liabilities<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>120,949 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>123,057 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Non-controlling <\/span><span style=\"font-size: 10pt;\">interest<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,239<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,490<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\">Equity attributable to equity holders of Neo <\/span><span style=\"font-size: 10pt;\">Performance Materials Inc.<\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">375,763<\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">361,995<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total equity<\/strong><\/span><\/td>\n<td style=\"width: 15.3474%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>378,002 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 15.1858%;\" colspan=\"2\" valign=\"bottom\" width=\"85\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>363,485 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 65.5897%;\" valign=\"bottom\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total liabilities and equity<\/strong><\/span><\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 12.9241%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>498,951 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.42326%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 12.7625%;\" valign=\"bottom\" width=\"75\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>486,542<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div id=\"divContent\">\n<p><span style=\"font-size: 10pt;\"><em>See accompanying notes to this table in Neo&#8217;s Consolidated Financial Statements for the Three and Six Months Ended June 30, 2021, available on Neo&#8217;s website at <\/em><a href=\"https:\/\/www.neomaterials.com\"><strong><em>www.neomaterials.com<\/em><\/strong><\/a><em> and on SEDAR at <\/em><a href=\"https:\/\/www.sedar.com\"><strong><em>www.sedar.com<\/em><\/strong><\/a><em>.<\/em><\/span><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<p>&nbsp;<\/p>\n<p><b>TABLE 6: CONSOLIDATED RESULTS OF OPERATIONS<\/b><\/p>\n<p><i>Comparison of the three months ended March 31, 2021 to the three months ended March 31, 2020:<\/i><\/p>\n<div align=\"center\">\n<table style=\"width: 76.0035%;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 22.6929%;\" colspan=\"4\" valign=\"bottom\" width=\"147\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Three Months Ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 22.0877%;\" colspan=\"4\" valign=\"bottom\" width=\"147\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Six Months Ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Revenue<\/strong><\/span><\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.32073%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">135,141<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.83359%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">67,734<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.16944%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">265,996<\/span><\/p>\n<\/td>\n<td style=\"width: 2.118%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.53101%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">158,431<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Costs of sales<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Costs excluding depreciation and <\/span><span style=\"font-size: 10pt;\">amortization<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">94,580<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">51,180<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">185,500<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">117,429<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Depreciation and <\/span><span style=\"font-size: 10pt;\">amortization<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,912<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,715<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,791<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">5,435<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Gross profit<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>38,649 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>13,839 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>76,705 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>35,567 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Expenses<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Selling, general and <\/span><span style=\"font-size: 10pt;\">administrative<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">13,617<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">14,690<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">27,677<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">26,651<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Share-based <\/span><span style=\"font-size: 10pt;\">compensation<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(29)<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">170<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,563<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(57)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Depreciation and <\/span><span style=\"font-size: 10pt;\">amortization<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,935<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,018<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,890<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,054<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Research and <\/span><span style=\"font-size: 10pt;\">development<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,931<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,870<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">8,972<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">5,821<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Impairment of <\/span><span style=\"font-size: 10pt;\">assets<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,084<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,084<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">20,454<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">78,832<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">42,102<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">95,553<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Operating income (loss)<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>18,195 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(64,993)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>34,603 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(59,986)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Other income <\/span><span style=\"font-size: 10pt;\">(expense)<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">213<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">221<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(5,861)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">27<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" width=\"304\"><span style=\"font-size: 10pt;\">Finance cost, <\/span><span style=\"font-size: 10pt;\">net<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1,457)<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(2,318)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1,673)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(3,263)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Foreign exchange (loss) <\/span><span style=\"font-size: 10pt;\">gain<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(788)<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">138<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1,089)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(312)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong><br \/>\nIncome (loss) from operations before income taxes and equity income of associates<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>16,163 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(66,952)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>25,980 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,534)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Income tax (expense) <\/span><span style=\"font-size: 10pt;\">benefit<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(3,479)<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,229<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(6,612)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">387<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Income (loss) from operations before equity income of associates<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>12,684 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,723)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>19,368 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,147)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Equity income of associates (net of income <\/span><span style=\"font-size: 10pt;\">tax)<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">343<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">359<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,276<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">301<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Net income (loss)<\/strong><\/span><\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.32073%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>13,027 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.83359%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,364)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.16944%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>20,644 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.118%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.53101%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(62,846)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Attributable to:<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Equity holders of <\/span><span style=\"font-size: 10pt;\">Neo<\/span><\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.32073%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">12,960<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.83359%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(60,936)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.16944%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">20,406<\/span><\/p>\n<\/td>\n<td style=\"width: 2.118%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.53101%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(60,573)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Non-controlling <\/span><span style=\"font-size: 10pt;\">interest<\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">67<\/span><\/p>\n<\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(2,428)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">238<\/span><\/p>\n<\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(2,273)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.32073%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>13,027 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.83359%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,364)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.16944%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>20,644 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.118%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.53101%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(62,846)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Earnings (Loss) per share attributable to equity holders of Neo:<br \/>\n<\/strong><\/span><\/td>\n<td style=\"width: 10.59%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 12.1029%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.4387%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.649%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.32073%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.34<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.83359%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1.62)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.16944%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.54<\/span><\/p>\n<\/td>\n<td style=\"width: 2.118%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.53101%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1.61)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 43.8729%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.32073%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.34<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.83359%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1.62)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.26929%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.16944%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.54<\/span><\/p>\n<\/td>\n<td style=\"width: 2.118%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.53101%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1.61)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div><span style=\"font-size: 10pt;\"><em>See accompanying notes to this table in Neo&#8217;s Consolidated Financial Statements for the Three and Six Months Ended June 30, 2021, available on Neo&#8217;s website at <\/em><a href=\"https:\/\/www.neomaterials.com\"><strong><em>www.neomaterials.com<\/em><\/strong><\/a><em> and on SEDAR at <\/em><a href=\"https:\/\/www.sedar.com\"><strong><em>www.sedar.com<\/em><\/strong><\/a><em>.<\/em><\/span><\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div id=\"divContent\">\n<div>\n<div id=\"divContent\">\n<p><b>TABLE 7: RECONCILIATION OF NET INCOME TO EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW<\/b><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 79.0307%;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 22.4163%;\" colspan=\"4\" valign=\"bottom\" width=\"147\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Three Months Ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 21.2518%;\" colspan=\"4\" valign=\"bottom\" width=\"147\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Six Months Ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Net income (loss)<\/strong><\/span><\/td>\n<td style=\"width: 2.32897%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.87918%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>13,027 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.18341%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.02475%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,364)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.03785%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 7.86026%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>20,644 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.18341%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.17031%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(62,846)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Add back (deduct):<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Finance cost, <\/span><span style=\"font-size: 10pt;\">net<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,457<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,318<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,673<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,263<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Income tax expense <\/span><span style=\"font-size: 10pt;\">(benefit)<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,479<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(3,229)<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">6,612<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(387)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Depreciation and amortization included in costs of <\/span><span style=\"font-size: 10pt;\">sales<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,912<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,715<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,791<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">5,435<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Depreciation and amortization included in operating <\/span><span style=\"font-size: 10pt;\">expenses<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,935<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,018<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,890<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,054<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>EBITDA<\/strong><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>21,810 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(59,542)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>36,610 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(50,481)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Adjustments to EBITDA:<\/strong><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Other (income) expense <sup>(1)<\/sup><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(213)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(221)<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">5,861<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(27)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Foreign exchange loss (gain) <sup>(2)<\/sup><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">788<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(138)<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,089<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">312<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Equity income of <\/span><span style=\"font-size: 10pt;\">associates<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(343)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(359)<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1,276)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(301)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Share and value-based compensation<sup> (3)<\/sup><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(29)<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(153)<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,563<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(271)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Impairment of assets <sup>(4)<\/sup><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,084<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,084<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Other costs <sup> (5)<\/sup><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">164<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,520<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">766<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,520<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Adjusted EBITDA<\/strong><\/span><\/td>\n<td style=\"width: 2.32897%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.87918%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>22,177 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.18341%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.02475%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>1,191 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.03785%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 7.86026%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>44,613 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.18341%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.17031%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>10,836 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><em>Adjusted EBITDA Margins<\/em><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><em>16.4 <\/em><\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><em>1.8 <\/em><\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><em>16.8 <\/em><\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><em>6.8 <\/em><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Less:<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Capital <\/span><span style=\"font-size: 10pt;\">expenditures<\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,521<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,527<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">4,257<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">3,029<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Free Cash Flow<\/strong><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>19,656 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(336)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>40,356 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>7,807 <\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 41.9214%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><em>Free Cash Flow Conversion <sup>(6)<\/sup><\/em><\/span><\/td>\n<td style=\"width: 11.2081%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">88.6<\/span><\/p>\n<\/td>\n<td style=\"width: 11.2082%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(28.2<\/span><\/p>\n<\/td>\n<td style=\"width: 9.89811%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">90.5<\/span><\/p>\n<\/td>\n<td style=\"width: 11.3537%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">72.0<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table id=\"convertedTable7451\" style=\"width: 100%; height: 408px;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\"><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"height: 24px;\" colspan=\"2\"><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"height: 24px;\" colspan=\"2\"><span style=\"font-size: 10pt;\"><b><u>Notes:<\/u><\/b><\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"height: 48px;\"><\/td>\n<td style=\"height: 48px;\">\n<ol>\n<li><span style=\"font-size: 10pt;\">Represents other expenses resulting from non-operational related activities, including provisions for estimated damages for outstanding legal claims related to historic volumes. These costs and recoveries are not indicative of Neo&#8217;s ongoing activities.\u00a0<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Represents unrealized and realized foreign exchange losses (gains) that include non-cash adjustments in translating foreign denominated monetary assets and liabilities.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Represents share and value-based compensation expense in respect of the Legacy Plan, the LTIP and the long-term value bonus plan, which has similar vesting criteria to the share-based plan and is settled in cash for non-executives and non-North Americans where implementation of a share settlement plan would have been prohibitively expensive in terms of administration and compliance. Value-based compensation is included in selling, general, and administration expenses. For the three and six months ended June 30, 2021, value-based compensation expense was nil, as the financial statement impact of the liquidity event was recorded in the year ended December 31, 2020.\u00a0 For the three and six months ended June 30, 2020, value-based compensation recovery was $(320) and $(213), respectively.\u00a0 Neo has removed both the share and value-based compensation expense from EBITDA to provide comparability with historic periods and to treat it consistently with the share-based awards that they are intended to replace.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">The negative economic impacts of COVID-19 were determined to be an impairment indicator as of June 30, 2020 for all Neo&#8217;s CGUs. In accordance with IAS 36 Impairment of Assets, the recoverable amount of Neo&#8217;s CGUs was determined based on fair value less cost of disposal for the Magnequench segment and value in use for the C&amp;O and the Rare Metals segments. As a result of the impairment test, Neo recognized an impairment charge of $59.1 million for the six months ended June 30, 2020, with $35.1 million attributable to the C&amp;O segment and $24.0 million attributable to the Rare Metals segment. No impairment was recorded against the Magnequench segment.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">These represent primarily legal, professional advisory fees and other transaction costs incurred with respect to non-operating capital structure-related transactions and restructuring costs related to management team changes. Neo has removed these charges to provide comparability with historic periods.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Calculated as Free Cash Flow divided by Adjusted EBITDA.<\/span><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div id=\"divContent\">\n<div>\n<p><b>TABLE 8: RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME\u00a0<\/b><\/p>\n<table style=\"width: 80.0817%;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 21.6954%;\" colspan=\"4\" valign=\"bottom\" width=\"147\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Three Months Ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 21.2644%;\" colspan=\"4\" valign=\"bottom\" width=\"147\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>Six Months Ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\">\n<p align=\"center\"><span style=\"font-size: 10pt;\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Net income (loss)<\/strong><\/span><span style=\"font-size: 10pt;\"><strong><br \/>\n<\/strong><\/span><\/td>\n<td style=\"width: 2.29885%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.47701%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>13,027 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(63,364)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.15517%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.18966%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>20,644 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(62,846)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Adjustments to net income (loss):<\/strong><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Foreign exchange loss (gain) <sup>(1)<\/sup><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">788<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(138)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,089<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">312<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Impairment of assets <sup>(2)<\/sup><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,084<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">59,084<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Share and value-based compensation <sup>(3)<\/sup><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(29)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(153)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">1,563<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(271)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Other costs <sup>(4)<\/sup><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">164<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,520<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">766<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">2,520<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Other items included in other expense <sup>(5)<\/sup><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">243<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(120)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">6,422<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Tax impact of the above <\/span><span style=\"font-size: 10pt;\">items<\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(101)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(3,407)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(1,298)<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(3,508)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Adjusted net income (loss)<\/strong><\/span><span style=\"font-size: 10pt;\"><strong><br \/>\n<\/strong><\/span><\/td>\n<td style=\"width: 2.29885%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.47701%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>14,092 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(5,578)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 2.15517%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 8.18966%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>29,186 <\/strong><\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\"><strong>$<\/strong><\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\"><strong>(4,709)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\"><strong>Attributable to:<\/strong><\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Equity holders of Neo<\/span><\/td>\n<td style=\"width: 2.29885%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.47701%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">14,025<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(5,417)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.15517%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.18966%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">28,948<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(4,703)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Non-controlling <\/span><span style=\"font-size: 10pt;\">interest<\/span><\/td>\n<td style=\"width: 2.29885%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.47701%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">67<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(161)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.15517%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.18966%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">238<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(6)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"67\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 90.5173%;\" colspan=\"9\" valign=\"bottom\" width=\"624\"><span style=\"font-size: 10pt;\"><strong>Weighted average number of common shares outstanding:<br \/>\n<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">37,815,403<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">37,665,686<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">37,649,443<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">37,702,492<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td style=\"width: 10.7759%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">38,195,144<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">37,665,686<\/span><\/p>\n<\/td>\n<td style=\"width: 10.3448%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">38,009,185<\/span><\/p>\n<\/td>\n<td style=\"width: 10.9195%;\" colspan=\"2\" valign=\"bottom\" width=\"60\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">37,702,492<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 90.5173%;\" colspan=\"9\"><span style=\"font-size: 10pt;\"><strong>\u00a0<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" valign=\"bottom\" width=\"624\"><span style=\"font-size: 10pt;\"><strong>Adjusted earnings (loss) per share <sup>(6) <\/sup>attributable to equity holders of Neo:<br \/>\n<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td style=\"width: 2.29885%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.47701%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.37<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(0.14)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.15517%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.18966%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.77<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(0.12)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.5575%;\" valign=\"bottom\" width=\"304\"><span style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td style=\"width: 2.29885%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.47701%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.37<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(0.14)<\/span><\/p>\n<\/td>\n<td style=\"width: 2.15517%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 8.18966%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">0.76<\/span><\/p>\n<\/td>\n<td style=\"width: 1.86782%;\" valign=\"bottom\" width=\"11\"><span style=\"font-size: 10pt;\">$<\/span><\/td>\n<td style=\"width: 9.05172%;\" valign=\"bottom\" width=\"50\">\n<p align=\"right\"><span style=\"font-size: 10pt;\">(0.12)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 10pt;\"><strong><u>Notes:<\/u><\/strong><\/span><\/p>\n<ol>\n<li><span style=\"font-size: 10pt;\">Represents unrealized and realized foreign exchange losses (gains) that include non-cash adjustments in translating foreign denominated monetary assets and liabilities.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">The negative economic impacts of COVID-19 were determined to be an impairment indicator as of June 30, 2020 for all Neo&#8217;s CGUs. In accordance with IAS 36 Impairment of Assets, the recoverable amount of Neo&#8217;s CGUs was determined based on fair value less cost of disposal for the Magnequench segment and value in use for the C&amp;O and the Rare Metals segments. As a result of the impairment test, Neo recognized an impairment charge of $59.1 million for the six months ended June 30, 2020, with $35.1 million attributable to the C&amp;O segment and $24.0 million attributable to the Rare Metals segment. No impairment was recorded against the Magnequench segment.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Represents share and value-based compensation expense in respect of the Legacy Plan, the LTIP and the long-term value bonus plan, which has similar vesting criteria to the share-based plan and is settled in cash for non-executives and non-North Americans where implementation of a share settlement plan would have been prohibitively expensive in terms of administration and compliance. Value-based compensation is included in selling, general, and administration expenses. For the three and six months ended June 30, 2021, value-based compensation expense was nil, as the financial statement impact of the liquidity event was recorded in the year ended December 31, 2020.\u00a0 For the three and six months ended June 30, 2020, value-based compensation recovery was $(320) and $(213), respectively.\u00a0 Neo has removed both the share and value-based compensation expense from net income to provide comparability with historic periods and to treat it consistently with the share-based awards that they are intended to replace.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">These represent primarily legal, professional advisory fees and other transaction costs incurred with respect to non-operating capital structure related transactions and restructuring costs related to management team changes. Neo has removed these charges to provide comparability with historic periods.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Represents other expenses resulting from non-operational related activities, including provisions for estimated damages for outstanding legal claims related to historic volumes. These costs and recoveries are not indicative of Neo&#8217;s ongoing activities.<\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this new release and in the MD&amp;A, available on Neo&#8217;s website <a href=\"https:\/\/www.neomaterials.com\"><strong>neomaterials.com<\/strong><\/a> and on SEDAR at <a href=\"https:\/\/www.sedar.com\"><strong>www.sedar.com<\/strong><\/a>.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><b>About Neo Performance Materials<\/b><\/p>\n<p>Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability.\u00a0 Neo\u2019s advanced industrial materials &#8211; magnetic powders and magnets, specialty chemicals, metals, and alloys &#8211; are critical to the performance of many everyday products and emerging technologies. Neo\u2019s products help to deliver the technologies of tomorrow to consumers today.\u00a0 The business of Neo is organized along three segments: Magnequench, Chemicals &amp; Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, US; Singapore; and Beijing, China. Neo operates globally with sales and production across 10 countries, being Japan, China, Thailand, Estonia, Singapore, Germany, United Kingdom, Canada, United States, and South Korea. For more information, please visit <a href=\"https:\/\/www.neomaterials.com\">www.neomaterials.com<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><b>Cautionary Statements Regarding Forward-Looking Statements<\/b><\/p>\n<p>This news release contains &#8220;forward-looking information&#8221; within the meaning of applicable securities laws in Canada. Forward-looking information may relate to future events or future performance of Neo. All statements in this release, other than statements of historical facts, with respect to Neo&#8217;s objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following: expectations regarding certain of Neo&#8217;s future results and information, including, among other things, revenue, expenses, sales growth, capital expenditures, and operations; statements with respect to current and future market trends that may directly or indirectly impact sales and revenue of Neo; expected use of cash balances; continuation of prudent management of working capital; source of funds for ongoing business requirements and capital investments; expectations regarding sufficiency of the allowance for uncollectible accounts and inventory provisions; analysis regarding sensitivity of the business to changes in exchange rates; impact of recently adopted accounting pronouncements; risk factors relating to intellectual property protection and intellectual property litigation; risk factors relating to national or international economies (including the impact of COVID-19), and other risks present in the jurisdictions in which Neo, its customers, its suppliers, and\/or its logistics partners operate, and; expectations concerning any remediation efforts to Neo&#8217;s design of its internal controls over financial reporting and disclosure controls and procedures. Often, but not always, forward-looking information can be identified by the use of words such as &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;estimates&#8221;, &#8220;continues&#8221;, &#8220;forecasts&#8221;, &#8220;projects&#8221;, &#8220;predicts&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221; or &#8220;believes&#8221;, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Neo believes the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this discussion and analysis should not be unduly relied upon. For more information on Neo, investors should review Neo&#8217;s continuous disclosure filings that are available under Neo&#8217;s profile at www.sedar.com.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div id=\"divMediaContact\">\n<p><strong>Information Contacts:<\/strong><\/p>\n<p>Ali Mahdavi, Investor Relations, (416) 962-3300, <a href=\"mailto:a.mahdavi@neomaterials.com\">a.mahdavi@neomaterials.com<\/a>;<\/p>\n<p>Jim Sims, Media Relations, (303) 503-6203, Email: <a href=\"mailto:j.sims@neomaterials.com\">j.sims@neomaterials.com<\/a>;<\/p>\n<p>Website: <a href=\"https:\/\/www.neomaterials.com\">www.neomaterials.com<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Neo Performance Materials Inc. (TSX: NEO) released its second-quarter 2021 financial results, reporting a record $135.1 million of revenue with very strong profitability.<\/p>\n","protected":false},"author":3,"featured_media":14639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[85,90,7],"tags":[18,24,143,34,37,39,41,51],"class_list":["post-16497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","category-featured-post","category-news-releases","tag-conference-call","tag-earnings","tag-karayannopoulos","tag-magnequench","tag-neo","tag-neo-materials","tag-neo-performance-materials","tag-quarterly-results"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neo Materials Reports Strong Second Quarter 2021 Results<\/title>\n<meta name=\"description\" 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