{"id":17125,"date":"2022-05-13T07:00:06","date_gmt":"2022-05-13T11:00:06","guid":{"rendered":"http:\/\/www.neomaterials.com\/?p=17125"},"modified":"2024-04-25T18:28:04","modified_gmt":"2024-04-25T22:28:04","slug":"neo-performance-materials-reports-record-first-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/www.neomaterials.com\/neo-performance-materials-reports-record-first-quarter-2022-results\/","title":{"rendered":"Neo Performance Materials Reports Record First Quarter 2022 Results"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\"><strong>Q1 2022 Highlights<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 10pt;\"><em>(unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars)<\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Neo sets new records for quarterly sales, net income, and Adjusted EBITDA<sup>(1)<\/sup> since re-emerging as a public company in 2017.<\/li>\n<li>Q1 2022 revenue of $166.3 million, higher by 27.1% YoY.<\/li>\n<li>Operating income of $28.7 million in the quarter, higher by 74.8% YoY.<\/li>\n<li>Adjusted Net Income<sup>(1)<\/sup> of $23.5 million, or $0.57 per share.<\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup> of $33.1 million, higher by 47.6% YoY.<\/li>\n<li>Cash balance of $61.1 million after distributing $3.2 million in dividends to shareholders.<\/li>\n<li>A quarterly dividend of Cdn$0.10 per common share was declared on May 12, 2022 for shareholders of record at June 20, 2022, with a payment date of \u00a0June 28, 2022.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>TORONTO, Canada<\/strong>, May 13, 2022 \u2013 Neo Performance Materials Inc. (&#8220;<strong>Neo<\/strong>&#8220;, the &#8220;<strong>Company<\/strong>&#8220;) (<strong>TSX:NEO<\/strong>) released its first quarter 2022 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\/investors\/\">www.neomaterials.com\/investors\/<\/a> and on SEDAR at <a href=\"https:\/\/www.sedar.com\">www.sedar.com<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>HIGHLIGHTS OF Q1 2022 AND YEAR-END CONSOLIDATED PERFORMANCE<\/strong><\/p>\n<p>Neo reported strong year-over-year (&#8220;<strong>YoY<\/strong>&#8220;) gains in revenue, operating income, and Adjusted EBITDA<sup>(1)<\/sup> in the first quarter of 2022.\u00a0 The Company set new records in the quarter for sales, net income, and Adjusted EBITDA<sup>(1)<\/sup> since re-emerging as a public company in 2017.<\/p>\n<p>For the three months ended March 31, 2022, consolidated revenue was $166.3 million compared to $130.9 million for the same period in the prior year; an increase of $35.4 million or 27.1%.\u00a0 Neo reported a net income of $22.7 million, or $0.55 per share, compared to $7.6 million, or $0.20 per share, in the same period of 2021.\u00a0 Adjusted Net Income<sup>(1)<\/sup> totaled $23.5 million, or $0.57 per share, compared to $15.1 million, or $0.40 per share, in the corresponding period of the prior year.\u00a0 Adjusted EBITDA<sup>(1)<\/sup> was $33.1 million, a 47.6% jump over Adjusted EBITDA of $22.4 million in the first quarter of 2021.<\/p>\n<p>As of March 31, 2022, Neo had cash and cash equivalents of $61.1 million plus restricted cash of $1.3 million, compared to $89.0 million plus $1.3 million as at December 31, 2021.\u00a0 In the three months ended March 31, 2022, Neo distributed $3.2 million in dividends to its shareholders.\u00a0 As of March 31, 2022, Neo had approximately $41.3 million available under its credit facilities with $18.9 million drawn, compared to $6.5 million drawn at December 31, 2021.<\/p>\n<p>&#8220;While the world has been impacted by many macroeconomic headwinds, causing volatility across all sectors, all of our plants continued to service the needs of our global customers with relentless focus, resulting in strong financial performance,&#8221; said Constantine Karayannopoulos, CEO of Neo. &#8220;Our European downstream expansion plans are on track and we remain excited and encouraged with the progress made to date concerning our discussions with government officials in Estonia and with the relevant EU Institutions in Brussels &#8212; as well as with prospective OEM and Tier 1 and 2 customers in Europe &#8211; who are providing strong early indications of interest leading us to believe the first phase of our plans could be sold out by its start of production.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>SELECTED FINANCIAL RESULTS<\/strong><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 65.7587%;\" width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 98.3923%;\" colspan=\"3\" width=\"624\"><strong>TABLE 1: Selected Consolidated Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\"><\/td>\n<td style=\"width: 29.9035%; text-align: center;\" colspan=\"2\" width=\"182\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\"><\/td>\n<td style=\"width: 14.9518%; text-align: center;\" width=\"91\"><strong>Q1 2022<\/strong><\/td>\n<td style=\"width: 14.9518%; text-align: center;\" width=\"91\"><strong>Q1 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\">Volume (tonnes)<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0 \u00a0 \u00a0 3,510<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a04,206<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\"><\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\">Revenue<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0166,282<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0 \u00a0130,855<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\">Operating income<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 28,685<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0 \u00a0 \u00a0 16,408<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">33,384<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0 \u00a014,800<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">33,118<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">\u00a0 \u00a0 \u00a022,436<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 68.4887%;\" width=\"442\">Adjusted EBITDA %<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">19.9 %<\/td>\n<td style=\"text-align: right; width: 14.9518%;\" width=\"91\">17.1 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>_________________________<\/strong><\/p>\n<p><span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>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.<\/em><\/span><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>For the three months ended March 31, 2022, revenues of $166.3 million were 27.1% higher, than the three months ended March 31, 2021.<\/p>\n<p>Neo reported operating income of $28.7 million and net income of $22.7 million for the three months ended March 31, 2022. Operating income in the three months ended March 31, 2022, was higher in C&amp;O and Rare Metals but lower in Magnequench.<\/p>\n<p>Adjusted EBITDA<sup>(I)<\/sup> for the three months ended March 31, 2022, was $33.1 million, an increase of $10.7 million or 47.6% compared to the same period of the prior year.\u00a0 Similar to operating income, in the three months ended March 31, 2022, Adjusted EBITDA<sup>(I)<\/sup> was higher in C&amp;O and Rare Metals but lower in Magnequench.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>MAGNEQUENCH SEGMENT RESULTS<\/strong><\/p>\n<p>&nbsp;<\/p>\n<table width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 614px;\" colspan=\"3\"><strong>TABLE 2: Selected Magnequench Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\"><\/td>\n<td style=\"text-align: center; width: 187.781px;\" colspan=\"2\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\"><\/td>\n<td style=\"text-align: center; width: 90.8984px;\"><strong>Q1 2022<\/strong><\/td>\n<td style=\"text-align: center; width: 90.8828px;\"><strong>Q1 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\">Volume (tonnes)<\/td>\n<td style=\"text-align: right; width: 90.8984px;\">\u00a0 \u00a0 \u00a0 \u00a0 1,305<\/td>\n<td style=\"text-align: right; width: 90.8828px;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,725<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right; width: 90.8984px;\"><\/td>\n<td style=\"text-align: right; width: 90.8828px;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\">Revenue<\/td>\n<td style=\"text-align: right; width: 90.8984px;\">74,015<\/td>\n<td style=\"text-align: right; width: 90.8828px;\">64,905<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\">Operating income<\/td>\n<td style=\"text-align: right; width: 90.8984px;\">10,236<\/td>\n<td style=\"text-align: right; width: 90.8828px;\">11,090<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right; width: 90.8984px;\">13,547<\/td>\n<td style=\"text-align: right; width: 90.8828px;\">13,965<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 420.219px;\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right; width: 90.8984px;\">12,778<\/td>\n<td style=\"text-align: right; width: 90.8828px;\">13,432<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>_________________________<\/strong><\/p>\n<p><span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>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.<\/em><\/span><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>For the three months ended March 31, 2022, volumes in the Magnequench segment saw a decline with respect to the prior-year period as well as sequentially, driven largely by the recent spike in COVID-19 in Asia, several natural disasters impacted production facilities and customers, and the ongoing semiconductor chip shortage.<\/p>\n<p>Margins in the Magnequench segment were particularly strong in the quarter due to increasing rare earth magnetic prices which began in the fourth quarter of 2020 and continued to mid-March 2022.\u00a0 Magnequench has pass-through agreements on the vast majority of its contracts and with rising rare earth magnetic prices, Magnequench has been passing through the higher replacement costs while utilizing some of the lower-cost inventory on hand.\u00a0 Pass-through is a key strategic focus of Magnequench and ensures that Magnequench focuses on generating long-term sustainable and value-added margins.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>CHEMICALS &amp; OXIDES (&#8220;C&amp;O&#8221;) SEGMENT RESULTS<\/strong><\/p>\n<p>&nbsp;<\/p>\n<table width=\"624\">\n<tbody>\n<tr>\n<td colspan=\"3\" width=\"624\"><strong>TABLE 3: Selected C&amp;O Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"438\"><\/td>\n<td style=\"text-align: center;\" colspan=\"2\" width=\"186\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"438\"><\/td>\n<td style=\"text-align: center;\" width=\"93\"><strong>Q1 2022<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"93\"><strong>Q1 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Volume (tonnes)<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 2,099<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,423<\/td>\n<\/tr>\n<tr>\n<td width=\"438\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right;\" width=\"93\"><\/td>\n<td style=\"text-align: right;\" width=\"93\"><\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Revenue<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 \u00a067,662<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 \u00a054,390<\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Operating income<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a018,477<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 12,122<\/td>\n<\/tr>\n<tr>\n<td width=\"438\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 18,968<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05,887<\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 \u00a0 \u00a019,910<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 \u00a012,918<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>_________________________<\/strong><\/p>\n<p><span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>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.<\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>The C&amp;O segment continues to see strong demand for various rare earth products, particularly its magnetic-based products used in the electrification of automobiles and other environmentally sustainable technologies.\u00a0 The combination of higher prices and higher demand resulted in strong financial performance for the C&amp;O segment compared to the prior periods, particularly driven by premium sales to key customers in March, where rare earth prices peaked in the quarter. In C&amp;O&#8217;s environmental catalysts business, volumes were reasonably strong in the three months ended March 31, 2022, although they were slower than the comparable quarter in the prior year, which benefited from customers refilling their supply chains.\u00a0 Volumes were negatively impacted by the slowdown of automotive production but rebounded a little after lower volumes in the third and fourth quarters of 2021.\u00a0 C&amp;O&#8217;s environmentally protective water treatment solutions business continues to perform well with higher volume and new customer adoption, although sales volume growth expectations were partially impacted by the challenges in global shipping and logistics availability.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>RARE METALS SEGMENT RESULTS<\/strong><\/p>\n<p>&nbsp;<\/p>\n<table width=\"624\">\n<tbody>\n<tr>\n<td colspan=\"3\" width=\"624\"><strong>TABLE 4: Selected Rare Metals Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"438\"><\/td>\n<td style=\"text-align: center;\" colspan=\"2\" width=\"186\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"438\"><\/td>\n<td style=\"text-align: center;\" width=\"93\"><strong>Q1 2022<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"93\"><strong>Q1 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Volume (tonnes)<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 137<\/td>\n<td style=\"text-align: right;\" width=\"93\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 118<\/td>\n<\/tr>\n<tr>\n<td width=\"438\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right;\" width=\"93\"><\/td>\n<td style=\"text-align: right;\" width=\"93\"><\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Revenue<\/td>\n<td style=\"text-align: right;\" width=\"93\">29,062<\/td>\n<td style=\"text-align: right;\" width=\"93\">16,716<\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Operating income<\/td>\n<td style=\"text-align: right;\" width=\"93\">3,723<\/td>\n<td style=\"text-align: right;\" width=\"93\">258<\/td>\n<\/tr>\n<tr>\n<td width=\"438\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"93\">4,512<\/td>\n<td style=\"text-align: right;\" width=\"93\">2,154<\/td>\n<\/tr>\n<tr>\n<td width=\"438\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"93\">4,341<\/td>\n<td style=\"text-align: right;\" width=\"93\">903<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 8pt;\"><strong>_________________________<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>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.<\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>Rare Metals continued its trend of a strong fourth quarter of 2021 with a strong first quarter of 2022.\u00a0 Rare Metals showed strength in pricing for key products such as hafnium and tantalum while able to benefit from lower-cost inventory on hand.\u00a0 The recycling purchases and activities of Rare Metals were particularly impactful to lowering its overall material costs.<\/p>\n<p>The Rare Metals business continues to make progress in several key strategic initiatives, including selling more products outside of the aerospace industry, expanding its customer base, and diversifying its total end-market exposure.\u00a0 Sales prices in a number of end markets have recovered and gallium-based products are exhibiting improved market demand.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>CONFERENCE CALL ON FRIDAY MAY 13, 2022 AT 10 AM EASTERN<\/strong><\/p>\n<p>Management will host a teleconference call on Friday May 13, 2022 at 10:00 a.m. (Eastern Time) to discuss the first quarter 2022 results.\u00a0 Interested parties may access the teleconference by calling (647) 794-4605 (local) or\u00a0 (866) 575-6539 (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 3171025# until June 30, 2022 or by visiting https:\/\/cnw.en.mediaroom.com\/events.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>NON-IFRS MEASURES<\/strong><\/p>\n<p>This news release refers to certain non-IFRS financial measures and ratios such as &#8220;Adjusted Net Income&#8221;, &#8220;EBITDA&#8221;, &#8220;Adjusted EBITDA&#8221;, and &#8220;Adjusted EBITDA Margin&#8221;.\u00a0 These measures and ratios 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 and ratios 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 and ratios 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 and ratios 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 and ratios 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 and ratios, please see the &#8220;Non-IFRS Financial Measures&#8221; section of Neo&#8217;s management&#8217;s discussion and analysis filing for the three months ended March 31, 2022, available on Neo&#8217;s website at www.neomaterials.com and on SEDAR at www.sedar.com.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>TABLE 5: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<\/strong><\/p>\n<table style=\"width: 83%;\" width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: center;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>March 31, 2022<\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: center;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>December 31, 2021<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>ASSETS<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%;\" width=\"92\"><\/td>\n<td style=\"width: 11.2532%;\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Current<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%;\" width=\"92\"><\/td>\n<td style=\"width: 11.2532%;\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Cash and cash equivalents<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">$61,143<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">$89,037<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Restricted cash<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,312<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,283<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Accounts receivable<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">85,310<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">65,209<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Inventories<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">217,417<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">200,954<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Income taxes receivable<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,176<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,667<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Other current assets<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">24,112<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">19,211<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total current assets<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>390,470 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>377,361 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Property, plant and equipment<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">77,140<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">73,378<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Intangible assets<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">48,875<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">49,961<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Goodwill<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">70,253<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">70,082<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Investments<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">15,000<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">13,759<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Deferred tax assets<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">6,874<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">6,638<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Other non-current assets<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">2,962<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">2,903<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total non-current assets<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>221,104 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>216,721 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total assets<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>$611,574 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>$594,082 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><\/td>\n<td style=\"width: 5.88235%;\" width=\"92\"><\/td>\n<td style=\"width: 11.2532%;\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>LIABILITIES AND EQUITY<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%;\" width=\"92\"><\/td>\n<td style=\"width: 11.2532%;\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Current<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%;\" width=\"92\"><\/td>\n<td style=\"width: 11.2532%;\" width=\"92\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Bank advances and other short-term debt<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">$18,935<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">$6,502<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Accounts payable and other accrued charges<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">67,062<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">94,201<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Income taxes payable<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">10,673<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">7,059<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Provisions<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">3,640<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">5,560<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Lease obligations<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,279<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,589<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Derivative liability<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">14,733<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">14,704<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Other current liabilities<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">3,084<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,455<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total current liabilities<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>119,406 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>131,070 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Employee benefits<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,177<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,210<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Provisions<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">22,913<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">15,127<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Deferred tax liabilities<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">14,210<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">13,366<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Lease obligations<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,175<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,388<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Other non-current liabilities<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,447<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">1,405<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total non-current liabilities<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>40,922 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>32,496 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total liabilities<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>160,328 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>163,566 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Non-controlling interest<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">3,248<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">2,891<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\">Equity attributable to equity holders of Neo Performance Materials Inc.<\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">447,998<\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\">427,625<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total equity<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>451,246 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>430,516 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 76.8542%;\" width=\"400\"><span style=\"font-size: 10pt;\"><strong>Total liabilities and equity<\/strong><\/span><\/td>\n<td style=\"width: 5.88235%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>$611,574 <\/strong><\/span><\/td>\n<td style=\"width: 11.2532%; text-align: right;\" width=\"92\"><span style=\"font-size: 10pt;\"><strong>$594,082 <\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 8pt;\">____________________________<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>See accompanying notes to this table in Neo&#8217;s Consolidated Financial Statements for the Three Months Ended March 31, 2022, available on Neo&#8217;s website at <\/em><a href=\"https:\/\/www.neomaterials.com\"><em>www.neomaterials.com<\/em><\/a><em> and on SEDAR at <\/em><a href=\"https:\/\/www.sedar.com\"><em>www.sedar.com<\/em><\/a><em>.<\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>TABLE 6: CONSOLIDATED RESULTS OF OPERATIONS<\/strong><\/p>\n<p><em>Comparison of the three months ended March 31, 2022 to the three months ended March 31, 2021:<\/em><\/p>\n<table style=\"width: 79.9001%;\" width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 16.3804%; text-align: center;\" colspan=\"2\" width=\"194\"><span style=\"font-size: 10pt;\"><strong>Three Months Ended March 31,<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><\/td>\n<td style=\"width: 8.19022%; text-align: center;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>2022<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: center;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Revenue<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$166,282<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$130,855<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Costs of sales<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Costs excluding depreciation and amortization<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">114,316<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">90,920<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Depreciation and amortization<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">2,378<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,879<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Gross profit<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>49,588 <\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>38,056 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Expenses<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Selling, general and administrative<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">14,252<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">14,060<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Share-based compensation<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 181<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,592<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Depreciation and amortization<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,896<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,955<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Research and development<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">4,574<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">4,041<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">20,903<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">21,648<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Operating income<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>28,685 <\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>16,408 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Other expense<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(433)<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(6,074)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Finance cost, net<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(414)<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(216)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Foreign exchange loss<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(411)<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(301)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Income from operations before income taxes and equity income of associates<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>27,427 <\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>9,817 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Income tax expense<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(5,995)<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(3,133)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Income from operations before equity income of associates<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>21,432 <\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>6,684 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Equity income of associates (net of income tax)<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,269<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">933<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Net income<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$22,701 <\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$7,617 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Attributable to:<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Equity holders of Neo<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$22,350<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$7,446<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Non-controlling interest<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">351<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">171<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$22,701 <\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$7,617 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Earnings per share attributable to equity holders of Neo:<\/strong><\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.55<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.20<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 82.4306%;\" width=\"410\"><span style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.54<\/span><\/td>\n<td style=\"width: 8.19022%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.20<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>____________________________<\/p>\n<p><span style=\"font-size: 8pt;\"><em>See Management&#8217;s Discussion and Analysis for the Three Months Ended March 31, 2022, available on Neo&#8217;s website at <\/em><a href=\"https:\/\/www.neomaterials.com\"><em>www.neomaterials.com<\/em><\/a><em> and on SEDAR at <\/em><a href=\"https:\/\/www.sedar.com\"><em>www.sedar.com<\/em><\/a><em>.<\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>TABLE 7: RECONCILIATION OF NET INCOME TO EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW<\/strong><\/p>\n<table style=\"width: 64.8365%;\" width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 33.7152%; text-align: center;\" colspan=\"2\" width=\"194\"><span style=\"font-size: 10pt;\"><strong>Three Months Ended March 31,<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><\/td>\n<td style=\"width: 16.8576%; text-align: center;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>2022<\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: center;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Net income<\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$22,701\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$7,617\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Add back (deduct):<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Finance cost, net<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">414<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">216<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Income tax expense<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">5,995<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">3,133<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Depreciation and amortization included in costs of sales<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">2,378<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,879<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Depreciation and amortization included in operating expenses<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,896<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,955<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>EBITDA<\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>33,384\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>14,800\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Adjustments to EBITDA:<\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Other expense <sup>\u00a0(1)<\/sup><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">433<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">6,074<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Foreign exchange loss <sup>(2)<\/sup><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">411<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">301<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Equity income of associates<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(1,269)<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(933)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Share-based compensation <sup>(3<\/sup><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">181<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,592<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Other (recoveries) costs <sup>(4<\/sup><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(22)<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">602<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Adjusted EBITDA <sup>(5)<\/sup><\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$33,118\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$22,436\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><em>Adjusted EBITDA Margins <sup>(5)<\/sup><\/em><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><em> 19.9%\u00a0 <\/em><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><em> 17.1%\u00a0 <\/em><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Less:<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\">Capital expenditures<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$6,782<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$1,736<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Free Cash Flow <sup>(5)<\/sup><\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$26,336\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$20,700\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.6481%;\" width=\"410\"><span style=\"font-size: 10pt;\"><em>Free Cash Flow Conversion<sup> (5)<\/sup><\/em><\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">79.5%<\/span><\/td>\n<td style=\"width: 16.8576%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">92.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 8pt;\"><strong><u>Notes:<\/u><\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 8pt;\">Represents other expenses resulting from non-operational related activities, including provisions for 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: 8pt;\">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: 8pt;\">Represents share-based compensation expense in respect of the Plan and the LTIP.<\/span><\/li>\n<li><span style=\"font-size: 8pt;\">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: 8pt;\">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;, &#8220;Free Cash Flow&#8221; and &#8220;Free Cash Flow Conversion&#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\">neomaterials.com<\/a> and on SEDAR at <a href=\"https:\/\/www.sedar.com\">www.sedar.com<\/a>.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>TABLE 8: RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<table style=\"width: 74.4167%;\" width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\"><em>($000s)<\/em><\/span><\/td>\n<td style=\"width: 33.9374%; text-align: center;\" colspan=\"2\" width=\"194\"><span style=\"font-size: 10pt;\"><strong>Three Months Ended March 31,<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><\/td>\n<td style=\"width: 16.9687%; text-align: center;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>2022<\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: center;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>2021<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Net income<\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$22,701 <\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$7,617 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Adjustments to net income:<\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Foreign exchange loss <sup>(1)<\/sup><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">411<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">301<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Share-based compensation <sup>(2)<\/sup><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">181<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">1,592<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Other (recoveries) costs <sup>(3)<\/sup><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(22)<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">602<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Other items included in other expense <sup>(4)<\/sup><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">547<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">6,179<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Tax impact of the above items<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(353)<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">(1,197)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Adjusted net income <sup>(5)<\/sup><\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$23,465 <\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\"><strong>$15,094 <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\"><strong>Attributable to:<\/strong><\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Equity holders of Neo<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$23,114<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$14,923<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Non-controlling interest<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$351<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$171<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 98.5173%; text-align: right;\" colspan=\"3\" width=\"624\">\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\"><strong>Weighted average number of common shares outstanding:<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">40,681,191<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">37,481,638<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">41,149,323<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">37,814,133<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 98.5173%;\" colspan=\"3\" width=\"624\"><span style=\"font-size: 10pt;\"><strong>Adjusted earnings (loss) per share <sup>(5)<\/sup> attributable to equity holders of Neo:<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.57<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.40<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 64.5799%;\" width=\"410\"><span style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.56<\/span><\/td>\n<td style=\"width: 16.9687%; text-align: right;\" width=\"87\"><span style=\"font-size: 10pt;\">$0.39<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 8pt;\"><strong>\u00a0<\/strong><\/span><span style=\"font-size: 8pt;\"><strong><u>Notes:<\/u><\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 8pt;\">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: 8pt;\">Represents share-based compensation expense in respect of the Plan and the LTIP.<\/span><\/li>\n<li><span style=\"font-size: 8pt;\">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: 8pt;\">Represents other expenses resulting from non-operational related activities, including provisions for 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: 8pt;\">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;, &#8220;Free Cash Flow&#8221; and &#8220;Free Cash Flow Conversion&#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\">neomaterials.com<\/a> and on SEDAR at <a href=\"https:\/\/www.sedar.com\">www.sedar.com<\/a>.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\">#\u00a0 #\u00a0 #<\/p>\n<p>&nbsp;<\/p>\n<p><strong>For Further Information:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n<p>Ali Mahdavi<br \/>\nSVP, Corporate Development &amp; Capital Markets<br \/>\n416-962-3300<br \/>\nEmail:\u00a0<a href=\"mailto:a.mahdavi@neomaterials.com\">a.mahdavi@neomaterials.com<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Jim Sims<br \/>\nDirector, Corporate Communications<br \/>\n303-503-6203<br \/>\nEmail:\u00a0<a href=\"mailto:j.sims@neomaterials.com\">j.sims@neomaterials.com<\/a><\/p>\n<p>Website:\u00a0\u00a0<a href=\"https:\/\/www.neomaterials.com\/\">www.neomaterials.com<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>About Neo Performance Materials<\/strong><\/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><strong>Cautionary Statements Regarding Forward Looking Statements<\/strong><\/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","protected":false},"excerpt":{"rendered":"<p>Neo Performance Materials reports record first quarter 2022 results.<\/p>\n","protected":false},"author":3,"featured_media":17127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[90,7],"tags":[172,91,18,24,147,143,34,125,148,37,39,41,51,52,59],"class_list":["post-17125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-post","category-news-releases","tag-neo-to","tag-claire-kennedy","tag-conference-call","tag-earnings","tag-electric-vehicles","tag-karayannopoulos","tag-magnequench","tag-magnetic-powders","tag-magnets","tag-neo","tag-neo-materials","tag-neo-performance-materials","tag-quarterly-results","tag-rare-earth","tag-suleman"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neo Rare Earth Materials Record First Quarter 2022 Results<\/title>\n<meta name=\"description\" content=\"Neo Performance Materials Inc. 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