{"id":17813,"date":"2023-03-29T07:00:02","date_gmt":"2023-03-29T11:00:02","guid":{"rendered":"http:\/\/www.neomaterials.com\/?p=17813"},"modified":"2023-08-03T18:49:28","modified_gmt":"2023-08-03T22:49:28","slug":"neo-fourth-quarter-2022","status":"publish","type":"post","link":"https:\/\/www.neomaterials.com\/neo-fourth-quarter-2022\/","title":{"rendered":"Neo Performance Materials Reports Fourth Quarter and Year-End 2022 Results"},"content":{"rendered":"<p style=\"text-align: center;\"><b>Highlights<br \/>\n<\/b><i>(unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars)<\/i><\/p>\n<ul type=\"disc\">\n<li>Q4 2022 revenue of $159.2 million, higher by 3.8% YoY. For the year ended December 31, 2022, Neo&#8217;s revenue was $640.3 million, an increase of 18.7% YoY, and set another record for annual revenue since Neo&#8217;s re-emergence as a public company in 2017.<\/li>\n<li>Operating income of $6.7 million in the quarter, lower by 47.1% YoY. For the year ended December 31, 2022, operating income was $58.6 million, a decline of 2.1% YoY.<\/li>\n<li>Adjusted Net Loss<sup>(1)<\/sup>\u00a0of $5.7 million in the quarter, or $(0.13) per share. For the year ended December 31, 2022, Neo&#8217;s Adjusted Net Income<sup>(1)<\/sup>\u00a0was $31.8 million, or $0.75 per share.<\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup>\u00a0of $12.4 million in the quarter, lower by 36.8% YoY. For the year ended December 31, 2022, Adjusted EBITDA<sup>(1)\u00a0<\/sup>was $79.0 million, lower by 3.5% YoY.<\/li>\n<li>Cash balance of $147.5 million after distributing $13.4 million for the year ended December 31, 2022 in dividends to shareholders.<\/li>\n<li>A quarterly dividend of Cdn$0.10 per common share was declared on March 3, 2023 for shareholders of record at March 20, 2023, with a payment date of March 29, 2023.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span class=\"legendSpanClass\">TORONTO<\/span>,\u00a0<span class=\"legendSpanClass\">March 29, 2023<\/span>\u00a0\/CNW\/ &#8211;\u00a0Neo Performance Materials Inc. (&#8220;<b>Neo<\/b>&#8220;, the &#8220;<b>Company<\/b>&#8220;) (TSX: NEO) released its 2022 year-end financial results. The financial statements and management&#8217;s discussion and analysis (&#8220;<b>MD&amp;A<\/b>&#8220;) of these results can be viewed on Neo&#8217;s web site at\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3822421-1&amp;h=1640483324&amp;u=http%3A%2F%2Fwww.neomaterials.com%2Finvestors%2F&amp;a=www.neomaterials.com%2Finvestors%2F\" target=\"_blank\" rel=\"noopener\">www.neomaterials.com\/investors\/<\/a>\u00a0and on SEDAR at\u00a0<a href=\"https:\/\/www.sedar.com\" target=\"_blank\" rel=\"noopener\">www.sedar.com<\/a>.<\/p>\n<p>&#8220;Neo had another record-setting year in 2022, although the second half of 2022 clearly marked a transition to a slowing economic cycle,&#8221; said Constantine Karayannopoulos, Neo&#8217;s CEO.\u00a0 &#8220;In spite of relatively volatile markets, Neo made demonstrable progress in 2022 in key areas of critical supplier expansion and improved sustainability at our operations. Most important, we are laying the groundwork for future growth related to high-performance materials used in automobile electrification, improved emission standards, smaller and smarter electronics, cleaner water, and light-weighting of aerospace vehicles. I am appreciative of our customers trust in Neo and for our employees&#8217; dedication as we continue this momentum across our strategic growth initiatives in 2023.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p><b>STRATEGIC INITIATIVES IN 2022<\/b><\/p>\n<p>Throughout 2022, Neo launched or completed the following strategic initiatives:<\/p>\n<ul type=\"disc\">\n<li>On August 16, 2022, Neo entered into a loan agreement with Export Development Canada (&#8220;<b>EDC<\/b>&#8220;) for a term loan of up to $75.0 million, to finance the relocation, expansion, and sustainability upgrades to its environmental emissions catalyst manufacturing facility (the &#8220;<b>NAMCO Project<\/b>&#8220;). Of the $75.0 million facility, $25.0 million was drawn in the fourth quarter of 2022.<\/li>\n<li>On August 22, 2022, Neo announced its intent to acquire an exploration license from Hudson Resources Inc. to pursue development of the Sarfartoq Carbonatite Complex in southwest Greenland, which hosts a mineral deposit enriched in neodymium and praseodymium.<\/li>\n<li>To supplement Neo&#8217;s existing cash position, support working capital levels, and plan for future growth, Neo completed a bought deal treasury offering on September 16, 2022 at Cdn. $15.00 per share, for net proceeds of approximately $47.7 million.<\/li>\n<li>On October 13, 2022, Hastings Technology Metals Ltd. (&#8220;<b>Hastings<\/b>&#8220;) completed its binding Share Purchase Agreement with an affiliate of Oaktree Capital L.P. (&#8220;<b>Oaktree<\/b>&#8220;) to acquire 8,974,127 common shares of Neo at Cdn. $15.00 per share, for an aggregate purchase price of Cdn. $134.6 million.<\/li>\n<li>On October 14, 2022, Neo entered into a non-binding Memorandum of Understanding with Australian Rare Earths Limited (&#8220;<b>AR3<\/b>&#8220;) to accelerate development of AR3&#8217;s Koppamurra Rare Earth in western Australia, which is enriched in neodymium, praseodymium, dysprosium and terbium.<\/li>\n<li>On November 9, 2022, Neo announced it has been awarded a grant of up to $19.9 million (\u20ac18.7 million) from the Government of Estonia under Europe&#8217;s Just Transition Fund (&#8220;<b>JTF<\/b>&#8220;) for eligible project costs of up to $104.5 million (\u20ac98 million). The terms of the award are guided by the Government of Estonia&#8217;s regulations on general conditions for granting and using funds from the operational program of the EU cohesion and internal security policy funds for the period 2021-2027 and related regulations, and includes factors such as total eligible costs incurred, and employment created. The grant to Neo is the first such award to any critical materials company in the EU under the JTF program.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>HIGHLIGHTS OF Q4 2022 AND YEAR-END CONSOLIDATED PERFORMANCE<\/b><\/p>\n<p>Neo&#8217;s consolidated revenue for the year ended December 31, 2022, was $640.3 million, compared to $539.3 million for the year ended December 31, 2021, an increase of $101.0 million or 18.7%.\u00a0 This marked another record for annual revenue for Neo since re-emerging as a public company in 2017.<\/p>\n<div><\/div>\n<p><b><br \/>\nSELECTED FINANCIAL RESULTS<\/b><\/p>\n<div>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" colspan=\"5\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>TABLE 1: Selected Consolidated Results<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Year-over-Year Comparison<\/i><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Quarter-over-Quarter<br \/>\nComparison<\/i><\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">640,298<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">539,251<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">159,168<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">153,414<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Operating income<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">58,614<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">59,887<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">6,727<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">12,726<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">76,189<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">65,431<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">10,121<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">12,380<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">79,027<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">81,915<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">12,420<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">19,652<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Adjusted EBITDA %<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">12.3\u00a0%<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">15.2\u00a0%<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">7.8\u00a0%<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">12.8\u00a0%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div>\n<div><\/div>\n<div><span class=\"prnews_span\" style=\"font-size: 8pt;\"><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><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b><br \/>\nMAGNEQUENCH SEGMENT RESULTS<\/b><\/p>\n<div>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" colspan=\"5\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>TABLE 2: Selected Magnequench Results<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Year-over-Year Comparison<\/i><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Quarter-over-Quarter<br \/>\nComparison<\/i><\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Volume (tonnes)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">4,808<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">6,090<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">1,188<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">1,482<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">277,412<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">263,753<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">57,584<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">70,897<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Operating income<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">30,538<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">38,413<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">2,543<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">6,608<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">42,178<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">49,703<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">6,364<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">10,463<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">40,172<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">48,009<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">4,788<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">9,137<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div><span class=\"prnews_span\" style=\"font-size: 8pt;\"><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><\/div>\n<p>&nbsp;<\/p>\n<p>Volumes in the Magnequench segment saw a decline with respect to the prior-year period as well as sequentially, driven largely by the spike in COVID-19, which affected the free flow of people and production supplies across many parts of Asia, the occurrence of several natural disasters earlier in 2022 which impacted customer production facilities in Asia, and the on-going semiconductor chip shortage in the automotive and other industries.<\/p>\n<p>Margins per ton in the Magnequench segment were lower in the fourth quarter of 2022 compared to higher margins achieved earlier in 2022.\u00a0 Magnequench has pass-through pricing agreements on the vast majority of its sales contracts, and with rare earth magnetic prices having declined from March 2022, Magnequench is beginning to see the reversal of the lead-lag benefit in the latter half of 2022.\u00a0 The long-term growth outlook for Magnequench&#8217;s magnetic materials remains strong, and the division&#8217;s long-term focus remains on the value-add spread margin between the input commodity cost and the value of the functionalized materials that are manufactured.<\/p>\n<p>&nbsp;<\/p>\n<p><b>CHEMICALS &amp; OXIDES (&#8220;C&amp;O&#8221;) SEGMENT RESULTS<\/b><\/p>\n<div>\n<table style=\"width: 52.6043%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" colspan=\"5\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>TABLE 3: Selected C&amp;O Results<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Year-over-Year Comparison<\/i><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Quarter-over-Quarter<br \/>\nComparison<\/i><\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">248,011<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">212,711<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">58,767<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">60,389<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Operating income<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">22,176<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">37,391<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">852<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">10,207<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">27,952<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">29,747<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">1,462<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">7,656<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">28,324<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">41,512<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">2,614<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\"><span style=\"font-size: 10pt;\">11,800<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div><span class=\"prnews_span\" style=\"font-size: 8pt;\"><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><\/div>\n<div><\/div>\n<p>&nbsp;<\/p>\n<p>Despite the recent decline in rare earth prices, they remain more than 100% higher than prices from the recent past (the two to three years prior to the third quarter of 2020).\u00a0 The outlook (both in demand and pricing) remains strong for rare earths which is expected to lead to higher dollar value margins for C&amp;O in the long term.\u00a0 However, the current period was adversely impacted by the immediate and rapid decline of prices while processing higher cost inventory (lead-lag impact).\u00a0 For the year, C&amp;O recorded a net $3.1 million of provisions for inventories.<\/p>\n<p>In C&amp;O&#8217;s environmental emissions catalyst business, volumes in 2022 were consistent compared to the prior year.\u00a0 Volumes in the fourth quarter of 2022 exceeded volumes in the fourth quarter of 2021, primarily related to lower than normal volumes in the fourth quarter of 2021 as customers were adjusting their supply chains.\u00a0 Volumes have seen less of an impact from the semiconductor chip shortage and are distributed more globally than Magnequench volumes and thus, have not experienced the same negative pressures on volume trends as some Magnequench products.\u00a0 C&amp;O&#8217;s environmentally protective water treatment solutions business continues to grow year over year\u00a0 with higher volume and new customer adoption, in both the fourth quarter and full year of 2022.<\/p>\n<p>&nbsp;<\/p>\n<p><b>RARE METALS SEGMENT RESULTS<\/b><\/p>\n<div>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" colspan=\"5\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>TABLE 4: Selected Rare Metals Results<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Year-over-Year Comparison<\/i><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><i>Quarter-over-Quarter<br \/>\nComparison<\/i><\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Q4 2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Revenue<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">130,386<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">83,604<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">43,865<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">27,296<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Operating income<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">20,978<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">6,578<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">7,792<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">2,410<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">22,119<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">9,415<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">5,662<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">3,401<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Adjusted EBITDA<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">24,307<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">9,154<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">8,995<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right;\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">3,074<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div>\n<p><span class=\"prnews_span\" style=\"font-size: 8pt;\"><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<\/div>\n<div>Rare Metals achieved record earnings in 2022, continuing the improvement that started in the fourth quarter of 2021.\u00a0 Rare Metals experienced strength in pricing for key products such as hafnium and tantalum while also benefiting from lower-cost inventory on hand.\u00a0 Hafnium prices, in particular, have increased rapidly starting in the fourth quarter of 2021.\u00a0 The recycling purchases and activities of Rare Metals was particularly impactful to maintaining and growing margins as the scrap material purchased in the same quarter is not rising as fast as selling prices for finished goods.\u00a0 This was partially offset by Rare Metals not selling some of its niobium oxide products to customers resident in or with connections to Russia, resulting in lower margins and higher inventory on hand at period-end for its niobium oxide products.<\/div>\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>&nbsp;<\/p>\n<p><b>CONFERENCE CALL ON WEDNESDAY MARCH 29, 2023 AT 10 AM EASTERN<\/b><\/p>\n<p>Management will host a teleconference call on Wednesday March 29, 2023 at 10:00 a.m. (Eastern Time) to discuss the fourth quarter 2022 results.\u00a0 Interested parties may access the teleconference by calling (647) 794-4605 (local) or\u00a0 (888) 394-8218 (toll free long distance) or by visiting\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3822421-1&amp;h=2638866664&amp;u=http%3A%2F%2Fcnw.en.mediaroom.com%2Fevents&amp;a=http%3A%2F%2Fcnw.en.mediaroom.com%2Fevents\" target=\"_blank\" rel=\"noopener\">https:\/\/cnw.en.mediaroom.com\/events<\/a>. A recording of the teleconference may be accessed by calling (647) 436-0148 (local) or (888) 203-1112\u00a0 (toll free long distance), and entering pass code 5211088# until April 29, 2023,\u00a0or by visiting https:\/\/cnw.en.mediaroom.com\/events.<\/p>\n<p>&nbsp;<\/p>\n<p><b>NON-IFRS MEASURES<\/b><\/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 year ended December 31, 2022\u00a0 available on Neo&#8217;s web site at www.neomaterials.com and on SEDAR at www.sedar.com.<\/p>\n<p>&nbsp;<\/p>\n<p><b>TABLE 5: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<\/b><\/p>\n<div>\n<table style=\"width: 74.5722%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: center; width: 19.5714%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>December 31, 2022<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: center; width: 19.2857%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>December 31, 2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>ASSETS<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Current<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Cash and cash equivalents<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 147,491<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 89,037<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Restricted cash<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,179<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,283<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Accounts receivable<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">81,409<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">65,209<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Inventories<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">212,702<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">200,954<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Income taxes receivable<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">355<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,667<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other current assets<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">23,279<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">19,211<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total current assets<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>466,415<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>377,361<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Property, plant and equipment<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">75,767<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">73,378<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Intangible assets<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">42,984<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">49,961<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Goodwill<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">66,042<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">70,082<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Investments<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">16,363<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">13,759<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Deferred tax assets<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">6,956<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">6,638<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other non-current assets<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,933<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">2,903<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total non-current assets<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>210,045<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>216,721<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total assets<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 676,460<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 594,082<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>LIABILITIES AND EQUITY<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Current<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Bank advances and other short-term debt<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,288<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,502<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Accounts payable and other accrued charges<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">69,093<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">94,201<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Income taxes payable<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">10,033<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">7,059<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Provisions<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,369<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">5,560<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Lease obligations<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,264<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,589<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Derivative liability<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">28,570<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">14,704<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Current portion of long-term debt<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">747<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">\u2014<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other current liabilities<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">278<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,455<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total current liabilities<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>128,642<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>131,070<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Long term debt<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">29,885<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">\u2014<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Employee benefits<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">489<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,210<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Provisions<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">23,604<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">15,127<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Deferred tax liabilities<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">13,942<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">13,366<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Lease obligations<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">813<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,388<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other non-current liabilities<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,442<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">1,405<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total non-current liabilities<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>70,175<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>32,496<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total liabilities<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>198,817<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>163,566<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Non-controlling interest<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">3,193<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">2,891<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Equity attributable to equity holders of Neo Performance Materials Inc.<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">474,450<\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\">427,625<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total equity<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>477,643<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>430,516<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"removeWrap\" style=\"width: 60.8571%;\" nowrap=\"nowrap\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Total liabilities and equity<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.5714%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 676,460<\/b><\/span><\/td>\n<td class=\"removeWrap\" style=\"text-align: right; width: 19.2857%;\" nowrap=\"nowrap\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 594,082<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div><span class=\"prnews_span\" style=\"font-size: 8pt;\"><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><\/div>\n<div><\/div>\n<p>&nbsp;<\/p>\n<p><b><br \/>\nTABLE 6: CONSOLIDATED RESULTS OF OPERATIONS<\/b><\/p>\n<p><i>Comparison of the year ended and three months ended December 31, 2022 to the year ended and three months ended December 31, 2021:<\/i><\/p>\n<div>\n<table style=\"width: 99.7862%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 18.7833%;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Year Ended December 31,<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 24.3329%;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Three Months Ended December 31,<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Revenue<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0 640,298<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0 539,251<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0 159,168<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0 153,414<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Costs of sales<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Costs excluding depreciation and amortization<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">481,524<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">380,548<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">125,275<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">111,718<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Depreciation and amortization<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">9,406<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">8,176<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">2,361<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">2,405<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Gross profit<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>149,368<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>150,527<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>31,532<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>39,291<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Expenses<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Selling, general and administrative<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">58,915<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">58,445<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">16,619<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">17,421<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Share-based compensation<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">2,483<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">4,526<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">610<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">1,765<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Depreciation and amortization<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">7,313<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">7,689<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">1,784<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">1,891<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Research and development<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">20,810<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">19,859<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">4,854<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">5,367<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Impairment of assets<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">1,233<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">121<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">938<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">121<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">90,754<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">90,640<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">24,805<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">26,565<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Operating income<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>58,614<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>59,887<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>6,727<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>12,726<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other expense<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">(2,228)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">(9,750)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">(492)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">(4,351)<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Finance cost, net<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">(15,259)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">(3,943)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">(11,116)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">(1,523)<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Foreign exchange gain (loss)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">301<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">(4,388)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">476<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">(2,544)<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Income (loss) from operations before income taxes and equity income of associates<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>41,428<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>41,806<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>(4,405)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>4,308<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Income tax (expense) benefit<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">(17,793)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">(9,580)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">(2,022)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">702<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Income (loss) from operations before equity income of associates<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>23,635<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>32,226<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>(6,427)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>5,010<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Equity income (loss) of associates (net of income tax)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">2,783<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">3,817<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">(735)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">2,253<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Net income (loss)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26,418<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,043<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,162)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,263<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Attributable to:<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Equity holders of Neo<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,947<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 35,177<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,291)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,735<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Non-controlling interest<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">471<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">866<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">129<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">528<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26,418<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,043<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,162)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,263<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Earnings (loss) per share attributable to equity holders of Neo:<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.62<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.92<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.16)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.17<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 54.8559%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.28495%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.61<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 9.4984%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.91<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 12.3799%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.16)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.953%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.17<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><span class=\"prnews_span\" style=\"font-size: 8pt;\"><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><\/div>\n<p>&nbsp;<\/p>\n<p><b><br \/>\nTABLE 7: RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW<\/b><\/p>\n<div>\n<table style=\"width: 85.3773%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 22.4439%;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Year Ended December 31,<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 29.9252%;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Three Months Ended December 31,<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 11.0973%;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 11.3466%;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 15.212%;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: center; width: 14.7132%;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Net income (loss)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26,418<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,043<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,162)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,263<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Add back (deduct):<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Finance cost, net<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">15,259<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">3,943<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">11,116<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">1,523<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Income tax expense (benefit)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">17,793<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">9,580<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">2,022<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">(702)<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Depreciation and amortization included in costs of sales<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">9,406<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">8,176<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">2,361<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">2,405<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Depreciation and amortization included in operating expenses<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">7,313<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">7,689<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">1,784<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">1,891<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>EBITDA<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\"><b>76,189<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\"><b>65,431<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\"><b>10,121<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\"><b>12,380<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Adjustments to EBITDA:<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other expense\u00a0<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">2,228<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">9,750<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">492<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">4,351<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Foreign exchange (gain) loss\u00a0<sup>(2)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">(301)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">4,388<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">(476)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">2,544<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Equity (income) loss of associates<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">(2,783)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">(3,817)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">735<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">(2,253)<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Share-based compensation\u00a0<sup>(3)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">2,483<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">4,526<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">610<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">1,765<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Impairment of assets<sup>\u00a0(4)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">1,233<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">121<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">938<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">121<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other (recoveries) costs\u00a0<sup>(5)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">(22)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">1,516<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">\u2014<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">744<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Adjusted EBITDA\u00a0<sup>(6)<\/sup><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 79,027<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,915<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,420<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,652<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>Adjusted EBITDA Margins\u00a0<sup>(6)<\/sup><\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\"><i>12.3\u00a0%<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\"><i>15.2\u00a0%<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\"><i>7.8\u00a0%<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\"><i>12.8\u00a0%<\/i><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Less:<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Capital expenditures<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,470<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,464<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">6,372<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">2,833<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Free Cash Flow\u00a0<sup>(6)<\/sup><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61,557<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72,451<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\"><b>6,048<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\"><b>16,819<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 45.1372%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>Free Cash Flow Conversion<sup>\u00a0(6)<\/sup><\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.0973%;\"><span style=\"font-size: 10pt;\">77.9\u00a0%<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 11.3466%;\"><span style=\"font-size: 10pt;\">88.4\u00a0%<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.212%;\"><span style=\"font-size: 10pt;\">48.7\u00a0%<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 14.7132%;\"><span style=\"font-size: 10pt;\">85.6\u00a0%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><u>Notes:<\/u><\/b><\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(1)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Represents other expenses resulting from non-operational related activities, including provisions for damages for outstanding legal claims related to historic volumes.\u00a0 These costs and recoveries are not indicative of Neo&#8217;s ongoing activities.<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(2)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_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><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(3)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Represents share-based compensation expense in respect of the Plan and the LTIP.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(4)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Represents impairment in property, plant and equipment, long-term asset and prepayment.<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(5)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_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.\u00a0 Neo has removed these charges to provide comparability with historic periods.<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(6)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_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;, &#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\u00a0<a href=\"https:\/\/www.neomaterials.com\" target=\"_blank\" rel=\"noopener\">www.neomaterials.com<\/a>\u00a0and on SEDAR at\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3822421-1&amp;h=2562122377&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" target=\"_blank\" rel=\"noopener\">www.sedar.com<\/a>.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>TABLE 8: RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)<\/strong><\/p>\n<div>\n<table style=\"width: 84.2226%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><i>($000s)<\/i><\/span><\/td>\n<td class=\"AddWrap\" style=\"width: 27.5683%; text-align: center;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Year Ended December 31,<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"width: 31.0793%; text-align: center;\" colspan=\"2\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Three Months Ended December 31,<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><\/td>\n<td class=\"AddWrap\" style=\"width: 13.6541%; text-align: center;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"width: 13.9142%; text-align: center;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"width: 15.9948%; text-align: center;\"><span style=\"font-size: 10pt;\"><b>2022<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"width: 15.0845%; text-align: center;\"><span style=\"font-size: 10pt;\"><b>2021<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Net income (loss)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26,418<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,043<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,162)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,263<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Adjustments to net income (loss):<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Foreign exchange (gain) loss\u00a0<sup>(1)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">(301)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">4,388<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">(476)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">2,544<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Impairment of assets\u00a0<sup>(2)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">1,233<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">121<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">938<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">121<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Share-based compensation\u00a0<sup>(3)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">2,483<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">4,526<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">610<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">1,765<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other (recoveries) costs\u00a0<sup>(4)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">(22)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">1,516<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">\u2014<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">744<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Other items included in other expense\u00a0<sup>(5)<\/sup><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">2,560<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">10,681<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">546<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">4,519<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Tax impact of the above items<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">(615)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">(2,235)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">(142)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">(894)<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Adjusted net income (loss)\u00a0<sup>(6)<\/sup><\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,756<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 55,040<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,686)<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\"><b>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,062<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Attributable to:<\/b><\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Equity holders of Neo<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,285<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,174<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,815)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,534<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Non-controlling interest<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 471<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 866<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 129<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 528<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"text-align: right; width: 97.1391%;\" colspan=\"5\">\n<p style=\"text-align: left;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Weighted average number of common shares outstanding:<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">41,992,938<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">38,140,110<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">45,196,921<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">39,332,282<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">42,327,548<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">38,543,348<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">45,196,921<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">39,841,690<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"text-align: right; width: 66.0598%;\" colspan=\"3\">\n<p style=\"text-align: left;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b>Adjusted earnings (loss) per share\u00a0<sup>(6)<\/sup>\u00a0attributable to equity holders of Neo:<\/b><\/span><\/p>\n<\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Basic<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.75<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.42<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.13)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.39<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" style=\"width: 38.4915%;\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Diluted<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.6541%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.74<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 13.9142%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.41<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.9948%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.13)<\/span><\/td>\n<td class=\"AddWrap\" style=\"text-align: right; width: 15.0845%;\"><span style=\"font-size: 10pt;\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.39<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\">\n<tbody>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\"><b><u>Notes:<\/u><\/b><\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(1)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_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><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(2)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Represents impairment in property, plant and equipment, long-term asset and prepayment.<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(3)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Represents share-based compensation expense in respect of the Plan and the LTIP.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(4)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_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.\u00a0 Neo has removed these charges to provide comparability with historic periods.<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(5)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_span\" style=\"font-size: 10pt;\">Represents other expenses resulting from non-operational related activities, including provisions for damages for outstanding legal claims related to historic volumes.\u00a0 These costs and recoveries are not indicative of Neo&#8217;s ongoing activities.<\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span style=\"font-size: 10pt;\">(6)<\/span><\/td>\n<td class=\"AddWrap\" colspan=\"1\" rowspan=\"1\"><span class=\"prnews_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;, &#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\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3822421-1&amp;h=1330995227&amp;u=http%3A%2F%2Fwww.neomaterials.com%2F&amp;a=www.neomaterials.com\" target=\"_blank\" rel=\"noopener\">www.neomaterials.com<\/a>\u00a0and on SEDAR at\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3822421-1&amp;h=2562122377&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" target=\"_blank\" rel=\"noopener\">www.sedar.com<\/a>.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span class=\"prnews_span\" style=\"font-size: 8pt;\">__________________________<\/span><\/p>\n<p><span class=\"prnews_span\" style=\"font-size: 8pt;\">(1)<i>\u00a0Neo 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 at\u00a0<a href=\"www.neomaterials.com\" target=\"_blank\" rel=\"noopener\">www.neomaterials.com<\/a>\u00a0and on SEDAR at\u00a0<a href=\"www.sedar.com\" target=\"_blank\" rel=\"noopener\">www.sedar.com<\/a>.<\/i><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Contacts<\/strong><\/p>\n<p>Ali Mahdavi<br \/>\nSVP, Corporate Development &amp; Capital Markets<br \/>\n(416) 962-3300<br \/>\nEmail: a.mahdavi@neomaterials.com<\/p>\n<p>Jim Sims<br \/>\nDirector of Corporate Communications<br \/>\n(303) 503-6203<br \/>\nEmail: j.sims@neomaterials.com<\/p>\n<p>Website: www.neomaterials.com<br \/>\nEmail: info@neomaterials.com<\/p>\n<p><b><br \/>\nAbout Neo Performance Materials<\/b><\/p>\n<p>Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability.\u00a0 Neo&#8217;s 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&#8217;s 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, United States; Singapore; and Beijing, China. Neo has a global platform that includes 9 manufacturing facilities located in China, the United States, Germany, Canada, Estonia, and Thailand, as well as one dedicated research and development centre in Singapore.\u00a0 For more information, please visit\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3822421-1&amp;h=1330995227&amp;u=http%3A%2F%2Fwww.neomaterials.com%2F&amp;a=www.neomaterials.com\" target=\"_blank\" rel=\"noopener\">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), geopolitical risk 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 Inc.(TSX: NEO) released its 2022 year-end financial results.<\/p>\n","protected":false},"author":3,"featured_media":17815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-17813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neo Performance Materials Fourth Quarter 2022 Results<\/title>\n<meta name=\"description\" content=\"Neo Performance Materials reports Fourth Quarter and Year-End 2022 results with a revenue 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