Analysts/Institutional Investor Meet/Con. Call Updates

Ref No.: Minechem/Stock Exch/Letter/8450 24th August, 2026 The Dy. General Manager, The Dy. General Manager, BSE Limited National Stock Exchange of India Ltd., Corporate Relations & Services Dept., Corporate Relations Dept., Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G Dalal Street, Mumbai - 400 001 Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 S crip Code: 527001 Scrip Code: ASHAPURMIN Dear Sir/Madam, Sub.: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of Earnings Conference Call. This is in continuation to our letters dated 12th and 19th August, 2026 in respect of the captioned subject. Pursuant to Regulations 30 read with Para A of Part A of Schedule III and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we attach herewith the transcript of “Ashapura Minechem Limited Q1 & FY2027 Earnings Conference Call” held on 19th August, 2026. The transcript is also uploaded on the Company’s website https://www.ashapura.com/investor- call.php Kindly take the above information on record. Thanking you, Yours faithfully, For Ashapura Minechem Ltd., Sachin Polke Company Secretary & President (Corporate Affairs) “Ashapura Minechem Limited Q1 & FY27 Earning Conference Call” August 19, 2026 MANAGEMENT: MR. CHETAN SHAH – PROMOTER AND DIRECTOR – ASHAPURA MINECHEM LIMITED MR. MANAN SHAH – PROMOTER GROUP – ASHAPURA MINECHEM LIMITED MR. ASHISH DESAI – GROUP CHIEF FINANCIAL OFFICER – ASHAPURA MINECHEM LIMITED MR. SACHIN POLKE – COMPANY SECRETARY – ASHAPURA MINECHEM LIMITED ADFACTORS, INVESTOR RELATIONS – ASHAPURA MINECHEM LIMITED Ashapura Minechem Limited August 19, 2026 Moderator: Ladies and gentlemen, good day and welcome to Ashapura Minechem Limited Q1 and FY27 Earning Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectation of the company as on date of this call. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Chetan Shah, Promoter and Director of the company. Thank you and over to you, sir. Chetan Shah: Thank you. Hello friends, good afternoon and welcome to the fifth earning calls of Ashapura Minechem Limited. With me in the call, we have involved Manan Shah, Ashish Desai, the Group CFO, Sachin Polke, Company Secretary and our Investor Relations team, Adfactors. The quarter has been period of the resilience for the company as we navigated a challenging and uncertain environment due to geopolitical uncertainty, high fuel prices and abnormal ocean freight. At the same time, customer's demand also remained volatile. I feel the customers may take some time to digest the market and the cost factors. The abnormal increase in the ocean freight is also pushing our landed cost upwards. As always, we will take you through the key developments across our Guinea and India business during the quarter. The first let me speak to you about the business in Guinea. In the quarter one, our bauxite volumes stood to 2.34 million tons compared with 3.16 million tons in quarter four and 2.05 million tons in the quarter one of last financial year. EBITDA per ton improved to 6.3 per ton from 5.9 per ton in Q4. The freight rates remains highly volatile. Given the current geopolitical environments, we expect this volatility to continue across 2027. We will continue to closely monitor the situation and try to reduce the impact on profitability through operational and logistic effectiveness. While alumina price are currently under pressure, we remain positive on the medium to long-term demand outlook. Several new refineries are coming on stream, including the four new refineries in China which are expected to create additional bauxite demand of around 20 million tons to 30 million tons over the above current volumes. This should provide a strong underlying the demand driver for the bauxite going forward. Page 2 of 17 Ashapura Minechem Limited August 19, 2026 We expect the market price to gradually improve over the coming quarters as inventory level in China normalizes. At the same time, we expect underlying demand to remain stable and potentially improve further as geopolitical conditions stabilize. As discussed in our last earning call, the government of Guinea is expected to implement a quota system for the bauxite export. We believe this could be introduced in the near terms and certainly before end of this year. We expect such rationalization of the export volume to be positive for the global bauxite prices and the potentially lead to reduction in the freight cost. Overall, we see this as a positive development for Ashapura once the system is formally implemented. There are few strategic initiatives has been taken by the group. Our Boffa port is now fully operational with its capacity enhanced from the 5 million tons to 8 million tons per annum. At GSM, the second port, the new jetty is currently under construction and expected to be operational by Q4 of this financial year, increasing capacity from 6 million tons to 10 million tons per annum. With these developments, our combined port capacity will reach to approximately 23 million tons, providing us with the infrastructure to support the maximized volume growth and sales over the medium terms. Going back to the other initiatives, the bauxite washing plant is already setup, the capacity is about 20,000 tons per day and this washing plant will enhance our resource and will give us more flexibility to increase our volume for the export. And this will improve the some of the low grade bauxite to the high grade bauxite which can be easily marketable. Let us acknowledge that there is some pressure on EBITDA margin in the short-term. However, we remain optimistic about the future outlook. Despite the near term challenges, we remain confident to achieve our full year target with a potential variation of plus or minus 10%. Coming back to iron ore, we are working on commercializing our iron ore assets. However, status remains the same as previous quarters. We will still require a couple of quarters to offer any long terms direction. We remain confident in our ability to achieve or even cross our guidance of 15 million tons by financial year ’28. We continue to work on our initiatives to increase our volumes, improve operational efficiencies, reduce cost and enhance the profitability of our bauxite business. Things are progressing well and we remain confident on our business on-going forward. Page 3 of 17 Ashapura Minechem Limited August 19, 2026 Coming back to the India operations, I ask Manan to give you a more better idea how the things are taking place in Indian operations. And then Mr. Ashish Desai will brief you about all the financial numbers, etcetera. Thank you very much for your patience hearing. Thank you. Manan Shah: Thank you Dad. Now coming to our India business, just to recap, our India business has a diversified portfolio of value-added mineral based products serving wide range of core industries including metals, foundries, oil and gas, edible oils, petrochemicals, paint and coatings, constructions, automobiles and several other industrial applications. The business operates across three verticals. Bentonite and allied minerals and white performance minerals, which are our wholly owned businesses. Specialty absorbent solutions or our bleaching clay business, operated through our 50% joint venture, Ashapura Perfoclay Limited and advanced cerami [Showing first 8,000 characters — download PDF for full document]