Advancing Materials Innovation  NASDAQ: GSM    First Quarter 2018 

 Forward-Looking Statements and non-IFRS Financial Metrics  This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe our future plans, strategies and expectations. Forward-looking statements can generally be identified by the use of forward-looking terminology, including, but not limited to, "may," “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," "forecast," or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements contained in this presentation are based on information presently available to Ferroglobe PLC (“we,” “us,” “Ferroglobe,” the “Company” or the “Parent”) and assumptions that we believe to be reasonable, but are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. You are cautioned that all such statements involve risks and uncertainties, including without limitation, risks that Ferroglobe will not successfully integrate the businesses of Globe Specialty Metals, Inc. and Grupo FerroAtlántica SAU, that we will not realize estimated cost savings, value of certain tax assets, synergies and growth, and/or that such benefits may take longer to realize than expected. Important factors that may cause actual results to differ include, but are limited to: (i) risks relating to unanticipated costs of integration, including operating costs, customer loss and business disruption being greater than expected; (ii) our organizational and governance structure; (iii) the ability to hire and retain key personnel; (iv) regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; (v) increases in the cost of raw materials or energy; (vi) competition in the metals and foundry industries; (vii) environmental and regulatory risks; (viii) ability to identify liabilities associated with acquired properties prior to their acquisition; (ix) ability to manage price and operational risks including industrial accidents and natural disasters; (x) ability to manage foreign operations; (xi) changes in technology; (xii) ability to acquire or renew permits and approvals; (xiii) changes in legislation or governmental regulations affecting Ferroglobe; (xiv) conditions in the credit markets; (xv) risks associated with assumptions made in connection with critical accounting estimates and legal proceedings; (xvi) Ferroglobe's international operations, which are subject to the risks of currency fluctuations and foreign exchange controls; and (xvii) the potential of international unrest, economic downturn or effects of currencies, tax assessments, tax adjustments, anticipated tax rates, raw material costs or availability or other regulatory compliance costs. The foregoing list is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business, including those described in the “Risk Factors” section of our Registration Statement on Form F-1, Annual Reports on Form 20-F, Current Reports on Form 6-K and other documents we file from time to time with the United States Securities and Exchange Commission. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof, in each case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decree, cost reductions, business strategies, earnings or revenue trends or future financial results. Forward- looking financial information and other metrics presented herein represent our key goals and are not intended as guidance or projections for the periods presented herein or any future periods. We do not undertake or assume any obligation to update publicly any of the forward-looking statements in this presentation to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation.EBITDA, adjusted EBITDA, adjusted diluted profit (loss) per ordinary share and adjusted profit (loss) attributable to Ferroglobe are, we believe, pertinent non-IFRS financial metrics that Ferroglobe utilizes to measure its success. The Company has included these financial metrics to provide supplemental measures of its performance. We believe these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. For additional information, including a reconciliation of the differences between such non-IFRS financial measures and the comparable IFRS financial measures, refer to the press release dated February 26, 2018 accompanying this presentation, which is incorporated by reference herein. 

 Table of Contents  Q1 2018 OverviewSelected Financial HighlightsPositioned for Growth 

   Opening Remarks   Q1 confirms the positive fundamentals of our business  Higher volumes and stable pricing expected in Q2, with continued volatility in input costs  Generation of free cash flow supports return of value to shareholders and strengthening of balance sheet 

 I. Q1 2018 Overview     Pedro Larrea, Chief Executive Officer 

 Q1 2018 Confirms The Positive Fundamentals Of Our Business    Strong ‘pull-through’ of volumes balanced with portfolio optimization  (Volume change vs Q4 2017)Si Metal +9.4%Si alloys +8.4%Mn alloys -1.7%    Disciplined execution of commercial strategy  (ASP change vs Q4 2017)Si Metal +13.2%Si alloys +12.3%Mn alloys +2.2%      Revenue +19.8% vs Q4 2017  Adjusted EBITDA $89.6 million+67.0% vs Q4 2017  Adjusted EBITDA margin improvementof 452 bps to 16.0%  Q1 net profit$35.6 million – adjusted net profit $33.3 million*     *Adjusted net profit attributable to the parent   Global business platform  Optionality in: Geography Foreign exchange Product mixDoubled the size of Manganese assetsActively evaluating additional growth opportunities 

 Diversified Portfolio Uniquely Positions Us To Benefit From Market Fluctuations   Qtr / Qtr Revenue Growth by Product  Other  Strong sales performance in Silicon Metal and Silicon-based alloys more than offset weaker performance in Manganese-based alloys  Revenue Contribution by Product and Market (LTM Ended March 31, 2018)  Silicon-BasedAlloys28%  Manganese-Based Alloys19%  Other6%  Aluminum  Silicones  Solar  Foundry  Specialty Steel  Steel  Other  1Q-2018 results do not include any contribution from the newly acquired manganese alloys facilities 

 Q1 2018 Revenue Up ~20% vs Previous Quarter  Stronger volumes and higher prices in Silicon Metal and Silicon-Based Alloys Contributed to a significant increase in revenue  1  1Q-2018 results do not include any contribution from the newly acquired manganese alloys facilities  1 

 Q1 2018 Adjusted EBITDA Up 67% vs Previous Quarter    Including:($2.4m) Mn ore costs($2.1m) Electrodes;($2.8m) Coal & Coke prices($0.5m) Energy prices;($1.2m) Ramping up of production at South Africa;($1.3m) Annual overhaul (US and EU)  Stronger volumes and higher prices in the quarter offset by raw material cost increases and one-time costs associated with ramping up production 

 Silicon Metal Snapshot  Volume Trends  Sequential Quarter Product EBITDA Contribution ($m)  Commentary  Price recovery in N.A., Europe and Chinese markets in 2017 — limited price movement in N.A. following ITC decision — recent slide in Chinese prices reflects short-term seasonal impact of rainy season; expected to reverseVolumes strong across all end marketsDrivers of cost increase are electrodes and energy prices, and ramping up of production at South Africa  Pricing Trends ($/mt)  1  1  FX impact excluded 

   All Trade Cases Involving Silicon Metal Have Been Concluded  Status of SiMeTrade Cases Involving Ferroglobe   Illustrative 2018 Shipment Volumes (t)  Global~400 kt  E.U. / RoW~225 kt  North America~175 kt  Canada:~40 kt  U.S.:~135 kt  J.V.:~35,000 t  Fixed price:~40,000 t  Subject to Spot:~60,000 t  Silicon Metal47%  Silicon-BasedAlloys28%  Mn-Based Alloys19%c  Other6%  U.S.A. vs.Brazil, Kazakhstan, Norway, Australia  U.S.A. vs. China  Europe vs. Brazil and Bosnia  Canada vs. Brazil, Kazakhstan, Laos, Malaysia, Norway, Thailand  ITC negative injury determination (March 23, 2018)Decision not to appeal   Withdrawn appeal   ITC confirmed determination after sunset review (May 1, 2018)Antidumping duties confirmed at a 139.49% rate   Ferroglobe withdrew the case (May 7, 2018)  In 2018, U.S. Silicon Metal sales subject to spot prices represent~ 15% of total SiMe~5% of total Ferroglobe shipments  REMINDER 

 Silicon-Based Alloys Snapshot   Volume Trends  Commentary  Ferrosilicon prices remain near historical levels starting to see some pressure recentlyStrong demand worldwide tightened the supply-demand balance in all markets.Increased costs reflect annual overhaul costs, and higher energy costs in EuropeHigher value added and non-commodity foundry products now account for 30% of silicon-based alloys, with 10% y/y growth  Sequential Quarter Product EBITDA Contribution ($m)  Pricing Trends ($/mt)  1  1  FX impact excluded 

 Manganese-Based Alloys Snapshot  Commentary  Transaction for newly acquired plants closed Feb 2nd — incremental volumes not reflected in Q1Manganese-based alloy volumes lower due overhaul downtime Product margin affected by increasing manganese ore prices and higher energy costsSome recent improvement in manganese ore prices, impact to be realized in Q3  Volume Trends  Pricing Trends ($/mt)  Sequential Quarter Product EBITDA Contribution ($m)  FX impact excluded  1  1 

 Recent Decrease In Mn Ore Prices Likely To Continue —Expansion In Spreads During The Coming Quarters  Mn Ore Prices ($/dmtu)  Mn ore prices have been increasing very significantly since Q1 2017, with alloys prices remaining relatively stableAs a consequence, spreads have been contracting in the past few quartersRecent decline in Mn ore prices could anticipate an improvement in spreads  Source: Metal Bulletin 

    Selected Financial Highlights  Joe Ragan, Chief Financial Officer 

 Q1 2018 Key Performance Indicators And Overview  1 Free cash flow defined as “Net cash provided by operating activities” minus “Payments for property, plant and equipment.”Source: Company information  Notes  Key Performance Indicators  Q1 2018  Q4 2017  CY 2017  CY 2016  Revenue ($m)  560.7  468.2  1,741.7  1,576.0  Operating Profit ($m)  65.5  -1.6  39.7  -373.1  Profit Attributable to the Parent ($m)  36.7  6.4  -0.7  -338.4  Adjusted EBITDA ($m)  89.6  53.7  184.5  70.4  Adjusted EBITDA Margin  16.0%  11.5%  10.6%  4.5%  Working Capital ($m)  337.3  279.8  279.8  368.4  Free Cash Flow1 ($m)  -43.0  76.2  75.8  45.1 

 Balance Sheet Summary  Financial results are unauditedNet Debt includes finance lease obligations Capital is calculated as book equity plus net debt  Notes  ($mm)  03/31/20181  12/31/2017  12/31/2016  Total Assets  2,301.1  2,000.3  2,019.3  Net Debt2  449.3  386.93  405.0  Book Equity   979.5  937.8  892.0          Net Debt2 / Adjusted EBITDA  1.85x  2.10x  5.76x  Net Debt2 / Total Assets  19.5%  19.3%  20.1%  Net Debt2 / Capital3   31.5%  29.2%  31.2% 

 Increase in Net Debt Primarily Attributable to Acquisition Related Costs  Net Debt ($m) 

 Q1 2018 net debt bridge vs Previous Quarter  Cash flow associated with acquisition of Mn alloys plants    One-off non-recurrent effects   

 Increase in Working Capital Primarily Attributable Two Acquired Plants  Reduced WC significantly while sales have increased by 41.6% over 2017  Working Capital ($m)  $55.5 million from acquired Mn alloys facilities 

 Reinstatement of dividend — $0.06 per sharebalanced approach to capital allocationconfidence in maintaining this stable levelreturning value to shareholdersConservative capital structure — company positioned to pursue growth opportunitiesFocus on deleveraging the balance sheetAchieved leverage target of below 2x in 1Q-2018 — aiming to be around 1x by year-end 2018 Successful refinancing has simplified the debt structure and improved the solvency with regard to covenants    Delivering Value for Shareholders and Positioning For The Long Term  Q1 2018 Performance  Remain Focused on Delivering Value  Reported EBITDA of $93.5 million, +321 % vs reported EBITDA of $22.2 million in Q4 2017. Adjusted EBITDA of $89.6 million for the quarter.Net profit of $36.7 million, or $0.21 per share on a fully diluted basis. Working capital increased to $337.3 million during the quarter, primarily due integration of newly acquired business.Operating cash flow of $-20.4 million and free cash flow of $-43.0 millionBalance sheet strength maintained:Net debt of $449.3 million at end of Q1 2018, up from $386.9 million at the end of Q4 2017 — largely attributable to the acquisition of the two manganese alloys facilities acquired on February 1, 2018 and other non-recurring circumstancesNet Debt to EBITDA metrics have improved 

    Positioned for Growth  Pedro Larrea, Chief Executive Officer 

 End Market Dynamics: Solid Fundamentals    Recent Trends:Global steel production hit the highest level on record in 1Q-18World steel capacity utilization remains at healthy and stable levelsInventory levels remain near multi-year lowsGrowth in North America stands to benefit from an new infrastructure spending program    Polysilicon / Electronics  Recent Trends:More than 100 GW of new global PV installations expected in 2018North American volumes of PV materials remain under pressure following Chinese dumping actions against polysilicon; new demand regions emerging. Electronics demand continues to be strongPV market in Europe expected to grow by 35% in 2018 , which will support polysilicon industry  Recent Trends:Alumina and aluminum deficit expected for 2018Considerable uncertainty remains in the global supply chain due to multiple trade actions, potential sanctions and supply disruptionsContinued benefit from megatrends (EV vehicles, light weighting)   Aluminum / Auto  Recent Trends:Leading indicators from manufacturing output, unemployment and consumer spending remain largely positive, reflecting increased economic activityStrong market sentiment for public companies Chemical sector will follow GDP growth projected at 2.0+% in Eurozone for 2018   Chemicals / Silicones  XX%  XX%  XX%  Steel and Specialty Metal       

 Si-Based Alloy Order Book  Commercial Outlook Across Our Portfolio For the Remainder of 2018  Silicon Metal Order Book  Mn-Based Alloy Order Book    Healthy global economies Positive supply/demand dynamics — tightness in end market expected through the yearIncreased raw material costs for producers globally supporting higher prices (potential for surcharges)China environmental crackdown and financial reform — reduced domestic production resulting in reduced exports from China  

   New Plants Expand the Breadth and Depthof Manganese-Alloys Operations  Ferroglobe and Glencore Europe production in 2017 (kt).  Mo I Rana  134  96  Cee  0  Monzón  SiMn  FeMn  55  83  Boo  132  Dunkirk  Acquired facilities  Existing facilities  Over 1 million tonnes of manganese ore will be consumed annually by the combined operation   199  TOTAL  500      Total of 230   Total of 270   Transaction closed on February 1, 2018Finished goods inventories at that date belonged to selling partyNeed to manufacture new finished goods for Ferroglobe’s salesFinancial contribution from acquired facilities to commence in 2Q-2018 

   7  Acquisition Of New Manganese-Alloys Plants Highlights Disciplined M&A Approach  Closed the acquisition on February 1, 2018 Transaction was immediately accretiveCash disbursements of $55.5 million made during Q1-2018,No sales revenue or financial contributions were made by these assets in Q1Future payments in the form of an ‘earn-out’   Inventories: ($101.6)Accounts Receivable ($27.8)Accounts Payable $73.9Working Capital ($55.5)  Balance Sheet Impact (March 31, 2018)  Highlights 

 New UMG Solar Silicon Plant Is On-Track   Construction Phase (as of May 9, 2018)  Plant Update  Location: Puertollano, SpainInitial phase UMG capacity: 1,400 mt/yConstruction to be completed by year-end 2018Total capital expenditure in-line with previous estimate of €72 million:Spent in 2015 – 2017: €22mSpent in Q1 2018: €4.9mCommitted Capex: €23mPending: €22m 

     Ferroglobe Is Well Positioned For 2018 And Beyond  Ferroglobe is stronger than ever…  …and well positioned to capitalize on strong market fundamentals  Strong balance sheet presents flexibility and the ability to pursue growth initiativesBest practices drive cost management and continuous improvementSuccessful execution of raw material procurement, including electrodes, allows for security of supplyBooked business at attractive prices in 2018 provides a floor for revenuesCash-flow generation allows deleveraging and return of value to shareholders  Strong fundamentals in all end markets, supported by megatrends that are requiring increased supply of advanced materialsSolid pull-through demand across all core products and geographies Favorable structural supply/demand dynamics in our marketsBalanced product portfolio with unrivalled capabilitiesLeveraging optionality of global production footprint to capitalize on market opportunities       

   Closing Remarks   Q1 confirms the positive fundamentals of our business  Higher volumes and stable pricing expected in Q2, with continued volatility in input costs  Generation of free cash flow supports return of value to shareholders and strengthening of balance sheet 

    Q&A  

 Advancing Materials Innovation  NASDAQ: GSM      First Quarter 2018