Amsterdam, 21 May 2010 --- AMG Advanced Metallurgical Group N.V.'s ("AMG", EURONEXT AMSTERDAM: "AMG") affiliate Timminco Limited ("Timminco"; TSX: TIM) announced today that, further to its news release of May 13, 2010, it has completed the second of three tranches of its private placement equity offering, which is expected to generate total gross proceeds of approximately C$13.1 million. The second tranche of approximately 9.0 million common shares was issued at a price of C$0.65 per share for gross proceeds of approximately C$5.8 million. AMG acquired approximately 4.2 million common shares with the remaining shares issued to other investors. As a result, AMG now owns approximately 79.1 million common shares of Timminco, representing approximately 41.1% of Timminco's total issued and outstanding shares.

Timminco expects to complete the third tranche of the equity financing of approximately 4.1 million common shares at the same price per share, for additional gross proceeds of approximately C$2.6 million, on or about June 14, 2010. AMG will acquire all of the common shares under the third tranche. Upon completion, AMG's ownership will increase to approximately 42.3%.

The net proceeds of the offering will be paid to Timminco's senior secured lender to reduce a portion of the principal amount outstanding under a new term loan credit facility and to reduce a portion of the outstanding balance under Timminco's revolving credit facility with the Bank of America, N.A. The amount repaid under the revolving credit facility may be reborrowed, and used for general corporate purposes, subject to continued compliance with, and availability under, these credit facilities.