Alpha HPA (A4N) Investor Presentation summary

Project overview and strategy

• Specializes in ultra-high purity aluminium products for high-tech sectors using a novel, low-carbon process.

• Commercialization in two stages: Stage 1 in production, Stage 2 under construction at Gladstone, QLD, powered by 100% renewable energy.

• Stage 2 targets full-scale facility with 10,000 tpa capacity, first production expected in 2026.

• Strategic partnership with Orica includes supply agreements, by-product offtake, and a 5% equity stake.

• Downstream value added via synthetic sapphire production for semiconductors and optics.

Financials and funding

• Stage 2 capex estimated at $553M, funded by $320M loan, $80M cost overrun facility, $175M equity, and government grants.

• Steady-state annual revenue projected at $359M–$509M by FY30, with EBITDA margins of 71%–79%.

• Pre-tax free cash flows expected to reach $251M–$399M at full utilization.

• Market cap approximately $925M, with $123M cash and $803M enterprise value as of March 2025.

• Product pricing ranges from $15/kg to $50/kg depending on purity and application.

Technology and product applications

• Proprietary solvent extraction process yields high-purity alumina and related products with minimal waste.

• Products enhance thermal management in AI data centers and semiconductors, improving efficiency and reducing errors.

• High-purity alumina improves CMP wafer polishing rates and battery safety through advanced coatings.

• DLE sorbents made from amorphous alumina hydrate offer longer lifespan and higher extraction rates for lithium.

• Sapphire products address new demand in GaN-on-sapphire semiconductors and optics, with qualification underway.