Advanced Engineered Materials (AEM) Investor presentation summary

Company overview and strategy

• Produces high purity alumina (HPA) at a 2,000 tpa facility in Quebec, expanding to 3,000 tpa by mid-2026 and targeting 6,000 tpa by 2029.

• Serves high-growth sectors: advanced ceramics, semiconductors, thermal fillers, and synthetic sapphire.

• Uses a patented, low-cost, and low-carbon chloride leach crystallisation purification process, powered by renewable hydroelectricity.

• Holds 59 granted patents and 7 pending, with a strong focus on innovation and customer collaboration.

• Operations benefit from stable Canadian jurisdiction, local feedstock, and government support.

Market dynamics and positioning

• HPA demand is forecast to grow at ~10% CAGR from 2024 to 2034, driven by sapphire, LED, and semiconductor markets.

• Global supply is dominated by China, but quality and supply chain concerns drive demand for non-Chinese producers.

• Tight market conditions and forecast undersupply are expected to drive HPA prices higher, with long-term prices up to $40/kg for 4N5+ HPA.

• AEM is forecast to be in the bottom half of the global cost curve, delivering ROW quality at competitive costs.

• Industry-leading carbon emissions profile, with ~77% lower emissions than traditional producers.

Expansion projects and financials

• Stage 1 expansion delivered 2,000 tpa capacity in 2025; a dedicated 3N5 circuit will add 1,000 tpa by mid-2026.

• Stage 2 expansion will double capacity to 6,000 tpa by 2029, with robust economics and government support.

• Stage 2 PFS projects steady-state EBITDA of $47.1m–$85.2m per year at margins of 74%–83.7%.

• Expansion plan is staged to match market demand and de-risk execution.