Advanced Engineered Materials (AEM) Trading update summary

Trading commencement and IPO highlights

• Commenced trading on ASX under ticker “AEM” after raising A$44.8 million at A$0.53 per share, with a market cap of A$312 million and enterprise value of A$272 million.

• IPO was well supported by institutional, family office, sophisticated, and existing investors from Australia and overseas.

• Listing provides access to new capital for commercialisation, production ramp-up, and expansion studies.

Production and expansion plans

• Operates a commercial-scale HPA facility in Cap-Chat, Quebec, with 2,000 tpa capacity, among the largest non-Chinese producers.

• Plans to expand capacity to 3,000 tpa by 2026 and 6,000 tpa by 2029, supported by government funding.

• At 3,000 tpa, will be the third largest HPA producer outside China.

Market outlook and positioning

• Demand for 4N/4N+ HPA forecast to grow at ~10% CAGR to 2035, driven by electronics, semiconductors, and batteries.

• Global supply outside China is limited, with a structural deficit expected by 2029.

• Tight supply and long qualification cycles support a favourable pricing environment.

• Positioned as a low-cost, ESG-compliant, ex-China supplier using patented CLCP process and renewable hydroelectric energy.