Alpha HPA (A4N) Investor presentation summary

Strategic positioning and technology

• Developing the world's largest single-site high-purity alumina (HPA) facility in Gladstone, Queensland, with Stage 2 under construction and Stage 1 operational at 350 tpa, scaling to 10,000 tpa by 2027.

• Only known supplier meeting critical low-radiation and heat dissipation specs for advanced semiconductor packaging, supporting AI memory and logic chips.

• Unique, wasteless process upcycles chemicals, delivering ultra-high purity products for multiple growth sectors including semiconductors, lithium-ion batteries, and LED/sapphire.

• Strong government support with A$497m in funding, including equity, loans, and grants from federal and state sources.

• National Reconstruction Fund Corporation holds a 6.9% stake following a recent A$75m investment.

Market opportunity and demand

• Positioned as a critical supplier to the rapidly expanding semiconductor supply chain, with demand for HPA driven by AI/data center growth and advanced packaging.

• HPA is replacing silica in chip packaging due to superior thermal conductivity, enabling 2-3x better heat dissipation and significant energy savings at the data center level.

• Forecast HPA demand for thermal fillers projected to reach ~8,000 tpa by 2030, with potential upside to >18,000 tpa.

• Ongoing supply deficit for low-alpha materials and DLE industry growth may drive further expansion, with Stage 3 under consideration.

• Over 100 parties in advanced product qualification, with LOIs covering up to 65% of Stage 2 capacity.

Product and customer traction

• Only global supplier of <1ppb U/Th low-alpha HPA for thermal fillers, with binding contracts and LOIs in place with major Japanese and Korean OEMs.

• Novel HPA particles for CMP deliver up to 50% higher removal rates, with LOIs for up to 4,000 tpa and advanced qualifications with leading US, Asian, and Japanese end-users.

• Early-stage outreach for semi-tooling and DLE sorbents, with significant potential demand identified.

• Price discovery indicates >3x capacity demand by 2030, with average product prices rising from $25.6/kg to $29.3/kg between 2024 and 2026.

• Qualification testing underway with >100 end-users, and sales/binding contracts ramping up as Stage 2 approaches production.