Alpha HPA (A4N) Q1 2027 earnings summary

Executive summary

• Stage 2 construction advanced, with civil works below the critical path, major equipment installation underway and the first switch room installed and in commissioning.

• End-user LOI coverage exceeded 13,800 tonnes; Stage 1 HPA and ATH capacity was estimated at four times oversubscribed.

• Progressive drawdown commenced on the $160M Critical Minerals Facility commitment managed by Export Finance Australia.

Financial highlights

• Customer receipts were A$246K and net operating cash used was A$12.526M in the September quarter.

• Net investing cash outflow was A$67.054M, including A$69.619M of property, plant and equipment payments and A$2.565M of other investing inflows.

• Cash and cash equivalents ended the quarter at A$81.362M, versus A$161.116M at the beginning of the period.

• Completed product sales totalled A$246,258; weighted average unit price was US$26.39, excluding sapphire sales.

Outlook and guidance

• Major procurement is targeted for completion by Q1 2027; more than 1,000 tonnes of steel and large fabricated process equipment is due in Gladstone late November/early December 2026.

• First energisation of permanent Stage 2 plant was targeted for early December 2026; the Orica pipe-bridge was on target for installation in December.

• Stage 1 HPA capacity upgrades were scheduled for completion by end-November; expanded ATH capacity of 200kg/day was targeted for November 2026, with spray-drying capacity targeted to double by December.

• Stage 1 and Stage 2 supply contracts are being developed to match the lithium-ion battery end-user’s commercial ramp-up, following an LOI for up to 5,000tpa.