Alurion Resources Limited · ASX:ALU
Alurion Resources — Investor Presentation (August 2026)
33 slides from Alurion Resources's investor presentation, Aug 3, 2026
Slide 1: Alurion Resources 2026
A L U R I O N R E S O U C E S 2026 For personal use only alurionresources.com
Slide 2: Disclaimers
A L U R I O N R E S O UU C R EC SE S 2026 Disclaimers Nature of Document: This presentation has been prepared and issued by Alurion Resources Limited (ALU, the Company) to Not financial product advice: Neither the Company nor any of its related bodies corporate is licensed to provide financial provi
Slide 3: Disclaimers
A L U R I O N R E S O U R C CE ES S 2026 Disclaimers Financial Information and Market Data: All financial information in this presentation is presented in Australian dollars unless The Company is listed on the Australian Stock Exchange (ASX:ALU). An investment in a listed company does not otherwise
Slide 4: Investment Overview
A L U R I O N R E S O U R C EC SE S 2026 Investment Overview For personal use only Large-Scale High-Quality Bauxite Resource Low-Cost, Direct Ship Bauxite Leading Economics, Margins and Returns Market Dynamics Driving Strong Economics alurionresources.com 4
Slide 5: Experienced Board and Management
A L U R I O N R E S O U R C EC SE S 2026 Experienced Board and Management Experienced Board and Management 25+ years of resource and corporate finance experience at senior and board level; Chartered Accountant with PwC in London; executive roles at GE Capital in Sydney; director and CFO of Aston T
Slide 6: Scale, Quality and Established Logistics
A L U R I O N R E S O U R C EC SE S 2026 For personal use only SCALE, QUALITY AND ESTABLISHED LOGISTICS SCALE, QUALITY AND ESTABLISHED LOGISTICS alurionresources.com 6
Slide 7: Scale, quality and established logistics
A L U R I O N R E S O U R C EC SE S 2026 Scale, quality a n d established logistics WORLD-CLASS BAUXITE PROVINCE For personal use only 568 Mt JORC resource including 98 Mt high-alumina, low-silica (1) UNDERPINNED B Y A D E C A D E OF EXPLORATION ~57,000 meters of historical drilling and extensive ge
Slide 8: Large-scale bauxite-gallium province
A L U R I O N R E S O U R C EC SE S 2026 L a r g e - sc ale, b a u x i t e - g a l l i u m p r o v i n c e For personal use only In-situ Mineral Resources Indicated vs Inferred 568 Mt Indicated + Inferred Direct Ship Bauxite (DSB) Tonnes (Mt) 98 TAA (%)(2) 41.9% RSI (%) 2.5% Ga (ppm)(2) 51.6 DSB Ind
Slide 9: High-alumina, low-silica resource base
A L U R I O N R E S O U R C E S 2026 High-alumina, low-silica resource base Reactive silica (%) Al₂O₃ content (%) Amargosa Product Quality vs. Key Bauxite Indices ² Amargosa vs. select operating mines ¹ Amargosa vs. select operating mines ¹ Amargosa bauxite has competitive reactive silica ratios rel
Slide 10: Simple initial development pathway
A L U R I O N R E S O U R C EC SE S 2026 S i m p l e initial d e v e l o p m e n t p a t h w a y For personal use only Large-scale, High-quality Low-capex, Long-life Bauxite First-quartile(1) 5 Mtpa 98 Mt US$119 M (2) ANNUAL DEVELOPMENT CAPEX DIRECT-SHIP-BAUXITE PRODUCTION 17 years 41.9% US$48.7/dmt
Slide 11: Strong cash generation and returns
A L U R I O N R E S O U R C EC SE S 2026 S t r o n g c a s h g e n e r a t i o n a n d returns ( 1 ) For personal use only After-Tax NPV8 After-Tax IRR Capex(2) Payback US$630 M 82% US$119 M 1.2 Yrs NPV/Capex Av. EBITDA pa FCF Margin 5.3x US$102 M 23% alurionresources.com (1) Amargosa Bauxite Projec
Slide 12: Established road-to-port export pathway
A L U R I O N R E S O U R C EC SE S 2026 E s t a b l i s h e d r o a d - to-p o r t e x p o r t p a t h w a y For personal use only Federal Highways T r u c k i n g t o Po r t E n s e a d a B u l k Po r t Transshipping 5 Mtpa DSB project Road is the dominant Direct-ship bauxite High-capacity offshor
Slide 13: Shallow, thick bauxite supports simple operations
A L U R I O N R E S O U R C EC SE S 2026 Shallow, thick bauxite supports simple operations Visual Scale Topography For personal use only Shallow, thick and laterally consistent bauxite horizon Bauxite resources set within secondary vegetation alurionresources.com 13
Slide 14: Development Strategy: Mining, Logistics and Growth
A L U R I O N R E S O U R C EC SE S 2026 For personal use only MINING, LOGISTICS AND GROWTH D E V E L O P M E N T S T R A T E G Y : MINING, L O G I S T I C S AND GROWTH alurionresources.com 14
Slide 15: Streamlined mine to port supply chain
A L U R I O N R E S O U R C EC SE S 2026 S t r e a m l i n e d m i n e to p o r t s u p p l y c h a i n For personal use only Lo w - cost Road Established No Amazon 1 2 Processing 3 4 Po r t 5 Complexity mining Logistics Conventional, low-cost DSB — no processing Efficient, low-cost, scalable Port o
Slide 16: First-quartile, direct-ship bauxite project
A L U R I O N R E S O U R C EC SE S 2026 First-quartile, d i r e c t - s h i p b a u x i t e p r o j e c t Bauxite forecasts underestimated price C M G r o up : A m a r g o s a is a first-quartile p r o j e ct For personal use only Each forecast line represents CRU's annual price outlook for 2030 gl
Slide 17: Critical minerals and scale upside
A L U R I O N R E S O U R C EC SE S 2026 Critic al m i n e r a l s a n d s c a l e u p s i d e For personal use only Critical-minerals Scale Upside and scale upsides Potential Next Potential Next Value Lever Value Lever Outcome Steps Outcome Steps Unlock gallium endowment and Critical Mineral FIOL R
Slide 18: Strong Market Fundamentals
A L U R I O N R E S O U R C EC SE S 2026 For personal use only NDAMENTALS STRONG MARKET FUNDAMENTALS alurionresources.com 18
Slide 19: China's domestic bauxite supply decline
A L U R I O N R E S O U R C EC SE S 2026 China’s domestic bauxite supply decline C h i n a b a u x i t e r e s e r v e s – f o rec as t R e a c t i v e silica c o n t e n t (2) For personal use only Millions of tonnes (1) China’s bauxite reserves are rapidly depleting - 579 10% both tonnage and qu
Slide 20: China's import dependence accelerates
A L U R I O N R E S O U R C EC SE S 2026 China’s import dependenc e accelerates Accelerating bauxite import growth over last 20 years For personal use only China bauxite imports Millions of tonnes (1) Domestic bauxite production has peaked: ~200 Production hit ~100 Mt (2017) - expected to fall t
Slide 21: Guinea dominance of China's seaborne bauxite supply
A L U R I O N R E S O U R C EC SE S 2026 Guinea dominance of China’s seaborne bauxite supply G u i n e a d o m i n a n c e of C h i n a ’ s s e a b o r n e b a u x i t e s u p p l y A decade-long shift towards concentrated, single-country dependence on Guinea For personal use only China Bauxite Impo
Slide 22: Structural import demand creates opportunity for Brazil
A L U R I O N R E S O U R C EC SE S 2026 S t r u c t u r a l i m p o r t d e m a n d c r e a t e s o p p o r t u n i t y for Br az il For personal use only China’s bauxite imports have surged from less than 5 Mtpa to ~200 Mtpa over the last 20 years China’s domestic bauxite reserves are rapidly
Slide 23: Brazil offers stable and cost-competitive supply
A L U R I O N R E S O U R C EC SE S 2026 Brazil offers stable and cost-competitive supply B r a z i l offers s t a b l e a n d c o s t - c o m p e t i t i v e s u p p l y T o p G l o b al B a u x i t e R e s e r v e s & K e y T r a d e F l o w s For personal use only Concentration risk • China's 73%
Slide 24: Project Timeline and Development Pathway
A L U R I O N R E S O U R C EC SE S 2026 For personal use only VELOPMENT PATHWAY P R O J E C T TIMELINE AND DEVELOPMENT PATHWAY alurionresources.com 24
Slide 25: Development timeline: 5 Mtpa DSB
A L U R I O N R E S O U R C EC SE S 2026 D e v e l o p m e n t timeline: 5 M t p a D S B For personal use only Rio Tinto: +10 years Amargosa Permits and Large-scale, low-capex direct-ship-bauxite project exploration and feasibility Bauxite Project construction studies Scoping Study Lower executi
Slide 26: Amargosa permitting roadmap
A L U R I O N R E S O U R C EC SE S 2026 Amargosa permitting roadmap For personal use only EXPLORATION PERMIT FINAL EXPLORATION MINING CONCESSION MINING PERMIT REPORT FEDERAL PERMITTING (ANM) Planned Planned ENVIRONMENTAL PRELIMINARY LICENSE INSTALLATION LICENSE OPERATING LICENSE BASELINE STUDIES EN
Slide 27: Sources & Uses of Funds
A L U R I O N R E S O U R C E S 2026 Sources & Uses of Funds Maximum Subscription Source of funds (A$m) For personal use only Cash 1.5 Funds raised under the Offer 50.0 Total Funds Available 51.5 Maximum Subscription Indicative allocation of funds (A$m) Year 1 Year 2 Total Exploration & safety 1.0 0
Slide 28: Appendix
A L U R I O N R E S O U C E S 2026 For personal use only APPENDIX alurionresources.com 28
Slide 29: Amargosa Project Scoping Study Economics
A L U R I O N R E S O U R C EC SE S 2026 A m a r g o s a P r o j e c t S c o p i n g S t u d y E c o n o m i c s (1) Pricing & Production Units Base Case High Case Low Case For personal use only Bauxite Price US$/dmt Spot $71/t CM $80/t CM $65/t First Production yr 2029 2029 2029 Avg. Annual Product
Slide 30: Bauxite end markets
A L U R I O N R E S O U R C EC SE S 2026 Primary Aluminium Energy Transition Advanced Alumina Energy Storage Cast Aluminum; Extrusions Solar Panels; Power Transmission Cables Lithium-ion battery separators Battery coatings For personal use only Bauxite End Markets Gallium; Ilmenite; Zircon & EV`s li
Slide 31: Key Risks
A L U R I O N R E S O U R C EC SE S 2026 Key Risks An investment in the Company is subject to a range of risks. A summary of key risks is set out below. Investors should read the Prospectus in full, including the “Risk Factors” section, before making any investment decision. General. An investment i
Slide 32: Key Risks
A L U R I O N R E S O U R C EC SE S 2026 Key Risks Supply chain and logistics risks. Supply chain disruptions and the general level of economic uncertainty experienced during events such epidemic and infectious diseases, and the public response to, or fear of such diseases and other global events su
Slide 33: alurionresources.com
A L U R I O N R E S O U R C EC SE S 2026 For personal use only alurionresources.com 2026 A L U R I O N R E S O U C E S alurionresources.com
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