Alpha Hpa Limited · ASX:A4N
Alpha Hpa — Investor Presentation (January 2026)
46 slides from Alpha Hpa's investor presentation, Jan 29, 2026
Slide 1: Capital Raising Presentation
AlphaHPA CAPITAL RAISING PRESENTATION ASX: A4N
Slide 2: Important notice and summary information
This investor presentation (Presentation) is dated 29 January 2026 and has been prepared by Alpha HPA Limited (ABN 79 106 879 690) (Alpha, “Alpha HPA’ or the Company). By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree
Slide 3: Financial and Other Information (Cont'd)
FINANCIAL AND OTHER INFORMATION (CONT’) Investors should be aware that certain financial measures included in this Presentation are ‘nonIFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing nomFRS financial information’ published by ASIC and also ‘non-GAAP financial measures’ with
Slide 4: Disclaimer (Cont'd)
DISCLAIMER (CONT’) In connection with the Placement bookbuild, one or more investors may elect to acquire an economic interestin the New Shares (Economic Interest, instead of subscribing for or acquiring the legal or beneficial interest in those shares. The Joint Lead Managers (or their affiliates)
Slide 5: Capital Raising to Unlock Scale in Semi Sector
CAPITAL RAISING TO UNLOCK SCALE IN SEMI SECTOR Capital Raising of “~A$225m supports delivery and commercialisation of Stage 2 HPA First Project C > @ Thermal management has become a key limiter to compute scaling within data centres; which has accelerated demand for advanced packaging materials that
Slide 6: Use of Proceeds
USE OF PROCEEDS Proceeds from the Capital Raising, together with existing cash (~A$39M)" will be used primarily to support construction and commercialisation of Stage 2 HPA First Project, to unlock further capacity from Stage 1, and other general corporate purposes ® Continue development of the Alph
Slide 7: Equity Raising Overview
EQUITY RAISING OVERVIEW @ An underwritten A$225m institutional placement (Placement) comprising: — Unconditional placement to raise approximately A$105m using the Company's Listing Rule 7.1 placement capacity through the issue of approximately 140 million new fully paid ordinary shares in Alpha HPA
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS Alpha provides rare and direct ASX exposure to the rapidly expanding Al supply chain; uniquely positioned with completion of Stage 2 resulting in Alpha becoming the largest single site manufacturer of HPA globally Alpha uniquely positioned to meet rising demand for advanced sem
Slide 9: Overview of Alpha
AlphaHPA SECTION 1 OVERVIEW OF ALPHA
Slide 10: About Alpha
ABOUT ALPHA LEADING SPECIALTY MATERIALS MANUFACTURER OF HIGH-PURITY ALUMINA (“HPA”) AND RELATE! IW PRODUCTS PRIMARILY FOR ADVANCED SEMICONDUCTOR APPLICATIONS \ © Operating the Stage 1 Facility and constructing the world’s largest High Purity Alumina materials facility as Stage 2 < ‘GLADSTONE, @ Esta
Slide 11: Proven Technology Advantage
PROVEN TECHNOLOGY ADVANTAGE NEXT GEN PROCESS DELIVERS UNIQUE, HIGH-PERFORMING PRODUCTS TO A RANGE OF GROWTH SECTORS By products are sent to Orica and returned as reagents in a wasteless process. ULTRA ALN™ ULTRA GAP™ ULTRA AAP™ e 5N Aluminium Nitrate +4N5 Gamma Phase HPA +4N5 Alpha Phase HPA. > Al (
Slide 12: Where Alpha Holds a Clear Advantage
WHERE ALPHA HOLDS A CLEAR ADVANTAGE SECTOR » SEMICONDUCTOR DLE LITHIUM-ION BATTERY “Ny Alumina abrasives for High sintering, ‘low Alumina and ATH materials as polishing silicon carbide alpha” HPA for alumina spherical ‘heat sinks’ to manage [substrates (Si-C) and package ceramic tool temperature in
Slide 13: Accelerating HPA Demand
. (ee as > AlphaHPA ie ws * SECTION 2 Vv ° ACCELERATING | } HPA DEMAND J
Slide 14: The Switch to HPA to Manage Data Centre Cooling
4 THE SWITCH TO HPA TO MANAGE DATA CENTRE COOLING © Silica has long been used for thermal fillers in chip packaging. HPA is now emerging as the preferred material, offering superior heat dissipation and mechanical reliability for advanced semiconductors © Chips are hitting thermal limits ~ materials
Slide 15: The semiconductor sector
the semiconductor sector Alpha’s unique process capa is cesing te Alpha’s products: Py * high purity aluminas for thermal filler in Al packaging, : J i’ * novel alumina particle in CMP, and fie * novel aluminas for fine alumina af tools mory and logic chip rere yh es advanced semi 5 . “See . Alpha i
Slide 16: • • • • • • 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000
• • • • • • 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
Slide 17: Total estimated market demand
Total est. market demand - CRU (RHS) • • • Demand model based • on Alpha’s current customers and • markets (LHS) • • • • • •
Slide 18: Global Marketing Reach and Price Discovery
GLOBAL MARKETING REACH AND PRICE DISCOVERY SALES AGENTS & INTERMEDIARIES e Alpha generates end-market expertise via a global marketing agency and advisory network e Detailed, technically driven understanding of markets, pricing, applications and growth trends | | china. e ‘Alpha Market Discovery Pri
Slide 19: Jan-25 Jul-25 Jan-26
550 16,000 500 14,000 450 12,000 400 2,000 350 10,000 1,500 300 1,000 8,000 500 250 0 200 Jan-25 Jul-25 Jan-26 Jul-26 6,000 150 4,000 100 2,000 50 0 0 2020 2021 2022 2023 2024 2025 2026 2027 2028
Slide 20: Stage 2 Project Update
Alpha HPA SECTION 3 STAGE 2 PROJECT UPDATE
Slide 21: FY28 FY29 FY30
100% 100% 96% 90% 82% 80% 70% 60% 50% 40% 30% 26% 20% 10% -% FY28 FY29 FY30 FY31
Slide 22: Stage 2: Updated Project Metrics
STAGE 2 : UPDATED PROJECT METRICS Refreshed economic model with 13% improvement in EBITDA’ e Alpha undertook a re-baselining of Stage 2 as the project progressed through its 30% commissioning milestone e Substantially improved annual revenues forecast, driven by higher unit pricing as informed by en
Slide 23: NRFC investment aligns with strategy to grow Australia's industrial capability
The NRFC investment aligns with its strategy to grow Australia’s industrial capability by supporting the onshore manufacturing of high-value critical minerals products • • • • • •
Slide 24: Equity Raising
Alpha HPA SECTION 4 EQUITY RAISING
Slide 25: Equity Raising Offer Summary
EQUITY RAISING OFFER SUMMARY oximately A$105m usir Company's Listing Rule 7.1 placement capacity through the issue 0 million new fully paid ordinary s : nt to raise approx A$120m through the of approximately 160 million N ect to shareholder at will be sought at a General Meeting expected to be held
Slide 26: Indicative timetable
The above timetable is indicative only and subject to change. The commencement of trading and quotation of New Shares issued under the Placement and SPP is subject to confirmation from ASX. Subject to the requirements of the Corporations Act, the ASX Listing Rules and other applicable rules, Alpha r
Slide 27: Appendix A: Additional Information
Alpha HPA APPENDIX A ADDITIONAL INFORMATION
Slide 28: Alpha's particle in CMP steps 1 and 4
• • • ‒ • Industry standard Rotary Alpha (Ultra AAP) Alpha’s particle in CMP steps 1 and 4 Source: Alpha
Slide 29: HPA thermal fillers provide heat transfer for chip package encapsulation
* HPA thermal fillers provide the heat transfer for chip package encapsulation * Low alpha radiation HPA filler is critical for Al chip reliability and performance Heat dissipation via high purity alumina fillers EMC THERMAL ENCAPSULATION PACKAGING GPU/CPU HBM DRAM DIE LOGIC DIE INTERPOSER BEE BE BE
Slide 30: Short List of 'Low Alpha' Alumina Outreach
SHORT LIST OF ‘LOW ALPHA’ ALUMINA OUTREACH DOMICILE SUMMARY STATUS! Japan based, global quality leader for spherical alumina fillers. Qualified for both HPA and ATH, sales commenced, LOI in pace for 100tpa. Binding sales contract under negotiation Korea-based, existing spherical alumina filler suppl
Slide 31: Short List of CMP Sector Outreach for Thermal Fillers
SHORT LIST OF CMP SECTOR OUTREACH FOR THERMAL FILLERS COMMERCIAL DOMICILE SUMMARY STATUS! ‘QUALIFICATION Sane SALES Lol A CMP market leader. + 3 year testwork with Alpha. Currently testing both our alpha- phase nano-powders and our first round of nano—slurries Underway Pending Japan/US based, CMP ma
Slide 32: Appendix B: Key Risks
Alpha HPA APPENDIX B KEY RISKS
Slide 33: Key Risks
KEY RISKS This section discusses some of the key risks associated with an investment in shares in Alpha HPA (‘Shares’). There are a number of risk factors, specific to Alpha HPA (‘Company’ or “Alpha”) and of a general nature, which may affect the future operating and financial performance of Alpha,
Slide 34: Key Risks (Cont'd)
KEY RISKS (CONT’) Production and cost estimates Development stage Project approvals Environmental, social and governance risk Climate risk Cyber risk Whilst care has been taken in estimating the capital cost (including contingency), future operating costs and production profile for Stage 2 of the HP
Slide 35: Key Risks (Cont'd)
KEY RISKS (CONT’) Competition Personnel and labour risks Work, health and safety Technological developments / disruption Product pricing Foreign exchange rate The Company participates in the development of ultra-high purity aluminium and alumina materials using its proprietary solvent extraction and
Slide 36: Key Risks (Cont'd)
KEY RISKS (CONT’) Debt financing, liquidity and access to capital Delay in development of Stage 2 of the HPA First Project Counterparties Intellectual property Materials handling Force Majeure In December 2024, Alpha announced it had reached contractual close with the NAIF and EFA, in respect of the
Slide 37: Key Risks (Cont'd)
KEY RISKS (CONT’) Government policy and legislative changes General litigation and disputes Unforeseen risk The Company operates in a regulated environment and takes all reasonable steps to ensure that it complies with the law. Federal or State Government intervention, legislative, policy or guideli
Slide 38: Appendix C: Jurisdictions
Alpha HPA APPENDIX C JURISDICTIONS
Slide 39: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 40: International Offer Restrictions (Cont'd)
INTERNATIONAL OFFER RESTRICTIONS (CONT?’) European Union (excluding Austria) Hong Kong Japan New Zealand This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New S
Slide 41: International Offer Restrictions (Cont'd)
INTERNATIONAL OFFER RESTRICTIONS (CONT?’) Singapore United Arab Emirates United Kingdom This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this docum
Slide 42: International Offer Restrictions (Cont'd)
INTERNATIONAL OFFER RESTRICTIONS (CONT?’) United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of a
Slide 43: Appendix D: Underwriting Agreement
Alpha HPA APPENDIX D UNDERWRITING AGREEMENT
Slide 44: Placement Agreement Summary
PLACEMENT AGREEMENT SUMMARY Alpha has entered into a placement agreement with the JLMs in respect of the Placement (Placement Agreement). The Placement Agreement contains customary representations and warranties and indemnities in favour of the JLMs. Details of the fees payable to the JLM are includ
Slide 45: Placement Agreement Summary (Cont'd)
PLACEMENT AGREEMENT SUMMARY (CONT?) d) 9) h) the subscription agreement with the National Reconstruction Fund Corporation is breached in a material respect, terminated (or becomes terminable, void or voidable), rescinded or altered or amended without the prior written consent of the JLMs, ASIC makes
Slide 46: Thank You
THANK YOU > ROB WILLIAMSON MANAGING DIRECTOR twilliamson@alphahpa.com.au +61 408 414 474 alphahpa.com.au RIMAS KAIRAITIS EXECUTIVE DIRECTOR AND CHIEF COMMERCIAL OFFICER rkairaitis@alphahpa.com.au +61 407 125 176 “Ta CRAIG JONES CHIEF FINANCIAL OFFICER cjones@alphahpa.com.au +61 436 661547 re AphaHPA