Alurion Resources Limited · ASX:ALU
Alurion Resources — IPO Roadshow (June 2026)
41 slides from Alurion Resources's IPO roadshow presentation, June 2026
Slide 1: Alurion Resources 2026
A L U R I O N R E S O U C E S 2026 alurionresources.com
Slide 2: Disclaimers
A L U R I O N R E S O U C E 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 provide gene
Slide 3: Disclaimers
A L U R I O N R E S O U C E S 2026 Disclaimers Financial Information and Market Data: All financial information in this presentation is presented in Australian dollars unless The Company is an unlisted company. There is no public market on which to trade securities. Any investment in the otherwise s
Slide 4: Investment Overview
A L U R I O N R E S O U R C EC SE S 2026 Investment Overview 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 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 Tom Todd Resources; currently non-
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 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 and established logistics WORLD-CLASS BAUXITE PROVINCE 568 Mt JORC resource including 98 Mt high-alumina, low-silica (1) UNDERPINNED BY A DECADE OF EXPLORATION ~57,000 meters of historical drilling and extensive geological datasets (1) SIMPLE D
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 2026 Large-scale, bauxite-gallium province 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 Indicated 89% Inferred 11% Total JORC Mineral Re
Slide 9: High-alumina, low-silica resource base
A L U R I O N R E S O U R C EC SE 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
Slide 10: Simple initial development pathway
A L U R I O N R E S O U R C EC SE S 2026 2026 Simple initial development pathway 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 TOTAL AVAILABLE PROJECT LIFE OPEX (CI
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 Strong cash generation and returns(1) 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 Project Scoping Study – Alurion Resources Limited
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 Established road-to-port export pathway Federal Highways Trucking to Port Enseada Bulk Port Transshipping 5 Mtpa DSB project Road is the dominant Direct-ship bauxite High-capacity offshore near Highways freight mode in Brazil trucked ~160 km to a logistics to
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 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 DEVELOPMENT STRATEGY: MINING, LOGISTICS 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 Streamlined mine to port supply chain Low-cost Road Established No Amazon 1 2 Processing 3 4 Port 5 Complexity mining Logistics Conventional, low-cost DSB — no processing Efficient, low-cost, scalable Port of Enseada, proven Coastal Bahia location — no truck
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, direct-ship bauxite project Bauxite forecasts underestimated price CM Group: Amargosa is a first-quartile project Each forecast line represents CRU's annual price outlook for 2030 global seaborne bauxite cost curve (2) the respective year (201
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 Critical minerals and scale upside 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 Rail & Porto Sul 191 Mt (2) processed Eval
Slide 18: Strong Market Fundamentals
A L U R I O N R E S O U R C EC SE S 2026 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 China bauxite reserves – forecast Reactive silica content (2) Millions of tonnes (1) China’s bauxite reserves are rapidly depleting - 579 10% both tonnage and quality 523 466 410 At current ~250 Mtpa bauxite demand,
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 dependence accelerates Accelerating bauxite import growth over last 20 years China bauxite imports Millions of tonnes (1) Domestic bauxite production has peaked: ~200 Production hit ~100 Mt (2017) - expected to fall to ~30 Mt over the next
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 A decade-long shift towards concentrated, single-country dependence on Guinea China Bauxite Imports Guinea Australia Indonesia / Malaysia India / Others 1% → 73% 200 Guinea's share of China's bauxite Million
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 Structural import demand creates opportunity for Brazil 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 declining - both tonnage and quality China has become inc
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 Top Global Bauxite Reserves & Key Trade Flows Concentration risk • China's 73% Guinea dependency faces growing political and cost risks • Australia: high silica ore, refining penalties ★ The Alurion advantage •
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 PROJECT 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 Development timeline: 5 Mtpa DSB 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 execution and construction risk with over 50
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 PERMITTING (ANM) EXPLORATION PERMIT FINAL EXPLORATION MINING CONCESSION MINING PERMIT REPORT FEDERAL Planned Planned ENVIRONMENTAL PRELIMINARY LICENSE INSTALLATION LICENSE OPERATING LICENSE ENVIRONMENTAL BASELINE STUDIES PERMITTING
Slide 27: Sources & Uses of Funds
A L U R I O N R E S O U R C EC SE S 2026 Sources & Uses of Funds Minimum Subscription Maximum Subscription Source of funds (A$m) (A$m) Cash 1.5 1.5 Funds raised under the Offer 30.0 50.0 Total Funds Available 31.5 51.5 Minimum Subscription Maximum Subscription Indicative allocation of funds (A$m) (A
Slide 28: Appendix
A L U R I O N R E S O U C E S 2026 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 Amargosa Project Scoping Study Economics (1) Pricing & Production Units Base Case High Case Low Case Bauxite Price US$/dmt Spot $71/t CM $80/t CM $65/t First Production yr 2029 2029 2029 Avg. Annual Production (DSB) Mtpa (dry) 5.1 5.1 5.1 Life of Mine yrs 17
Slide 30: Bauxite end markets and by-products
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 Ingots & Billets Alloys Solar PV Frames Wind Turbine Nacelles Synthetic Sapph
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: International Offer Restrictions for the Institutional Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Institutional Offer This document does not constitute an offer of New Shares 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 n
Slide 34: International Offer Restrictions for the Institutional Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Institutional Offer WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been autho
Slide 35: International Offer Restrictions for the Institutional Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Institutional Offer The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this d
Slide 36: International Offer Restrictions for the Institutional Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Institutional Offer This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in
Slide 37: International Offer Restrictions for the Priority Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Priority Offer This document does not constitute an offer of New Shares 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
Slide 38: International Offer Restrictions for the Priority Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Priority Offer WARNING: This document may be distributed in Hong Kong only to (i) not more than 50 shareholders of BRE and (ii) any other investor who is a “professional investor” (as defined in the Securities and Futu
Slide 39: International Offer for the Priority Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer for the Priority Offer The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any ot
Slide 40: International Offer Restrictions for the Priority Offer
A L U R I O N R E S O U R C EC SE S 2026 International Offer Restrictions for the Priority Offer This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the
Slide 41: alurionresources.com
A L U R I O N R E S O U R C EC SE S 2026 alurionresources.com 2026 A L U R I O N R E S O U C E S alurionresources.com