Alpha Hpa Limited · ASX:A4N
Alpha Hpa — Investor Presentation (February 2026)
28 slides from Alpha Hpa's investor presentation, February 2026
Slide 1: Critical Materials for the Semiconductor Supply Chain
CRITICAL MATERIALS FOR THE SEMICONDUCTOR SUPPLY CHAIN ASX: A4N
Slide 2: Cautionary Statement Forward Looking Statements
CAUTIONARY STATEMENT FORWARD LOOKING STATEMENTS The Definitive Feasibility Study (DFS) referred to in this This presentation contains certain forward-looking A number of important factors could cause Presentation was undertaken in 2023 and 2024 to assess the statements with respect to the 2024 DFS,
Slide 3: About Alpha HPA
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Slide 4: About Alpha HPA
ABOUT ALPHA HPA LEADING SPECIALTY MATERIALS MANUFACTURER OF HIGH-PURITY ALUMINA (“HPA”) AND RELATED 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 Established and gro
Slide 5: Company Highlights
COMPANY HIGHLIGHTS Alpha provides rare and direct ASX exposure to the rapidly expanding AI semiconductor supply chain; Stage 2 completion will make Alpha the largest single site manufacturer of HPA globally Alpha uniquely positioned to meet rising demand for advanced semiconductor packaging material
Slide 6: Project Layout Gladstone, Queensland
PROJECT LAYOUT GLADSTONE, QUEENSLAND ONE STAGE ONE: IN PRODUCTION ~350 TPA STAGE TWO: IN CONSTRUCTION. COMMENCING 2027 ~10,000 TPA
Slide 7: Project Layout Gladstone, Queensland
PROJECT LAYOUT GLADSTONE, QUEENSLAND ONE STAGE ONE: IN PRODUCTION ~350 TPA STAGE TWO: IN CONSTRUCTION. COMMENCING 2027 ~10,000 TPA
Slide 8: Proven Technology Advantage
PROVEN TECHNOLOGY ADVANTAGE NEXT GEN PROCESS DELIVERS UNIQUE, HIGH-PERFORMING PRODUCTS TO A RANGE OF GROWTH SECTORS Reagents are received from Orica and returned as up-cycled chemicals in a wasteless process. ULTRA ALNTM ULTRA GAPTM ULTRA AAPTM 5N Aluminium Nitrate +4N5 Gamma Phase HPA +4N5 Alpha Ph
Slide 9: Where Alpha Holds a Clear Advantage
WHERE ALPHA HOLDS A CLEAR ADVANTAGE LITHIUM-ION SECTOR SEMICONDUCTOR DLE BATTERY USE SEMI - THERMAL FILLERS CMP TOOLING DLE SORBENTS COATINGS Alumina abrasives for High sintering, ‘low Alumina and ATH materials as polishing silicon carbide alpha” HPA for alumina ATH (Al(OH)3) as a High purity Al-Nit
Slide 10: A Unique Semiconductor Supply Chain Supplier
A UNIQUE SEMICONDUCTOR SUPPLY CHAIN SUPPLIER • Scaling alumina purification technology to meet rising demand in the semiconductor sector • Alpha’s unique process capability is enabling the sector adoption of Alpha’s products: • high purity aluminas for thermal filler in AI memory and logic chip pack
Slide 11: Accelerating HPA Demand
SECTION 2 ACCELERATING HPA DEMAND 11
Slide 12: Superior HPA Product for High-Growth Semi Sector
SUPERIOR HPA PRODUCT FOR HIGH-GROWTH SEMI SECTOR 1 THE SWITCH TO HPA TO MANAGE DATA HPA FILLERS REQUIRE ‘ZERO ALPHA’ 2 CENTRE COOLING SPECIFICATION Silica has long been used for thermal fillers in chip packaging. HPA is now emerging as the preferred material, Shrinking semiconductor nodes make u
Slide 13: 'Low Alpha' HPA Fillers: The Front Line of Heat Management
‘LOW ALPHA’ HPA FILLERS: THE FRONT LINE OF HEAT MANAGEMENT DATA CENTRE • HPA thermal fillers provide the heat transfer for chip package encapsulation COOLING TOWERS • Low alpha radiation HPA filler is critical for AI chip reliability and performance Heat Out Cooling in Heat dissipation via high puri
Slide 14: HPA in Thermal Fillers: Market Outlook
HPA IN THERMAL FILLERS: MARKET OUTLOOK Strong forecast demand - directly correlated to AI/Data Centre CapEx deployment ALPHA AND MACQUARIE BANK MODELLING INDICATES STRONG UBS RESEARCH FORECASTS SIGNIFICANT UPSIDE FOR HPA IN 1 DEMAND GROWTH BY AI/DATA CENTRE EXPANSION 2 THERMAL PACKAGING ACROSS MULTI
Slide 15: Outperformance in CMP
PROFILE SCHEMATIC OF CMP STEPS IN OUTPERFORMANCE IN CMP SEMICONDUCTOR MANUFACTURING CMP Step Semiconductor wafer substrate using HPA CMP (Chemical Mechanical Planarisation) is essential for precision wafer polishing in advanced semiconductor manufacturing Dielectric Alpha’s process delivers a no
Slide 16: Short List of HPA for Thermal Filler Outreach
SHORT LIST OF HPA FOR THERMAL FILLER OUTREACH Continuous semiconductor node reduction has driven increasing requirement for ‘low-alpha’ materials for semiconductor COMMERCIAL packaging and manufacturing SUMMARY STATUS1 DOMICILE QUALIFICATIO TEST #1 Alpha HPA’s novel purification technology deliv
Slide 17: Short List of CMP Sector Outreach
SHORT LIST OF CMP SECTOR OUTREACH Continuous semiconductor node reduction has driven increasing requirement for ‘low-alpha’ materials for semiconductor COMMERCIAL packaging and manufacturing SUMMARY STATUS1 DOMICILE QUALIFICATIO TEST #1 Alpha HPA’s novel purification technology delivers “undetec
Slide 18: Alpha Market Size Discovery
ALPHA MARKET SIZE DISCOVERY Total est. market demand - CRU (RHS) Alpha Market Size Discovery model based on: First-hand discussions with customers and agents 40,000 115,000 First principles, bottom-up calculations Demand model based CAGR supported by research reports underpinning demand on A
Slide 19: Global Marketing Reach and Price Discovery
GLOBAL MARKETING REACH AND PRICE DISCOVERY SALES AGENTS & INTERMEDIARIES Alpha generates end-market expertise via a global marketing agency and advisory network AUSTMIN Detailed, technically driven understanding of markets, pricing, applications and growth trends CHINA ‘Alpha Market Discovery
Slide 20: Product Marketing Progression
PRODUCT MARKETING PROGRESSION TEST AND QUALIFICATION SAMPLES AS A LEADING INDICATOR TO LOI’S AND Qualification testing underway with >100 end-users SALES LOI coverage for up to 65%1 of the Stage 2 production capacity CHART KEY 550 16,000 ACTUAL FORECAST Test/Qualification samples (LHS) 500 14,000
Slide 21: Stage 2 Project Update
SECTION 3 STAGE 2 PROJECT UPDATE 21
Slide 22: Stage 2: Updated Timetable
STAGE 2 : UPDATED TIMETABLE Foundational phases complete, plant assembly now commenced (Jan 2026), first production to begin during CY 2027 CY 2024 CY 2025 CY 2026 CY 2027 Stage 2 production ramp up (% utilisation) MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ 100%
Slide 23: Stage 2: Updated Project Metrics
STAGE 2 : UPDATED PROJECT METRICS Refreshed economic model with 13% improvement in EBITDA1 Alpha undertook a re-baselining of Stage 2 as the project progressed through its 30% commissioning milestone Substantially improved annual revenues forecast, driven by higher unit pricing as informed by en
Slide 24: Strong Govt. Support for Stage 2
STRONG GOVT. SUPPORT FOR STAGE 2 STRONG GOVERNMENT BACKING AND SUPPORT ACROSS THE CAPITAL STACK Project construction – time lapse video A$75M EQUITY to 6.9% holding A$320M PROJECT LOAN A$80M COST OVERRUN1 A$30M ROYALTY INVESTMENT2 A$45M GRANT3 A$22M GRANT4 1 Drawdown subject to conditions precedent
Slide 25: Thank You
THANK YOU Rob Williamson Managing Director rwilliamson@alphahpa.com.au +61 407 125 176 Rimas Kairaitis Executive Director and Chief Commercial Officer rkairaitis@alphahpa.com.au +61 408 414 474 Robert Lord Head of Corp. Development rlord@alphahpa.com.au +61 400 008 553 alphahpa.com.au
Slide 26: 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 1 2 3 HPA as a ‘critical material’ for the Significant momentum towards Fortified balance sheet supports semiconductor supply chain commercial operations of
Slide 27: 'Low Alpha' Fillers Use Case – Typical Example
‘LOW ALPHA’ FILLERS USE CASE – TYPICAL EXAMPLE • HPA thermal fillers provide the heat transfer for chip package encapsulation • Low alpha radiation HPA filler is critical for AI chip reliability and performance Heat dissipation via high purity alumina fillers EMC THERMAL ENCAPSULATION PACKAGING GPU/
Slide 28: Thermal Filler at the "Front Line" of Heat Management
THERMAL FILLER AT THE “FRONT LINE” OF HEAT MANAGEMENT DATA CENTRE Cooling in Cooling in COOLING TOWERS HEATSINK Heat Out Heat Out Cooling in PSU THERMAL FILLERS GPU/CPU SERVER RACKS DATA CENTRE Heat Management from Chip to Server Rack to Data Centre Level Thermal Filler sets the rate of heat transfe