• Strong progress on HPA First Project Stage 2 construction
• Accelerated adoption of HPA materials across multiple applications
• Successful $225M capital raising from institutional investors

Alpha HPA Limited has provided its quarterly activities report for the period ended 31 March 2026. The company continues to make strong progress on the construction and delivery of Stage 2 of its HPA First Project, which will be the world's largest single-site facility for the manufacture of high-purity aluminium materials. Key highlights include the installation of major Solvent Extraction (SX) modules, the assembly of Orica reagent and product tanks, and the delivery of bulk reagent tanks to the site. Civil works have also accelerated, and the first shipment of major project pipe racks has arrived at the Gladstone port. The company's product marketing efforts have seen accelerated adoption of HPA materials across multiple applications, including thermal fillers in semiconductor encapsulation, alumina ceramics and coatings, and Chemical Mechanical Polishing (CMP) for high bandwidth memory and power switching devices. Alpha's novel product performance continues to facilitate supply chain penetration, with premium Japanese semiconductor customers upgrading their Letters of Intent (LOIs) for HPA demand. The company has also seen a lift in HPA volumes for semiconductor polishing (CMP) and increased test work for high purity alumina hydroxides (ATH). Stage 1 operations remain at full capacity to service sales and qualification test orders, and the company has successfully implemented the first process changes for a Stage 1 capacity increase. Alpha's Alpha Sapphire project has also seen continued sales to the sapphire optics sector and expanded wafer orders to support GaN-on-sapphire semiconductor qualification. Financially, the company has completed a successful $225M capital raising from existing institutional shareholders and eligible new institutional investors, including a $75M equity cornerstone from the National Reconstruction Fund Corporation (NRFC).

Alpha HPA Ltd expects its premium Japanese semiconductor customers to reach total product demand volumes of around 720 tonnes per annum and 700 tonnes per annum respectively, as their Letters of Intent (LOIs) are further upgraded during the qualification process.

The company is focused on the continued delivery and expansion of its HPA First and Alpha Sapphire projects, representing the commercialization of its proprietary solvent extraction and HPA refining technology. Alpha HPA is seeing accelerated adoption of its high-purity alumina materials across multiple high-technology sectors, including semiconductors, lithium-ion batteries, and LED lighting.