ALPHA HPA LIMITED — Capital/Financing Update 2021

Dec 14, 2021

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ASX: A4N ASX Announcement 15 December 2021 (3 pages)

The Manager Companies - ASX Limited 20 Bridge Street Sydney NSW 2000

HPA FIRST PROJECT PRODUCT MARKETING UPDATE SUPPLYING DE-CARBONISATION

The Board of Alpha HPA Limited (‘Alpha’ or ‘the Company’) is pleased to provide an update on project activities for its HPA First Project, representing the commercialisation and production of critical high purity aluminium products driving de-carbonisation.

Alpha is fully funded to commercial production at its Stage 1, Precursor Production Facility (PPF) which is under construction in Gladstone, QLD and scheduled to commence commercial production of the Company’s high purity Aluminium Precursors from August 2022.

The Company is concurrently satisfying the remaining conditions precedent to the full-scale Project Final Investment Decision, with a focus on product sales and offtakes and project financing.

PRODUCT MARKETING

Alpha maintains an active product marketing program with a number of engagements now maturing to the commercial stage. In addition, Alpha continues to outreach to new markets and jurisdictions, as well as continuing to receive inbound product test and sales orders.

Alpha has now submitted 12 bids with volume, price and freight terms across its range of high purity aluminium products (refer Table 1, following page).

Negotiations with end-users on these bids vary from early stage to mature with the Company confident on closing offtake supply agreements in early 2022.

In addition, a further 19 end-user and research organisations are actively testing and/or qualifying Alpha’s high purity products (refer Table 2, following page).

A detailed summary of Alpha’s product marketing is summarised on the following page.

Observations and feedback from Alpha’s product marketing program are summarised below:

• A number of end-users have acknowledged Alpha’s products including Al-nitrate, Al-sulphate, Boehmites and HPA pellets for sapphire glass manufacture are “best-in-class” with respect to purity and application performance.

• Wider adoption of Al-nitrate precursors, particularly for micro-LED phosphors and lithium-ion battery particle coating, has been in part restricted by the availability of reliable, large volume, high purity manufacture, with Alpha’s offering now addressing these issues.

Alpha’s Managing Director Rimas Kairaitis commented: “Alpha’s marketing outreach is wide-ranging and continues to expand. The new and expanding marketing opportunities presented by the development of our range of 5N Al-precursors are particularly encouraging and we are excited to conclude these discussions with end-users in the very near future and rapidly complete the remaining conditions on the full scale project FID.”

Alpha HPA Limited | ABN 79 106 879 690 | Level 2, 66 Hunter Street Sydney, NSW 2000 Phone: +61 2 9300 3310 | Facsimile: +61 2 9221 6333 | www.alphahpa.com.au

PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway	PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway	PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway	PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway	PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway	PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway	PRODUCT MARKETING SUMMARY TABLE 1: SUBMITTED OFFTAKE AND/OR SUPPLY BIDS – LIVE Counter End-User Description End-User Domicile Product Demand Size End Use Status 1 Global Chemicals Manufacturer & Wholesaler Germany Al-precursors verylarge Lithium-ion batteryelectrode coatings Pending 2 Global Chemicals Manufacturer Germany Al-precursors small Specialtycatalysts Bids submitted, pendingconfirmation 3 Lithium-Ion BatteryCathode EU Al-Sulfate medium-large Lithium-ion batterycathode Bid Submitted 4 Global Materials company USA HPApowder small CMP slurries Testingcomplete. Bids submitted, pendingconfirmation 5 ChemicalCompany Japan Al-precursors medium Specialty catalysts Bids submitted, pending confirmation 6 Global LightingCompany Netherlands HPApowder small - medium mini-LED Phosphors Testingcomplete. Bids submitted, pendingnewproduct launch 7 Global Lighting Company Germany HPApowder small - medium LED Phosphors Testing ongoing. Bids submitted, pending confirmation 8 Li-ion batteryseparator OEM Japan HPApowder large Lithium-ion batteryseprator coatings Testingcomplete. Bids submitted, pendingconfirmation 9 Undisclosed Australia HPApowder small - medium Undisclosed Bids submitted, pending pilot trial 10 Sapphire Glass Manufacturer USA HPApellets medium Sapphire Glass Testingcomplete. Awaitingvolume confirmation 11 LED PhosphorCompany Germany HPApowder small - medium LED Phosphors Maidensales complete, seekingfinal volume confirmation 12 Electronics/Materials Japan Spherical HPA medium Integrated Circuit Resins Bid subject to Pilot TestingUnderway
Counter	End-User Description	End-User Domicile	Product	Demand Size	End Use	Status
1	Global Chemicals Manufacturer & Wholesaler	Germany	Al-precursors	verylarge	Lithium-ion batteryelectrode coatings	Pending
2	Global Chemicals Manufacturer	Germany	Al-precursors	small	Specialtycatalysts	Bids submitted, pendingconfirmation
3	Lithium-Ion BatteryCathode	EU	Al-Sulfate	medium-large	Lithium-ion batterycathode	Bid Submitted
4	Global Materials company	USA	HPApowder	small	CMP slurries	Testingcomplete. Bids submitted, pendingconfirmation
5	ChemicalCompany	Japan	Al-precursors	medium	Specialty catalysts	Bids submitted, pending confirmation
6	Global LightingCompany	Netherlands	HPApowder	small - medium	mini-LED Phosphors	Testingcomplete. Bids submitted, pendingnewproduct launch
7	Global Lighting Company	Germany	HPApowder	small - medium	LED Phosphors	Testing ongoing. Bids submitted, pending confirmation
8	Li-ion batteryseparator OEM	Japan	HPApowder	large	Lithium-ion batteryseprator coatings	Testingcomplete. Bids submitted, pendingconfirmation
9	Undisclosed	Australia	HPApowder	small - medium	Undisclosed	Bids submitted, pending pilot trial
10	Sapphire Glass Manufacturer	USA	HPApellets	medium	Sapphire Glass	Testingcomplete. Awaitingvolume confirmation
11	LED PhosphorCompany	Germany	HPApowder	small - medium	LED Phosphors	Maidensales complete, seekingfinal volume confirmation
12	Electronics/Materials	Japan	Spherical HPA	medium	Integrated Circuit Resins	Bid subject to Pilot TestingUnderway

TABLE 2: END-USER PRODUCT TEST WORK - LIVE

Counter	End-User Description	End-User Domicile	Product	Demand Size	End Use	Status
1	High TechnologyLED Lighting	Japan	Al-Nitrate	medium	micro-LEDphosphors	Test results due Dec 2021
2	LED Phosphor Company	Japan	HPApowder	small - medium	Al-nitride manufacture for LED's	Firstpass testingsuccessful. Further samples requested
3	Global LEDCompany	Japan	HPApowder	medium	LEDphosphors	End usertesting underway
4	Global materials company	EU/USA	Multiple Products	verylarge	Specialityaluminas	Test Products under manufacture
5	SpecialtyElectrics & Ceramics	Taiwan	HPApowder	small - medium	LED Phosphors	Test order inproduction in Brisbane
6	BatteryMaterials Manufacturer	Japan	Boehmite	large	Li-B separator coatings	End user testingunderway
7	Research Organisation	Germany	Multiple Products	Unknown	SpecialtyCeramics	End user testingunderway
8	ResearchOrganisation	Germany	Al-Nitrate	Unknown	micro-LEDphosphors	End usertesting underway
9	Photonics Manufacturer	USA	Al-Nitrate	small - medium	YAG Laser Crystals	Maiden sales complete,seekinglarger volume orders
10	Photonics Manufacturer	USA	Al-Nitrate	small - medium	YAG Laser Crystals	End user testingunderway
11	Research Organisation	Australia	Al-Nitrate	Unknown	Li-Bparticle coatings	End user testingunderway
12	ResearchOrganisation	Australia	Al-Nitrate	Unknown	Li-Bparticle coatings	End usertesting underway
13	Global materials company	Japan	HPA Pellets	medium	SpecialtyCeramics/Sapphire Glass	Test order under manufacture in Brisbane
14	Global materials company	Japan	MultipleProducts	medium-large	CMPSlurries	End usertesting underway
15	BatterySeparator Manufacturer	USA	HPA & Boehmite Powder	large	Li-B separator coatings	End user testingunderway
16	Govt Organisation	Japan	Gamma alumina	small	Medical	End user testingunderway
17	Electronics coatings	USA	Al-Nitrate	small	Coatings	Ongoing small volume (high value) sales
18	Specialist BatteryOEM	USA	HPApowder	small	Lithium-ion batteryseparator coatings	Awaitingvolume confirmation
19	Li-B anode manufacturer	EU	Al-Nitrate	large	anodeparticle coatings	Testingunderway

Note: Al-precursors = Al-Nitrate and/or Al-Sulphate

Key

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Demand Size Quantum
small up to 50tpa
medium up to 100tpa
large up to 1,000tpa
very large greater than 1,000tpa
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About the HPA First Project

The Company’s HPA First Project represents the commercialisation of the production of ~10,000tpa equivalent of high purity alumina (HPA) and related high purity precursor products using the Company’s proprietary licenced solvent extraction and HPA refining technology. The disruptive, low-carbon process technology provides for the extraction and purification of aluminium from an industrial feedstock to produce 4N (>99.99% purity) alumina and 5N (>99.999% purity) for sale into the lithium-ion battery and LED lighting industry.

Alpha completed a Definitive Feasibility Study in March 2020 following a successful pilot plant campaign in 2019. Alpha has since upscaled its Brisbane facility to demonstration scale and has now recorded over 4,000 operating hours and delivered an expanded range of over 80 high purity product orders to end-users globally.

Alpha is fully funded to the commercial production at its Stage 1, Precursor Production Facility which is scheduled to commence commercial production for the Company’s high purity Aluminium Precursors from August 2022.

The Company is now in the mature phases of market outreach and project financing with respect to the full scale HPA First Project, with the expectation of positioning the HPA First Project to Final investment Decision.

For further information, please contact:

Rimas Kairaitis Managing Director rkairaitis@alphaHPA.com.au +61 (0) 408 414 474

Cameron Peacock

Investor Relations & Business Development cpeacock@alphaHPA.com.au +61 (0) 439 908 732

pjn11063

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