Alpha HPA : Company and Project Update

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The Manager Companies - ASX Limited 20 Bridge Street

Sydney NSW 2000

COMPANY AND PROJECT UPDATE

SUPPLYING DE-CARBONISATION

STAGE 1 - PPF

• • Main facility building frame in place and cladding commenced

• • Process equipment and tankage deliveries continue

  ASX: A4N ASX Announcement

  26 April 2022

  (6 pages)

• • First PPF product order received

  PRODUCT MARKETING

• • Further product test orders for:

  • o cathode coating

  • o sapphire glass production

  • o specialist ceramics

• • Further Li-B anode coating trials commenced with anode OEMs

  STAGE 2 - FULL SCALE PROJECT

• • Environmental Authority (EA) approval issued for both Stage 1 and Stage 2

  WONOGIRI PROJECT DIVESTMENT COMPLETE

• • Wonogiri Project divestment complete with the successful ASX IPO of Far East Gold (ASX: FEG)

• • Alpha HPA holds 17.1M shares in FEG

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 the September quarter 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.

Alpha HPA Limited | ABN 79 106 879 690 | Level 2, 66 Hunter Street Sydney, NSW 2000

Phone: [phone] | Facsimile: [phone] |www.alphahpa.com.au

STAGE 1 - PPF

The Company continues to make good progress on the construction of Stage 1 PPF component of the HPA First Project as detailed below:

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Cladding of the main PPF building is well advanced

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PPF facility interior

The main PPF building frame installation has been completed and building cladding has commenced (refer images above).

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Main facility building frame in place and cladding commenced

Mechanical Equipment and Design

The Structural, Mechanical and Piping installation (SMP) scope has been issued and designs for final mechanical installation finalised.

Delivery of final fabricated equipment is continuing, both on site and via the Company's staging yard in Gladstone.

SX Module fabrication progress

Electrical Instrumentation and Controls

Contracts for the Electrical, Instrumentation and Control (EI&C) package 1 and System Integration package have been executed. IT infrastructure design is being finalised. Electrical distribution boards are ready for delivery.

Ancillary Contracts Awarded

Contracts have now been awarded for flue duct fabrication, cable trays, concrete coating, filter cloths, chemical hoses, mobile fleet and insulation boards.

BRISBANE FACILITY

As per the ASX release dated 1 March 2022, Alpha's Demonstration facility in Brisbane was impacted by the recent Brisbane flooding. The Brisbane facility produces a range of products for end-user qualification testwork, small scale product sales and vendor testwork.

Alpha has now relocated its Demonstration facility to a new site with unit operations scheduled to be brought online over the next 2-3 weeks.

PRODUCT MARKETING

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

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First PPF product order received

Alpha is very pleased to record it has now received first product orders to be met by production from the PPF. The order is for an initial 1 metric tonne of Alpha's ultra high purity boehmite from a global materials company and will be applied to commercial scale production trials.

HPA Pellets for sapphire glass

As per the ASX release dated 17 March 2022, Alpha is seeking to respond to a significant increase in inbound demand for HPA pellets for sapphire glass growth with the sapphire glass market having been heavily disrupted as a result of Russian-targeted sanctions. The sapphire glass market includes a wide range of applications including:

• • Sapphire wafer substrates for LED lighting

• • Sapphire wafers for premium watches and consumer electronics

• • Sapphire windows for smartphone camera lenses and LIDAR

The Company's HPA pellets are already qualified for sapphire glass through to a premium end-user.

Further product testwork and sample orders

Alpha has received further orders for both product samples and for the completion of in-house coating testwork using the Company's Al-Nitrate pre-cursors. These include:

• • Sintered HPA pellets for a South Korean based sapphire glass producer

• • HPA powder for Li-B cathode coating

• • High dispersible boehmites for speciality ceramics

• • In-house testwork coating Li-B anode materials for a Japan based anode manufacturer

STAGE 2 - FULL SCALE PROJECT

In parallel with the PPF, the Company maintains a number of workstreams directed at completing the remaining conditions precedent to the full-scale HPA First Project FID:

Environmental Authority approval issued for both Stage 1 and Stage 2

Alpha is pleased to have now received approval from the Queensland Government Department of Environmental Science (DES) for the Environmental Authority (EA) for the HPA First project.

The EA sets out the environmental operating limits for all aspects of operations for both the PPF and full scale HPA First project. The conditions of the EA are in line with expectations for the project and reflect Alpha's broader commitment to low impact operations.

WONOGIRI PROJECT DIVESTMENT COMPLETE

Alpha advises that with the successful ASX IPO of Far East Gold (ASX: FEG), the Company has completed the divestment of its 45% interest in the Indonesian Wonogiri Project, which now forms part of FEG's exploration portfolio.

Alpha now holds 17.1M shares in FEG, or ~7.93% of its issued capital. These shares are in escrow until March 2024.