Our strategy centres on two independent routes to high-purity alumina (HPA): the Lake Hope project, 80% owned, and Alluminous, our 50%-owned interest in the HiPurA process.

Lake Hope's Pre-Feasibility Study, completed in June 2025, points to a maiden JORC Ore Reserve of 1.7 million tonnes at 26% Al2O3 supporting a 33-year mine life, built around a production base of 10,000 tonnes a year of 99.99% (4N) HPA. The PFS estimates a post-tax NPV of A$1.2bn at a 10% discount rate, a 47.5% IRR and a 2.2 year capital payback, on initial capital of A$259m. These figures are study estimates, not guarantees, and remain subject to further engineering, financing, permitting and approvals.

Alluminous gives us a second, independent path to 4N HPA using a different, patented process. Pilot samples have already been shipped to a US battery-technology partner for customer qualification.

Alongside this update we're running a renounceable entitlement offer, open to all eligible shareholders, to raise up to A$4.13 million before costs. It's offered on a 1 for 4 basis at A$0.032 per share, with 2 free attaching options for every 3 shares taken up, exercisable at A$0.06 over 2.5 years. The offer is partly underwritten to A$1.5 million by Mahe Capital. Eligible shareholders can take up their entitlement, sell rights on ASX, or let them lapse, and should read the full Prospectus before deciding. The offer closes 9 September 2026.

If you have questions about any of this, we'd encourage you to reach out through the hub.