Alpha HPA has presented an update on Stage 2 of its HPA First Project, describing the Gladstone manufacturing expansion as more than 55% complete. The company states that Stage 2 is designed for approximately 10,000 tonnes a year and is expected to commence in 2027, with commissioning targeted for around Q4 2027.
The company projects steady-state production of 10,430 tonnes a year after ramp-up, which it defines as from FY2031 onwards. Its January 2026 financial assumptions include annual revenue of A$402.8 million, EBITDA after payroll tax and royalties of A$288.6 million, and capital expenditure including contingency of A$699.2 million at full production.
Alpha HPA cautioned that the Stage 2 forecasts rely on assumptions from its 2024 definitive feasibility study and the January 2026 re-baseline. The company said additional funding may be required and there is no certainty it can raise funding when needed; it also identified potential sale, partial-sale or joint-venture options as possible value-realisation strategies.
Source: Download A4N official ASX announcement, 2026-11-05.
Construction photograph from Alpha HPA's HPA First Project Stage 2 update announcement, 5 November 2026.