OREMAVEN
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2026-11-06
◂ Monitor AEM ASX

Advanced Engineered Materials Limited

Ramping Producer · Others · Canada Rating locked: sign in to view v8.1 · aem-20261030t224407-full
Last 2026-11-06
A$0.315
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$185.7M
EV
A$181.7M
Cash
A$23.7M
Debt
A$12.3M

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$23.7MFY2024 actual: 2,927,098FY2025 actual: 39,823,506 Finite
Debt A$12.3MFY2024 actual: 33,199,223FY2025 actual: 11,892,434 Net cash A$11.4M
Basic shares 589.5MFY2024 actual: 305,178,874FY2025 actual: 589,503,245 2026-09-01
Runway 3.57 quarters June cash divided by half the H1 operating outflow is 3.57 quarters before investing, debt service and tax credits; including H1 investing cash outflow implies 2.93 quarters. These are historical ratios, not a forecast of cash exhaustion.

Liquidity

Financial position

June cash fell A$16.16 million in H1. Reported borrowings include A$0.821 million of leases and the C$1.25 million loan principal repaid in July; a related tax-credit receipt was reported. Subsequent operating cash generation, grant timing, and capital commitments must be considered in the funding calendar.

Inventory composition3

A$908,165 of inventory at 30 June comprised A$233,206 finished HPA, A$494,899 intermediate HPA and A$180,060 raw materials. Tonnes and realizable value were not disclosed.

Finished high-purity alumina product on hand
A$233.2K carrying
Intermediate high-purity alumina product on hand
A$494.9K carrying
Raw alumina feedstock and materials on hand
A$180.1K carrying

Capital structure

Ownership and dilution

Ordinary shares
589.5M
Fully diluted
614.1M

The reviewed interim report shows 589,503,245 ordinary shares. The September notice shows 365,870,869 quoted and 223,632,375 restricted shares, totaling 589,503,244; the one-share discrepancy remains unresolved. All 4,224,010 options, 17,668,239 rights and 2,669,285 deferred share units are included in the fully diluted count, before any future financing; the A$0.69 options are out of the money at the reference price and exercise would bring proceeds.

Security classes6
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share365.9M——
Unquoted restricted ordinary fully paid sharesOrdinary Share223.6M——
Restricted options expiring 18 December 2028Option4.2MA$0.692028-12-18
Restricted performance rightsPerformance Right6.5MA$0—
Unrestricted performance rights including July 2026 broker-fee issuePerformance Right11.2MA$0—
Restricted deferred share unitsOther2.7MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024 actualAFY2025 actualA
Profit and loss
HPA revenueAUDmFY2024 actual: 187,861 AUDFY2025 actual: 622,315 AUD0.20.6
Other income including consolidation gainAUDmFY2024 actual: 63,153,755 AUDFY2025 actual: 267,913 AUD63.20.3
Operating expenses before depreciation and financeAUDmFY2024 actual: -11,959,506 AUDFY2025 actual: -23,454,020 AUD(12.0)(23.5)
EBITDA including other incomeAUDmFY2024 actual: 51,382,110 AUDFY2025 actual: -22,563,792 AUD51.4(22.6)
Depreciation and amortizationAUDmFY2024 actual: -967,143 AUDFY2025 actual: -1,954,650 AUD(1.0)(2.0)
Net finance income or expenseAUDmFY2024 actual: -3,541,876 AUDFY2025 actual: -8,486,302 AUD(3.5)(8.5)
Income tax benefit or expenseAUDmFY2024 actual: 2,106,272 AUDFY2025 actual: 4,342,025 AUD2.14.3
Net profit after taxAUDmFY2024 actual: 48,979,363 AUDFY2025 actual: -28,662,719 AUD49.0(28.7)
Cash flow
Operating cash flow: reported actuals, unlevered forecastAUDmFY2024 actual: -11,051,502 AUDFY2025 actual: -20,140,626 AUD(11.1)(20.1)
Capital expenditureAUDmFY2024 actual: -10,859,840 AUDFY2025 actual: -10,555,561 AUD(10.9)(10.6)
Free cash flow after capital expenditureAUDmFY2024 actual: -21,911,342 AUDFY2025 actual: -30,696,187 AUD(21.9)(30.7)
Balance sheet
Cash at period endAUDmFY2024 actual: 2,927,098 AUDFY2025 actual: 39,823,506 AUD2.939.8
Debt excluding leasesAUDmFY2024 actual: 33,199,223 AUDFY2025 actual: 11,892,434 AUD33.211.9
Debt less cashAUDmFY2024 actual: 30,272,125 AUDFY2025 actual: -27,931,072 AUD30.3(27.9)
Per share
Ordinary shares and existing awards plus modeled new sharesm sharesFY2024 actual: 305,178,874 sharesFY2025 actual: 589,503,245 shares305.2589.5
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024 actual: 3.36 xFY2025 actual: -7.66 x3.4(7.7)
P / E (x, current market cap)xFY2024 actual: 3.61 xFY2025 actual: -6.17 x3.6(6.2)
FCF yield (current market cap)%FY2024 actual: -0.12 fractionFY2025 actual: -0.17 fraction-12.4%-17.4%
EBITDA margin%FY2024 actual: 274 fractionFY2025 actual: -36.26 fraction27351.1%-3625.8%
Net debt / EBITDA (x)xFY2024 actual: 0.59 xFY2025 actual: 1.24 x0.61.2

KPI history

Operating metrics · Cap-Chat High-Purity Alumina Plant

H1 group revenue shown
0128,665257,330385,995514,660H1 2025: 248,486 AUDH1 2025H1 2026: 459,518 AUDH1 2026
MetricUnitTrendH1 2025H1 2026
H1 group revenueAUDH1 2025: 248,486 AUDH1 2026: 459,518 AUD248,486459,518
Operating metric source table10
MetricProjectPeriodPeriod typeValueStatus
FY2025 group revenueCap ChatFY2025Year622,315 AUDReported
Upstream plant nameplate capacityCap Chat27 July 2026Point In Time2,000 upstream HPA tonnes per annum nameplate; final tailoring capacity is lowerReported
Unrisked customer pipeline scopeCap ChatJune 2026 customer pipelinePoint In Time5,500 potential HPA tonnes per annumReported
H1 group revenueCap ChatH1 2025Half Year248,486 AUDReported
H1 group revenueCap ChatH1 2026Half Year459,518 AUDReported
H1 delivered high-purity alumina salesCap ChatH1 2026Half Year12.5 HPA tonnesReported
H1 group operating cash flowCap ChatH1 2026Half Year-13,270,180 AUD operating cash flowReported
H1 realized selling priceCap ChatH1 2026Half Year25.4 USD/kg HPA realized priceReported
Customer qualification projectsCap Chat30 August 2026 qualification pipelinePoint In Time225 qualification projectsReported
Unrisked customer pipeline volumeCap Chat30 August 2026 qualification pipelinePoint In Time6,400 un-risked potential HPA tpaReported
Company guidance5
MetricProjectPeriodLowHighStatus
Nameplate Hpa Capacitycap-chatCY20263,0003,000 tonnes per annumCurrent
Nameplate Hpa Capacitycap-chatCY2029 target subject to DFS, FID and financing6,0006,000 tonnes per annumCurrent
Hpa Salescap-chatH2 20264060 tonnesCurrent
4N+ Circuit Full Production Run Ratecap-chatby end 20272,0002,000 tonnes per annum nameplateCurrent
3N5+ Circuit Full Production Run Ratecap-chatby mid 20281,0001,000 tonnes per annum nameplateCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-12-18RaisingOrdinary Fully Paid SharesA$44.8M84.5MA$0.53CompletedCompleted IPO raising A$44.8 million before costs at A$0.53 per share.Max 84.5M · Period 2025-12-18 to 2025-12-18

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

Annual and interim accounts, original May and July announcements and the October call inform the register. Customer volumes, the kaolin royalty rate and the IQ royalty cap headroom are not disclosed.

1.55% royalty on Canadian subsidiary consolidated annual sales, capped at lender effective 15% IRR, accompanies the IQ loan and is included in project economics rather than added to the debt bridge.

Royalty · Active
Counterparties
Investissement Québec
Applies to
Cap-Chat High-Purity Alumina Plant · Others
Economic direction
Burden
Period
From 2024-04-01; no end date stated
Key terms
Sales royalty rate: 1.55 %
Royalty cap: 15 % IRR
How it affects our valuation

No valuation treatment is available for this arrangement.

AEM and NeoCtech plan a 10 kg/day rare-earth-doped nano-HPA pilot with CAD800,000 NGen grant support; no commercial sale or profit-sharing terms disclosed.

Strategic Partnership · Active
Counterparties
NeoCtech Corp · Next Generation Manufacturing Canada
Applies to
Cap-Chat High-Purity Alumina Plant · Others
Economic direction
Benefit
Period
From 2026-05-11; no end date stated
Key terms
Government-supported grant: 800,000 CAD
Pilot design rate: 10 kg/day
How it affects our valuation

No valuation treatment is available for this arrangement.

Ongoing cooperation makes AEM the exclusive nano-HPA supplier for ZFS ceramics, but disclosed terms do not establish firm volume or price.

Offtake · Active
Counterparties
Zürcher Frères SA
Applies to
Cap-Chat High-Purity Alumina Plant · Others
Economic direction
Benefit
Period
From 2026-07-15; no end date stated
Key terms
Exclusivity: —
Committed quantity: — tonnes
Price: — USD/kg
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer said four long-term supply framework agreements were in place; counterparties, duration, take-or-pay terms, prices and volumes were not disclosed, so no contracted revenue is attributed.

Offtake · Active
Counterparties
Four undisclosed customer counterparties
Applies to
Cap-Chat High-Purity Alumina Plant · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Framework count: 4 agreements
Minimum volume: — tonnes
Fixed price: — USD/kg
How it affects our valuation

No valuation treatment is available for this arrangement.

AEM sold the holder of ML100200 in return for a royalty on future kaolin production. Rate, timing and production are not disclosed, so its value is uncertain.

Royalty · Active
Counterparties
Cape York Kaolin Limited
Applies to
Company-wide · Others
Economic direction
Benefit
Period
From 2025-11-07; no end date stated
Key terms
Royalty rate: —
How it affects our valuation

No valuation treatment is available for this arrangement.

The June accounts carry an A$1.479 million convertible loan receivable from Cape York Kaolin. Recovery and conversion value are uncertain, so this is not cash.

Other · Active
Counterparties
Cape York Kaolin Limited
Applies to
Company-wide · Others
Economic direction
Benefit
Period
Through 2028-11-05; start date not stated
Key terms
June carrying amount: 1,479,066 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.