OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$185.7M
EV
A$181.7M
Cash
A$23.7M
Debt
A$12.3M

Narrative and provenance

Research & Sources

AI Analyst Report

The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

Sign in or enter a guest code
Chronological evidenceSource-document inventory27 documents
Impact Minerals September quarterly cash flow reportOther · MediumExtracted

30 October after-close primary issuer Appendix 5B: 30 September cash A$2.614 million and no financing facilities; the market price predates this release.

Document ID
peer-ipt-q3
Published UTC
2026-10-30T07:18:00Z
Projects
—
Commodities
—
Open original source ↗
ASX AEM ordinary close, local market databaseMarket Data · MediumExtracted

miners.reference_price AEM --valuation-date 2026-10-30; market data provider via miners.collect_stock_prices, A$0.30 close, 146385 shares volume, one ASX ordinary share.

Document ID
aem-market-price-20261030
Published UTC
2026-10-30T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
AEM market snapshot and FX dataMarket Data · MediumExtracted

Local command miners.v8db.market_snapshot AEM --cutoff 2026-10-30 --shares 589503245 --commodities others, including price history, mining-index comparison, liquidity, and local AUD per USD 1.4407; no HPA spot quote or relevant peer rows.

Document ID
aem-market-snapshot-20261030
Published UTC
2026-10-30T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
Alpha HPA share quoteMarket Data · MediumExtracted

30 October close A$0.415 and reported market capitalization A$602.54 million.

Document ID
peer-a4n-price
Published UTC
2026-10-30T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
Impact Minerals share quoteMarket Data · MediumExtracted

30 October close A$0.023 and reported market capitalization A$13.47 million.

Document ID
peer-ipt-price
Published UTC
2026-10-30T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
Andromeda Metals share quoteMarket Data · MediumExtracted

30 October price A$0.005 and reported market capitalization A$25.69 million.

Document ID
peer-adn-price
Published UTC
2026-10-30T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
Andromeda September quarterlyOther · MediumExtracted

HPA pilot and kaolin projects; September cash A$4.302 million.

Document ID
peer-adn-report
Published UTC
2026-10-28T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
Change of Director Interest NoticeGovernance · MediumExtracted

Steven Petersohn purchased 198,004 ordinary shares on market for A$51,978.85 on 20, 22 and 23 October 2026.

Document ID
aem-20261027-petersohn
Published UTC
2026-10-27T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
AEM management assessment, screening inputLeadership · MediumExtracted

Local management/AEM/summary.md and background-check.json; professional-background screening at 9 October, with unresolved source limitations.

Document ID
aem-management-local
Published UTC
2026-10-09T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
AEM ownership research inputOther · MediumExtracted

Local ownership/AEM/investors.json, latest register dated 20 March 2026, checked against annual report physical pages 84–85; nominee and group overlap limits apply.

Document ID
aem-ownership-local
Published UTC
2026-10-09T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
AEM insider research inputOther · MediumExtracted

Local command miners.insider_transactions show AEM; reviewed through 9 October with one newer pending notice, which is separately checked.

Document ID
aem-insider-local
Published UTC
2026-10-09T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
AEM Investor update transcriptPresentation · MediumExtracted

Management describes raw-process versus final-tailoring capacity, marketing agreements and expectation of cash-funded break-even; transcript currency labels conflict with the primary slide deck and are not used for numeric PFS figures.

Document ID
aem-20261001-webinar-transcript
Published UTC
2026-10-01T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Sharewise Investor PresentationPresentation · MediumExtracted

October deck updates ramp, August pipeline and Stage 2 PFS metrics; pipeline is un-risked, not orders.

Document ID
aem-20261001-presentation
Published UTC
2026-10-01T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Impact Minerals full-year statutory accountsOther · MediumExtracted

Lake Hope HPA study-stage project and FY2026 cash and accounts.

Document ID
peer-ipt-report
Published UTC
2026-09-29T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
Investor Presentation September 2026Presentation · HighExtracted

Current operating and market presentation updates August qualification pipeline and repeats staged ramp and Stage 2 PFS assumptions.

Document ID
aem-20260921-investor-presentation
Published UTC
2026-09-21T04:14:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Analyst ratings and targets as of 2 September 2026Other · MediumExtracted

Two analyst ratings and targets are reproduced for thesis challenge; forecasts not a fair-value anchor.

Document ID
aem-20260902-analyst-consensus
Published UTC
2026-09-02T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Half Yearly Report and AccountsResults · HighExtracted

Reviewed H1 2026 accounts establish revenue, net loss, cash burn, cash, debt, inventory and operating progress.

Document ID
aem-20260831-interim-report
Published UTC
2026-08-31T06:58:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Interim Results Presentation – H1 2026Presentation · HighExtracted

Management explains the reviewed half-year accounts, normalized H2 operating outflow, remaining capital commitments and ramp.

Document ID
aem-20260831-results-presentation
Published UTC
2026-08-31T07:01:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Notification regarding unquoted securities – AEMCorporate Action · HighExtracted

Appendix 3G reports 397,110 restricted deferred share units and the latest ordinary and unquoted security totals.

Document ID
aem-20260901-unquoted-securities
Published UTC
2026-09-01T05:20:00Z
Projects
—
Commodities
—
Open original source ↗
Commercial progress updateOperations · HighExtracted

H1 sales, orders, July pipeline, revised 4N+ and 3N5 ramp timing, and customer framework disclosures.

Document ID
aem-20260824-commercial-update
Published UTC
2026-08-24T02:27:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Investor PresentationPresentation · HighExtracted

Current operating, customer-pipeline and expansion presentation for the Cap-Chat HPA plant.

Document ID
aem-20260727-investor-presentation
Published UTC
2026-07-26T23:55:25Z
Projects
cap-chat
Commodities
others
Open original source ↗
Notification regarding unquoted securities - AEMCorporate Action · HighExtracted

Appendix 3G records 176,205 new performance rights and the post-issue quoted and unquoted security ledger.

Document ID
aem-20260722-unquoted-securities
Published UTC
2026-07-22T05:02:48Z
Projects
—
Commodities
—
Open original source ↗
ZFS nano-HPA cooperation agreementEconomic Arrangement · HighExtracted

AEM and Zürcher Frères agreed ongoing cooperation with exclusive nano-particle HPA supply for ZFS zirconia-alumina ceramics; no committed volume or price disclosed.

Document ID
aem-20260715-zfs
Published UTC
2026-07-14T23:37:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Nano HPA collaboration with NeoCtech and NGen grantEconomic Arrangement · HighExtracted

AEM and NeoCtech announced a rare-earth-doped nano-HPA pilot supported by an NGen CAD800,000 grant.

Document ID
aem-20260511-neoc
Published UTC
2026-05-10T22:21:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
AEM Ltd 31 December 2025 Annual ReportResults · HighExtracted

Audited 2025 financial statements and operating review for the Cap-Chat high-purity alumina business.

Document ID
aem-2025-annual-report
Published UTC
2026-03-22T22:17:30Z
Projects
cap-chat
Commodities
others
Open original source ↗
Alpha HPA interim reportOther · MediumExtracted

HPA Stage One customer qualification and Stage Two build; mixed-stage competitor.

Document ID
peer-a4n-report
Published UTC
2026-02-26T00:00:00Z
Projects
—
Commodities
—
Open original source ↗
South Australia critical minerals economic study, January 2024Other · MediumExtracted

South Australian Centre for Economic Studies report commissioned by the South Australian Department for Energy and Mining, dated January 2024; day unknown and month-end used as a conservative placeholder. It quotes a CRU forecast and historical HPA product price ranges, not a current spot quotation.

Document ID
aem-2024-critical-minerals
Published UTC
2024-01-31T00:00:00Z
Projects
cap-chat
Commodities
others
Open original source ↗
Evidence facts81
fy25-revenueFY2025 revenue

622315 AUD

2025-12-31
fy25-net-lossFY2025 net loss

-28662719 AUD

2025-12-31
fy25-operating-cash-flowFY2025 net operating cash flow

-20140626 AUD

2025-12-31
fy25-cashCash and cash equivalents

39823506 AUD

2025-12-31
fy25-inventoryInventories carrying value

712387 AUD

2025-12-31
fy25-inventory-finishedFinished-product inventory carrying value

300475 AUD

2025-12-31
fy25-inventory-intermediateIntermediate-product inventory carrying value

273632 AUD

2025-12-31
fy25-inventory-raw-materialsRaw-material inventory carrying value

138280 AUD

2025-12-31
fy25-current-debtCurrent borrowings

1673864 AUD

2025-12-31
fy25-noncurrent-debtNon-current borrowings

11184676 AUD

2025-12-31
fy25-ordinary-sharesOrdinary shares issued

589503245 shares

2025-12-31
fy25-stage1-capacityInstalled Stage 1 HPA capacity

2000 tonnes per annum

2025-12-31
fy25-stage1-target-capacityStage 1 target capacity

3000 tonnes per annum

2026-06-30
fy25-stage2-capexStage 2 PFS initial capital cost

298800000 CAD

2025-04-30
fy25-production-permit-statusCap-Chat production-rate permit status

Existing permit amendment covers Stage 1 equipment; further amendments are required for equivalent 2,000 tpa and later 3,000 tpa production rates. None

2026-03-20
fy25-pipeline-volumeYear-end customer pipeline volume

4800 tonnes per annum

2025-12-31
fy25-pipeline-priceYear-end customer pipeline average price

27.1 USD/kg

2025-12-31
fy25-ipo-priceIPO offer price

0.53 AUD/share

2025-12-18
fy25-iq-sales-royaltyInvestissement Québec sales royalty

1.55 % of consolidated annual sales

2025-12-31
fy25-iq-royalty-capInvestissement Québec royalty effective IRR cap

15 % IRR

2025-12-31
fy25-cfo-secretaryAlexis Clark is Chief Financial Officer and Company Secretary

Alexis Clark None

2026-03-23
fy25-executive-chairRichard Seville is Executive Chairperson

Richard Seville None

2026-03-23
fy25-ceoMichael Adams is Managing Director and Chief Executive Officer

Michael Adams None

2026-03-23
jul26-new-performance-rightsNew performance rights

176205 rights

2026-07-21
jul26-quoted-sharesQuoted ordinary shares

365870869 shares

2026-07-22
jul26-restricted-sharesRestricted ordinary shares

223632375 shares

2026-07-22
jul26-jlm-optionsRestricted options expiring 18 December 2028

4224010 options

2026-07-22
jul26-restricted-performance-rightsRestricted performance rights

6513432 rights

2026-07-22
jul26-performance-rightsUnrestricted performance rights

10978602 rights

2026-07-22
jul26-deferred-share-unitsRestricted deferred share units

2272175 units

2026-07-22
jul26-current-capacityCurrent HPA nameplate capacity

2000 tonnes per annum

2026-07-27
jul26-stage1-targetStage 1 nameplate target

3000 tonnes per annum

2026-12-31
jul26-stage2-targetStage 2 total capacity target

6000 tonnes per annum

2029-12-31
jul26-pipeline-volumeCustomer pipeline volume

5500 tonnes per annum

2026-06-30
jul26-pipeline-valuePotential annual customer pipeline value

160000000 USD per annum

2026-06-30
jul26-pipeline-priceCustomer pipeline average price

29 USD/kg

2026-06-30
jul26-commercial-projectsCommercial relationship projects

16 projects

2026-06-30
jul26-stage2-capex-usdStage 2 initial capex

215000000 USD

2025-06-30
jul26-stage2-current-price-ebitdaStage 2 steady-state EBITDA at current pricing

47100000 USD per annum

2032-12-31
jul26-stage2-longterm-ebitdaStage 2 steady-state EBITDA at long-term pricing

85200000 USD per annum

2032-12-31
may26-ngen-grantNGen collaborative project grant

800000 CAD

2026-05-11
may26-neoc-pilotRare-earth-doped nano-HPA pilot scale

10 kg/day

2026-05-11
jul26-zfs-exclusivityExclusive nano-HPA supply for ZFS ceramics

Exclusive supply; volume and price undisclosed None

2026-07-15
h126-sales-tonnesH1 2026 HPA sales

12.5 tonnes

2026-06-30
h126-realized-priceH1 2026 realized HPA price

25.4 USD/kg

2026-06-30
h126-orders-tonnesH1 2026 HPA orders

17.6 tonnes

2026-06-30
h126-order-priceH1 2026 order average price

27 USD/kg

2026-06-30
jul26-pipelineJuly 2026 un-risked qualification pipeline

6300 tonnes per annum

2026-07-31
h226-sales-guideSecond-half 2026 HPA sales outlook

40–60 tonnes

2026-12-31
four-frameworksLong-term supply framework agreements in place

4 agreements

2026-08-24
ramp-4n4N+ circuit full-run-rate target

end 2027 None

2027-12-31
ramp-3n53N5+ circuit full-run-rate target

mid-2028 None

2028-06-30
h126-revenueH1 2026 revenue

459518 AUD

2026-06-30
h126-lossH1 2026 net loss

-13420851 AUD

2026-06-30
h126-operating-cashflowH1 2026 operating cash flow

-13270180 AUD

2026-06-30
h126-investing-cashflowH1 2026 investing cash flow

-2885843 AUD

2026-06-30
jun26-cashCash and cash equivalents

23667483 AUD

2026-06-30
jun26-current-debtCurrent borrowings including leases

1738451 AUD

2026-06-30
jun26-noncurrent-debtNon-current borrowings including leases

10564926 AUD

2026-06-30
jun26-inventory-finishedFinished HPA inventory

233206 AUD

2026-06-30
jun26-inventory-intermediateIntermediate HPA inventory

494899 AUD

2026-06-30
jun26-inventory-rawRaw material inventory

180060 AUD

2026-06-30
jul26-3ci-repaidC$1.25m working capital loan repaid July 2026

1378739 CAD

2026-07-31
jun26-subsidiaryCap-Chat owned and operated by AEM Canada Inc through wholly owned group subsidiaries

100% group ownership None

2026-06-30
h226-normalized-operating-outflowIllustrative normalized H2 operating cash outflow

-10360000 AUD

2026-12-31
jun26-capital-commitmentsStage 1 capital commitments at 30 June

3700000 CAD

2026-06-30
sep26-new-dsuRestricted deferred share units issued

397110 units

2026-08-31
sep26-ordinary-quotedQuoted ordinary shares

365870869 shares

2026-09-01
sep26-ordinary-restrictedRestricted ordinary shares

223632375 shares

2026-09-01
sep26-total-dsuRestricted deferred share units on issue

2669285 units

2026-09-01
aug26-qualification-projectsCustomer qualification projects

225 projects

2026-08-30
aug26-industrial-projectsIndustrial trial projects

38 projects

2026-08-30
aug26-commercial-projectsQualified commercial relationship projects

18 projects

2026-08-30
aug26-unrisked-volumeUn-risked aggregate qualification project scope

6400 tonnes per annum

2026-08-30
sep26-stage2-capexStage 2 PFS initial capex at Q4 2024 prices

215000000 USD

2025-06-30
sep26-stage2-current-ebitdaStage 2 PFS steady-state EBITDA at current CM Group pricing

47100000 USD/year

2032-12-31
sep26-stage2-longterm-ebitdaStage 2 PFS steady-state EBITDA at long-term CM Group pricing

85200000 USD/year

2032-12-31
market-close-20261030Close

0.3 AUD/share

2026-10-30
market-volume-20261030Volume

146385 shares

2026-10-30
market-providerProvider

market data provider via miners.collect_stock_prices None

2026-10-30
market-security-basisSecurity basis

one ASX AEM ordinary share None

2026-10-30