This HPA Company Could Be the Lowest-Cost Producer Outside China | Advanced Energy Minerals

Dec 15, 2025

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In this episode, Howard and Matt speak with Richard Seville, Executive Chairman of Advanced Energy Minerals (AEM), ahead of the company’s planned ASX listing (ticker: AEM).

Chapters

(00:00) Introduction
(05:31) Richard's Path to AEM
(08:18) What HPA Is & Main Uses
(10:42) HPA Market Size & Growth
(13:07) AEM Expansion Plans
(14:48) Customer Qualification Process
(18:11) Manufacturing Process Overview
(21:54) Cost Curve Positioning
(23:21) Low-Carbon Advantage
(25:22) IPO, Capital Structure & Funding
(30:27) Comparing AEM to Alpha HPA
(35:40) Closing Remarks

AEM IPO Prospectus: Drop us an email at rockstockchannel@rkequity.com and we'll send it over.
Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/

Richard is best known in the lithium industry for founding and leading Orocobre, taking it from a sub–$25m market cap IPO through project build-out, major corporate combinations, and ultimately to a transaction involving a global major. In this interview, we focus on AEM’s strategy in high purity alumina (HPA)—a niche but important industrial material used in sapphire/LED substrates, semiconductors, and emerging battery applications.

We cover:
- What HPA (4N / 5N purity) is and where it is used in the modern economy
- Market size and growth expectations, including supply dynamics and China’s role
- AEM’s Québec-based brownfield turnaround of an HPA plant acquired out of insolvency
- The company’s current operating status and capacity expansion roadmap (Stage 1 and Stage 2)
- How customer qualification works in HPA markets (including typical timelines)
- AEM’s process overview (hydrometallurgy + calcining steps) and key cost inputs
- The company’s positioning on the global cost curve, including access to low-cost hydro power
- The role of low-carbon intensity in customer decision-making and procurement
- IPO timing, funding history, balance sheet position, and views on future dilution risk
- How AEM compares with other ASX-listed HPA peers, including differences in project stage and financing approach