Stock Analysis

• Deliveries are expected to start in June 2027, with commissioning to follow as units arrive through early 2028.

• FMG Clean Energy is toSupplyat least 325 gigawatt-hours a year from 2029, subject to regulatory approvals and construction of the required infrastructure.

• The group all-in site cost rose to US$2,035 per ounce from US$1,941, while production costs rose to US$1,472 per ounce from US$1,340.

• AISC was A$2,656 per ounce, above the guided range, and production was below the run rate implied by the full-year target.

• The deal extends a long-standingSupplyrelationship and is intended to support processing at the Worsley alumina refinery.

• La Juliana lies about 700 metres south-east of the Castillejitos orebody, part of the Aguas Teñidas operation in the MATSA complex.

ALS Limited (ASX:ALQ) was trading at AUD 20.15, up 0.80% at the 27 October 2026 close. The company’s reported results and operating disclosures cover the financial performance,Businessactivities and other corporate measures described below.