Alcoa — Oct 22, 2025 release

Alcoa reported 50 days working capital, a sequential increase of 3 days primarily due to an increase in accounts receivable days on higher pricing for aluminum.   Key Actions • Massena energy contract: On October 22, 2025, Alcoa announced a long-term energy contract with the New York Power Authority (NYPA) and a capital investment of approximately $60 million in the facility’s anode baking furnace to support future operations at the Massena smelter. • Gallium project: On October 20, 2025, Alcoa announced support from the U.S. and Australian governments to advance development of a gallium plant to be co-located at the Wagerup refinery in Australia. • Kwinana refinery: On September 29, 2025, the Company announced the decision to permanently close the Kwinana refinery in Australia. • Term loan: In September 2025, the Company fully repaid $74 million drawn under a term loan and cancelled the agreement. • Australia mine approvals: The Western Australian Environmental Protection Authority (WA EPA) has provided a summary of the comments received during the 12-week public comment period for the Company’s mining activities in Australia, which include the plan for the next major mine regions (Myara North and Holyoake) and the rolling five-year mine plan (2023-2027) referred to the WA EPA in 2023 by a third party. The Company is conducting a comprehensive review of the comments received and plans to submit responses to the WA EPA during the fourth quarter 2025. Following the Company’s response to any clarifications requested by the WA EPA, the Co