Atlantic Alumina Expands Partnership with United States Government, Reaching $800 Million in Total Funding to Advance U.S. Critical Mineral Independence

WASHINGTON--( BUSINESS WIRE)--Atlantic Alumina Company LLC (“ATALCO” or the “Company”), the only remaining alumina refinery in the United States, today announced an expansion of its partnership with the Department of War’s ("DoW") Office of the Under Secretary of War for Acquisition & Sustainment, the Economic Defense Unit, and Concord Resources Holdings Limited (“Concord”), in conjunction with Concord’s majority shareholder, a fund managed by Pinnacle Asset Management, L.P. (“Pinnacle”), a leading commodities investment firm. The new funding, in the form of $350 million in preferred equity, brings total capital raised for the ATALCO facility in Gramercy, Louisiana and its critical mineral production to $800 million since the start of the year, split evenly between $400 million from the DoW and $400 million from private investors through Pinnacle’s fund.

ATALCO’s Gramercy facility is the only U.S. producer of smelter grade alumina, the essential raw material for aluminum metal required in the aerospace, defense, and automotive sectors. The Company also produces chemical grade alumina used for important industrial operations, including in catalysts for oil and gas refineries, refractories, fire suppressants, ceramic casings for semiconductors, and municipal water treatment. Notably, the State of Louisiana under Governor Jeff Landry recently announced an executive order prioritizing the production of alumina and gallium, which have been designated critical minerals by the United States Government.

Building on the initial investment announced in January 2026, ATALCO has significantly expanded its alumina production capabilities and constructed a pilot primary gallium production facility at its Gramercy refinery, which is now undergoing testing. This fall, the Company expects to deliver the nation's first domestic primary production of gallium, a critical mineral recovered simultaneously with alumina during the refining process.

This public-private partnership funds the revitalization of the Gramercy facility’s operations, securing ATALCO’s ability to provide the U.S. with the alumina needed for industrial supply chains across the country and supporting over 500 high-value American jobs. Building on the pilot facility now nearing first production, the Company expects to produce up to 50 metric tons of gallium per year at the Gramercy facility. To advance critical mineral independence in the U.S., ATALCO will also begin research and development into the processing of other critical minerals recovered from the Company’s bauxite residue.

ATALCO said: “We are pleased to secure the domestic supply chain for alumina and gallium, building America’s critical mineral resilience in commodity markets that have historically been dominated by China. With $800 million of combined public and private capital behind this facility, we are on a clear path to supplying America’s aluminum smelters as well as producers of aerospace and defense systems with the alumina and gallium needed to move the country forward.”

"We are proud to partner with Pinnacle and ATALCO to secure a monumental win for American industry and our warfighters,” said George K. Kollitides II, Director of the Department of War’s Economic Defense Unit. “This investment represents the War Department’s commitments to strengthen our supply chains, support the American workforce, and reinforce our already unparalleled military advantages.”

Through joint public and private investment, ATALCO has raised $800 million to support the revitalization of the facility’s production circuit, with $400 million from the DoW and $400 million from private investors. This includes the $450 million partnership previously announced in January 2026 and an additional $350 million of capital committed since that time. Together, this $800 million commitment underscores ATALCO’s role at the forefront of U.S. critical mineral independence.

“Investing in American critical minerals and commodities is at the center of our investment thesis,” said Jason Kellman, Chief Investment Officer, Pinnacle Asset Management, L.P. “ATALCO’s ability to meet the needs of U.S. industries with a reliable supply of alumina as well as the only domestically produced primary gallium demonstrates the impact of public-private collaboration in securing industrial supply chains.”

“We’re proud to support ATALCO’s work in advancing domestic critical mineral processing and production,” said Scott Kellman, Managing Partner, Pinnacle Asset Management, L.P. “With many of the country’s most important industries reliant on alumina and gallium – including defense, aerospace, and energy – this investment will have a meaningful impact on America’s critical mineral independence and defense industrial base.”

Advisors

Aprio Advisory Group, LLC provided financial and transaction advisory support to Pinnacle and Concord.

Goldman Sachs & Co. LLC served as financial advisor to ATALCO and Concord.

Linklaters served as legal advisor to ATALCO and Concord.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Pinnacle.

About Atlantic Alumina

Atlantic Alumina (ATALCO) is the only producer of alumina, the key ingredient in the production of aluminum in the United States. Commissioned in 1959, ATALCO’s Alumina production facility in Gramercy, Louisiana provides key supply chain materials to public and private industry customers. Discovery Bauxite Operations Limited (DBOL) is a part of Atlantic Alumina with a dedicated joint venture mining operation with Discovery Bauxite Partners (DBP), a wholly owned agency of the Government of Jamaica. DBP’s mining operation has the capacity to mine and export bauxite to the United States up to 5.2 million metric tons per annum. Learn more here: https://www.atalco.com/

About Pinnacle Asset Management

Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $6 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return strategies and products. Pinnacle is an investment adviser registered with the Securities and Exchange Commission; is a commodity trading adviser and commodity pool operator registered with the Commodity Futures Trading Commission; and is a member of the National Futures Association.

About Concord Resources Holding Limited

Concord Resources Holdings Limited is a global natural resource company founded in 2015, which is the majority owner of Atlantic Alumina and sole owner of Concord Resources Limited, a global commodity merchant with a focus on non-ferrous metals and associated minerals.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to invest in any Pinnacle-managed fund or advisory product. Any references to investments described herein are provided solely to illustrate a transaction involving an affiliated portfolio investment and should not be construed as investment advice or a recommendation. Certain information contained in this Presentation constitutes “forward-looking statements,” or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Pinnacle’s registration with the SEC and the CFTC and NFA Membership do not imply a certain level of skills or training.