It might be near-unheard of, but ASX All Ordinaries Index (ASX: XAO) share Alpha HPA Ltd (ASX: A4N) is making a splash on the market today.
The Australian mineral exploration and development company has just released exciting news about its high-purity aluminium (HPA) project. The project aims to produce critical HPA products driving decarbonisation.
Right now, the Alpha share price is roaring 15.05% higher to trade at 54 cents. That makes it the top performing All Ords share right now. The index has slumped 1.85% at the time of writing.
So, what could the small-cap mineral stock have revealed to elicit such a reaction from the market? Let's take a look.
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What's driving the All Ords share higher today?
The Alpha share price is leaping upwards today on an update on the company's HPA First Project, located in Gladstone, Queensland.
The project has been connected to 100% renewable electricity while the fit-out of the site's buildings and installation of a security gate is underway. They're expected to be completed by the middle of this month.
The company's still working towards the full-scale HPA First Project's final investment decision.
Also likely moving the All Ords share today is news of a memorandum of understanding signed with Brenntag, the world's largest chemical distributor.
The deal could see Alpha's products sold and/or distributed in Europe, the Middle East, and Africa and considers potential commercial collaboration in testing or production facilities.
On top of that, the company has received new sales orders. One is from a US lithium-ion battery manufacturer. The order is for an initial tonne of HPA to be delivered in April 2023. The battery maker predicts its demand will scale from 2024.
Alpha has also updated the market on its 5N purity aluminium nitrate. It now has test work underway with numerous parties looking to use the material to coat lithium-ion cathode and anode materials.
And finally, a $45 million grant from the Modern Manufacturing Initiative collaborations stream has proceeded to the negotiation stage.
Alpha share price snapshot
Despite today's uptick, the Alpha share price is 14% lower than it was at the start of 2022. Though, it has gained 5% since this time last year.
In comparison, the All Ords has dumped 11% year to date and 9% over the last 12 months.
