Photoshop isn't exporting the alpha of a texture

[Pocket]

I've never had this happen before. I'm trying to save a texture as a "Normal Map with Alpha", using the template in the VTF export plugin for Photoshop. But when I open it in VTFEdit, it just shows the alpha channel as being pure white. It exported to the right format, BGRA8888. The alpha channel is there, in Photoshop's Channels tab. Did I do something wrong?

 

[Lampenpam]

Does it still happen when you export in DXT5, a format you should preffer?

If it doesnt work, export as tga, disable the compression thing when saving and then use VTFedit to create the .vtf