A typical start position, a partially-transparent layer with a solid background layer.
First, turn off any background layers.
Next, create a new mask from the partially-transparent layer.
Now select source opacity as the mask source (experiment with other settings when you get the hang of it)
The mask will appear in a new group - the white portions of the mask will be visible, the black will be transparent.
Now you must save the mask to the alpha channel...
by selecting the "SAVE" button
and then save the image in TGA format. Some applications may require an uncompressed TGA; you can set this in the OPTIONS box shown below.