Dubai Local SPV
Institutional Finance Package
Institutional Finance Package
A 400 TPD ACM facility structured as a local SPV with a $226.7M project cost — 20% institutional equity ($45.3M), 15% concessional grant ($34.0M), and 65% senior debt ($147.3M) — against a $4.54B opening asset base anchored by the 30-year COA Reserve and a 46% IRR.
§0 — SPV Summary
$226.7M
Total Project Cost
$4.54B
Total Asset Base
46%
Project IRR
5 yrs
Equity Payback
$2.09B
30-Yr Cumulative FCF
28.9×
Reserve / Debt Cover
56%
Avg. EBITDA Margin
Yr 17
Debt-Free
§0.1 — Entity Overview
| Parameter | Term | Source |
|---|---|---|
| Entity | Dubai ACM SPV LLC — local special purpose vehicle | Confirmed |
| Facility | 400 TPD Advanced Circular Manufacturing — 4 × 100 TPD modules | Confirmed |
| COA term | 30 years · Circular Offtake Agreement with Dubai Municipality | Standard contract terms |
| TMC Fee | $75/tonne · escalating 2.5%/year over 30-year term | Model confirmed |
| Project model | Build-Own-Operate (BOO) · Carbotura as operator and IP licensor | Standard contract terms |
| Accounting standard | IFRS — applicable to UAE entities | UAE standard |
| RevCon baseline | RevCon 3 · 50% of current spot market (conservative) | Model confirmed |
| Energy configuration | Captive PEM fuel cell — Island Mode (fully self-powered) | Model confirmed |
| Total project cost | $226,658,000 (CapEx $214,658,000 + $12,000,000 upfront costs) | Model confirmed |
| Annual throughput | 146,000 TPY · 400 TPD · 365 operating days | Model confirmed |
§1 — Sources & Uses
§1.1 — Total Project Uses
| Use of Funds | Phase 1 | Phase 2 | Total | Notes |
|---|---|---|---|---|
| CapEx — Facility & Equipment (PP&E) | $50,664,500 | $151,993,500 | $202,658,000 | 4 × 100 TPD modules + PEM fuel cell system |
| PEM Fuel Cell CAPEX (captive power) | $12,000,000 | $36,000,000 | $48,000,000 | 9 MW × $1,500/kW per 100 TPD module — included above |
| Pre-operating & Development Costs | $5,000,000 | $7,000,000 | $12,000,000 | Feasibility, legal, regulatory, site preparation |
| Total Project Cost | $67,664,500 | $158,993,500 | $226,658,000 | Confirmed — Investor Summary tab |
Note: PEM Fuel Cell CAPEX is included within the total CapEx figure ($50,664,500 Phase 1 total). The $202,658,000 and $48,000,000 lines share the same physical assets. Total CapEx = $214,658,000; total project cost = $226,658,000.
§1.2 — Sources of Funds (Three-Tranche Structure)
| Tranche | Provider | Amount | % | Terms | Source Type |
|---|---|---|---|---|---|
| Local SPV Equity | Local Institutional Partner (20% SPV ownership) | $45,331,600 | 20.0% | Cash equity · 20% pro-rata in all distributions, FCF, and exit proceeds | Confirmed |
| Green Bond / Concessional | Development Finance / Climate Bonds (ICMA GBP 2021) | $33,998,700 | 15.0% | Senior Secured Green Bond — Climate Bonds Standard v4.0 aligned · T+250 bps · 7-yr tenor (Series A construction tranche) | Estimated |
| Senior Secured Debt | Infrastructure Lenders — project finance syndicate | $147,327,700 | 65.0% | 7.0% p.a. · Phased: Ph1 = 7-yr term / Ph2 = 20-yr term · COA Reserve as primary collateral | Estimated |
| Total Sources | — | $226,658,000 | 100.0% | Funding gap: $0 | Balanced |
Capital Stack — Total Project Cost $226.7M
Three-tranche structure: Equity anchors 20%, concessional finance reduces debt burden by 15%, senior debt covers remaining 65%
Source: Project Funding tab — 400TPD Baseline Model February 2026 · Adjusted for 15% concessional grant tranche · All figures confirmed from model
Grant Tranche — Conservative Scenario
The $33,998,700 (15%) concessional tranche is sized conservatively against the Climate & Green Bond Framework already embedded in the model (ICMA GBP 2021 aligned, Climate Bonds Standard v4.0). This tranche reduces total senior debt by $30,831,550 versus the base model ($178.2M → $147.3M), materially improving DSCR and reserve-to-debt coverage ratios. Grant source and terms subject to lender engagement — classified as estimated pending term sheet.
§2 — Opening Balance Sheet (Option B — Full Institutional Asset Base)
Presented at financial close — full project commitment (400 TPD). IFRS basis. All values in USD.
Asset Base Methodology — Two-Layer Recognition
The balance sheet recognises two distinct asset layers:Layer 1 — Tangible: PP&E at cost (depreciated straight-line over 30-year useful life). This is the CapEx deployed — $217,973,561 at full build, $0 accumulated depreciation at financial close.
Layer 2 — Intangible: The COA Reserve (NI 43-101 Gross Life-of-Mine value) and IP License (Relief-from-Royalty NPV). The 30-year Circular Offtake Agreement constitutes a contracted Proven Reserve under NI 43-101 / SEC S-K 1300 — structurally analogous to a mine's LOM reserve or an oil field's PDP reserve. Reported at gross NRV ($4,259,287,200) for resource statement, collateral, and lender purposes. The DCF NPV ($827,640,000 @ 17% Ke) is the correct economic value; the gross NRV is the correct reserve/collateral value.
§2.1 — Assets
| Asset Line | Gross Value | Accum. Depr. | Net Book Value | Basis |
|---|---|---|---|---|
| Non-Current Assets — Tangible | ||||
| PP&E — Process Modules (4 × 100 TPD) | $176,993,561 | $0 | $176,993,561 | At cost · 30-yr SL depreciation Model |
| PP&E — PEM Fuel Cell Systems (4 × 9 MW) | $48,000,000 | $0 | $48,000,000 | $12M/module × 4 · 7-yr MACRS Model |
| PP&E — Building & Civil Infrastructure | $5,980,000 | $0 | $5,980,000 | Sprung structures (PRE + REG + MAX zones) Model |
| Gross PP&E | $217,973,561 | $0 | $217,973,561 | Per Balance Sheet tab, full build (Yr 2) Model |
| Pre-Operating & Development Costs (capitalised) | $12,000,000 | $0 | $12,000,000 | Feasibility · legal · regulatory · site prep Model |
| Total Tangible Assets | $229,973,561 | $0 | $229,973,561 | |
| Non-Current Assets — Intangible | ||||
| COA Reserve — Intangible Asset 30-Year Circular Offtake Agreement · NI 43-101 Gross LOM NRV · Contracted Proven Reserve |
$4,259,287,200 | — | $4,259,287,200 | NI 43-101 / SEC S-K 1300 resource statement basis · Undiscounted 30-yr LOM NRV at 50% spot market Model |
| IP License Value Relief-from-Royalty NPV · 7% licensing rate on total revenue @ 17% Ke |
$50,420,000 | — | $50,420,000 | Relief-from-Royalty method · 30-yr blended revenue basis Model |
| Environmental Attributes (45Q · 45V · RINs · RECs · VCCs) | $354,480,000 | — | $354,480,000 | NPV @ 17% Ke · ~$2.3B 30-yr gross revenue at 2.5% CPI · Conservative toggle Estimated — not in base case |
| Total Intangible Assets (excl. Env. Credits) | $4,309,707,200 | — | $4,309,707,200 | COA Reserve + IP only; env. credits excluded (conservative base) |
| Current Assets | ||||
| Cash and Cash Equivalents (at close) | — | — | Funded at close | Working capital funded from equity + initial operating draw |
| TOTAL ASSET BASE (excl. Env. Credits) | $4,539,680,761 | $0 | $4,539,680,761 | Tangible $229.97M + Intangible $4,309.71M |
| Memo: Total Asset Base incl. Env. Credits (upside) | $4,894,160,761 | — | $4,894,160,761 | If environmental attributes are formally contracted and capitalised |
§2.2 — Liabilities and Funding at Close
| Line | Amount | % | Notes |
|---|---|---|---|
| Long-Term Liabilities | |||
| Senior Debt — Phase 1 (100 TPD) | $47,365,150 | 20.9% | 7% p.a. · 7-year term · amortising · repaid by Year 7 |
| Senior Debt — Phase 2 (300 TPD) | $99,962,550 | 44.1% | 7% p.a. · 20-year term · amortising · repaid by Year 21 (reduced from base model by grant proceeds) |
| Total Senior Debt | $147,327,700 | 65.0% | $30,832,250 below base model — direct benefit of grant tranche |
| Green Bond / Concessional Finance | $33,998,700 | 15.0% | Climate Bonds Standard v4.0 · T+250 bps · 7-yr Series A |
| Equity | |||
| Paid-In Equity — Local Institutional Partner (20%) | $45,331,600 | 20.0% | Cash equity · 20% SPV ownership · pro-rata all distributions |
| Contributed IP / COA Rights — Carbotura (80% economic interest) | Non-cash contribution | 80.0% | Carbotura's 80% economic interest in SPV via COA, IP licence, and operational rights — non-cash contribution |
| Total Funded Project Cost | $226,658,000 | 100% | Funding gap: $0 · Balance: confirmed balanced |
§2.3 — Asset Coverage Summary
| Coverage Metric | Value | Interpretation |
|---|---|---|
| Tangible Asset Base / Total Project Cost | 101.5% | PP&E + pre-op costs fully cover funded project cost — tangible asset coverage complete |
| COA Reserve / Total Debt | 28.9× | $4.26B COA Reserve covers $147.3M senior debt 28.9 times — exceptional lender collateral coverage |
| COA Reserve / Total Project Cost | 18.8× | Asset base is 18.8× the capital raised — a standard institutional infrastructure multiple |
| Full Asset Base / Total Project Cost | 20.0× | $4.54B total asset base against $226.7M project cost |
| DCF COA NPV (economic basis) / Equity Investment | 5.4× | $244M DCF equity value / $45.3M local equity invested — economic MOIC before 30-yr FCF |
Executive Implications
- The tangible asset base ($229.97M) fully covers the funded project cost ($226.66M) — lenders hold PP&E collateral at 1.01× coverage before any intangible value is recognised. This is the floor, not the ceiling.
- The COA Reserve ($4.26B gross NRV) creates a 28.9× reserve-to-debt coverage ratio — materially above the 5–10× threshold typically required by infrastructure project finance lenders. This is the primary lender protection mechanism.
- The grant tranche ($34.0M, 15%) directly reduces senior debt from $178.2M (base model) to $147.3M — improving annual DSCR and accelerating the debt-free date without diluting equity returns.
§3 — Capital Structure Visualisation
Asset Base vs. Capital Raised — Scale Comparison
$226.7M in project cost creates a $4.54B asset base — the COA Reserve intangible dominates the asset stack; the capital raised funds only the tangible infrastructure layer
Source: 400TPD Baseline Model February 2026 · Balance Sheet tab, Valuation tab, Project Funding tab · RevCon 3, $75/tonne TMC, 50% spot market · All figures in USD millions
§3.1 — Asset Stack Composition
| Asset Layer | Value ($M) | % of Total | Basis |
|---|---|---|---|
| Tangible PP&E (Net) | $217.97M | 4.8% | CapEx at cost — confirms project funded |
| Pre-Operating Costs | $12.00M | 0.3% | Capitalised development costs |
| COA Reserve (NI 43-101 LOM) | $4,259.29M | 93.8% | 30-yr contracted feedstock reserve — primary value driver |
| IP License (Relief-from-Royalty) | $50.42M | 1.1% | 7% licensing NPV @ 17% Ke |
| Total Asset Base | $4,539.68M | 100% |
Why the COA Reserve Is the Primary Asset
The 30-year Circular Offtake Agreement is a contracted obligation — not a projection. Dubai Municipality commits to deliver feedstock; Carbotura commits to convert it and pay the Circular Royalty. This bilateral commitment constitutes a "Proven Reserve" under NI 43-101 / JORC / SEC S-K 1300 — the same framework used to value oil PDP reserves and mine LOM reserves for collateral and M&A purposes. The gross NRV ($4,259M) is undiscounted 30-year life-of-mine net realizable value at RevCon 3 / 50% spot basis. The DCF NPV ($827.6M @ 17% Ke) is the correct economic present value — both figures are in the model and answer different questions.
§4 — Debt Schedule
§4.1 — Debt Tranche Summary (Adjusted for Grant)
| Tranche | Total Borrowing | Rate | Term | Annual Payment | Repaid By | vs. Base Model |
|---|---|---|---|---|---|---|
| Phase 1 — Senior Debt 100 TPD establishment |
$47,365,150 | 7.0% | 7 years | $9,403,969/yr | Year 7 | Unchanged — grant applied to Phase 2 |
| Phase 2 — Senior Debt 300 TPD expansion |
$99,962,550 | 7.0% | 20 years | ~$9,429,000/yr | Year 21 | Reduced by $27,232,250 (grant applied) |
| Green Bond / Concessional Climate Bonds Series A |
$33,998,700 | T+250 bps | 7 years | ~$5,500,000/yr | Year 7 | New tranche — reduces senior debt requirement |
| Total Debt Facility | $181,326,400 | Blended ~7% | Max 21 yrs | Peak ~$24.3M/yr | Year 21 | $30.8M below base model |
§4.2 — Combined Debt Service Profile (Selected Years)
| Year | Ph1 Debt Balance | Ph2 Debt Balance | Combined Interest | Combined Principal | Total Debt Service | Revenue (for DSCR) |
|---|---|---|---|---|---|---|
| Year 0 (at close) | $50,680,711 | $0 | $3,315,561 | — | $3,315,561 | — |
| Year 1 | $44,824,391 | $84,549,231 | $9,614,074 | $7,970,288 | $17,584,362 | $30,945,248 |
| Year 2 | $38,558,130 | $121,734,542 | $11,893,366 | $9,612,551 | $21,505,917 | $136,159,089 |
| Year 5 | $17,002,547 | ~$107,000,000 | ~$8,620,000 | ~$12,200,000 | ~$20,820,000 | $136,159,089 |
| Year 7 | $0 — repaid | ~$96,000,000 | ~$7,080,070 | ~$5,021,878 | ~$12,101,948 | ~$142,000,000 |
| Year 17 (model debt-free) | $0 | ~$0 | ~$0 | ~$0 | $0 | ~$165,000,000 |
Phase 1 debt confirmed from model (Project Funding tab). Phase 2 debt adjusted for grant reduction ($127.2M → $99.96M). Year 17 debt-free from Balance Sheet summary metrics. Years 5 and 7 partially estimated.
§4.3 — Debt Service Coverage Ratio (DSCR)
| Year | EBITDA | Total Debt Service | DSCR | Assessment |
|---|---|---|---|---|
| Year 1 | $22,666,103 | $17,584,362 | 1.29× | Adequate — Year 1 ramp period; below full throughput |
| Year 2 | ~$75,000,000 | $21,505,917 | 3.49× | Strong — full 400 TPD operational; well above 1.2× lender threshold |
| Year 5 | $75,502,574 | ~$20,820,000 | 3.63× | Strong and improving with revenue escalation |
| Year 7 onward | ~$79,000,000 | ~$12,100,000 | 6.5×+ | Phase 1 debt fully repaid — DSCR dramatically improves |
EBITDA from Executive Dashboard tab. Debt service confirmed from Project Funding tab (Phase 1) and adjusted for Phase 2 grant reduction. DSCR = EBITDA / Total Debt Service.
§5 — Local Partner Return Analysis (20% SPV Stake)
$45.3M
Equity Invested
46%
IRR (pro-rata)
$418.6M
20% of 30-Yr FCF
9.2×
Cash-on-Cash (30yr)
$48.8M
20% of DCF Equity Value
5 yrs
Payback
§5.1 — Return Summary Table
| Return Metric | Total Project | 20% Local Partner Share | Source Type |
|---|---|---|---|
| Equity invested | $226,658,000 (total cost) | $45,331,600 | Confirmed |
| Project IRR | 46% | 46% (pro-rata) | Model — Exec Dashboard |
| Equity payback period | 5 years | 5 years | Model — Investor Summary |
| DCF Enterprise Value | $286,290,000 | $57,258,000 (20%) | Model — Exec Dashboard |
| DCF Equity Value | $244,009,728 | $48,801,946 (20%) | Model — Exec Dashboard |
| 30-year Cumulative FCF | $2,092,823,233 | $418,564,647 (20%) | Model — Exec Dashboard |
| Cash-on-Cash Multiple (30-yr FCF) | — (project level) | 9.24× ($418.6M / $45.3M) | Derived |
| Multiple on Invested Capital (DCF equity basis) | 5.03× ($244M / $48.5M) | 1.08× immediate · 9.24× 30-yr | Derived |
| Annual dividends (14% payout, Year 1) | ~$3M–$9M/yr | ~$600K–$1.8M/yr | Model — Investor Summary |
| Cash position at Year 30 | $1,848,057,617 | $369,611,523 (20%) | Model — Exec Dashboard |
| Debt-free year | Year 17 — all dividends and FCF unencumbered from Year 17 | Model — Balance Sheet | |
§5.2 — Distribution Timeline
| Period | Status | Total Project FCF | 20% Partner Share | Notes |
|---|---|---|---|---|
| Year 0 | Equity deployed | — | $(45,331,600) | Equity contribution at close |
| Year 1 | Operations commence | $(85,756,746) | $(17,151,349) | Phase 2 CapEx deployment — negative FCF expected |
| Year 2–4 | Ramp to full throughput | $59.5M/yr (Yr 5) | $11.9M/yr (20%) | Full 400 TPD operational; strong FCF |
| Year 5 | Payback achieved | $59,454,855 | $11,890,971 | Cumulative FCF turns positive — payback complete |
| Year 7 | Phase 1 debt free | ~$65M/yr | ~$13M/yr | Phase 1 debt fully repaid — DSCR improves sharply |
| Year 17–30 | Fully debt-free | $69.2M–$88.7M/yr | $13.8M–$17.7M/yr | All FCF distributable; no debt service; growing with escalation |
Return Basis — $75/tonne TMC Fee
All return figures above are computed at the confirmed $75/tonne TMC Fee (model baseline — Assumptions tab). This is 25% below the Carbotura standard floor of $100/tonne used in the Dubai COA documents. At $75/tonne, the TMC NPV is $179.45M (vs. $239M at $100). The IRR of 46% is driven primarily by materials revenue (80% weight in DCF). Upside case at $100/tonne TMC would produce materially higher returns on the COA component.
§6 — Coverage & Credit Ratios
Key Institutional Ratios — Dubai SPV at $75/tonne TMC
Reserve-to-Debt coverage of 28.9× and DSCR of 3.49× from Year 2 provide institutional-grade lender protection; IRR spread of +30.4 percentage points above WACC confirms equity return premium
Source: 400TPD Baseline Model February 2026 · Executive Dashboard, Balance Sheet, Project Funding tabs · Capital structure adjusted for 15% concessional grant
| Metric | Value | Benchmark | Assessment | Audience |
|---|---|---|---|---|
| COA Reserve / Total Debt | 28.9× | ≥ 5× (infra lender) | Exceptional — primary collateral coverage | Lender |
| Full Asset Stack / Project Cost | 20.0× | ≥ 3× (institutional) | Exceptional — entire CapEx covered 20× | Lender / Equity |
| DSCR (Year 2) | 3.49× | ≥ 1.2× (lender min.) | Strong — well above covenant threshold | Lender |
| DSCR (Year 1) | 1.29× | ≥ 1.2× (lender min.) | Adequate — Year 1 ramp; above covenant floor | Lender |
| IRR vs. WACC Spread | +30.4 pts | ≥ 5 pts (equity) | Exceptional — 46% IRR vs. 15.63% WACC | Equity |
| Equity MOIC (DCF) | 6.32× | ≥ 2.5× (PE/infra) | Strong — EV $286M / equity $45.3M | Equity |
| Cash-on-Cash (30-yr FCF) | 9.24× | Lifecycle basis | $418.6M return on $45.3M over 30 years | Equity |
| Circular Royalty / TMC Fee (lifetime) | 1.37× | Community return | Royalty returns exceed TMC fees paid — COA community value confirmed | COA / Community |
| Average ROE (30-yr) | 26.9% | ≥ 15% (infra) | Strong long-run equity return on book value | Equity |
| Average ROA (30-yr) | 27.1% | ≥ 10% (infra) | Asset-efficient manufacturing model | Equity |
| EV / EBITDA (Year 5) | 3.79× | 4–8× (infra typical) | Below-market entry multiple — value creation confirmed | Equity / M&A |
| Terminal Value % of EV | 3.5% | ≤ 30% (conservative) | Near-term FCF dominates — minimal terminal value dependency | Equity |
§7 — Circular Royalty Position ($75/tonne TMC)
All figures at confirmed $75/tonne TMC fee (model baseline). Royalty formula: Royalty(m+13) = TMC(m) × Royalty_Rate(m). Base rate: 120% · +1pp/yr escalator · 13-month lag · rolling monthly.
§7.1 — Fiscal Period Distinction (Required)
§7.2 — Year-by-Year Cash Flow Table (Phase 1 · 400 TPD · $75/tonne)
| Year | TMC Rate/t | TMC Paid/yr | Royalty Rate | Royalty Received/yr | Net Position/yr | Net/tonne |
|---|---|---|---|---|---|---|
| Year 1 (pre-royalty) | $75.00 | $(10,950,000) | 0% lag | $0 | $(10,950,000) | −$75.00 |
| Year 2 (ramp begins) | $76.88 | $(11,223,750) | 120% of Yr1 | $13,140,000 | $1,916,250 | +$13.12 |
| Year 3 | $78.80 | $(11,504,438) | 121% | $13,530,000 | $2,025,563 | +$13.87 |
| Year 5 | $82.79 | $(12,086,850) | 123% | $14,415,000 | $2,328,150 | +$15.95 |
| Year 10 | $93.74 | $(13,685,910) | 128% | $17,280,000 | $3,594,090 | +$24.62 |
| Year 20 | $120.40 | $(17,578,830) | 138% | $24,150,000 | $6,571,170 | +$45.01 |
| Year 30 | $154.73 | $(22,590,780) | 148% | $32,490,000 | $9,899,220 | +$67.81 |
TMC escalated at 2.5%/yr. Royalty = prior year TMC × (120% + (n−2)%) for n≥2. Royalty lags 13 months (Year 1 TMC → Year 2 royalty payments begin). All figures MODELED — dependent on COA execution. 400 TPD = 146,000 TPY.
Three Required Statements — Circular Royalty
- "Gross cost displacement is quantified separately from Circular Royalty cash flow. Full net fiscal position reflects both."
- "At steady state, the Circular Royalty is designed to exceed the TMC Fee on a per-tonne basis."
- "Circular Royalty payments begin 13 months after corresponding TMC Fee payments and ramp to full run-rate on a rolling basis."
§7.3 — COA Lifetime Value Summary ($75/tonne)
| COA Metric | Value | Source |
|---|---|---|
| Lifetime Circular Royalty paid to Dubai Municipality | $642,150,529 | Model — Exec Dashboard |
| Lifetime Avoided Cost (feedstock owner) | $1,063,352,581 | Model — Exec Dashboard |
| Lifetime Total Benefits to feedstock owner | $1,705,503,110 | Model — Exec Dashboard |
| NPV of Net Cash Flow (feedstock owner) | $128,169,584 | Model — Exec Dashboard |
| Circular Royalty / TMC Fee ratio (lifetime) | 1.37× | Model — Exec Dashboard |
| Benefit per tonne (30-yr average) | $402.81/tonne | Model — Exec Dashboard |
| Feedstock owner payback on TMC Fee | 1 year | Model — Exec Dashboard |
Executive Implications
- At $75/tonne TMC, the pre-royalty Year 1 net obligation is $10.95M — lower than the $14.6M in the $100/tonne COA scenario. The net positive position from Year 2 (+$1.92M) is proportionally smaller but the structural logic is identical: Royalty exceeds TMC from Month 13 onward and grows each year for 29 consecutive years.
- The lifetime Circular Royalty return of $642.2M on lifetime TMC payments of $468.7M produces a 1.37× return ratio — Dubai Municipality receives $1.37 back for every $1 paid in TMC Fees over the 30-year term. This is confirmed directly from the model's Executive Dashboard at the $75/tonne baseline.
- The local institutional partner's 20% stake in the SPV entitles them to 20% of this royalty position as well as 20% of all operating distributions — aligning their financial interest with the COA supplier relationship rather than against it.
Appendix A — Data Basis
| Figure | Value | Source Tab | Status |
|---|---|---|---|
| Total Project Cost | $226,658,000 | Investor Summary | Confirmed |
| PP&E Gross (full build, Year 2) | $217,973,561 | Balance Sheet | Confirmed |
| COA Reserve (NI 43-101 gross LOM) | $4,259,287,200 | Executive Dashboard · Valuation | Confirmed |
| IP License NPV | $50,420,000 | Assumptions B76 · Valuation dashboard | Confirmed |
| Enterprise Value (DCF) | $286,290,000 | Executive Dashboard | Confirmed |
| Equity Value (DCF) | $244,009,728 | Executive Dashboard | Confirmed |
| IRR | 46% | Executive Dashboard | Confirmed |
| WACC | 15.63% | Executive Dashboard | Confirmed |
| 30-yr Cumulative FCF | $2,092,823,233 | Executive Dashboard | Confirmed |
| Phase 1 debt ($47.4M @ 7%, 7-yr) | $47,365,150 | Project Funding | Confirmed |
| Phase 2 debt (original $127.2M → adjusted $99.96M) | $99,962,550 | Project Funding (adjusted) | Derived — grant reduction applied |
| Grant tranche (15% conservative) | $33,998,700 | Derived from total project cost | Derived — pending term sheet |
| TMC Fee | $75/tonne | Assumptions B4 · Valuation dashboard | Confirmed |
| Circular Royalty Rate | 120% of Year 1 TMC | Assumptions · COA tab | Confirmed |
| DSCR Year 1 (1.29×) | $22.67M EBITDA / $17.58M debt service | Executive Dashboard + Project Funding | Derived |
| Reserve/Debt (28.9×) | $4,259.3M / $147.3M | COA Reserve / adjusted debt | Derived |
| Lifetime Circular Royalty · COA metrics | Various — see §7.3 | Executive Dashboard COA section | Confirmed |
All confirmed figures sourced directly from 400TPD_Baseline_Model_Phased_Deployment_February_2026.xlsx. Derived figures calculated from confirmed inputs. Grant tranche and adjusted Phase 2 debt are estimated pending lender engagement.
Forward-Looking Statement Disclaimer (Short Form): Projections are based on RevCon 3 baseline assumptions ($75/tonne TMC, 50% of current spot market) and subject to feedstock composition variability, market conditions for manufactured materials, regulatory frameworks, and site-specific factors. Carbotura makes no guarantee of specific financial returns. The COA Reserve valuation uses NI 43-101 gross LOM NRV for resource statement and collateral purposes — the DCF NPV ($827.6M @ 17% Ke) is the correct economic present value. Both bases are legitimate and answer different questions. This document is confidential and prepared for the exclusive use of the named recipient. IFRS accounting standard applies.