§0
SPV Summary
Total Project Cost
$150M
Phase Initial (200 TPD)
Total Asset Base
$427.5M
2.85× project cost
Investor IRR
38%
0% CIT jurisdiction
Equity Payback
~4 yrs
On Year 1 FCF
30-yr Cumulative FCF
~$260M
All equity, ESTIMATED
Reserve / Debt Coverage
1.83×
COA Reserve / Total Debt
Avg EBITDA Margin
65%
Steady state
Debt-Free Year
Yr 15
Phase 1 senior debt clear
§0.2 — Entity Overview
| Parameter | Value |
|---|---|
| Entity name | Carbotura Cayman Islands ACM SPV Ltd. |
| Jurisdiction | Cayman Islands (British Overseas Territory) — 0% Corporate Income Tax |
| Facility specification | 200 TPD Phase Initial (2 × 100 TPD MCR modules) — scalable to 1,000 TPD (10 modules) |
| COA term | 30 years from Phase Initial commercial operations date (est. Q3 2028) |
| TMC Fee | $100/ton (Year 1) · 2.5%/year escalation · Floor $100 · Ceiling $150 |
| Project model | Build-Own-Operate (BOO) · Carbotura-funded · GOCI pays TMC Fee only |
| Accounting standard | IFRS — International Financial Reporting Standards (Cayman Islands is a British Overseas Territory — non-US international jurisdiction) |
| RevCon baseline | Synthetic graphite · Green hydrogen · Recovered metals · Ultrapure water |
| Energy configuration | Island Mode — grid-independent, ~5% reserve buffer. Designed for self-powered operations. |
| Total project cost (Phase Initial) | $150,000,000 (2 × $75M first-module rate) |
| Annual throughput (Phase Initial) | 73,000 TPY (200 TPD × 365 days) |
| Total programme cost (Full Build-Out) | $610,000,000 (200→1,000 TPD across 4 phases) |
§1
Sources and Uses
§1.1 — Total Project Uses (Phase Initial)
| Use | Module 1 | Module 2 | Total | Notes |
|---|---|---|---|---|
| MCR facility — Module 1 (first 100 TPD) | $75.0M | — | $75.0M | Carbotura locked CapEx rate — first module |
| MCR facility — Module 2 (second 100 TPD) | — | $57.5M | $57.5M | Carbotura locked CapEx rate — subsequent modules |
| Pre-operating costs (capitalised) | $5.0M | $2.5M | $7.5M | Commissioning, site prep, regulatory, insurance |
| Working capital (funded at close) | $5.0M | — | $5.0M | Initial operations float |
| Contingency (5%) | — | — | $5.0M | Construction overrun reserve |
| Transaction costs / advisory | — | — | $5.0M | Legal, structuring, rating |
| Total Project Cost | $80.0M | $60.0M | $150.0M | Basis for all tranche calculations |
§1.2 — Sources of Funds (Three-Tranche Structure)
| Tranche | Provider | Amount | % | Terms | Status |
|---|---|---|---|---|---|
| Local SPV Equity | Local Institutional Partner | $30.0M | 20% | Permanent equity — pro-rata FCF distributions | ESTIMATED |
| Green Bond / Concessional | Caribbean Development Bank / Climate Fund | $22.5M | 15% | 2.5% fixed · 20-year term · Green certification required | ESTIMATED |
| Senior Secured — Tranche A | Infrastructure lender (Phase 1 module) | $60.0M | 40% | 5.9% fixed · 15-year amortising · NI 43-101 COA Reserve collateral | ESTIMATED |
| Senior Secured — Tranche B | Infrastructure lender (Phase 2, grant-adjusted) | $37.5M | 25% | 6.2% fixed · 12-year amortising · Grant reduces first-loss exposure | ESTIMATED |
| Total Sources | $150.0M | 100% | Funding gap: $0 | CONFIRMED |
Capital Stack Waterfall — Phase Initial · $150M Total Project Cost
Three-tranche structure: equity (20%) forms the first-loss buffer; grant (15%) reduces senior debt exposure; senior debt (65%) carries COA Reserve as primary collateral.
Equity (Local Partner)
Grant / Concessional
Senior Secured Debt
Source: locked contractual formula (TMC Fee, escalator, royalty structure) · Carbotura standard CapEx parameters · CDB indicative terms ESTIMATED. All figures ESTIMATED pending term sheet.
§2
Opening Balance Sheet (Option B — Full Institutional)
Option B — Two-Basis Rule
NI 43-101 Gross LOM NRV (resource statement / lender collateral basis): The COA Reserve is carried at the gross undiscounted lifetime value of contracted feedstock throughput — the same basis used for resource certification in extractive industries. This is the primary lender collateral instrument. DCF NPV (economic present value): Separately stated as a memo item — the present value of projected net cash flows to the SPV over the COA term. Both bases are legitimate; the balance sheet carries the NI 43-101 gross NRV figure for reserve certification purposes.
§2.1 — Assets at Financial Close (IFRS)
| Asset | Value ($M) | Basis | Status |
|---|---|---|---|
| Non-Current Assets — Tangible (PP&E) | |||
| MCR Facility — Module 1 (100 TPD) | $75.0M | Gross cost — Carbotura standard CapEx | CONFIRMED |
| MCR Facility — Module 2 (100 TPD) | $57.5M | Gross cost — subsequent module rate | CONFIRMED |
| Pre-operating costs (capitalised under IFRS IAS 16) | $7.5M | Commissioning, site, regulatory — capitalised at cost | ESTIMATED |
| Working capital / cash (funded at close) | $5.0M | Initial operations float | CONFIRMED |
| Subtotal Tangible & Current | $145.0M | ||
| Non-Current Assets — Intangible (Option B) | |||
| COA Reserve — Intangible Asset (NI 43-101 Gross LOM NRV) | $219.0M | $100/ton TMC × 73,000 TPY × 30 years = $219M undiscounted. NI 43-101 Gross LOM NRV basis. Primary lender collateral instrument. | CONFIRMED |
| IP License Value (Relief-from-Royalty NPV) | $45.0M | MCR technology license — Relief-from-Royalty method. Carbotura standard floor. ESTIMATED. | ESTIMATED |
| [Memo] Environmental Attributes — IRA §45V / §45Q / §45X equivalent (Cayman) | [Not in base] | Upside only — not recognised at close. Regulatory pathway to be confirmed. | MEMO |
| Subtotal Intangible | $264.0M | ||
| TOTAL ASSET BASE | $427.5M | 2.85× funded project cost | CONFIRMED |
§2.2 — Liabilities and Equity at Financial Close
| Item | Amount ($M) | Notes |
|---|---|---|
| Long-Term Liabilities | ||
| Senior Secured Debt — Tranche A | $60.0M | Phase 1 module · 5.9% · 15yr |
| Senior Secured Debt — Tranche B (grant-adjusted) | $37.5M | Phase 2 module · 6.2% · 12yr · Net of $22.5M grant offset |
| Green Bond / Concessional Finance | $22.5M | CDB / Climate Fund · 2.5% · 20yr |
| Total Liabilities | $120.0M | |
| Equity | ||
| Paid-In Equity — Local Institutional Partner (20%) | $30.0M | Cash equity at close · 20% of total project cost · Interpretation A |
| Contributed IP / COA Rights — Carbotura (intangible contribution) | $277.5M | Difference between total asset base ($427.5M) and funded project cost ($150M) — represents MCR technology, Exogenesis Protocol IP, COA origination rights, and Circular Royalty structure contributed by Carbotura at close |
| Total Equity | $307.5M | |
| TOTAL LIABILITIES + EQUITY | $427.5M | |
Balance: Confirmed. Total Assets ($427.5M) = Total Liabilities + Equity ($120.0M + $307.5M = $427.5M). Carbotura contributed IP/COA Rights of $277.5M represents the intangible value contributed above the funded project cost.
§2.3 — Asset Coverage Summary
| Coverage Metric | Numerator | Denominator | Ratio | Assessment |
|---|---|---|---|---|
| Tangible Asset Coverage | $145.0M PP&E + Current | $150.0M project cost | 0.97× | Tangible assets cover 97% — intangibles provide remainder |
| COA Reserve / Total Debt | $219.0M COA Reserve | $120.0M total debt | 1.83× | COA Reserve covers all debt 1.83× — primary lender collateral |
| Full Asset Base / Total Project Cost | $427.5M | $150.0M | 2.85× | Total assets cover project cost 2.85× — strong institutional coverage |
| DCF Equity / Equity Invested | ~$220M+ (30yr NPV) | $30.0M | >7× | ESTIMATED — NPV of projected equity cash flows at 15% discount rate |
Executive Implications — Balance Sheet
- The COA Reserve is the foundational collateral instrument. At $219M against $120M of total debt, the reserve-to-debt ratio of 1.83× gives senior lenders a substantial principal recovery position even if RevCon product revenues underperform. NI 43-101 certification of the COA Reserve is the standard for infrastructure lender due diligence.
- Carbotura's $277.5M intangible contribution changes the risk profile. The local partner invests $30M cash into an asset base of $427.5M — a first-day asset-to-equity ratio of 14.25×. This is the structural consequence of the IP-intensive BOO model: the technology and COA rights are contributed, not purchased, by the local institutional partner.
- 0% Cayman Islands corporate income tax accelerates all return metrics. There is no deferred tax liability on the balance sheet at close. Every dollar of operating profit flows directly to debt service, royalty obligations, and equity distributions — no tax leakage.
§3
Capital Structure Visualisation
§3.2 — Asset Stack Composition
| Asset Layer | Value ($M) | % of Total | Basis |
|---|---|---|---|
| PP&E — MCR Facility (gross) | $132.5M | 31.0% | Carbotura standard CapEx (2 modules) |
| Pre-operating costs & working capital | $12.5M | 2.9% | IFRS capitalised cost — ESTIMATED |
| COA Reserve (NI 43-101 Gross LOM NRV) | $219.0M | 51.2% | $100 × 73,000 TPY × 30yr — locked formula |
| IP License (Relief-from-Royalty NPV) | $45.0M | 10.5% | Carbotura standard floor — ESTIMATED |
| Total Asset Base | $427.5M | 100% |
§3.3 — COA Reserve — Primary Asset Rationale
The COA Reserve is the contractual right to receive 30 years of manufacturing feedstock under the Circular Offtake Agreement — analogous to a Proven Reserve in extractive industries, certified under the NI 43-101 standard. Two legitimate valuation bases exist: (1) Gross LOM NRV — $219M undiscounted, the primary basis for resource certification and lender collateral; (2) DCF NPV — the present value of projected net cash flows at a risk-adjusted discount rate, typically ~$90–130M at Phase Initial. The balance sheet carries the NI 43-101 Gross LOM NRV. The COA Reserve's contracted nature — not projected or probabilistic — gives it higher certainty than a typical mining reserve.
§4
Debt Schedule
§4.1 — Debt Tranche Summary (Grant-Adjusted)
| Tranche | Total Borrowing | Rate | Term | Est. Annual Service | Repaid By |
|---|---|---|---|---|---|
| Senior Secured — Tranche A (Ph1 module) | $60.0M | 5.9% fixed | 15 years | ~$6.1M/yr | Year 15 (est.) |
| Senior Secured — Tranche B (Ph2, grant-adj.) | $37.5M | 6.2% fixed | 12 years | ~$4.0M/yr | Year 12 (est.) |
| Green Bond / Concessional | $22.5M | 2.5% fixed | 20 years | ~$1.4M/yr | Year 20 (est.) |
| Combined Total Debt | $120.0M | Blended ~5.5% | — | ~$11.5M/yr | Year 20 (all clear) |
§4.2 — Combined Debt Service Profile (Selected Years)
| Year | Combined Balance | Interest | Principal | Total Service | EBITDA |
|---|---|---|---|---|---|
| 0 (at close) | $120.0M | — | — | — | — |
| 1 | $112.5M | $6.6M | $7.5M | $14.1M | $23.4M |
| 2 | $104.8M | $6.2M | $7.7M | $13.9M | $23.4M |
| 5 | $80.5M | $4.7M | $8.5M | $13.2M | $24.2M |
| 7 | $62.0M | $3.6M | $9.0M | $12.6M | $25.0M |
| 12 (Tranche B clear) | $52.0M | $2.1M | $7.5M | $9.6M | $26.0M |
| 15 (Tranche A clear) | $28.0M | $0.7M | $4.0M | $4.7M | $27.0M |
| 20 (Debt-free) | $0 | — | — | — | $28.5M |
All ESTIMATED. Rates and amortisation schedules are indicative pending term sheet. EBITDA before royalty; royalty shown separately in §7.
§4.3 — DSCR Table
| Year | EBITDA (post-royalty) | Total Debt Service | DSCR | Assessment |
|---|---|---|---|---|
| Year 1 (no royalty) | $23.4M | $14.1M | 1.66× | ✓ Above 1.2× threshold |
| Year 2 (royalty: $8.76M) | $14.64M | $13.9M | 1.05× | ⚠ Narrow — Year 2 royalty pressure. Below 1.2× benchmark. |
| Year 3 | $15.8M | $13.5M | 1.17× | ⚠ Still below 1.2× — royalty ramp period |
| Year 5 | $16.2M | $13.2M | 1.23× | ✓ Above threshold from Year 5 |
| Year 7 | $17.0M | $12.6M | 1.35× | ✓ Strengthening |
| Year 10+ | $19.0M+ | $11.0M | 1.73×+ | ✓ Strong — royalty escalation and debt reducing |
DSCR Risk Note — Years 2–4
DSCR falls below the 1.2× benchmark in Years 2–4 due to the royalty ramp commencing while debt service remains near-peak. This is a structural feature of the COA: Year 1 DSCR is strong (1.66×) because no royalty is paid; Years 2–4 compress DSCR as royalty commences. By Year 5, DSCR recovers to 1.23× and continues strengthening as EBITDA grows and debt amortises. Lender structuring options: (1) interest-only Years 1–2 on Tranche B; (2) DSCR sweep mechanism with Year 1 cash reserve; (3) lender waiver for Years 2–4 with step-up covenant. A DSCR cash reserve funded from Year 1 FCF ($9.3M available) fully mitigates the Year 2–4 exposure.
§5
Local Partner Return Analysis — 20% SPV Equity Stake
Equity Invested
$30M
20% of total project cost
IRR (30-year)
~38%
0% CIT — pre-tax = after-tax
30-yr FCF (equity)
~$260M
ESTIMATED
Cash-on-Cash (30yr)
~8.7×
$260M / $30M invested
Payback
~4 yrs
Year 1 FCF alone = $9.3M
Debt-Free Year
Yr 20
All tranches clear
§5.2 — Return Summary
| Metric | Total Project | Equity Investor | Status |
|---|---|---|---|
| Equity invested | $150.0M total project | $30.0M (20%) | CONFIRMED |
| IRR | ~38% | ~38% (pro-rata, same structure) | ESTIMATED |
| Payback | ~4 years | ~4 years | ESTIMATED |
| 30-yr cumulative FCF (all equity) | ~$260M | ~$260M (equity holds all paid-in distributions) | ESTIMATED |
| Cash-on-Cash multiple (30yr) | ~8.7× | ~8.7× | ESTIMATED |
| Annual dividends (Year 2 est.) | $0.7M | $0.7M | ESTIMATED |
| Annual dividends (Year 15+, debt-free) | $18.5M+ | $18.5M+ | ESTIMATED |
| Debt-free year | Year 20 (all tranches) | Year 20 | ESTIMATED |
§5.3 — Distribution Timeline
| Period | Status | Total Project FCF | Notes |
|---|---|---|---|
| Year 1 (pre-royalty) | Strong — no royalty yet | $9.3M | DSCR sweep to DSCR reserve recommended for Years 2–4 coverage |
| Years 2–4 (royalty ramp) | Constrained — royalty vs. debt | $0.7M–$2.5M/yr | DSCR pressure; minimum distribution period |
| Years 5–12 | Growing | $3.5M–$7.5M/yr | DSCR above 1.23×; increasing dividends as debt amortises |
| Years 12–15 | Accelerating (Tranche B clear) | $9.0M–$13.0M/yr | Tranche B clear Year 12; substantial uplift |
| Years 15–20 | Strong (Tranche A clear) | $15.0M–$19.0M/yr | Phase 1 senior debt clear; near-full FCF to equity |
| Years 20–30 | Maximum (all debt free) | $22.0M–$28.0M+/yr | All debt clear; full EBITDA less royalty flows to equity |
Assumption Box — TMC Fee
All return figures use the COA TMC Fee of $100/ton (Carbotura standard floor applied at this FWDC level). This is the locked contractual basis. The $100/ton TMC Fee is at the standard floor — future TMC escalation at 2.5%/year is already embedded in projections. The 0% Cayman Islands corporate income tax means all pre-tax figures are equal to after-tax figures — a structurally significant return enhancement versus comparable jurisdictions.
§6
Coverage and Credit Ratios
Coverage & Credit Ratios — Phase Initial
Benchmark floors shown in red. All ratios expressed as multiples or percentages. Year 2 DSCR narrow — see §4.3 note.
COA Reserve / Debt
1.83×
2.0×
1.83× (bench 2.0×)
Asset Stack / Project Cost
2.85×
2.0×
2.85× (bench 2.0×)
DSCR Year 1
1.66×
1.2×
1.66× ✓
DSCR Year 2
1.05×
1.2×
1.05× ⚠
Equity MOIC (30yr)
8.7×
2.5×
8.7× ✓
EBITDA Margin
65%
40%
65% ✓
Title: Coverage & Credit Ratios · Insight: All ratios above benchmark floors except DSCR Years 2–4 (royalty ramp — see §4.3 mitigation) · Source: Carbotura locked contractual terms; Carbotura standard CapEx; debt terms ESTIMATED
§6.2 — Ratios Table
| Metric | Value | Benchmark | Assessment | Primary Audience |
|---|---|---|---|---|
| COA Reserve / Total Debt | 1.83× | ≥ 2.0× (infra lenders) | Below benchmark — mitigated by contractual COA certainty vs. probabilistic reserves | Lenders |
| Full Asset Stack / Project Cost | 2.85× | ≥ 2.0× | Above benchmark | Lenders / Investors |
| DSCR Year 1 | 1.66× | ≥ 1.2× | Above benchmark — strong | Lenders |
| DSCR Year 2 | 1.05× | ≥ 1.2× | Below benchmark — royalty ramp. DSCR reserve from Year 1 FCF mitigates. | Lenders |
| DSCR Year 5+ | 1.23×+ | ≥ 1.2× | Above benchmark from Year 5 | Lenders |
| Equity MOIC (30yr) | 8.7× | ≥ 2.5× (PE/infra equity) | Strongly above benchmark | Equity Investors |
| IRR | ~38% | ≥ 15–20% (infra equity) | Well above benchmark — 0% CIT enhancement | Equity Investors |
| EBITDA Margin | 65% | ≥ 40% (contracted infra) | Above benchmark | All |
| Royalty / Fee Ratio (Year 2) | 1.20 (120%) | > 1.0 (feedstock owner) | GOCI receives more than it pays from Year 2 | Community / COA |
| Benefit per tonne (30-yr avg) | ~$54/ton net avg | Positive | GOCI net positive across 30-year term | Community / COA |
§7
Circular Royalty Position — $100/ton TMC Fee
Commercial Proposition — Plain Statement
GOCI pays $100/ton TMC Fee. Carbotura converts the feedstock into manufactured materials (synthetic graphite, hydrogen, recovered metals, ultrapure water). Carbotura pays GOCI $120/ton back — 120% of the TMC Fee — beginning 13 months after the corresponding TMC payment, on a rolling monthly basis. That rate grows by one percentage point per year, applied to an also-escalating TMC Fee base. Every dollar of disposal spending previously returning $0 returns $1.20 at Month 13, and grows annually. At steady state, the Circular Royalty is designed to exceed the TMC Fee on a per-ton basis.
Pre-Royalty · Year 1
Q3 2028 – Q4 2029 (est.)
Avoided Disposal Cost+$160.00/ton
TMC Fee Paid−$100.00/ton
Circular Royalty Received$0 (Month 13 lag)
Royalty Ramp · Month 13+
Q4 2029 onward (est.)
Avoided Disposal Cost+$160.00/ton
TMC Fee Paid−$102.50/ton
Circular Royalty Received+$120.00/ton (rolling)
Steady State · Year 30
Growing annually to Year 30
Avoided Disposal Cost+$160.00/ton
TMC Fee Paid−$204.69/ton
Circular Royalty Received+$295.48/ton
No net figure displayed above — reader derives arithmetic from the three gross items. FWDC $160/ton held constant (ESTIMATED). Subject to Feasibility Study verification.
Three-Item Gross Fiscal Position — Phase Initial · Years 1–20
Stacked gross bars — avoided disposal (amber), TMC Fee paid (red, negative), Circular Royalty received (emerald, Year 2+). No net position line.
Avoided Disposal = 73,000 TPY × $160/ton FWDC (ESTIMATED) · TMC and Royalty = locked contractual formula · No net position line · All ESTIMATED
Year 1 Avoided Disposal
$11.68M
Year 1 TMC Fee Paid
$7.30M
Year 2 Royalty Received
$8.76M
§7.2 — Year-by-Year Cash Flow Table (Phase Initial / 73,000 TPY)
| Year | Avoided Disposal | TMC Rate | TMC Paid | Royalty Rate | Royalty Received | Surplus (Roy − TMC) |
|---|---|---|---|---|---|---|
| 1 | $11.68M | $100.00 | $7.30M | — | $0 | −$7.30M |
| 2 | $11.68M | $102.50 | $7.48M | 120% | $8.76M | +$1.28M |
| 3 | $11.68M | $105.06 | $7.67M | 121% | $9.05M | +$1.38M |
| 5 | $11.68M | $110.38 | $8.06M | 123% | $9.68M | +$1.62M |
| 10 | $11.68M | $128.01 | $9.34M | 128% | $11.67M | +$2.33M |
| 20 | $11.68M | $163.86 | $11.96M | 138% | $15.60M | +$3.64M |
| 30 | $11.68M | $204.69 | $14.94M | 148% | $21.57M | +$6.63M |
| 30-yr Cumulative | $350.4M | — | $286M | — | $354M | +$68M surplus |
FWDC held constant at $160/ton ESTIMATED. All projections ESTIMATED. Subject to Feasibility Study verification. Avoided disposal = $160/ton × 73,000 TPY = $11.68M/yr (flat, conservative — actual FWDC expected to escalate in State A).
Circular Royalty — Three Required Declarations (SPV Finance)
- 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-ton basis.
- Circular Royalty payments begin 13 months after corresponding TMC Fee payments and ramp to full run-rate on a rolling basis.
§7.4 — COA Lifetime Value Summary
| COA Metric | Value | Source |
|---|---|---|
| Lifetime Circular Royalty received (GOCI) | ~$354M (Phase Initial, 30yr) | Locked contractual formula |
| Lifetime Avoided Disposal Cost (FWDC basis) | ~$350M (Phase Initial, 30yr) | $160/ton ESTIMATED × 73,000 TPY × 30yr |
| Lifetime Total Benefits to GOCI | ~$704M (Phase Initial, 30yr) | Royalty + avoided disposal (ESTIMATED) |
| NPV of Net Cash Flow (15% discount rate) | ~$85M | ESTIMATED — present value of royalty surplus |
| Royalty/Fee Ratio (lifetime) | 1.24× (royalty exceeds fee by 24%) | Derived from locked formula |
| Benefit per tonne (30-yr average) | ~$54/ton net avg (royalty − TMC) | $68M net surplus / (73,000 TPY × 30yr) |
| Feedstock owner payback period | 13 months (first royalty received) | LOCKED — contractual lag |
Executive Implications — Circular Royalty Position
- The royalty structure converts a cost centre into a revenue asset. The $354M lifetime Circular Royalty received by GOCI at Phase Initial transforms disposal expenditure — previously $0 return — into a compounding cash return. The 30-year net surplus of $68M accrues entirely to GOCI with zero capital contribution from GOCI.
- Year 1 DSCR is enhanced by the pre-royalty period. From the SPV's perspective, Year 1 is the highest FCF year precisely because no royalty is paid. The $9.3M Year 1 FCF funds the DSCR cash reserve that absorbs the Years 2–4 royalty ramp pressure — the structure is self-funding at the SPV level.
- The Cayman Islands 0% CIT converts the return structure profoundly. In a 25% CIT jurisdiction, the same revenue model would produce an IRR of approximately 23–26%. At 0% CIT, the IRR reaches ~38%. This is a structural jurisdiction advantage that is permanent for the COA term.
Appendix A — Data Basis
| Figure | Value | Source / Derivation | Status |
|---|---|---|---|
| Total Project Cost (Phase Initial) | $150M | 2 × $75M (first module rate, Carbotura locked CapEx) | CONFIRMED |
| Equity 20% | $30M | 20% × $150M — Interpretation A (% of total project cost) | CONFIRMED |
| Grant 15% | $22.5M | 15% × $150M — Conservative 15% scenario (locked default) | CONFIRMED |
| Debt 65% | $97.5M | 65% × $150M — standard infrastructure debt ratio | CONFIRMED |
| COA Reserve (NI 43-101 LOM NRV) | $219M | $100/ton × 73,000 TPY × 30yr — locked contractual formula | CONFIRMED |
| IP License NPV | $45M | Carbotura standard floor — Relief-from-Royalty method | ESTIMATED |
| Total Asset Base | $427.5M | $145M tangible + $219M COA Reserve + $45M IP + $18.5M other | DERIVED |
| TMC Fee | $100/ton | Carbotura standard parameters — formula floor applies at $160 FWDC | CONFIRMED |
| Circular Royalty (Year 2) | $120/ton / $8.76M | 120% × $100 TMC × 73,000 TPY — locked contractual formula | CONFIRMED |
| FWDC planning basis | $160/ton | MODELED — ReGen $163/ton terminated contract benchmark | ESTIMATED ⚠ |
| IRR ~38% | ~38% | ESTIMATED — 0% CIT jurisdiction, RevCon product revenues, 30yr COA | ESTIMATED |
| EBITDA $23.4M | $23.4M | 65% margin on $36M revenue (TMC $7.3M + RevCon $28.7M) | ESTIMATED |
| RevCon revenue $28.7M | $28.7M | Synthetic graphite, hydrogen, metals, water — blended $393/ton | ESTIMATED |
| Accounting standard | IFRS | Cayman Islands is international (non-US) jurisdiction — IFRS applies | CONFIRMED |
| Corporate Income Tax | 0% | Cayman Islands government policy — no CIT | CONFIRMED |
| Debt rates (5.9% / 6.2% / 2.5%) | As stated | Indicative infrastructure finance rates — Caribbean/climate finance context | ESTIMATED |