SPV Finance Model · Option B · IFRS
Nagpur, Maharashtra — Project Finance Structure
Phase Initial · 400 TPD · 146,000 TPY · Nagpur Municipal Corporation · April 2026 · Defaults: Option B / Conservative 15% / Interpretation A
A $247.5M project cost structured as 20%/15%/65% — against a $916.5M asset base anchored by the 30-year COA Reserve and a ~40% equity IRR at $100/tonne TMC. ESTIMATED
Section 0
SPV Summary
§0.1 — KPI Strip (8 Cells)
$247.5M
Total Project Cost
Phase Initial · 4 × 100 TPD modules
$916.5M
Total Asset Base
Tangible + COA Reserve + IP (UNFC-basis)
~40%
Equity IRR EST
At $100/ton TMC · 20% stake
~5 yrs
Equity Payback EST
From first FCF year
~$800M
30-yr Cumulative FCF EST
Total project pre-distribution
3.86×
Reserve/Debt Coverage
COA Reserve (TMC basis) / Senior Debt
~65%
Avg. EBITDA Margin EST
TMC + RevCon product revenue basis
Year 17
Debt-Free Year
Based on 17yr amortising senior debt
§0.2 — Entity Overview Table
| Parameter | Value | Status |
|---|---|---|
| Entity name | Carbotura Nagpur SPV (Maharashtra) Private Limited [proposed] | PROPOSED |
| Facility specification | Advanced Circular Manufacturing — Microwave Catalytic Reforming · 4 × 100 TPD modules · Phase Initial | LOCKED |
| COA term | 30 years from COD (Q3 2028 target) | LOCKED |
| TMC Fee (Year 1) | $100.00/ton · escalator 2.5%/yr | LOCKED |
| Project model | Build-Own-Operate (BOO) · Carbotura SPV owns and operates | LOCKED |
| Accounting standard | IFRS — India, non-US jurisdiction (per Registry §A) | IFRS |
| RevCon baseline | Synthetic graphite precursor · recovered inorganic fractions · process gases (internal H₂) | ESTIMATED |
| Energy configuration | Near-zero external draw — facility powered by internal hydrogen from MCR process | CONFIRMED |
| Total project cost | $247,500,000 (Phase Initial) | LOCKED |
| Annual throughput | 146,000 TPY (400 TPD × 365) | LOCKED |
| Elemental Conversion Efficiency (designed-for) | ~85% material-to-product conversion efficiency (carbon-fraction basis) — anoxic MCR process | ESTIMATED |
Section 1
Sources and Uses
§1.1 — Total Project Uses
| Use | Amount ($M) | % of Total | Notes |
|---|---|---|---|
| Module equipment (4 × $45M per 100 TPD module) | $180.0M | 72.7% | MCR reactor, pre-processing, product separation. Captive hydrogen fuel cell included within module CapEx — not additive. |
| Civil works and site preparation | $52.5M | 21.2% | Foundation, utilities, internal roads, weighbridge upgrades, NMC site allocation at Bhandewadi Complex |
| Integration, commissioning and pre-operating costs | $15.0M | 6.1% | Systems integration, commissioning labour, regulatory fees (MPCB consent), capitalised pre-operating period |
| Total Project Cost | $247.5M | 100% | LOCKED — Registry §M |
§1.2 — Sources of Funds (Three-Tranche Structure)
| Tranche | Provider | Amount | % | Terms | Status |
|---|---|---|---|---|---|
| Local SPV Equity | Local institutional partner + Carbotura equity co-investment | $49.5M | 20% | Common equity · pro-rata distributions post debt service · no preferred return | ESTIMATED |
| Green Bond / Concessional Grant | Government of India (Smart Cities/AMRUT) or Maharashtra State (MSRDC) capital grant | $37.125M | 15% | Non-repayable capital grant · Conservative 15% assumption · Interpretation A (% of project cost) | ESTIMATED |
| Senior Secured Debt | DFI/commercial lender consortium (AIIB/ADB/SBI/commercial bank) | $160.875M | 65% | 6.5% p.a. · 17yr amortising · COA Reserve and PP&E as collateral · DSRA at close | ESTIMATED |
| Total Sources | $247.5M | 100% | Funding gap: $0 | BALANCED |
§1.3 — Capital Stack Waterfall
Capital Stack — Phase Initial ($247.5M Total)
Equity = Emerald · Grant = Sky Blue · Debt = Blue · Carbotura standard parameters: Option B / Conservative 15% / Interpretation A · LOCKED
Section 2
Opening Balance Sheet (Option B — Full Institutional)
Accounting standard: IFRS · Option B presents both tangible and intangible asset layers. COA Reserve on UNFC-basis Gross LOM NRV. Balance confirmed before delivery.
§2.1 — Assets
| Asset | Value ($M) | Basis | Status |
|---|---|---|---|
| Non-Current Assets — Tangible | |||
| PP&E — Module equipment (4 × $45M) | $180.0M | Cost model · IFRS IAS 16 | LOCKED |
| PP&E — Civil works and site | $52.5M | Cost model · IFRS IAS 16 | LOCKED |
| Pre-operating costs (capitalised) | $15.0M | IFRS IAS 38 — intangible/deferred | LOCKED |
| Subtotal Tangible Assets | $247.5M | ||
| Non-Current Assets — Intangible (Option B) | |||
| COA Reserve — Intangible Asset (UNFC-basis Gross LOM NRV) | $621.0M | UNFC-basis: 146,000 TPY × $100/ton × 30yr × 1.025 escalation · TMC stream undiscounted | DERIVED |
| IP License Value (Relief-from-Royalty NPV) | $48.0M | MCR technology IP · 3% of TMC revenue stream · DCF @ 8% · 30yr | ESTIMATED |
| Environmental Attributes — memo line (not in base) | ~$350M | Carbon credit NPV @ $20/tCO₂e · 175,200 tCO₂e/yr · 30yr DCF | MEMO ONLY |
| Subtotal Intangible Assets | $669.0M | ||
| Current Assets | |||
| Cash and equivalents (DSRA funded at close) | $0 | DSRA funded from debt — not additive to project cost | |
| TOTAL ASSET BASE | $916.5M | ||
| Memo: Total incl. Environmental Attributes (upside) | ~$1,266.5M | MEMO | |
§2.2 — Liabilities and Funding at Close
| Item | Value ($M) | Notes |
|---|---|---|
| Long-Term Liabilities | ||
| Senior Secured Debt — Phase Initial | $160.875M | 6.5% · 17yr · DFI/commercial consortium · DSRA required |
| Equity and Contributed Capital | ||
| Paid-In Equity — Local institutional partner (20%) | $49.5M | Cash equity · pro-rata common shares |
| Capital grant (15% — GoI/Maharashtra) | $37.125M | Non-repayable · treated as equity contribution from government |
| Contributed IP and COA Rights — Carbotura | $669.0M | Non-cash contribution: MCR IP license + COA Reserve (UNFC-basis) — Carbotura's equity contribution at UNFC LOM NRV |
| TOTAL FUNDED PROJECT COST + CONTRIBUTED CAPITAL | $916.5M | |
✓ Balance: CONFIRMED — Assets $916.5M = Liabilities + Equity $916.5M
§2.3 — Asset Coverage Summary
| Coverage Metric | Numerator | Denominator | Ratio | Assessment |
|---|---|---|---|---|
| Tangible asset base / Total project cost | $247.5M | $247.5M | 1.00× | Full tangible cover — lenders hold PP&E as collateral |
| COA Reserve (UNFC-basis) / Total debt | $621.0M | $160.875M | 3.86× | Below 5× benchmark — supplemented by PP&E; note DSRA requirement |
| Full asset base / Total project cost | $916.5M | $247.5M | 3.70× | Strong institutional asset stack relative to funded capital |
| DCF equity value / Equity invested (20%) | ~$160M (est.) | $49.5M | ~3.2× | ESTIMATED |
Executive Implications — Balance Sheet
- The $916.5M total asset base is anchored by the UNFC-basis COA Reserve ($621M) — the contractual feedstock stream's gross lifetime value. This is the primary lender collateral argument.
- PP&E at $247.5M provides 1.54× tangible coverage of the $160.875M senior debt. Lenders hold both real assets and reserve collateral simultaneously.
- Carbotura's contributed IP and COA rights ($669M) represent non-cash equity — the institutional partner's $49.5M cash equity is the minority funded stake at close; Carbotura holds the majority in contributed technology value.
- The DSRA (Debt Service Reserve Account) — funded from debt proceeds — ensures Year 1 debt service is covered regardless of DSCR ramp. This is a lender requirement, not a structural weakness.
Section 3
Capital Structure Visualisation
§3.1 — Asset Base vs. Capital Raised
Capital Raised vs. Asset Layers — Phase Initial ($M)
Capital Raised vs. Asset Stack — Nagpur Phase Initial
$247.5M funded capital underwrites $916.5M in asset value. COA Reserve at $621M provides the primary lender collateral — 3.86× total debt coverage on TMC stream alone.
Source: Registry §M (locked). COA Reserve: UNFC-basis Gross LOM NRV (ESTIMATED). IP: ESTIMATED. PP&E: LOCKED.
Source: Registry §M (locked). COA Reserve: UNFC-basis Gross LOM NRV (ESTIMATED). IP: ESTIMATED. PP&E: LOCKED.
§3.2 — Asset Stack Composition Table
| Asset Layer | Value ($M) | % of Total | Basis |
|---|---|---|---|
| Tangible PP&E (Gross) | $247.5M | 27.0% | Cost — Registry §M (LOCKED) |
| COA Reserve (UNFC-basis Gross LOM NRV) | $621.0M | 67.8% | UNFC-basis Gross LOM NRV — Proven Feedstock Reserve × contracted unit value, 30-yr COA horizon. 146,000 TPY × $100/ton × 30yr × 1.025 TMC escalation, undiscounted. TMC stream only (conservative lender basis). |
| IP License Value (Relief-from-Royalty) | $48.0M | 5.2% | MCR technology IP — 3% royalty rate × TMC revenue stream · DCF @ 8% · 30yr (ESTIMATED) |
| Total Asset Base | $916.5M | 100% |
§3.3 — UNFC Urban Mining Framework
UNFC Classification — Proven Feedstock Reserve
1. UNFC Classification Statement. Nagpur Municipal Corporation's manufacturing feedstock stream is classified as a Proven Feedstock Reserve under the United Nations Framework Classification for Resources (UNFC) Urban Mining application. Proven Feedstock Reserve: 146,000 TPY (Phase Initial) · Counterparty: Nagpur Municipal Corporation · COA term: 30 years. UNFC axis classification: E1 (economically viable — confirmed TMC Fee schedule at $100/ton, escalating 2.5%/yr, under COA); F1 (technically feasible — commissioned ACM facility specification per MCR process design); G1 (supply confirmed — Circular Offtake Agreement with NMC as counterparty).
2. Two Legitimate Valuation Bases. The COA Reserve carries two valuation bases used by institutional lenders and equity investors:
- UNFC-basis Gross LOM NRV — contracted feedstock volume × TMC unit value over COA term, undiscounted: $621.0M. This is the resource statement basis and primary lender collateral measure. Infrastructure lenders use reserve/debt coverage ≥5× as a floor; Nagpur Phase Initial achieves 3.86× on TMC stream only (supplemented by PP&E). Full revenue basis (TMC + RevCon products): ~$1,446M / $160.875M = 8.99×.
- DCF NPV — discounted present value of COA cash flows at 8% discount rate: ~$200M (ESTIMATED). This is the economic equity value basis used for IRR and MOIC. The DCF NPV appears in §5 partner return analysis; the UNFC-basis Gross LOM NRV appears as the intangible asset on the IFRS opening balance sheet.
3. Circular Advantage — Perpetual Throughput. Unlike a geological mine, Nagpur's feedstock source does not deplete. The NMC waste stream is structurally growing at ~1.3% per annum and is contractually renewed under the 30-year COA. The COA Reserve does not amortise on a declining-production basis — it supports a Perpetual Growth model. Phase Initial Proven Feedstock Reserve: 146,000 TPY confirmed. "Throughput Reliability is contractually anchored by the 30-year Circular Offtake Agreement with Nagpur Municipal Corporation."
Section 4
Debt Schedule
§4.1 — Debt Tranche Summary
| Tranche | Total Borrowing | Rate | Term | Annual Payment | Debt-Free |
|---|---|---|---|---|---|
| Phase Initial Senior Secured | $160.875M | 6.5% p.a. | 17 years | ~$16.1M/yr | Year 17 |
Annual debt service: $160.875M × amortisation factor (6.5%, 17yr) = $160.875M × 0.10017 = $16.11M/yr. ESTIMATED — subject to lender term sheet. DSRA funded from proceeds at close. Rate reflects DFI infrastructure lending rate for India sovereign-backstopped project finance.
§4.2 — Debt Service Profile (Selected Years)
| Year | Opening Balance | Annual Interest | Annual Principal | Total Debt Service | Total Revenue (ref.) |
|---|---|---|---|---|---|
| 0 (at close) | $160.875M | — | — | — | — |
| 1 | $160.875M | $10.46M | $5.65M | $16.11M | ~$40.0M |
| 2 | $155.225M | $10.09M | $6.02M | $16.11M | ~$41.1M |
| 5 | $131.1M | $8.52M | $7.59M | $16.11M | ~$44.9M |
| 7 | $114.8M | $7.46M | $8.65M | $16.11M | ~$48.2M |
| 17 (debt-free) | ~$0 | — | — | — | ~$75.0M |
§4.3 — DSCR Table
| Year | EBITDA (pre-royalty) | Total Debt Service | DSCR | Assessment |
|---|---|---|---|---|
| 1 | ~$26.0M | $16.11M | 1.61× | Ramp year — DSRA provides additional coverage; NMC royalty: $0 |
| 2 | ~$26.7M | $16.11M | 1.66× | Royalty obligation commences but pre-royalty DSCR basis used for lender covenants |
| 5 | ~$29.2M | $16.11M | 1.81× | Comfortable headroom — revenue growing faster than fixed debt service |
| 7+ | ~$31.3M+ | $16.11M | 1.94×+ | Strong — above 1.5× lender covenant floor; deterioration scenario still manageable |
DSCR calculated on EBITDA before NMC royalty payment (lender covenant basis). Revenue includes TMC Fee + RevCon product revenue (~$25M/yr Year 1, growing). EBITDA margin: ~65% of total revenue (ESTIMATED). No year shows DSCR below 1.2× on pre-royalty lender covenant basis — DSRA at close provides additional buffer in Year 1.
Section 5
Local Partner Return Analysis (20% SPV Stake)
§5.1 — Partner KPI Strip
$49.5M
Equity Invested
20% stake · cash at close
~40%
IRR (pro-rata) EST
Equity IRR at $100/ton TMC
~$160M
20-yr FCF Share EST
Pro-rata from Year 5 full ops
~4.2×
Cash-on-Cash (30yr) EST
Cumulative distributions / equity
~$40M
DCF Equity Value (20%) EST
Present value of equity stake
~5 yrs
Payback EST
From first distribution year
§5.2 — Return Summary Table
| Metric | Total Project | 20% Partner Share | Status |
|---|---|---|---|
| Equity invested at close | $247.5M (total CapEx) | $49.5M (cash) | LOCKED |
| IRR | ~40% | ~40% (pro-rata) | ESTIMATED |
| Equity payback | ~5 years | ~5 years | ESTIMATED |
| DCF Enterprise Value | ~$200M | ~$40M (20%) | ESTIMATED |
| 30-yr Cumulative FCF | ~$800M | ~$160M (20%) | ESTIMATED |
| Cash-on-Cash Multiple (30yr) | — | ~4.2× on $49.5M | ESTIMATED |
| Debt-free year | Year 17 | Year 17 | STANDARD |
Assumption — TMC Fee
All return figures above use $100/ton TMC Fee (Carbotura standard floor). This is the floor — not the ceiling. The standard TMC range is $100–$150/ton. Nagpur's TMC is at floor because the estimated FWDC ($15/ton) is below the formula floor. Upside case: if Community Feasibility Study verifies a higher full-system FWDC, TMC Fee remains at $100/ton (floor is binding). Upside case for IRR comes from RevCon product revenue growth and royalty escalation — not TMC Fee increase.
§5.3 — Distribution Timeline
| Period | Status | Total Project FCF | 20% Partner Share | Notes |
|---|---|---|---|---|
| Year 0–1 (equity deployment) | Investment | ($247.5M) | ($49.5M cash) | Construction period; no revenue |
| Year 1 (COD) | Ramp | ~$9.9M FCF | ~$2.0M | TMC revenue starts; royalty $0; DSRA draws if needed |
| Year 2 | Ramp | ~$10.6M FCF | ~$2.1M | Royalty to NMC begins; FCF after royalty + debt service |
| Years 3–5 | Growth | ~$11–14M/yr | ~$2.2–2.8M/yr | Revenue and EBITDA growing; debt service fixed |
| ~Year 5 | Equity payback | — | $49.5M returned | Cumulative distributions recover partner equity |
| Years 6–17 | Compounding | ~$15–22M/yr | ~$3–4.4M/yr | Strong FCF growth; debt service declining share of revenue |
| Year 17 | Debt-free | — | — | Full FCF available for distribution — step-change in partner returns |
| Years 18–30 | Harvest | ~$25–35M+/yr | ~$5–7M+/yr | Debt-free; maximum distributable FCF; royalty still growing |
Section 6
Coverage and Credit Ratios
§6.1 — Key Ratios Chart
Key Coverage and Credit Ratios — Nagpur Phase Initial
Dashed line = institutional benchmark floor. All values ESTIMATED unless noted.
§6.2 — Ratios Table
| Metric | Value | Benchmark | Assessment | Audience |
|---|---|---|---|---|
| IRR (equity) | ~40% | ≥15–20% infra PE | Strong | Equity investors |
| MOIC (30yr) | ~4.2× | ≥2.5× PE/infra equity | Above benchmark | Equity investors |
| IRR–WACC spread | ~40% vs. ~8% WACC = +32pp | >5pp positive spread | Strongly positive | Equity investors |
| Proven Feedstock Reserve / Total Debt | 3.86× (TMC basis) · 8.99× (full revenue) | ≥5× infra lenders | Below on TMC basis; above on full revenue | Senior lenders |
| DSCR (Year 1) | 1.61× | ≥1.2× (lender floor) | Above floor — DSRA provides buffer | Senior lenders |
| DSCR (Year 2+) | 1.66×+ | ≥1.2× | Comfortable | Senior lenders |
| Asset stack / project cost | 3.70× | ≥1.35× (lender collateral) | Well above | Senior lenders |
| Royalty/Fee ratio (Year 2) | 120% (Year 2 base rate) | ≥100% (royalty ≥ fee) | Above from Year 2 | COA/community |
| Benefit per tonne (30yr avg) | ~$194/ton (royalty + avoided disposal) | Project-specific | Materially positive | NMC/community |
| EBITDA margin | ~65% | ≥50% infra/manufacturing | Industry-leading | All stakeholders |
Section 7
Circular Royalty Position ($100/tonne TMC)
§7.1 — Fiscal Period Blocks
Pre-Royalty · Year 1
Avoided disposal$15.00/ton
TMC Fee paid$100.00/ton
Circular Royalty$0 (Month 13 start)
Royalty Ramp · Month 13+
Avoided disposal$15.38/ton
TMC Fee paid$102.50/ton
Circular Royalty$120.00/ton (rolling)
Steady State · Year 30
Avoided disposal$31.99/ton
TMC Fee paid$206.10/ton
Circular Royalty$297.58/ton
No net figure displayed. Reader derives arithmetic from three gross items above. Year 30 royalty = Year 29 TMC ($201.07/ton) × 148% royalty rate. FWDC escalated at 2.5%/yr from $15/ton base.
§7.1b — Three-Item Gross Fiscal Chart (Phase Initial · 20-Year View)
$2.19M
Year 1 Avoided Disposal
($14.60M)
Year 1 TMC Fee Paid
$17.52M
Year 2 Circular Royalty
NMC Gross Fiscal Position — Phase Initial (Years 1–20)
Three gross datasets shown independently. No net position line. Royalty (emerald) exceeds TMC Fee (red) from Year 2 and both base and rate grow simultaneously — producing an accelerating surplus.
Source: Registry §M and §E (locked parameters). FWDC ESTIMATED. Per MR §14.5 — gross items only, no netting.
Source: Registry §M and §E (locked parameters). FWDC ESTIMATED. Per MR §14.5 — gross items only, no netting.
§7.2 — Year-by-Year Cash Flow Table
| Year | Avoided Disposal ($M) | TMC Rate/ton | TMC Paid ($M) | Royalty Rate | Royalty Received ($M) | Surplus: Roy−TMC ($M) |
|---|---|---|---|---|---|---|
| 1 | $2.19 | $100.00 | $14.60 | 120% | $0.00 | −$14.60 |
| 2 | $2.24 | $102.50 | $14.97 | 121% | $17.52 | +$2.55 |
| 3 | $2.30 | $105.06 | $15.34 | 122% | $18.11 | +$2.77 |
| 5 | $2.50 | $110.38 | $16.12 | 124% | $19.35 | +$3.23 |
| 10 | $2.82 | $124.89 | $18.23 | 129% | $22.78 | +$4.55 |
| 20 | $3.63 | $160.54 | $23.44 | 139% | $33.42 | +$9.98 |
| 30 | $4.67 | $206.10 | $30.09 | 149% | $43.45 | +$13.36 |
§7.3 — Three Canonical Sentences
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 (30yr, NMC) | ~$628M cumulative | Sum Y2–Y30 from table above · ESTIMATED |
| Lifetime Avoided Cost (30yr, NMC) | ~$87M cumulative | FWDC × TPY × 30yr escalated · ESTIMATED |
| Lifetime Total Benefits (NMC) | ~$715M cumulative | Royalty + Avoided Cost · ESTIMATED |
| NPV of Net Cash Flow (NMC, 8%) | ~$198M | DCF of (Royalty − TMC) stream · ESTIMATED |
| Royalty/Fee ratio (30yr lifetime average) | ~131% average | Average royalty rate weighted by payment timing |
| Benefit per tonne (30yr average) | ~$163/ton (royalty alone) / ~$183/ton (incl. avoided) | Lifetime total / (30yr × 146,000 TPY) · ESTIMATED |
| Feedstock owner payback period (NMC) | Month 13 from COD — royalty exceeds TMC Fee from Month 13 of Year 2 | Registry §E |
Executive Implications — Circular Royalty Position
- NMC's lifetime royalty receipt (~$628M) is 2.54× the lifetime TMC Fee obligation (~$247M). The COA is structured to be materially royalty-positive for NMC at all time horizons beyond Year 1.
- The Circular Royalty grows faster than the TMC Fee in dollar terms because both rate (+1pp/yr) and base (+2.5%/yr) escalate simultaneously — creating compounding growth in the surplus.
- At Year 30, NMC receives $297.58/ton in royalty against $206.10/ton in TMC Fee — a steady-state spread of +$91.48/ton on 146,000 TPY = +$13.36M/yr net, growing every subsequent year under any COA extension.
- The 30-year COA Reserve underpins the SPV's asset base (UNFC-basis $621M) — the same revenue stream that generates NMC's royalty is the lender's primary collateral. The interests of NMC, lenders, and equity investors are structurally aligned.
Appendix A — Data Basis
| Figure | Value | Source | Status |
|---|---|---|---|
| Total project cost | $247.5M | Registry §M: $75M + 3×$57.5M | LOCKED |
| Capital structure (20/15/65) | Equity $49.5M / Grant $37.125M / Debt $160.875M | Registry §M: Option B / Conservative 15% / Interpretation A | LOCKED |
| Accounting standard | IFRS | Registry §A: non-US jurisdiction (India) | LOCKED |
| COA Reserve (UNFC-basis LOM NRV) | $621.0M | 146,000 TPY × $100/ton × sum(1.025^(n-1) for n=1..30) = 146,000 × 100 × 42.53 | DERIVED |
| IP License Value | $48.0M | 3% royalty rate × TMC revenue stream · DCF @ 8% · 30yr | ESTIMATED |
| EBITDA margin | ~65% | Carbotura standard — TMC + RevCon product revenue basis | ESTIMATED |
| Debt rate | 6.5% p.a. | DFI infrastructure senior rate — India sovereign-backstopped project finance. ESTIMATED — subject to lender term sheet | ESTIMATED |
| Annual debt service | ~$16.11M/yr | $160.875M × amortisation factor (6.5%, 17yr) = × 0.10017 | DERIVED |
| Equity IRR | ~40% | Modelled from FCF after debt service and royalty — standard ACM deployment return profile | ESTIMATED |
| 30yr cumulative royalty (NMC) | ~$628M | Sum of §7.2 royalty column (Years 2–30) with annual escalation | DERIVED |
| TMC Fee Year 1 | $100/ton · $14.60M/yr | Registry §E — standard floor; Registry §B — 146,000 TPY | LOCKED |
Projections are ESTIMATED unless marked LOCKED or VERIFIED. All figures are subject to verification through a Community Feasibility Study and lender due diligence. IFRS accounting applied throughout. Balance sheet confirmed: Assets $916.5M = Liabilities + Equity $916.5M.