Sharia-Structured Instrument Ijarah (manufacturing service) + Musharakah (revenue participation). Option A-IC in-country premium participation is an additive election on top of the base CSA structure. Formal Sharia Board review recommended prior to CSA execution.
All financial figures prepared under IFRS. SAR primary / USD secondary. SAR/USD 3.75 (pegged, VERIFIED). Figures marked ESTIMATED unless LOCKED.
All buyer status: CANDIDATE — no LOI at registry lock. WARN-05 applies.

Three Saudi institutional anchor buyers — Ma'aden (REE suite from WtE ash), Saudi Aramco VRFB chain (Vanadium V₂O₅ from petcoke ash), and NEOM OXAGON (Neodymium, Gallium, Carbon Fiber Precursor) — represent an in-country off-take pathway for ACM's highest-value outputs: critical minerals and REE that Saudi Arabia currently imports 100% of, produced from waste streams that currently go to landfill.

What This Means

  • Saudi Arabia imports 100% of its REE separation and processing capacity. China controls 90% of global REE refining. ACM processing WtE ash produces Cerium, Lanthanum, Neodymium, and Yttrium (all RC4) — the Kingdom's first domestic REE output from circular feedstock.
  • Saudi Aramco's petcoke ash contains commercially recoverable vanadium. ACM recovering V₂O₅ feeds directly into Aramco's Vanadium Redox Flow Battery supply chain for Saudi Arabia's 110 GW renewable energy storage program. Aramco's petcoke generates the feedstock; Aramco buys the processed output. WARN-08
  • Ma'aden announced a $110 billion investment plan at the Future Minerals Forum (January 2026) targeting top-three global mining status. That plan requires processed REE and critical mineral feedstock. Carbotura provides it from Jubail WtE ash — no mining required.
  • PIF bilateral alignment: PIF owns both SIRC (Carbotura's CSA counterparty) and Manara Minerals (the Ma'aden JV). The same sovereign entity that signs the CSA is the beneficial owner of the primary REE buyer — an integrated circular economy position unique to the Saudi engagement.
  • Neodymium from WtE ash feeds permanent magnet supply for NEOM's EV and wind turbine manufacturing mandate. Gallium from petcoke ash feeds OXAGON's semiconductor manufacturing. Both are currently import-dependent.

RevCon™ Output Baseline

All yields from the Circular Materials Catalog (CMC) reference — 100 TPD, RC3 baseline, 350 operating days. Design-basis estimates. Not an offer.

Critical Minerals and REE (from ash streams, Phase Initial)

Product RevCon Stream Design-basis tpy ESTIMATED Export Ref. $/kg Annual Value ESTIMATED
Neodymium oxide RC4 MTL-018 WtE ash 12 $60–80 $720K–$960K
Cerium oxide RC4 MTL-016 WtE ash 48 $2–4 $96K–$192K
Lanthanum oxide RC4 MTL-017 WtE ash 35 $2–3 $70K–$105K
Yttrium oxide RC4 MTL-019 WtE ash 8 $3–5 $24K–$40K
Lithium Carbonate RC4 MTL-044 WtE ash 22 $10–14 $220K–$308K
Cobalt Sulfate RC4 MTL-046 WtE ash 15 $12–18 $180K–$270K
Vanadium V₂O₅ WARN-08 Outside RevCon Ref. Petcoke ash TBD $8–12 TBD
Gallium metal RC4 MTL-042 Petcoke/coal ash 0.8 $220–350 $176K–$280K

Note: REE and critical mineral volumes are modest at Phase Initial (100 TPD). Phase Medium (200 TPD) doubles these figures. V₂O₅ volumes depend on vanadium concentration analysis (WARN-08).

Anchor Buyer Profiles

Ma'aden — Saudi Arabian Mining Company

Riyadh HQ · ~65% PIF-owned
CANDIDATE REE Suite · Li · Co

Why Ma'aden

Saudi Arabian Mining Company (~65% PIF-owned) announced a $110 billion investment plan at the Future Minerals Forum in January 2026, targeting top-three global mining company status. The plan includes REE processing and battery materials as a core focus.

The critical gap Ma'aden cannot fill from primary mining alone: REE deposits in the Arabian Shield require multi-year exploration, permitting, and mine development. Carbotura's circular-source REE from WtE ash provides processed REE immediately from existing waste infrastructure — no new mines, no multi-year development timeline.

PIF Bilateral Alignment

PIF owns SIRC (Carbotura CSA counterparty). PIF owns Manara Minerals (Ma'aden JV). The same sovereign entity that signs the CSA is the beneficial owner of the primary buyer. This is not an arm's-length off-take negotiation — it is a PIF-level circular economy investment where the same principal captures value on both the manufacturing side and the off-take side.

Products

Neodymium oxide (RC4 — highest value REE for permanent magnets) · Cerium oxide · Lanthanum oxide · Yttrium oxide · Lithium Carbonate · Cobalt Sulfate

Confirmation Pathway

SIRC introduction → Ma'aden procurement and battery materials division engagement → specification review → LOI. Estimated timeline from T0: 6–12 months. Priority sequence: fastest path — PIF alignment, clear need, no engineering risk.

Saudi Aramco + Aramco-BYD JV (VRFB Supply Chain)

Dhahran HQ / Ras Tanura
CANDIDATE WARN-08 V₂O₅ · Ni · Ga

The Aramco Circular Loop

  1. Aramco produces petcoke as a refinery by-product
  2. Petcoke is burned in RCJY industrial boilers
  3. Vanadium-bearing ash is generated
  4. Carbotura recovers V₂O₅
  5. V₂O₅ feeds into Aramco's Vanadium Redox Flow Battery supply chain
  6. VRFB storage supports Saudi Arabia's 110 GW renewable energy program

Aramco's own waste product → Aramco's own energy storage supply chain.

Demand Anchor

Aramco and BYD signed a Joint Development Agreement in April 2025 on EV efficiency and supply chain collaboration. Saudi Arabia's 110 GW renewable energy target requires grid-scale storage. VRFBs are a leading technology for this application. V₂O₅ is the active material in every VRFB cell.

⚠ WARN-08

Engineering confirmation of petcoke ash vanadium concentration required before Aramco VRFB engagement. V₂O₅ output is outside standard RevCon Reference. Must be resolved before V₂O₅ is included in any client-facing figures or procurement conversations.

Also from Petcoke Ash

Nickel (RC2–RC3) · Gallium (RC4) · Germanium (RC4) — supply chain inputs for Aramco's advanced materials and semiconductor programs.

Confirmation Pathway

Aramco IKTVA supplier development + SATC technology arm engagement + petcoke ash analysis to confirm V₂O₅ concentration → LOI. Engineering confirmation (WARN-08) must precede procurement engagement.

NEOM OXAGON — Advanced Manufacturing City

Red Sea coast · NEOM Company (PIF Direct)
CANDIDATE Nd · Ga · Carbon Fiber · Graphene Oxide

OXAGON's Mandate

OXAGON is NEOM's advanced industrial and manufacturing city — the correct procurement entity for NEOM in-country off-take. OXAGON's mandate is to supply advanced manufactured materials to its industrial tenants.

Products for OXAGON

Neodymium oxide (RC4, MTL-018) from WtE ash
Nd is the primary REE in NdFeB permanent magnets — used in every EV motor and every direct-drive wind turbine. NEOM's offshore wind program and EV logistics fleet create structural Neodymium demand. Saudi Arabia currently imports all Neodymium.
Gallium (RC4, MTL-042) from petcoke ash
Gallium is a semiconductor precursor — GaAs and GaN compound semiconductors. OXAGON's electronics and photonics manufacturing tenants require Gallium. China controls ~95% of global Gallium production. Saudi Arabia has zero domestic Gallium supply.
Carbon Fiber Precursor (RC4, CRB-009) from ASR
OXAGON's composite materials manufacturing and aerospace/advanced automotive supply chain.
Graphene Oxide (RC4, CRB-010)
OXAGON advanced materials — energy storage, composites, filtration.

Confirmation Pathway

OXAGON industrial procurement office engagement → specification review → preferred supplier agreement. Timeline: 12–18 months from T0.

In-Country Premium Rationale

Saudi Arabia currently imports 100% of its REE processing. It imports 95%+ of its Gallium. It has no domestic V₂O₅ supply. The in-country premium for ACM's critical mineral outputs is not a negotiating position — it is an import substitution premium driven by:

  1. Logistics cost savings — no ocean freight, no port handling, no import duties
  2. IKTVA scoring — institutional buyers (Aramco, Ma'aden) receive National Content credit for domestic procurement; this has monetary value in their licensing structures
  3. Supply chain security — breaking China's 90% REE processing dominance is a stated Saudi government priority (Saudi-US Mineral Cooperation MoU under negotiation, May 2025)
  4. Availability premium — no domestic incumbent supplier exists for any of these products

Estimated in-country premium: +15% over export reference ESTIMATED — range +8–22% · WARN-04 — verify with Ma'aden/Aramco procurement engagement.

Revenue Comparison ESTIMATED — pending LOI

Stream Volume tpy Export ref value In-country premium In-country value
REE suite (Ma'aden) ~140 ~$3.5M EST +15% ~$4.0M EST
V₂O₅ (Aramco) WARN-08 TBD TBD +15% TBD
Neodymium + Gallium (NEOM) ~13 ~$1.1M EST +15–20% ~$1.3M EST
Carbon Fiber Precursor (OXAGON) 875 ~$14M EST +10–15% ~$15.5M EST

All ESTIMATED. Values do not include Circular Royalty™ — separate independent transaction.

Option A-IC Revenue Waterfall

Three independent components — presented separately, never netted:

  1. Export reference revenue (baseline)
  2. In-country premium delta (+15% on in-Kingdom volume)
  3. Authority A-IC participation (% of premium delta — negotiated at CSA execution)

Buyer Map

Map initialising — requires Google Maps API key

Ma'aden Riyadh HQ — REE + critical minerals CANDIDATE
Saudi Aramco Dhahran HQ / Ras Tanura — V₂O₅ VRFB supply chain CANDIDATE
NEOM OXAGON — advanced materials CANDIDATE
SABIC Jubail — Carbon Black + Aromatics CANDIDATE (carbon streams)
GEMS — feedstock originator (not buyer)

National Content and Regulatory Alignment

IKTVA

Institutional buyers (Aramco, Ma'aden, SABIC) receive IKTVA scoring credit for domestic procurement from Saudi-based manufacturers. ACM operating in RCJY territory = Saudi-based manufacturer. REE, V₂O₅, and advanced materials sourced from ACM qualify for IKTVA credit for the buyer — a procurement incentive independent of price.

Saudi Critical Minerals Strategy

Saudi Arabia's National Minerals Program, the Future Minerals Forum mandate, and the Saudi-US Mineral Cooperation framework all prioritize domestic critical minerals processing. ACM producing REE and V₂O₅ from ash is directly aligned — production without mining, from existing waste infrastructure.

Vision 2030 Alignment

Saudi Green Initiative · NIDLP · Mubadara · In-Kingdom Manufacturing · IKTVA · National Minerals Program · Giga-Project supply chain localization

Confirmation Pathway

Minimum Viable Off-take Package for Option A-IC Activation
  • LOI from 2 anchor buyers covering ≥ 10,000 tpy or ≥ $5M annual value
  • At least one critical minerals buyer (Ma'aden or Aramco) plus one carbon/materials buyer
  • Engineering confirmation of V₂O₅ (WARN-08) required before Aramco vanadium engagement

Priority Sequence

1
Ma'aden REE engagement — fastest path. PIF alignment, clear need, no engineering risk.
2
Engineering confirm V₂O₅ (resolve WARN-08) → Aramco VRFB engagement
3
NEOM OXAGON advanced materials — longer timeline (12–18 months procurement cycle)
4
SABIC carbon black — carbon stream, not ash. Parallel track, shorter timeline.

Risk and Sensitivity

# Risk Mitigation
1 V₂O₅ concentration below commercial threshold WARN-08 — resolve before Aramco engagement. Bottom ash REE path not dependent.
2 REE spec mismatch (Ma'aden processing requirements) Sample protocol before LOI. ACM output specification sheet.
3 Gallium volume too small at Phase Initial Phase Medium doubles volume. Gallium is medium-term, not Phase Initial critical path.
4 Ma'aden timeline longer than critical path Option A base case does not require Ma'aden LOI — A-IC is additive election.
5 WtE fly ash hazardous classification Process bottom ash first — non-hazardous. Fly ash adds volume once GEMS hazardous permit confirmed. WARN-09
6 IKTVA scoring revision IKTVA premium is additive; base product economics hold without it.

In-Country Premium Sensitivity Note: Critical minerals volumes at Phase Initial are modest. Option A-IC strategic value is primarily the alignment signal — confirming Ma'aden and Aramco as off-take partners carries strategic weight beyond the Phase Initial revenue contribution. Option A-IC scales materially at Phase Medium (200 TPD) and Phase Expanded (300 TPD).

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