Sharia-Structured Instrument IFRS SAR / USD 3.75
All financial figures prepared under IFRS. SAR primary / USD secondary. SAR/USD 3.75 (pegged, VERIFIED). Figures marked ESTIMATED unless LOCKED.
⚠ WARN-05 — ALL BUYERS: CANDIDATE STATUS
No LOI at registry lock for any Yanbu buyer. All buyer engagements are candidate pathways. Option A-IC activates upon LOI from 2 anchor buyers covering ≥ 10,000 tpy or ≥ $5M annual value. Revenue figures in this section are ESTIMATED pending confirmation.

In-Country Off-take Study

Yanbu Industrial City — Phase Initial · Registry-yanbu-v3 · May 2026

ESTIMATED WARN-05 CANDIDATE SP-01 Institutional Finance SP-KSA Saudi Institutional Partners
Strategic Headline

Four Saudi institutional anchor buyers — Saudi Aramco VRFB chain (V₂O₅ from YASREF/SAMREF petcoke ash, Saudi Arabia's largest national vanadium site), SABIC (polymer-derived Carbon Black and Graphite from the YANSAB circular loop), Ma'aden (metals from industrial streams), and NEOM OXAGON (Gallium, Carbon Fiber Precursor, advanced materials) — represent an in-country off-take pathway for ACM's highest-value outputs at Yanbu Industrial City.

Note: No WtE ash stream at Yanbu Phase Initial. REE suite (Ce/La/Nd/Y/Li/Co) is absent from Yanbu ICO. V₂O₅ from petcoke ash is the primary critical minerals pathway.

YANSAB–SABIC Circular Loop

The Yanbu ICO Headline: SABIC's Own Waste → SABIC's Own Supply Chain

YANSAB (Yanbu National Petrochemical Company) — a SABIC-majority JV — produces HDPE, LLDPE, and polypropylene at Yanbu Industrial City. Production generates polymer waste and off-spec rejects currently with no circular processing pathway in Saudi Arabia. ACM processes this polymer waste at 80 TPD and recovers high-value Carbon Black, Graphite, Aromatics, and Carbon Fiber Precursor — outputs that SABIC's downstream and industrial customers require.

YANSAB
Polymer waste
Off-spec rejects
80 TPD
→
ACM Yanbu
Carbon Black RC2-RC3
Graphite RC3
Carbon Fiber RC4
→
SABIC
Downstream supply
Industrial buyers
In-Kingdom

SABIC (majority-owned by Saudi Aramco) buys back processed output from its own subsidiary's waste. The same corporate group generates the feedstock and receives the manufactured product — an integrated circular economy position unique to Yanbu.

RevCon™ Output Baseline

All yields from the Circular Materials Catalog (CMC) reference — 300 TPD, RC3 baseline, 350 operating days, 3 modules. Design-basis estimates. Not an offer.

Carbon and Advanced Materials — Primary Yanbu ICO Products

Product RevCon Stream Annual tpy Export Ref. $/ton Annual Value ESTIMATED
Carbon Black CRB-007 RC2–RC3 MSW · Polymer · ASR · Commercial 6,564 $800–$1,500 $5.3M–$9.8M ESTIMATED
High-Purity Graphite CRB-008 RC3 Polymer · MSW · Commercial 3,204 $6,000–$10,000 $19.2M–$32.0M ESTIMATED
Carbon Fiber Precursor CRB-009 RC4 ASR · Polymer waste 2,625 $15,000–$22,000 $39.4M–$57.8M ESTIMATED
Graphene Oxide CRB-010 RC4 MSW · Polymer 525 $60,000–$100,000 $31.5M–$52.5M ESTIMATED
Aromatics (BTX) ARM-003-005 RC3 ELT · ASR · Polymer 10,767 $900–$2,000 $9.7M–$21.5M ESTIMATED

Critical Minerals — Petcoke Ash Stream (V₂O₅ Primary)

⚠ No REE Suite at Yanbu Phase Initial
There is no WtE ash stream at Yanbu Phase Initial. Cerium, Lanthanum, Neodymium, Yttrium, Lithium Carbonate, and Cobalt Sulfate (all RC4 from WtE ash) are absent from this engagement. The critical minerals pathway is V₂O₅, Nickel, Gallium, and Molybdenum from petcoke/coal ash.
Product RevCon Stream Annual tpy Export Ref. $/kg Annual Value ESTIMATED
Vanadium V₂O₅ WARN-08 YASREF / SAMREF petcoke ash TBD — WARN-08 $8–12/kg TBD — WARN-08
Nickel RC2–RC3 / MTL-011 Petcoke ash ~35 $12–16/kg ~$420K–$560K ESTIMATED
Gallium metal RC4 / MTL-042 Petcoke / coal ash ~2.4 $220–350/kg ~$528K–$840K ESTIMATED
Molybdenum RC3 / MTL-030 YASREF petcoke ash ~8 $20–28/kg ~$160K–$224K ESTIMATED

WARN-08: V₂O₅ recovery requires engineering confirmation for YASREF/SAMREF petcoke configuration. Volumes TBD pending on-site ash analysis. Nickel, Gallium, and Molybdenum figures scaled for 3 modules vs Jubail 1 module.

Buyer 1: Saudi Aramco — V₂O₅ VRFB Supply Chain

Saudi Aramco + Aramco-BYD JV

Vanadium Redox Flow Battery Supply Chain — 110 GW Renewable Storage Program

CANDIDATE — WARN-05
⚠ WARN-08 V₂O₅ product pending engineering confirmation of YASREF and SAMREF petcoke ash configuration. Vanadium concentration must be confirmed before Aramco procurement engagement.

The Aramco Circular Loop — Yanbu Version

YASREF/SAMREF
Heavy sour crude
→ petcoke
→
RCJY boilers
Burn petcoke
→ V-bearing ash
→
ACM Yanbu
V₂O₅ extraction
RC4
→
Aramco VRFB
110 GW storage
program

Demand Anchor

  • Aramco-BYD Joint Development Agreement (April 2025): EV supply chain and battery technology collaboration
  • Saudi Arabia 110 GW renewable energy target: grid-scale VRFB storage is a primary technology pathway
  • V₂O₅ is the active electrolyte material in every VRFB cell — no substitution
  • Saudi Arabia has zero domestic V₂O₅ supply — 100% import-dependent

Also from Petcoke Ash

Nickel (RC2-RC3), Gallium (RC4), Molybdenum (RC3) — supply chain inputs for Aramco's advanced materials and refinery catalyst programs. Gallium feeds NEOM OXAGON semiconductor manufacturing.

Confirmation Pathway

Aramco IKTVA supplier development + SATC technology arm engagement + petcoke ash analysis (WARN-08 resolution) → LOI. Engineering confirmation must precede any Aramco procurement engagement. Estimated timeline from T0: 9–15 months.

Buyer 2: SABIC — Polymer-Derived Carbon Outputs

SABIC / Saudi Basic Industries Corporation

Carbon Black · High-Purity Graphite · Carbon Fiber Precursor

CANDIDATE — WARN-05

SABIC — majority-owned by Saudi Aramco — is the KSA institutional buyer for carbon black, graphite, and polymer-derived advanced carbon materials. YANSAB (SABIC JV) generates the polymer feedstock that ACM processes; SABIC downstream customers and SABIC's own petrochemical supply chain require the processed outputs.

Products (from YANSAB polymer waste stream)

ProductRevConAnnual tpy (3 modules)In-Country Buyer
Carbon Black CRB-007 RC2–RC3 ~2,800 (polymer fraction) SABIC industrial + tyre mfg
High-Purity Graphite CRB-008 RC3 ~1,200 (polymer fraction) SABIC / battery supply chain
Carbon Fiber Precursor CRB-009 RC4 ~800 (polymer + ASR) SABIC advanced composites

IKTVA Premium

SABIC (Aramco subsidiary) receives IKTVA scoring credit for domestic procurement. Carbon Black and Graphite sourced from ACM Yanbu — a Saudi-based manufacturer in RCJY territory — qualifies for IKTVA National Content credit. No domestic incumbent circular carbon processor exists in Yanbu IC.

Confirmation Pathway

SIRC → SABIC procurement and advanced materials division engagement → specification review for each carbon product → LOI. Estimated timeline from T0: 6–12 months (shortest pathway — SIRC/SABIC existing relationship).

Buyer 3: Ma'aden — Industrial Metals

Ma'aden — Saudi Arabian Mining Company

Nickel · Gallium · Molybdenum — from Petcoke Ash

CANDIDATE — WARN-05

Saudi Arabian Mining Company (~65% PIF-owned) — Ma'aden's $110 billion investment plan (Future Minerals Forum, January 2026) targets top-three global mining company status. While the Yanbu engagement does not provide the REE suite (absent without WtE ash), petcoke ash delivers Nickel, Gallium, and Molybdenum — industrial metals in Ma'aden's battery materials and advanced materials portfolio.

Products

  • Nickel (RC2-RC3 / MTL-011): ~35 tpy — battery materials, stainless steel alloys
  • Gallium (RC4 / MTL-042): ~2.4 tpy — semiconductor precursor (GaAs, GaN). China controls ~95% of global supply
  • Molybdenum (RC3 / MTL-030): ~8 tpy — refinery catalysts, high-temperature alloys

PIF Alignment

PIF owns SIRC (CSA counterparty) and Manara Minerals (Ma'aden JV). The same sovereign entity captures value on both sides of the CSA and the metals off-take — consistent with the integrated PIF circular economy position observed at Jubail.

Confirmation Pathway

SIRC introduction → Ma'aden procurement and industrial metals division → specification review → LOI. Estimated timeline from T0: 9–15 months.

Buyer 4: NEOM OXAGON — Advanced Manufacturing

NEOM OXAGON Advanced Manufacturing City

Gallium · Carbon Fiber Precursor · Graphene Oxide

CANDIDATE — WARN-05

OXAGON is NEOM's advanced industrial and manufacturing city, located on the Red Sea approximately 400 km from Yanbu Industrial City. OXAGON's industrial mandate creates structural demand for semiconductor precursors, composite materials, and advanced carbon products — outputs that ACM Yanbu produces from petcoke ash and polymer waste streams.

Products

  • Gallium (RC4 / MTL-042): Semiconductor precursor — GaAs and GaN compound semiconductors for OXAGON electronics and photonics tenants. China controls ~95% of global Gallium. Saudi Arabia has zero domestic supply. Yanbu ACM produces 3× the Gallium volume of Jubail Phase Initial
  • Carbon Fiber Precursor (RC4 / CRB-009): OXAGON composite materials manufacturing — aerospace and advanced automotive supply chain
  • Graphene Oxide (RC4 / CRB-010): OXAGON advanced materials — energy storage, composites, filtration applications

Logistics

Yanbu Industrial City to NEOM OXAGON: ~400 km Red Sea coastal route. Industrial logistics pathway well-established. No ocean freight, no import duties — full in-country premium applies.

Confirmation Pathway

OXAGON industrial procurement office → specification review for Gallium and Carbon Fiber Precursor → preferred supplier agreement. Estimated timeline from T0: 12–18 months.

In-Country Premium Rationale

Saudi Arabia currently imports 100% of its V₂O₅ supply and 95%+ of its Gallium. The in-country premium for ACM Yanbu outputs is driven by import substitution economics:

  1. Logistics savings — no ocean freight, no port handling, no import duties from Yanbu IC to KSA buyers
  2. IKTVA scoring — SABIC (Aramco subsidiary), Aramco, and Ma'aden receive National Content credit for domestic procurement; monetary value in their licensing structures
  3. Supply chain security — V₂O₅ and Gallium: no domestic incumbent supplier exists for either product
  4. YANSAB circular loop — SABIC buying output from its own subsidiary's waste carries procurement and ESG value beyond price

Estimated in-country premium: +15% over export reference ESTIMATED (range +8–22%). WARN-04 — verify with SABIC/Aramco procurement engagement.

Revenue Comparison (ESTIMATED — pending LOI)

Stream Volume tpy Export Ref. Value In-Country Premium In-Country Value
V₂O₅ (Aramco VRFB) TBD — WARN-08 TBD +15% TBD
Carbon Black (SABIC) ~6,564 ~$6.6M ESTIMATED +10–15% ~$7.3M–$7.6M ESTIMATED
Gallium + advanced materials (NEOM) ~3,150 ~$42M ESTIMATED +15–20% ~$48.3M–$50.4M ESTIMATED
Metals (Ma'aden) ~45 ~$1.1M ESTIMATED +15% ~$1.3M ESTIMATED

All ESTIMATED. Values do not include Circular Royalty™ — separate independent transaction. 3-module Yanbu scale produces materially larger absolute volumes vs Jubail 1-module.

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 loading… (Google Maps JS API)
● Saudi Aramco Dhahran — V₂O₅ VRFB CANDIDATE ● SABIC Riyadh HQ / Yanbu site — Carbon outputs CANDIDATE ● Ma'aden Riyadh HQ — Metals CANDIDATE ● NEOM OXAGON — Advanced materials CANDIDATE ◆ YASREF / SAMREF Yanbu — Petcoke ash feedstock originator ◆ YANSAB Yanbu — Polymer waste feedstock originator

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/advanced materials buyer (Aramco or SABIC) plus one carbon/metals buyer.

Priority Sequence

  1. SABIC carbon outputs — fastest path. SIRC/SABIC existing relationship, clear product specification, no engineering risk. Target: LOI within 6–12 months of T0
  2. Engineering confirm V₂O₅ (resolve WARN-08) → Aramco VRFB engagement. YASREF/SAMREF ash analysis is the critical gate
  3. NEOM OXAGON advanced materials — Gallium and Carbon Fiber Precursor specification alignment. 12–18 month procurement cycle
  4. Ma'aden metals — parallel track with Aramco engagement. PIF alignment accelerates pathway

Risk and Sensitivity

#RiskMitigation
1 V₂O₅ concentration below commercial threshold at YASREF/SAMREF WARN-08 — resolve before Aramco engagement. Carbon/polymer path (SABIC) not dependent on V₂O₅
2 SABIC procurement cycle longer than expected Option A base case does not require SABIC LOI — A-IC is additive election only
3 Gallium volume small relative to NEOM procurement minimum ~2.4 tpy at Phase Initial. Phase Medium (6 modules) scales to ~4.8 tpy. Short-term positioning play for medium-term supply contract
4 YANSAB polymer waste classification changes SIRC contractual access to YANSAB rejects under SABIC affiliate arrangement — stable access pathway
5 In-country premium lower than 15% (WARN-04) Base product economics hold at export reference prices. In-country premium is additive only

In-Country Premium Sensitivity (3-Module Scale)

PremiumCarbon stream in-country delta/yrAuthority A-IC (5%)
+5%~$330K ESTIMATED~$16.5K
+15% (base)~$990K ESTIMATED~$49.5K
+22%~$1.45M ESTIMATED~$72.5K

Option A-IC strategic value at Yanbu is primarily the SABIC circular loop alignment signal — confirming SABIC and Aramco as off-take partners carries strategic weight beyond Phase Initial revenue contribution.

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