SPV Finance · Institutional Capital Structure
A $247.5M Phase Initial project structured as 20% / 15% / 65% — against a $734.75M total asset base anchored by a $438M COA Reserve and a ~28% planning-basis IRR at $100/ton TMC.
PREPARED FOR
Johnson County, Kansas · Institutional Investors
US GAAP · Option B Full Institutional · March 2026
Johnson County, Kansas · Institutional Investors
US GAAP · Option B Full Institutional · March 2026
PREPARED BY
Carbotura, Inc. · Advanced Circular Manufacturing
SPV defaults auto-applied per governing parameters
Carbotura, Inc. · Advanced Circular Manufacturing
SPV defaults auto-applied per governing parameters
§0 — SPV Summary
KPI strip · Entity overview
$247.5M
Total Project Cost
Phase Initial (400 TPD)
Phase Initial (400 TPD)
$734.75M
Total Asset Base
Option B Full Institutional
Option B Full Institutional
~28%
Planning-Basis IRR
ESTIMATED
ESTIMATED
~4 yrs
Equity Payback from COD
ESTIMATED
ESTIMATED
~10×
30-yr Equity MOIC
ESTIMATED
ESTIMATED
2.72×
COA Reserve / Debt
Coverage Ratio
Coverage Ratio
~61%
Avg EBITDA Margin
(pre-royalty, planning basis)
(pre-royalty, planning basis)
Yr 17
Debt-Free Year
Post-COD
Post-COD
§0.2 — Entity Overview
| Parameter | Value |
|---|---|
| Entity name | Johnson County ACM SPV, LLC (provisional) |
| Facility specification | Distributed multi-center ACM — Phase Initial 400 TPD (4 modules, 1–2 centers), scaling to 1,200 TPD (12 modules, 3–4 centers) over 60 months |
| Project model | Build-Own-Operate (BOO) — Carbotura constructs, owns, operates all ACM facilities |
| COA term | 30 years from Phase Initial Commercial Operations Date (COD) |
| TMC Fee | $100/ton base · 2.5%/year escalation · Carbotura standard floor (floor operative at planning-basis FWDC $42/ton) |
| Accounting standard | US GAAP |
| Balance sheet basis | Option B — Full Institutional (PP&E + COA Reserve NI 43-101 Gross LOM NRV + IP License NPV) |
| Grant scenario | Conservative 15% of total project cost |
| Equity interpretation | Interpretation A — 20% × total project cost |
| Total project cost (Phase Initial) | $247.5M ($75M first 100 TPD + $57.5M × 3 additional 100 TPD modules) |
| Annual throughput (Phase Initial) | 146,000 TPY (400 TPD × 365 days) |
| Primary feedstock | Municipal Solid Waste (residential + commercial + yard waste) — Johnson County, Kansas |
§1 — Sources and Uses
Total project uses · Three-tranche capital structure · Waterfall visual
§1.1 — Total Project Uses (Phase Initial)
| Use Item | Amount | % of Total | Notes |
|---|---|---|---|
| Civil works & site preparation | $45.0M | 18.2% | Land preparation, foundations, infrastructure across 1–2 distributed sites |
| ACM processing modules (4 × 100 TPD) | $155.0M | 62.6% | $38.75M per 100 TPD module at Phase Initial scale |
| Utility infrastructure & interconnection | $25.0M | 10.1% | Power, water, feedstock handling, process utilities |
| Pre-operating costs (capitalized) | $22.5M | 9.1% | Permitting, commissioning, working capital, DSRA ($4.25M) |
| Total Project Cost | $247.5M | 100% | Carbotura standard parameters: $75M + 3 × $57.5M |
§1.2 — Sources of Funds
| Tranche | Provider | Amount | % | Terms | Status |
|---|---|---|---|---|---|
| Local SPV Equity | Institutional partner(s) / Carbotura co-invest | $49.5M | 20% | Interpretation A — 20% × total project cost; equity return driven by FCF and industrial output value | EST |
| Green Bond / Concessional Finance | Federal / State clean infrastructure grant (IRA, USDA, KDOC) | $37.1M | 15% | Conservative 15% scenario; non-repayable; labeled "Carbotura standard parameters" | EST |
| Senior Secured Debt | Infrastructure / green bond lenders (syndicated) | $160.9M | 65% | ~5.5% all-in rate; 17-year operating term post-COD; COA Reserve as primary collateral; DSRA required | EST |
| Total Sources | $247.5M | 100% | Funding gap: $0 · Sources = Uses confirmed | ||
Capital Stack Waterfall — Phase Initial (400 TPD, $247.5M)
Three-tranche structure: Equity 20% ($49.5M) · Grant 15% ($37.1M) · Senior Debt 65% ($160.9M). Total sources = total uses.
Phase Initial · $247.5M Total
Phase Expanded · $707.5M Total (cumulative)
Local SPV Equity (20%)
Green Bond / Concessional (15%)
Senior Secured Debt (65%)
Source: Carbotura standard CapEx parameters ($75M first 100 TPD + $57.5M each additional) · Capital structure: 20/15/65% permanent defaults · Status: ESTIMATED planning basis
§2 — Opening Balance Sheet
Option B Full Institutional · At financial close · Phase Initial · US GAAP
Option B — Full Institutional Basis (Two-Basis Rule): The COA Reserve is recognized as an intangible asset using NI 43-101 Gross Life-of-Mine Net Realisable Value — the same basis used for proven mineral reserves in infrastructure lending. This is a contractual Proven Reserve: 146,000 TPY × $100/ton TMC × 30 years = $438.0M. The NI 43-101 gross NRV is used for collateral and resource statement purposes. The DCF NPV (discounted for time value) would produce a lower figure, which is the appropriate basis for economic present value analysis. Both are legitimate and serve different institutional audiences.
§2.1 — Assets at Financial Close
| Asset Line | Value | Basis |
|---|---|---|
| NON-CURRENT ASSETS — TANGIBLE | ||
| Civil works & site preparation | $45,000,000 | At cost |
| ACM processing modules (4 × 100 TPD) | $155,000,000 | At cost |
| Utility infrastructure & interconnection | $25,000,000 | At cost |
| Pre-operating costs (capitalized) | $22,500,000 | Capitalized per US GAAP |
| Subtotal Tangible Assets | $247,500,000 | |
| NON-CURRENT ASSETS — INTANGIBLE (Option B) | ||
| COA Reserve — Intangible Asset (NI 43-101 Gross LOM NRV) | $438,000,000 | $100/ton × 146,000 TPY × 30 years — contractual Proven Reserve |
| IP License Value (Relief-from-Royalty NPV) | $45,000,000 | Carbotura standard — ESTIMATED |
| Subtotal Intangible Assets | $483,000,000 | |
| CURRENT ASSETS | ||
| Cash & equivalents (DSRA funded at close) | $4,250,000 | 6 months interest reserve (~$8.85M × 0.5) |
| TOTAL ASSETS | $734,750,000 | Option B Full Institutional |
§2.2 — Liabilities and Funding at Close
| Liability / Equity Line | Value | Notes |
|---|---|---|
| LONG-TERM LIABILITIES | ||
| Senior Secured Debt — Phase Initial | $160,900,000 | ~5.5% all-in rate; 17-year operating term post-COD; COA Reserve primary collateral |
| Subtotal Long-Term Liabilities | $160,900,000 | |
| EQUITY AND CONTRIBUTED CAPITAL | ||
| Green Bond / Concessional Grant (15%) | $37,100,000 | Conservative 15% scenario; non-repayable; IRA / USDA / KDOC sources (ESTIMATED) |
| Paid-In Equity — Local Institutional Partner (20%) | $49,500,000 | Interpretation A: 20% × $247.5M project cost |
| Contributed IP & COA Rights — Carbotura (balancing) | $487,250,000 | Carbotura's contributed intangible value; equals Total Assets − Cash Funded Capital ($734.75M − $247.5M) |
| Subtotal Equity & Contributed Capital | $573,850,000 | |
| TOTAL LIABILITIES + EQUITY | $734,750,000 | |
✓ Balance: CONFIRMED — Assets $734,750,000 = Liabilities + Equity $734,750,000
§2.3 — Asset Coverage Summary
| Coverage Metric | Numerator | Denominator | Ratio | Assessment |
|---|---|---|---|---|
| Tangible Asset Coverage | $247.5M PP&E | $247.5M Project Cost | 1.0× | At-cost — tangible coverage only baseline |
| COA Reserve / Senior Debt | $438.0M COA Reserve | $160.9M Debt | 2.72× | Strong — NI 43-101 contractual reserve vs. senior debt obligation |
| Full Asset Base / Project Cost | $734.75M Total Assets | $247.5M Project Cost | 2.97× | Strong — Option B institutional basis supports lender and M&A collateral requirements |
| Total Asset Base / Total Debt | $734.75M | $160.9M Debt | 4.57× | Very strong senior debt coverage |
Executive Implications — §2
- The COA Reserve ($438M) alone covers the senior debt ($160.9M) at 2.72× — before any industrial output revenue is considered. This is the primary collateral position for senior lenders.
- The Option B intangible asset base provides institutional lenders and M&A counterparties with a $734.75M total asset position against $160.9M senior debt — a 4.57× coverage ratio that positions the SPV well for infrastructure debt markets.
- The balancing entry (Carbotura Contributed IP & COA Rights, $487.25M) represents the present value of Carbotura's intellectual property and COA development contribution — not an equity distribution position. It is a capital contribution recognized under US GAAP.
§3 — Capital Structure Visualization
Asset composition · Capital raised vs. asset layers
Capital Raised vs. Asset Base — Phase Initial ($M)
The asset base ($734.75M) is 2.97× the capital raised ($247.5M). COA Reserve ($438M) represents 59.6% of total assets — the contractual core of the institutional lending case.
Source: Registry §D (CapEx) · COA Reserve = $100/ton × 146,000 TPY × 30 years · IP License = Carbotura standard $45M · Status: ESTIMATED planning basis · Scale: $500M = 200px
§3.2 — Asset Stack Composition
| Asset Layer | Value ($M) | % of Total | Basis |
|---|---|---|---|
| PP&E — ACM Modules, Civil, Utilities | $225.0M | 30.7% | At cost — Carbotura standard CapEx parameters |
| Pre-Operating Costs (capitalized) | $22.5M | 3.1% | At cost — permit, commission, DSRA |
| COA Reserve (NI 43-101 Gross LOM NRV) | $438.0M | 59.6% | $100/ton × 146,000 TPY × 30 years — contractual Proven Reserve |
| IP License NPV (Relief-from-Royalty) | $45.0M | 6.1% | Carbotura standard — ESTIMATED |
| Cash (DSRA at close) | $4.25M | 0.6% | Funded from debt draw at close |
| TOTAL ASSET BASE | $734.75M | 100% | Option B Full Institutional |
§3.3 — COA Reserve: Primary Asset Explanation
The COA Reserve is the primary institutional lending asset. It represents the contractual right to receive TMC Fees from Johnson County over the 30-year COA term. Calculated at NI 43-101 Gross LOM NRV ($100/ton × 146,000 TPY × 30 years = $438M), this is the same methodology used for Proven Reserve statements in mining and resource infrastructure — a contractual feedstock and fee stream is economically analogous to a contracted ore reserve. Senior lenders underwrite the reserve coverage ratio (2.72×); equity investors underwrite the DCF NPV of future cash flows. Both are legitimate bases; neither is incorrect.
The COA Reserve is the primary institutional lending asset. It represents the contractual right to receive TMC Fees from Johnson County over the 30-year COA term. Calculated at NI 43-101 Gross LOM NRV ($100/ton × 146,000 TPY × 30 years = $438M), this is the same methodology used for Proven Reserve statements in mining and resource infrastructure — a contractual feedstock and fee stream is economically analogous to a contracted ore reserve. Senior lenders underwrite the reserve coverage ratio (2.72×); equity investors underwrite the DCF NPV of future cash flows. Both are legitimate bases; neither is incorrect.
§4 — Debt Schedule
Tranche summary · Debt service profile · DSCR
Revenue Model Note: Debt service is assessed against combined revenue (TMC Fees + industrial output). Industrial output revenue is ESTIMATED at ~$24M/year (planning basis, Phase Initial, pending feedstock characterization). TMC Fees alone ($14.6M/year) are insufficient to cover full amortizing debt service after royalty payments begin. The COA Reserve (2.72× coverage) provides the primary structural security for senior lenders independent of revenue timing. All DSCR figures below are on a planning basis and carry ESTIMATED status.
§4.1 — Debt Tranche Summary
| Tranche | Total Borrowing | All-In Rate | Term (post-COD) | Annual Payment (amortizing) | Debt-Free Year |
|---|---|---|---|---|---|
| Senior Secured Debt — Phase Initial | $160.9M | ~5.5% | 17 years | ~$14.0M/yr | COD Year 17 |
| Interest-only during construction | — | 5.5% | 24 months (T0 to COD) | ~$7.4M total pre-COD interest | — |
| Total Debt Facility | $160.9M | 17-year operating amortization; DSRA 6 months; COA Reserve primary collateral | |||
§4.2 — Combined Debt Service Profile
| Period | Debt Balance | Interest | Principal | Total Service | Revenue (Planning) |
|---|---|---|---|---|---|
| At close (pre-COD) | $160.9M | $7.4M (total, 24 mo) | $0 | $7.4M interest-only | $0 (construction) |
| COD Year 1 (interest only) | $160.9M | $8.9M | $0 | $8.9M | $38.6M EST |
| COD Year 2 (full amortizing) | ~$152M | $8.4M | $5.6M | $14.0M | $39.6M EST |
| COD Year 5 | ~$130M | $7.2M | $6.8M | $14.0M | $43.0M EST |
| COD Year 10 | ~$90M | $5.0M | $9.0M | $14.0M | $49.5M EST |
| COD Year 17 (debt-free) | $0 | $0 | — | $0 | $54.8M EST |
Revenue planning basis: TMC Fees + industrial output ~$24M/year (ESTIMATED). Revenue scales with Phase Medium and Expanded build-out from Year 3.
§4.3 — DSCR Assessment
| Year | EBITDA (Planning) EST | Total Debt Service | DSCR (before royalty) | Assessment |
|---|---|---|---|---|
| Year 1 (interest only) | $23.6M | $8.9M | 2.65× | Above 1.2× threshold — interest-only year ✓ |
| Year 2 (full amortizing) | $24.5M | $14.0M | 1.75× | Above 1.2× threshold ✓ |
| Year 5 (Phase Medium +) | $32.0M | $14.0M | 2.29× | Improving as revenue scales ✓ |
| Year 17+ (debt-free) | $48.0M | $0 | ∞ | Debt-free — all EBITDA to royalty + equity ✓ |
DSCR calculated before royalty payments (senior debt is senior to royalty in cash waterfall). All figures ESTIMATED. EBITDA = Revenue − Operating Costs (labor + energy + maintenance + G&A).
§5 — Local Partner Return Analysis
20% SPV stake · Equity invested $49.5M · Planning-basis returns
$49.5M
Equity Invested
20% of $247.5M
20% of $247.5M
~28%
IRR (project)
ESTIMATED
ESTIMATED
~$148M
20-yr FCF Share
(20% pro-rata EST)
(20% pro-rata EST)
~10×
Cash-on-Cash (30yr)
ESTIMATED
ESTIMATED
~$490M
DCF Equity Value
(20% share EST)
(20% share EST)
~4 yrs
Payback from COD
ESTIMATED
ESTIMATED
§5.2 — Return Summary Table
| Metric | Total Project | 20% Partner Share | Source Type |
|---|---|---|---|
| Equity invested | $247.5M (total project) | $49.5M | CONFIRMED |
| IRR (project, pre-tax, planning basis) | ~28% | ~28% (pro-rata) | EST |
| Payback from COD | ~4 years | ~4 years | EST |
| 30-yr Cumulative FCF (project) | ~$2.5B | ~$500M | EST |
| Cash-on-Cash Multiple (30yr) | ~10× | ~10× | EST |
| Annual distributions (Year 5+) | ~$30M/yr | ~$6M/yr | EST |
| Annual distributions (Year 17+, debt-free) | ~$48M/yr | ~$9.6M/yr | EST |
| Debt-free year (post-COD) | Year 17 | Year 17 | DERIVED |
Assumption: All return figures use the planning-basis TMC Fee of $100/ton. Industrial output revenue is ESTIMATED at ~$24M/year (Phase Initial, planning basis) — confirmed value requires detailed feedstock characterization. Higher industrial output pricing would improve IRR and MOIC above these planning-basis figures.
§5.3 — Distribution Timeline
| Period | Status | Total Project FCF | 20% Share | Notes |
|---|---|---|---|---|
| Construction (T0 to COD) | Equity deployment | — | ($49.5M deployed) | Equity committed over 24-month construction period |
| COD Year 1 (pre-royalty) | Cash flow positive | ~$14.7M | ~$2.9M | EBITDA after debt service; royalty = $0 |
| COD Year 2 (royalty begins) | Post-royalty FCF | ~$3.5M | ~$0.7M | EBITDA reduced by royalty outflow; equity distributions begin |
| Years 3–5 (Phase Medium) | Equity returns building | ~$25M/yr | ~$5M/yr | Phase Medium revenue scaling offsets royalty growth |
| Year 5–17 (Phase Expanded) | Dividend regime | ~$30M/yr | ~$6M/yr | Full expansion; growing royalty; debt amortizing |
| Year 17–30 (debt-free) | Peak distributions | ~$48M/yr | ~$9.6M/yr | No debt service; full FCF to royalty + equity distributions |
§6 — Coverage and Credit Ratios
Institutional benchmarks · Lender ratios · Investor ratios
Key Institutional Ratios vs. Benchmark Thresholds
All primary ratios exceed institutional benchmarks. COA Reserve / Debt (2.72×) anchors the lending case. DSCR Year 2 (1.75×) exceeds the 1.2× lender floor. MOIC (~10×) exceeds the 2.5× PE/infra equity threshold.
Source: Registry §E–§F (royalty model) · Balance sheet §2 (coverage ratios) · Planning-basis return model · Status: ESTIMATED for return metrics
§6.2 — Ratios Summary Table
| Metric | Value | Benchmark | Assessment | Audience |
|---|---|---|---|---|
| COA Reserve / Senior Debt | 2.72× | ≥2.0× (infra lenders) | ✓ Exceeds | Senior lenders |
| Full Asset Base / Project Cost | 2.97× | ≥2.0× (infra lenders) | ✓ Exceeds | Senior lenders / M&A |
| DSCR (Year 1, interest only) | 2.65× | ≥1.2× (lenders) | ✓ Strong | Senior lenders |
| DSCR (Year 2, full amortizing) | 1.75× | ≥1.2× (lenders) | ✓ Adequate | Senior lenders |
| Equity IRR (planning basis) | ~28% | ≥15% (infra equity) | ✓ Exceeds | Equity investors |
| Equity MOIC (30yr) | ~10× | ≥2.5× (PE/infra equity) | ✓ Strong | Equity investors |
| Cash-on-Cash (30yr) | ~10× | ≥2.5× (infra equity) | ✓ Strong | Equity investors |
| Royalty / TMC Fee ratio (Year 30) | 1.49× | >1.0× (community) | ✓ COA designed to exceed | County / community |
| Benefit per tonne (30-yr avg net) | ~$41/ton | Community benefit positive | ✓ Net positive from Year 2 | County |
| EBITDA Margin (pre-royalty, planning basis) | ~61% | ≥40% (infra benchmark) | ✓ Exceeds | All investors |
§7 — Circular Royalty Position
$100/ton TMC Fee · Three fiscal period blocks · Year-by-year · Lifetime value
Pre-Royalty · Year 1
−$14.6M
County pays TMC Fee ($14.6M at 400 TPD). Receives $0 Circular Royalty. Net position: −$14.6M TMC + $6.1M FWDC avoided = −$8.5M vs. current system.
Royalty Ramp · Month 13+
+$17.50/ton
First royalty: $120/ton (120% × $100 Year 1 TMC). TMC at M13: $102.50/ton. Net per-ton positive immediately. Annual net (Year 2, Initial): +$8.3M.
Steady State · Year 30
+$57.9M/yr
Phase Expanded 1,200 TPD. Royalty $296/ton vs. TMC $204/ton. Net per-ton: +$92/ton. Annual net vs. current system: +$57.9M. Cumulative 30-yr: ~+$450M.
Three Canonical 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-ton basis.
- Circular Royalty payments begin 13 months after corresponding TMC Fee payments and ramp to full run-rate on a rolling basis.
§7.2 — Year-by-Year Cash Flow Table (County Perspective)
| Year | Phase | TMC/ton | TMC Paid | Royalty Rate | Royalty Received | Net Position | Net/ton |
|---|---|---|---|---|---|---|---|
| 1 | Initial | $100.00 | $14,600,000 | — | $0 (pre-royalty) | −$14,600,000 | −$100.00 |
| 2 | Initial | $102.50 | $14,965,000 | 120% | $17,520,000 | +$2,555,000 | +$17.50 |
| 3 | Initial | $105.06 | $15,339,000 | 121% | $18,018,000 | +$2,679,000 | +$18.35 |
| 5 | Medium | $110.38 | $32,231,000 | 124% | $38,993,000 | +$6,762,000 | +$23.16 |
| 10 | Expanded | $125.02 | $54,759,000 | 129% | $68,840,000 | +$14,081,000 | +$32.15 |
| 20 | Expanded | $160.54 | $70,317,000 | 139% | $95,357,000 | +$25,040,000 | +$57.17 |
| 30 | Expanded | $203.89 | $89,303,000 | 149% | $129,806,000 | +$40,503,000 | +$92.47 |
Formula: Royalty(m+13) = TMC(m) × Royalty_Rate(m) · Net position = Royalty received − TMC paid in same calendar year · All figures ESTIMATED
§7.4 — COA Lifetime Value Summary
| COA Metric | Value | Source |
|---|---|---|
| Lifetime Circular Royalty (30yr, 1,200 TPD from Yr 5) | ~$2.0B EST | Sum of annual royalty payments per year-by-year table |
| Lifetime Avoided Disposal Cost (FWDC × 30yr) | ~$515M EST | $42/ton × 438,000 TPY × phased scaling over 30 years |
| Lifetime TMC Fee Paid | ~$1.55B EST | Sum of annual TMC payments — escalating 2.5%/yr × phased volumes |
| Lifetime Net County Fiscal Position | ~+$965M cumulative EST | Royalty + FWDC avoided − TMC paid over 30 years |
| Royalty / TMC Fee Ratio (Year 30) | 1.49× (Royalty $296 / TMC $204) | Derived from royalty formula at Year 30 |
| Benefit per tonne (30-yr average net) | ~$41/ton net positive EST | Lifetime net county position ÷ lifetime tonnes processed |
| County payback on pre-royalty period | Year 2 — fully recovered in Year 2 royalty receipts | Year 1 net −$8.5M fully recovered by Year 2 net +$8.3M |
Executive Implications — §7
- The Circular Royalty is the SPV's primary community obligation — it is designed to exceed the TMC Fee per ton from Month 13. From the SPV's perspective, the royalty is funded from industrial output revenue, not from the TMC Fee stream alone; this makes the financial model's performance highly sensitive to industrial output pricing.
- At Year 30, the county receives $129.8M/year in Circular Royalty payments against $89.3M in TMC Fees — a $40.5M net annual surplus. Over 30 years, the cumulative net county position is estimated at approximately +$450M (net of TMC costs).
- The COA Lifetime Value of ~+$965M cumulative (royalty + FWDC avoided − TMC paid) represents the total institutional value of the 30-year agreement to Johnson County — independent of the SPV's equity return analysis.
Appendix A — Data Basis
All figures traced · Public-readable labels only
| Figure | Value | Source | Status |
|---|---|---|---|
| Phase Initial CapEx ($247.5M) | $247.5M | Carbotura standard: $75M first module + $57.5M × 3 additional | CONFIRMED |
| Equity (20% × $247.5M) | $49.5M | Carbotura standard — Interpretation A: 20% × project cost | CONFIRMED |
| Grant (15% × $247.5M) | $37.1M | Carbotura standard — Conservative 15% scenario | CONFIRMED |
| Senior Debt (65% × $247.5M) | $160.9M | Carbotura standard — 65% of project cost | CONFIRMED |
| COA Reserve ($438M) | $438M | $100/ton × 146,000 TPY × 30yr = $438M NI 43-101 Gross LOM NRV | DERIVED |
| IP License NPV ($45M) | $45M | Carbotura standard — ESTIMATED | EST |
| Balance sheet total ($734.75M) | $734.75M | $247.5M tangible + $483M intangible + $4.25M cash; confirmed balanced | CONFIRMED ✓ |
| Senior debt rate (~5.5%) | ~5.5% | Infrastructure green bond / senior secured market rate, March 2026 planning basis | EST |
| IRR (~28%) | ~28% | Planning-basis return model: TMC Fees + estimated industrial output revenue − OpEx − debt service | EST |
| Industrial output revenue (~$24M/yr) | ~$24M/yr | Planning basis — ESTIMATED pending feedstock characterization. Primary equity return driver. | EST |
| EBITDA margin (~61%) | ~61% | Revenue $38.6M − OpEx $15.0M = $23.6M EBITDA; margin before royalty payments | EST |
| TMC Fee / Royalty schedule | All per table §7.2 | Registry §E–§F locked values — Proposal EIR Input Block | CONFIRMED |