Geronimo Faggi

📢 @vox_royalty ACQUIRES WYLOO NORTH IRON ORE ROYALTY IN PILBARA REGION OF WESTERN AUSTRALIA ✅ 1.5% Gross Revenue Royalty on the first 15Mt of iron ore produced ✅ Located within 30km of the producing 30Mtpa Eliwana Iron Ore Operation voxroyalty.com/news $VOXR #mining

Aduro Clean Technologies $ADUR @AduroCleanTech Investment Thesis Summary (long position) Thread: Highlights Aduro stands to benefit from government and industry support, as well as an increasing awareness that plastic recycling is uneconomic in its current form. The company has spent over a decade developing a new, revolutionary recycling process that works on plastic, bitumen, renewable oils, and other market verticals. In aggregate, the TAM of these industries exceeds $300B. Shell SHEL, Total Energies, GF Buildings, CleanFarms, and five other multi-billion-dollar valuation companies (unnamed due to NDA) are testing Aduro’s technology through a customer engagement program. Aduro’s business model focuses on capital-expenditure-light licensing agreements to hasten the commercialization of its technology. They aim to conclude the pre-commercialization phase of their development by completing a pilot unit or NGP capable of recycling 0.5 tons of plastic waste per day by the end of Q3 2025 with a demonstration plant processing 5,000 to 8,000 tons/day by late 2026 or early 2027 Licensing as the primary model (Capex light model) Current shares outstanding: 29.4M with insiders owning c. 39% (float of c. 18M shares) If Aduro recycles 1 million tons of plastic waste each year (out of the 400 million tons produced), the company would generate $106 million in EBITDA from licensing revenues. A modest 20x EBITDA multiple would value Aduro at over $2 billion (in 2027-2028). The rest of the verticals—heavy oil upgrading, renewable oils, rubber tire recycling, and BTX—are not accounted for, although each could be a company maker on its own. D.Boral issued a buy recommendation with a 12-month PT of 50USD/share