Newport City Council · Wales March 2026 Stage 1 CID

Circular Supply Proposal

Advanced Circular Manufacturing Partnership Offer Prepared by Carbotura, Inc. · Confidential

A 30-year Circular Supply Agreement converts Newport City Council's ~130 TPD of addressable manufacturing feedstock into a structured royalty receipt stream from Month 13 — one CSA structure, zero Council capex, and a structured successor to the Prosiect Gwyrdd contract horizon.

Authority Commitment Qualification

Eight Commitments · One Engagement

Five items are required for every engagement and establish the structural commitment between Newport City Council and Carbotura. Three optional items signal Regional Authority materials offtake under the CMOA.

5 REQUIRED · ALL ELECTED 3 OPTIONAL · 0 ELECTED

01REQUIRED

Commit feedstock

All designated waste streams legally assigned to Carbotura via CSA · disposal liability removed from Newport City Council balance sheet.

Newport: ~130 TPD addressable (non-contracted streams Phase Initial 130 TPD / 47,332 TPY; Phase Expanded captures Prosiect Gwyrdd contracted volume post-2040)

02REQUIRED

Commit land + landfill deed

Manufacturing Site Deed + Remediation Site Deed transferred to Carbotura · registered title · two independent instruments.

UK: title registered with HM Land Registry (manufacturing site — ABP Atlantic Site Priority 1; remediation site — Docks Way)

03REQUIRED

Commit tax abatements

Local strategic investor instrument · qualifying tax relief for agreed period · condition precedent to CSA execution.

Wales/UK: Welsh Government strategic investor instrument / Freeport designation (Port of Newport Freeport tax site eligibility)

04REQUIRED

Receive royalty stream on materials

Circular Royalty™ Stream (

Reported as separate transactions per the Separate Transaction Principle (MR §4.8) · CIPFA accounting standard

05OPTIONAL · SUBJECT TO STUDY

Exogenesis™ landfill mining

Exogenesis™ Programme · APS · fully electric fleet · £/$/tonne royalty TO Newport City Council · land restored on completion.

Newport: Docks Way landfill — Newport City Council active municipal landfill (single qualifying asset; Subject to Waste Characterization Study — subject to Waste Characterization Study confirmation)

06OPTIONAL · NOT ELECTED

Commit offtake for Authority reserves

Regional Authority preferential election right over RC3–RC5 manufactured output · best efforts · no take-or-pay.

Regional Authority Critical Materials Offtake (RACMO construct)

07OPTIONAL · NOT ELECTED

Regional Authority preferential pricing on materials

Preferential rate on RACMO-elected RC3–RC5 output · rate set at CSA negotiation · only meaningful if card-06 elected.

Regional Authority Critical Materials Authority pricing (RACMA construct)

08OPTIONAL · NOT ELECTED

Pre-purchase MAMP payment

The Authority prepays Carbotura under advance purchase structure · required CP for RACMA pricing discount · Carbotura does not deploy capital without receipt.

Regional Industrial Reserve Corp (RIRC construct) · UK institutional reference TBD at CSA negotiation

Sections

§0 — What This Means

Strwythur CSA safonol

Circular Royalty™ (Manufacturing Beneficiation)

OUTFLOW ↑
Beneficiation Fee: TBD £/ton (Yr 1 — pending Joint Working Group phase FWDC verification)
+2.5%/yr escalator
Phase Initial: ~£[TMC × 47,332 tpy]/yr
Carbotura's Beneficiation Fee on feedstock delivered

INFLOW ↓
Circular Royalty™: 120% of corresponding Fee
+1pp/yr escalator (Year 5 = 124%, Year 30 = 148%)
Phase Initial: ~£[1.20 × TMC × 47,332 tpy]/yr (Yr 2)
→ Growing to £[148% × TMC × 47,332 tpy]/yr (Yr 30)
From Carbotura product revenues · 13-month lag · rolling

 · Regional Authority SwapStrwythur CSA · Cyfnewid Awdurdod Rhanbarthol

Circular Royalty™

OUTFLOW ↑
£0 Beneficiation Fee
Consideration: site deed at signing

Newport City Council deeds project site to Carbotura at CSA execution via HM Land Registry title transfer

INFLOW ↓
Circular Royalty™: $100/ton
+1%/yr escalation from Year 2
Phase Initial: ~$4.73M/yr (~£3.74M) (Yr 2)
→ ~$6.25M/yr (~£4.94M) (Yr 30)
From Carbotura product revenues · 13-month lag · symmetric Take-or-Pay floor

Exogenesis™ Royalty · Universal Bonus (under the CSA or B)Royalty Exogenesis™ · Bonws Cyffredinol (gydag Strwythur CSA neu B)

Docks Way Landfill — Newport City Council

CONSIDERATION ↑
Docks Way landfill deeded at signing

Single qualifying asset — Subject to Waste Characterization Study
Subject to Waste Characterization Study; post-closure care, leachate, monitoring obligations transfer to Carbotura

INFLOW ↓
Exogenesis™ Royalty: $50/ton extracted
+1%/yr escalation from Year 2
Anchor case (Docks Way ~30,000 tpy): ~$1.52M/yr (~£1.20M) (Yr 6)
From Year 5 post-COD · independent royalty stream · 13-month lag from first extraction

One Circular Supply Agreement. Newport City Council executes the CSA. The Exogenesis™ Royalty Bonus is a universal stream available as a CSA add-on — activated when a qualifying legacy landfill is deeded at signing (Docks Way, Subject to Waste Characterization Study subject to Waste Characterization Study). All three streams — Beneficiation Fee, Circular Royalty™ or Circular Royalty™, and Exogenesis™ Royalty — are reported as separate transactions per the Separate Transaction Principle (MR §4.8). They are never netted in any table, chart, or statement.

What Carbotura offers: A privately financed, Build-Own-Operate ACM facility receiving up to 200 TPD of Newport feedstock at full scale. Carbotura's SPV funds, builds, and operates the facility. Newport City Council's sole financial obligation under the CSA is the per-tonne Beneficiation Fee. The Exogenesis™ Royalty bonus stacks on the CSA as an independent landfill remediation royalty stream (Docks Way anchor, Subject to Waste Characterization Study). Carbotura, Inc. provides an 18-month Parent Performance Guarantee on all SPV payment obligations during operations ramp.
What Newport City Council commits: A 30-year Circular Supply Agreement (CSA) for feedstock supply. per-tonne Beneficiation Fee (formula-bound, FWDC-derived, +2.5%/yr). Exogenesis™ Royalty bonus (under the CSA, Subject to Waste Characterization Study): Docks Way landfill deed at signing as the qualifying remediation asset.
What Newport City Council receives: An independent Royalty stream paid by Carbotura from product revenues — beginning 13 months after first Beneficiation Fee payment. Circular Royalty™ at 120% of current-year Beneficiation Fee/tonne, growing to 148% by Year 30.73M/yr (~£3.74M) in Year 2, growing to ~$6.25M/yr (~£4.94M) in Year 30. Exogenesis™ Royalty bonus (Docks Way anchor, Subject to Waste Characterization Study): adds ~$1.52M/yr (~£1.20M) from Year 6. All streams reported as separate transactions.

What Carbotura offers: A 30-year Build-Own-Operate Circular Supply Agreement covering up to 200 TPD of Newport's manufacturing feedstock across three deployment phases. Carbotura funds, constructs, owns, and operates the ACM facility. Newport's sole financial obligation is the Beneficiation Fee per tonne of feedstock delivered — set below Newport's current blended disposal cost.

What Newport commits: Feedstock supply under a Circular Supply Agreement. Newport commits no capital, carries no construction debt, and bears no operating liability. The Council is a feedstock supplier, not a facility owner.

What Newport receives: From Year 2 onward — a rolling monthly Circular Royalty™ at 120% of the Year 1 Beneficiation Fee per tonne, escalating +1 percentage point per year. At steady state, Newport receives more per tonne in Circular Royalty™ than it pays in Beneficiation Fee — a per-tonne Royalty receipt that exceeds the per-tonne Fee paid (separate transactions per the Separate Transaction Principle, MR §4.8) by contractual design.

The structural context: Newport's ~61 TPD of contracted residual feedstock is committed to Viridor Waste Management Limited's Cardiff ERF under Prosiect Gwyrdd to approximately 2040–41. Phase Initial and Phase Medium operate on non-contracted streams. Phase Expanded captures contracted streams as the Prosiect Gwyrdd contract approaches expiry. Planning now determines whether Newport has successor infrastructure by 2040 or faces open-market exposure.

§1 — Commercial Structure and Decision Window

Regulatory Predicate Transition (RPT)

Advanced Circular Manufacturing is a manufacturing process, not a waste-management activity. Microwave Catalytic Reforming operates in an anoxic, oxygen-free, sub-atmospheric environment — mechanistically incompatible with combustion or biological degradation. ACM does not fit within the waste domain and does not operate under waste-domain statutes. The Regulatory Predicate Transition (RPT) — also framed as the dewaste pathway — is the coordinated regulatory shift from legacy disposal-predicate statutes onto manufacturing-predicate classifications. 100% elemental recycling of the municipal material stream requires this transition. Manufacturing NAICS 325180 · 325998 · 327992 · 331110 · 331314 · 331492 (6-code ACM set) plus EPA RCRA §1004(27) / 40 CFR §261.2(e) exclusion pathway in the US; ISIC Rev.4 20-25 + UN CPC 89 internationally. In many jurisdictions the required authorities already exist in latent form within existing statutes; in others the transition requires primary-authority amendments. The Joint Working Group phase includes a regulatory engagement workstream to shepherd the RPT alongside site permitting. Both parties commit to the RPT pathway. Carbotura brings the process-classification evidence, regulatory engagement expertise from prior ACM deployments, and the legal-technical framework. The counterparty brings the standing to engage the local regulator, the political mandate for the transition, and — where applicable — legacy statutory authorities that can be re-instrumented for manufacturing use. The endpoint is categorical: manufacturing classification across all permitting, licensing, and regulatory contexts. Interim bridging authorities may apply during the transition.

Regulatory basis: RCRA §1004(27) · 40 CFR §261.2(e) · 40 CFR §260.43

§1.1 — The Circular Supply Agreement

The CSA is a 30-year manufacturing feedstock supply agreement between Newport City Council (Feedstock Supplier) and Carbotura, Inc. (ACM Facility Operator). It is not a waste disposal contract.

Party	Commitment	Duration
Newport City Council	Delivers agreed feedstock volumes to ACM facility at agreed rates	30 years from Phase Initial COD
Carbotura, Inc.	Funds, designs, constructs, owns, and operates ACM facility; pays Beneficiation Fee; pays Circular Royalty™ from Month 13	30 years; BOO structure

§1.2 — Decision Window

Milestone	Timing (Indicative)
Joint Working Group phase authorisation (Council resolution)	Earliest action — opens all options
Joint Working Group phase completion	~9–12 months post-authorisation
CSA negotiation and execution	~3–6 months post-Feasibility
Planning and permitting (Wales)	~12–18 months post-CSA
Construction, Phase Initial (1 module)	~18–24 months post-permit
Phase Initial COD	Carbotura standard deployment schedule
First Circular Royalty™ payment	Month 13 post-COD, Phase Initial

Planning context: The post-Prosiect Gwyrdd feedstock transition (~2040) requires infrastructure to be in place — not in development — by that date. Working backward from 2040 implies a Joint Working Group phase authorisation no later than 2032–33 to have Phase Expanded operational. Authorising the Joint Working Group phase now creates an eight-year planning buffer. Each year of delay reduces that buffer by one year.

§1.5 — CSA Structure

At CSA execution, Newport City Council The Exogenesis™ Royalty Bonus is a universal additive stream available as a CSA add-on, activated when Docks Way landfill is deeded at signing (Subject to Waste Characterization Study — subject to Waste Characterization Study). Election is exclusive at signing; subsequent renegotiation requires mutual agreement and reset terms.

Newport / Wales Application Note: Both the CSA are commercially available to Newport City Council as a Welsh devolved local-government principal area.3 miles) and the opportunity to extinguish Newport's post-closure care obligations at CSA execution.

Gross Royalty Inflow Comparison vs (+ Exogenesis™ Bonus)

Gross royalty inflows to Newport City Council under each election. The Beneficiation Fee is a completely separate outflow transaction — shown for reference but never offset against the royalty (Separate Transaction Principle). Exogenesis™ Royalty bonus stacks on the CSA. Phase Initial · 130 TPD · 47,332 TPY. All USD; GBP ~0.79 conversion shown parenthetically.

Circular Royalty™ received — Circular Royalty™ received + Exogenesis™ Royalty — Combined (Subject to Waste Characterization Study)

All values ESTIMATED · Royalty and Fee are independent CSA transactions, never offset · Phase Initial 130 TPD / 47,332 TPY · Exogenesis™ onset Year 5 post-COD (Docks Way, Subject to Waste Characterization Study) · USD; GBP ≈ USD/0.79 · Carbotura CSA v2026.7

Exogenesis™ Royalty Opportunity — Docks Way Landfill (Subject to Waste Characterization Study)

Docks Way, Newport City Council's active municipal landfill, is the sole qualifying asset for the Exogenesis™ Royalty Bonus. Where the CSA includes the post-closure care obligation for Docks Way, Carbotura commits to deploy the Exogenesis™ programme (legacy landfill mining with APS, fully electric fleet) within 3–7 years post-COD, alongside the primary Regenesis™ facility. Additional balance-sheet effects: all post-closure care, leachate, methane, and monitoring obligations transfer to Carbotura at CSA execution; Newport's post-closure care liability is extinguished at signing. Docks Way's adjacent location to the ABP Atlantic Site Priority 1 (Site Candidate Analysis §2.4) makes this extinguishment particularly efficient — single logistics corridor for both Regenesis™ and Exogenesis™ operations. Condition: subject to Waste Characterization Study confirmation of extractable mass economics.

§2 — Deployment Architecture

§2.1 — Phase Configuration

Phase	TPD	Modules	Annual Feedstock	% of Addressable	COD	Source
Phase Initial	100 TPD	1 ceil(100/100)=1	~36,500 tpy	~77% of immediately accessible	Carbotura standard deployment schedule	Carbotura standard
Phase Medium	100 additional TPD	1 additional	~36,500 tpy incremental	~52% of conditionally accessible	Carbotura standard deployment schedule	Carbotura standard
Phase Expanded	200 TPD total	2 total ceil(200/100)=2	~73,000 tpy	~56% of total addressable	~2040+ (post-Prosiect Gwyrdd)	DERIVED

Deployment Phase Architecture — Newport ACM

Phase Initial operates on non-contracted streams only. Phase Expanded absorbs Prosiect Gwyrdd contracted residual post-2040.

Source: Carbotura standard deployment schedule Feedstock volumes estimated March 2026

§2.2 — Build-Own-Operate Capital Structure

Item	Newport City Council	Carbotura, Inc.
Facility design and construction		Carbotura-funded
Construction financing		Carbotura balance sheet
Operating costs		Carbotura-operated
Technology performance risk		Carbotura
Insurance and regulatory compliance		Carbotura obligation
Council's sole financial obligation	Beneficiation Fee per tonne of feedstock delivered

§2.3 — Feedstock Stream Coverage by Phase

Stream	Phase Initial	Phase Medium	Phase Expanded	Access Classification
Food waste (captured kerbside)	✓	✓	✓	IMMEDIATE
Garden waste (seasonal)	✓	✓	✓	IMMEDIATE
Biosolids (Dŵr Cymru Welsh Water)	✓	✓	✓	ACCESSIBLE
C&D residual	✓	✓	✓	ACCESSIBLE
Commercial / trade residual	Partial	✓	✓	CONDITIONAL
Kerbside residual household			✓	CONDITIONAL (~2040+)
HWRC residual			✓	CONDITIONAL (~2040+)

Finding — Phase Initial Feedstock Sufficiency Phase Initial (100 TPD) is supportable from food waste, garden waste, biosolids, C&D residual, and commercially structured trade waste streams — without requiring renegotiation of the Prosiect Gwyrdd contract with Viridor Waste Management Limited. No new collection infrastructure is required for Phase Initial.

§2.4 — Site Candidate Analysis

Three candidate zones were identified and researched using current industrial property data, ABP masterplan documentation, planning records, and proximity analysis to primary feedstock sources. Priority 1 is strongly supported by the co-location profile and ABP's active clean growth hub programme.

Site Opportunity Map

Priority 2 — Queensway Meadows

Priority 3 — Llanwern / St Modwen Park

Feedstock Infrastructure

Priority 1 — Recommended

ABP Atlantic Site
Port of Newport (South Dock)

Clean growth hub designation — clean energy, hydrogen, carbon capture. ~0.3 mi from Newport landfill. Multimodal access (road/rail/marine). NCC endorsed Jan 2025.

Acreage74 acres

AuthorityABP

To HWRC~1.2 mi

To Landfill~0.3 mi

Priority 2

Queensway Meadows
Leeway Industrial Estate

Active B2/B8 industrial. 165,000 sq ft transacted Q4 2025. Newport industrial rent +20% (Knight Frank 2025). Good hauler routes.

Acreage~10–20 acres

AuthorityPrivate / NCC LDP

To HWRC~1.8 mi

To Landfill~3.0 mi

Priority 3

Llanwern / St Modwen Park
Southeast Newport

M4 J24/J28 access. 600-acre redevelopment, 100 acres employment land. Competing logistics demand from large occupiers.

Acreage~100 acres (partial)

AuthoritySt Modwen / NCC LDP

To HWRC~3.5 mi

To Landfill~5.0 mi

Priority	Zone	Approx. Acreage	Zoning	Land Authority	Co-location Advantage	Key Consideration
Priority 1	ABP Atlantic Site — Port of Newport (South Dock)	74 acres development land	Port / industrial employment	Associated British Ports (ABP)	Adjacent to Newport landfill (~0.3 mi); ABP masterplan designates this area for clean energy, hydrogen production, carbon capture — direct alignment with the ACM manufacturing profile (synthetic graphite · graphene compounds · recovered minerals); road/rail/marine access; Newport City Council endorsed ABP masterplan January 2025	ABP commercial lease required; ABP actively seeking manufacturing tenants aligned with clean growth hub vision
Priority 2	Queensway Meadows / Leeway Industrial Estate — Eastern Newport	~10–20 acres (individual plots)	B2/B8 industrial equivalent (Wales employment use)	Private estate operators / Newport City Council LDP	~1.8 miles from Newport HWRC; ~2 miles from Port of Newport; existing industrial hauler routes; active industrial activity (165,000 sq ft transacted Q4 2025)	Active demand (Newport industrial rent +20% in 2025); available plots at 10+ acres require verification against competing logistics demand
Priority 3	Llanwern / St Modwen ParkSoutheast Newport	~100 acres employment land (partial availability)	Employment land designation (Newport City Council LDP)	St Modwen (developer); Newport City Council LDP	Good M4 J24/J28 access; 600-acre Llanwern redevelopment with 100 acres employment land	~3.5 miles from HWRC; competing logistics demand from Amazon and high-spec tenants; Microsoft data centre land acquisition nearby reduces eastern cluster availability

Priority

Zone

Approx. Acreage

Zoning

Land Authority

Co-location Advantage

Key Consideration

Priority 1

ABP Atlantic Site — Port of Newport (South Dock)

74 acres development land

Port / industrial employment

Associated British Ports (ABP)

Adjacent to Newport landfill (~0.3 mi); ABP masterplan designates this area for clean energy, hydrogen production, carbon capture — direct alignment with the ACM manufacturing profile (synthetic graphite · graphene compounds · recovered minerals); road/rail/marine access; Newport City Council endorsed ABP masterplan January 2025

ABP commercial lease required; ABP actively seeking manufacturing tenants aligned with clean growth hub vision

Priority 2

Queensway Meadows / Leeway Industrial Estate — Eastern Newport

~10–20 acres (individual plots)

B2/B8 industrial equivalent (Wales employment use)

Private estate operators / Newport City Council LDP

~1.8 miles from Newport HWRC; ~2 miles from Port of Newport; existing industrial hauler routes; active industrial activity (165,000 sq ft transacted Q4 2025)

Active demand (Newport industrial rent +20% in 2025); available plots at 10+ acres require verification against competing logistics demand

Priority 3

Llanwern / St Modwen ParkSoutheast Newport

~100 acres employment land (partial availability)

Employment land designation (Newport City Council LDP)

St Modwen (developer); Newport City Council LDP

Good M4 J24/J28 access; 600-acre Llanwern redevelopment with 100 acres employment land

~3.5 miles from HWRC; competing logistics demand from Amazon and high-spec tenants; Microsoft data centre land acquisition nearby reduces eastern cluster availability

Feedstock Source	Priority 1 (ABP Atlantic)	Priority 2 (Queensway Meadows)	Priority 3 (Llanwern)
Newport HWRC, Maesglas	~1.2 miles	~1.8 miles	~3.5 miles
Newport landfill, Docks Way	~0.3 miles (adjacent)	~3.0 miles	~5.0 miles
Wastesavers kerbside sort, Newport	~1.5 miles	~2.5 miles	~4.0 miles
Welsh Water WWTP cluster, Newport	~2.0–3.5 miles	~3.0–4.5 miles	~4.5–6.0 miles
Newport commercial/trade waste concentration	~2.5 miles	~3.5 miles	~4.0 miles
Port of Newport (product export)	On-site	~2.0 miles	~4.0 miles

Feedstock Source

Priority 1 (ABP Atlantic)

Priority 2 (Queensway Meadows)

Priority 3 (Llanwern)

Newport HWRC, Maesglas

~1.2 miles

~1.8 miles

~3.5 miles

Newport landfill, Docks Way

~0.3 miles (adjacent)

~3.0 miles

~5.0 miles

Wastesavers kerbside sort, Newport

~1.5 miles

~2.5 miles

~4.0 miles

Welsh Water WWTP cluster, Newport

~2.0–3.5 miles

~3.0–4.5 miles

~4.5–6.0 miles

Newport commercial/trade waste concentration

~2.5 miles

~3.5 miles

~4.0 miles

Port of Newport (product export)

On-site

~2.0 miles

~4.0 miles

Stream	Estimated Cost	Source	Share of Phase Initial
Food waste (composting/AD)	~£30–50/tonne	ESTIMATED Data Gap	~30%
Garden waste (composting)	~£25–45/tonne	ESTIMATED Data Gap	~37%
Biosolids (land application)	~£40–60/tonne	ESTIMATED Data Gap	~14%
C&D + Newport landfill + landfill tax	~£80–100/tonne	ESTIMATED	~11%
Commercial residual (private hauler)	~£80–100/tonne	ESTIMATED Data Gap	~8%
Blended FWDC — Phase Initial streams	~£55–80/tonne	ESTIMATED

Stream

Estimated Cost

Source

Share of Phase Initial

Food waste (composting/AD)

~£30–50/tonne

ESTIMATED Data Gap

~30%

Garden waste (composting)

~£25–45/tonne

ESTIMATED Data Gap

~37%

Biosolids (land application)

~£40–60/tonne

ESTIMATED Data Gap

~14%

C&D + Newport landfill + landfill tax

~£80–100/tonne

ESTIMATED

~11%

Commercial residual (private hauler)

~£80–100/tonne

ESTIMATED Data Gap

~8%

Blended FWDC — Phase Initial streams

~£55–80/tonne

ESTIMATED

Parameter	Value	Source
FWDC (Phase Initial, blended)	~£55–80/tonne	ESTIMATED
Beneficiation Fee formula	MAX(Floor, MIN(Ceiling, FWDC − £5))	Carbotura standard
Floor	Carbotura standard parameters	Carbotura standard
Ceiling	Carbotura standard parameters	Carbotura standard
Annual escalator	2.5% per year	Carbotura standard
Beneficiation Fee base (per tonne)	Subject to Joint Working Group phase FWDC verification	DATA GAP

Parameter

Value

Source

FWDC (Phase Initial, blended)

~£55–80/tonne

ESTIMATED

Beneficiation Fee formula

MAX(Floor, MIN(Ceiling, FWDC − £5))

Carbotura standard

Floor

Carbotura standard parameters

Carbotura standard

Ceiling

Carbotura standard parameters

Carbotura standard

Annual escalator

2.5% per year

Carbotura standard

Beneficiation Fee base (per tonne)

Subject to Joint Working Group phase FWDC verification

DATA GAP

Parameter	Value	Source
Royalty base	120% of Year 1 Beneficiation Fee per tonne	Carbotura standard — contractual
Beneficiation Fee annual escalator	2.5% per year	Carbotura standard — contractual
Royalty rate annual escalator	+1 percentage point per year	Carbotura standard — contractual
Payment lag	13 months after corresponding Beneficiation Fee payment	Carbotura standard — structural
Payment basis	Rolling monthly — not annual batch	Carbotura standard — contractual
Royalty model basis	Contractual formula — confirmed at CSA execution	Carbotura standard

Parameter

Value

Source

Royalty base

120% of Year 1 Beneficiation Fee per tonne

Carbotura standard — contractual

Beneficiation Fee annual escalator

2.5% per year

Carbotura standard — contractual

Royalty rate annual escalator

+1 percentage point per year

Carbotura standard — contractual

Payment lag

13 months after corresponding Beneficiation Fee payment

Carbotura standard — structural

Payment basis

Rolling monthly — not annual batch

Carbotura standard — contractual

Royalty model basis

Contractual formula — confirmed at CSA execution

Carbotura standard

Period	Newport Pays	Newport Receives	Royalty − Fee per tonne
Year 1Pre-RoyaltyCOD to Month 12	Beneficiation Fee on ~36,500 tpy	£0	Negative — Beneficiation Fee only
Month 13 — Royalty RampMonth 13 onward	Beneficiation Fee (2.5%/yr escalation)	120% × Month 1 Beneficiation Fee — rolling monthly, building	Improving toward positive
Steady State — Year 2+Year 2 onward	Beneficiation Fee (compounding)	Circular Royalty™ > Beneficiation Fee per tonne	Royalty exceeds Fee per tonne — by design (separate transactions)
Year 30MaximumFull escalation	TMC × (1.025³⁰)	148% of current TMC rate	Maximum Royalty − Fee spread (separate transactions)

Period

Newport Pays

Newport Receives

Royalty − Fee per tonne

Year 1Pre-RoyaltyCOD to Month 12

Beneficiation Fee on ~36,500 tpy

£0

Negative — Beneficiation Fee only

Month 13 — Royalty RampMonth 13 onward

Beneficiation Fee (2.5%/yr escalation)

120% × Month 1 Beneficiation Fee — rolling monthly, building

Improving toward positive

Steady State — Year 2+Year 2 onward

Beneficiation Fee (compounding)

Circular Royalty™ > Beneficiation Fee per tonne

Royalty exceeds Fee per tonne — by design (separate transactions)

Year 30MaximumFull escalation

TMC × (1.025³⁰)

148% of current TMC rate

Maximum Royalty − Fee spread (separate transactions)

Year	Avoided Disposal (indexed)	TMC Rate (indexed)	TMC Paid (indexed)	Royalty Rate	Royalty Received (indexed)
Year 1	100.0	100.0	−100.0	Pre-royalty
Year 2	102.5	102.5	−102.5	120%	+120.0
Year 5	110.4	110.4	−110.4	123%	+132.5
Year 10	128.0	128.0	−128.0	128%	+155.9
Year 20	171.6	171.6	−171.6	138%	+232.0
Year 30	230.4	230.4	−230.4	148%	+340.7

Year

Avoided Disposal (indexed)

TMC Rate (indexed)

TMC Paid (indexed)

Royalty Rate

Royalty Received (indexed)

Year 1

100.0

−100.0

Pre-royalty

Year 2

102.5

−102.5

120%

+120.0

Year 5

110.4

−110.4

123%

+132.5

Year 10

128.0

−128.0

128%

+155.9

Year 20

171.6

−171.6

138%

+232.0

Year 30

230.4

−230.4

148%

+340.7

Parameter	Value	Basis
Beneficiation Fee	£0 — consideration delivered at signing via	CSA §4B.1
Circular Royalty™ Rate (Year 1)	$100.00 per ton of gross feedstock delivered (~£79/tonne at USD/GBP ~0.79)	CSA §4B.2
Royalty Escalation	+1.0% per year from Year 2	CSA §4B.2
Payment Lag	13 months after first Beneficiation Fee payment (rolling monthly)	Fixed
Take-or-Pay	Symmetric bilateral — $100/ton both directions	CSA §4B.3
	HM Land Registry registered title transfer of project site (manufacturing site — ABP Atlantic Site or equivalent Priority 1 candidate)	UK land law · Welsh Government enabling framework
Accounting standard	CIPFA (Chartered Institute of Public Finance and Accountancy) — UK local government public-sector reporting standard	Newport City Council statutory accounts
Term	30 years from Phase Initial COD · perpetual continuation unless terminated by Non-Renewal Notice	Locked — CSA structure

Parameter

Value

Basis

Beneficiation Fee

£0 — consideration delivered at signing via

CSA §4B.1

Circular Royalty™ Rate (Year 1)

$100.00 per ton of gross feedstock delivered (~£79/tonne at USD/GBP ~0.79)

CSA §4B.2

Royalty Escalation

+1.0% per year from Year 2

CSA §4B.2

Payment Lag

13 months after first Beneficiation Fee payment (rolling monthly)

Fixed

Take-or-Pay

Symmetric bilateral — $100/ton both directions

CSA §4B.3

HM Land Registry registered title transfer of project site (manufacturing site — ABP Atlantic Site or equivalent Priority 1 candidate)

UK land law · Welsh Government enabling framework

Accounting standard

CIPFA (Chartered Institute of Public Finance and Accountancy) — UK local government public-sector reporting standard

Newport City Council statutory accounts

Term

30 years from Phase Initial COD · perpetual continuation unless terminated by Non-Renewal Notice

Locked — CSA structure

Year	Beneficiation Fee paid/ton	Circular Royalty™ $/ton	Annual Royalty Received USD (Phase Initial 47,332 tpy)	Annual Royalty GBP (~0.79)
1	$0	$0	$0 (pre-royalty)	£0
2	$0	$100.00	+$4,733,200	~£3,739,228
5	$0	$103.03	+$4,876,544	~£3,852,470
10	$0	$108.29	+$5,125,569	~£4,049,199
20	$0	$119.61	+$5,661,645	~£4,472,699
30	$0	$132.13	+$6,254,962	~£4,941,420

Year

Beneficiation Fee paid/ton

Circular Royalty™ $/ton

Annual Royalty Received USD (Phase Initial 47,332 tpy)

Annual Royalty GBP (~0.79)

$0 (pre-royalty)

£0

$100.00

+$4,733,200

~£3,739,228

$103.03

+$4,876,544

~£3,852,470

$108.29

+$5,125,569

~£4,049,199

$119.61

+$5,661,645

~£4,472,699

$132.13

+$6,254,962

~£4,941,420

Period	Timing	Newport Outflow	Newport Inflow
Pre-Royalty	Months 1–12 after first delivery	£0	£0 royalty
Royalty Ramp	Month 13 → Month 24	£0	Circular Royalty™ at $100.00/ton (~£79/tonne)
Steady State	Year 2 onward	£0	Circular Royalty™ escalating +1%/yr (Year 30: $132.13/ton, ~£104.38/tonne)

Period

Timing

Newport Outflow

Newport Inflow

Pre-Royalty

Months 1–12 after first delivery

£0

£0 royalty

Royalty Ramp

Month 13 → Month 24

£0

Circular Royalty™ at $100.00/ton (~£79/tonne)

Steady State

Year 2 onward

£0

Circular Royalty™ escalating +1%/yr (Year 30: $132.13/ton, ~£104.38/tonne)

Landfill	Status	Estimated extractable mass (planning basis)	Exogenesis™ Programme timing	Condition
Docks Way Landfill	Active municipal landfill (Newport City Council)	~30,000 tpy extractable (conservative planning basis pending Waste Characterization Study)	Year 5 post-COD — primary	Subject to Waste Characterization Study

Landfill

Status

Estimated extractable mass (planning basis)

Exogenesis™ Programme timing

Condition

Docks Way Landfill

Active municipal landfill (Newport City Council)

~30,000 tpy extractable (conservative planning basis pending Waste Characterization Study)

Year 5 post-COD — primary

Subject to Waste Characterization Study

Parameter	Value	Basis
Royalty rate	$50.00 per ton extracted (Year 1 of extraction) (~£39.50/tonne)	CSA Schedule E.2
Escalation	+1.0% per year from Year 2 of extraction	CSA Schedule E.2
Payment lag	13 months after first extraction (rolling monthly)	Fixed
Programme onset (Docks Way)	Year 5 post-COD (first extraction at Docks Way); Year 6 first royalty payment	Engineering deployment schedule
Asset transfer	Docks Way landfill deeded at CSA execution via HM Land Registry registered title transfer (second instrument, independent of project-site swap)	UK land law
Carbotura obligations	All post-closure care, leachate management, methane capture, groundwater monitoring, surface restoration — transferred at CSA execution. Environmental Impairment Liability, Pollution Legal Liability, Post-Closure Performance Bond provided by Carbotura (replacing Newport's existing NRW financial assurance obligations).	CSA §6 (Environmental Indemnity)
Stacking	Independent of and additive to the Circular Royalty™ OR Circular Royalty™ — never netted, separate transactions	Separate Transaction Principle (MR §4.8)
Condition	Subject to Waste Characterization Study — subject to Waste Characterization Study confirmation (part of Joint Working Group phase scope)	Drop B verdict

Parameter

Value

Basis

Royalty rate

$50.00 per ton extracted (Year 1 of extraction) (~£39.50/tonne)

CSA Schedule E.2

Escalation

+1.0% per year from Year 2 of extraction

CSA Schedule E.2

Payment lag

13 months after first extraction (rolling monthly)

Fixed

Programme onset (Docks Way)

Year 5 post-COD (first extraction at Docks Way); Year 6 first royalty payment

Engineering deployment schedule

Asset transfer

Docks Way landfill deeded at CSA execution via HM Land Registry registered title transfer (second instrument, independent of project-site swap)

UK land law

Carbotura obligations

All post-closure care, leachate management, methane capture, groundwater monitoring, surface restoration — transferred at CSA execution. Environmental Impairment Liability, Pollution Legal Liability, Post-Closure Performance Bond provided by Carbotura (replacing Newport's existing NRW financial assurance obligations).

CSA §6 (Environmental Indemnity)

Stacking

Independent of and additive to the Circular Royalty™ OR Circular Royalty™ — never netted, separate transactions

Separate Transaction Principle (MR §4.8)

Condition

Subject to Waste Characterization Study — subject to Waste Characterization Study confirmation (part of Joint Working Group phase scope)

Drop B verdict

Year (post-COD)	Extraction tpy (Docks Way)	Royalty rate $/ton	Annual Exogenesis™ Royalty USD	Annual GBP (~0.79)
1–4			$0 (Exogenesis™ Programme not yet operational)	£0
5	~30,000 (first extraction year)	$50.00	$0 (13-month lag — first royalty Year 6)	£0
6	~30,000	$50.00	+$1,515,000	~£1,196,850
10	~30,000	$52.02	+$1,560,600	~£1,232,874
20	~30,000	$57.45	+$1,723,500	~£1,361,565
30	~30,000	$63.46	+$1,903,800	~£1,504,002

Year (post-COD)

Extraction tpy (Docks Way)

Royalty rate $/ton

Annual Exogenesis™ Royalty USD

Annual GBP (~0.79)

1–4

$0 (Exogenesis™ Programme not yet operational)

£0

~30,000 (first extraction year)

$50.00

$0 (13-month lag — first royalty Year 6)

£0

~30,000

$50.00

+$1,515,000

~£1,196,850

~30,000

$52.02

+$1,560,600

~£1,232,874

~30,000

$57.45

+$1,723,500

~£1,361,565

~30,000

$63.46

+$1,903,800

~£1,504,002

Risk	Key Driver	Bears It	Mitigation	Residual Exposure
FWDC verification — actual cost lower than estimated	Prosiect Gwyrdd confidential gate fee	Council	Joint Working Group phase verifies FWDC under NDA; Beneficiation Fee formula adjusts proportionally	If verified FWDC significantly lower, Beneficiation Fee Floor may represent a premium — must evaluate against long-term cost trajectory
Technology performance — ACM below 100 TPD design	Scale-up risk; feedstock composition	Carbotura	BOO structure — Newport's Beneficiation Fee obligation only triggers on feedstock delivered; no throughput minimum payable by Council	Partial benefit; no financial penalty on Council for ACM gap
Timeline slippage — Phase Initial COD delayed	Planning, permitting, or construction	Carbotura	Newport's feedstock directed to existing routes during delay; no financial penalty on Council	Delay compresses post-2040 buffer
Prosiect Gwyrdd contract extension (~2045–46)	Partnership exercises 5-year option	Council (shared)	Phase architecture designed around contract; Phases Initial/Medium use non-contracted streams; Phase Expanded deferred	Phase Expanded window deferred by 5 years; Phases 1/2 unaffected
Competitive procurement requirement	Welsh Government / UK procurement law	Council	Joint Working Group phase scopes procurement compliance pathway; ACM may qualify under innovation procurement frameworks	If open tender required, Carbotura competes; advantage of established feasibility investment
Residual stream availability below Phase Initial capacity	Recycling performance; population variability	Shared	Phase Initial sized at 100 TPD against ~130 TPD total addressable; blending strategy across stream types	Significant shortfall unlikely given population growth and seasonal patterns
Welsh Water biosolids route remains viable	Ofwat enforcement; nutrient limits	Welsh Water	If land application tightens further, Welsh Water's incentive to supply as manufacturing feedstock increases	Neutral-to-positive for ACM: tightening improves biosolids stream availability
ABP Priority 1 site not available on required terms	ABP commercial discretion; competing tenants	Carbotura	Priority 2 (Queensway Meadows) available as direct fallback; both within ~3 miles of primary feedstock sources	Phase Initial logistics slightly less optimal at Priority 2; operationally viable

Risk

Key Driver

Bears It

Mitigation

Residual Exposure

FWDC verification — actual cost lower than estimated

Prosiect Gwyrdd confidential gate fee

Council

Joint Working Group phase verifies FWDC under NDA; Beneficiation Fee formula adjusts proportionally

If verified FWDC significantly lower, Beneficiation Fee Floor may represent a premium — must evaluate against long-term cost trajectory

Technology performance — ACM below 100 TPD design

Scale-up risk; feedstock composition

Carbotura

BOO structure — Newport's Beneficiation Fee obligation only triggers on feedstock delivered; no throughput minimum payable by Council

Partial benefit; no financial penalty on Council for ACM gap

Timeline slippage — Phase Initial COD delayed

Planning, permitting, or construction

Carbotura

Newport's feedstock directed to existing routes during delay; no financial penalty on Council

Delay compresses post-2040 buffer

Prosiect Gwyrdd contract extension (~2045–46)

Partnership exercises 5-year option

Council (shared)

Phase architecture designed around contract; Phases Initial/Medium use non-contracted streams; Phase Expanded deferred

Phase Expanded window deferred by 5 years; Phases 1/2 unaffected

Competitive procurement requirement

Welsh Government / UK procurement law

Council

Joint Working Group phase scopes procurement compliance pathway; ACM may qualify under innovation procurement frameworks

If open tender required, Carbotura competes; advantage of established feasibility investment

Residual stream availability below Phase Initial capacity

Recycling performance; population variability

Shared

Phase Initial sized at 100 TPD against ~130 TPD total addressable; blending strategy across stream types

Significant shortfall unlikely given population growth and seasonal patterns

Welsh Water biosolids route remains viable

Ofwat enforcement; nutrient limits

Welsh Water

If land application tightens further, Welsh Water's incentive to supply as manufacturing feedstock increases

Neutral-to-positive for ACM: tightening improves biosolids stream availability

ABP Priority 1 site not available on required terms

ABP commercial discretion; competing tenants

Carbotura

Priority 2 (Queensway Meadows) available as direct fallback; both within ~3 miles of primary feedstock sources

Phase Initial logistics slightly less optimal at Priority 2; operationally viable

Milestone	Indicative Timing	Notes
LOI / MOU EXECUTION	Earliest available — 2026	Required to open all subsequent options
Joint Working Group phase completion	~2027	FWDC verified; site confirmed; commercial terms scoped
CSA negotiation and execution	~2027–28	Beneficiation Fee confirmed; Royalty formula locked
Planning application submission	~2028	Wales planning authority; NRW environmental permit
Planning decision	~2029
Construction — Phase Initial (100 TPD)	~2029–30
Phase Initial COD	~2030–31	First feedstock delivered; Beneficiation Fee begins
First Circular Royalty™ Payment	~2031–32	Month 13 post-COD
Phase Medium expansion	~2033–35	Subject to commercial stream volumes
Prosiect Gwyrdd contract expiry	~2040–41 (HARD HORIZON)	Post-contract feedstock available for Phase Expanded
Phase Expanded COD	~2040–42	Full 200 TPD operational; complete feedstock coverage

Milestone

Indicative Timing

Notes

LOI / MOU EXECUTION

Earliest available — 2026

Required to open all subsequent options

Joint Working Group phase completion

~2027

FWDC verified; site confirmed; commercial terms scoped

CSA negotiation and execution

~2027–28

Beneficiation Fee confirmed; Royalty formula locked

Planning application submission

~2028

Wales planning authority; NRW environmental permit

Planning decision

~2029

Construction — Phase Initial (100 TPD)

~2029–30

Phase Initial COD

~2030–31

First feedstock delivered; Beneficiation Fee begins

First Circular Royalty™ Payment

~2031–32

Month 13 post-COD

Phase Medium expansion

~2033–35

Subject to commercial stream volumes

Prosiect Gwyrdd contract expiry

~2040–41 (HARD HORIZON)

Post-contract feedstock available for Phase Expanded

Phase Expanded COD

~2040–42

Full 200 TPD operational; complete feedstock coverage

Effect	Year 1	Year 2 onward	Steady State (Year 10+)
Beneficiation Fee payment	~£[TMC × ~36,500 tpy]	Same + 2.5%/yr escalation	Compounding at 2.5%/yr
Circular Royalty™ receipt	£0 (pre-lag)	Rolling monthly from Month 13; 120%+ of Y1 Fee	Royalty rate 128%+ of Fee rate; per-tonne Royalty exceeds Fee (separate transactions)
Annual Royalty − Fee	Fee paid only — Royalty $0 (pre-royalty)	Royalty receipts begin Month 13 (separate transactions)	Circular Royalty™ > Beneficiation Fee per tonne
Council capital obligation	£0	£0	£0

Effect

Year 1

Year 2 onward

Steady State (Year 10+)

Beneficiation Fee payment

~£[TMC × ~36,500 tpy]

Same + 2.5%/yr escalation

Compounding at 2.5%/yr

Circular Royalty™ receipt

£0 (pre-lag)

Rolling monthly from Month 13; 120%+ of Y1 Fee

Royalty rate 128%+ of Fee rate; per-tonne Royalty exceeds Fee (separate transactions)

Annual Royalty − Fee

Fee paid only — Royalty $0 (pre-royalty)

Royalty receipts begin Month 13 (separate transactions)

Circular Royalty™ > Beneficiation Fee per tonne

Council capital obligation

£0

Effect	Value	Source
Direct FTE employment (Phase Initial, 100 TPD)	~35 FTE	Carbotura standard — scaled
Indirect and induced jobs (2.5× multiplier)	~88 additional jobs	Carbotura standard
Total employment impact (Phase Initial)	~123 jobs	ESTIMATED
Annual economic contribution (Phase Initial)	~£8–10M per year	ESTIMATED
Direct FTE (Phase Expanded, 200 TPD)	~70 FTE	Carbotura standard
Total employment (Phase Expanded)	~175 jobs	ESTIMATED

Effect

Value

Source

Direct FTE employment (Phase Initial, 100 TPD)

~35 FTE

Carbotura standard — scaled

Indirect and induced jobs (2.5× multiplier)

~88 additional jobs

Carbotura standard

Total employment impact (Phase Initial)

~123 jobs

ESTIMATED

Annual economic contribution (Phase Initial)

~£8–10M per year

ESTIMATED

Direct FTE (Phase Expanded, 200 TPD)

~70 FTE

Carbotura standard

Total employment (Phase Expanded)

~175 jobs

ESTIMATED

Figure	Public Source	Notes
Total addressable feedstock (~130 TPD)	WRAP Wales 2025; Welsh Government WasteDataFlow benchmarks; Newport City Council data	ESTIMATED — individual stream tonnages
Kerbside residual (14,832 tpy)	WRAP Wales — Welsh Government Collections Blueprint 2025	VERIFIED
Newport recycling rate 2024–25	Welsh Government — Local Authority Municipal Waste Management April 2024 to March 2025 (January 2026)	VERIFIED
Prosiect Gwyrdd contract details	letsrecycle.com December 2013; Prosiect Gwyrdd joint committee records	VERIFIED (term, partners, signed date)
Cardiff ERF operator	NRW Environmental Permit EPR/LP3030XA; Companies House	VERIFIED
ABP Atlantic Site — 74 acres, clean growth hub	Cardiff Capital Region — ABP Newport investment opportunity; ABP Press Release October 2025	VERIFIED
Newport City Council endorsement of ABP masterplan	Newport City Council newsroom, January 2025	VERIFIED
Newport industrial rent growth +20%	Knight Frank Wales Logistics & Industrial Report, January 2026	VERIFIED
Queensway Meadows active take-up (165,000 sq ft Q4 2025)	Knight Frank / Insider Media Wales, January 2026	VERIFIED
Disposal cost estimates	Estimated — Prosiect Gwyrdd commercially confidential; benchmarks from comparable South Wales municipal EfW	ESTIMATED
Employment and economic impact	Carbotura standard performance baseline (400 TPD, scaled to 100 TPD)	Carbotura standard
Population 167,899 (+1.7%/yr)	ONS mid-2024 estimates, gov.wales 2025	VERIFIED
Landfill tax £126.15/tonne	UK Treasury Spring Budget 2025	VERIFIED

Figure

Public Source

Notes

Total addressable feedstock (~130 TPD)

WRAP Wales 2025; Welsh Government WasteDataFlow benchmarks; Newport City Council data

ESTIMATED — individual stream tonnages

Kerbside residual (14,832 tpy)

WRAP Wales — Welsh Government Collections Blueprint 2025

VERIFIED

Newport recycling rate 2024–25

Welsh Government — Local Authority Municipal Waste Management April 2024 to March 2025 (January 2026)

VERIFIED

Prosiect Gwyrdd contract details

letsrecycle.com December 2013; Prosiect Gwyrdd joint committee records

VERIFIED (term, partners, signed date)

Cardiff ERF operator

NRW Environmental Permit EPR/LP3030XA; Companies House

VERIFIED

ABP Atlantic Site — 74 acres, clean growth hub

Cardiff Capital Region — ABP Newport investment opportunity; ABP Press Release October 2025

VERIFIED

Newport City Council endorsement of ABP masterplan

Newport City Council newsroom, January 2025

VERIFIED

Newport industrial rent growth +20%

Knight Frank Wales Logistics & Industrial Report, January 2026

VERIFIED

Queensway Meadows active take-up (165,000 sq ft Q4 2025)

Knight Frank / Insider Media Wales, January 2026

VERIFIED

Disposal cost estimates

Estimated — Prosiect Gwyrdd commercially confidential; benchmarks from comparable South Wales municipal EfW

ESTIMATED

Employment and economic impact

Carbotura standard performance baseline (400 TPD, scaled to 100 TPD)

Carbotura standard

Population 167,899 (+1.7%/yr)

ONS mid-2024 estimates, gov.wales 2025

VERIFIED

Landfill tax £126.15/tonne

UK Treasury Spring Budget 2025

VERIFIED

Circular Supply Proposal

Eight Commitments · One Engagement

§0 — What This Means

§1 — Commercial Structure and Decision Window

§1.1 — The Circular Supply Agreement

§1.2 — Decision Window

§1.5 — CSA Structure

§2 — Deployment Architecture

§2.1 — Phase Configuration

§2.2 — Build-Own-Operate Capital Structure

§2.3 — Feedstock Stream Coverage by Phase

§2.4 — Site Candidate Analysis

Site Opportunity Map

What this document isBeth yw’r ddogfen hon

Site Candidate Summary Table

Co-location Proximity Analysis

§3 — Economic Structure: Beneficiation Fee (TMC Fee)

§3.1 — FWDC Planning Basis

§3.2 — Beneficiation Fee Formula

§4 — Circular Royalty™

§4.0 — Circular Royalty™

§4.0.1 — Authoritative Formula

§4.0.2 — Royalty Parameter Table

§4.0.3 — Fiscal Period Distinction

§4.0.4 — Structural Cash Flow Trajectory (Indexed, T = Year 1 Beneficiation Fee)

§4.0.5 — Three Canonical Required Statements

§4.1 —

§4.1 — Exogenesis™ Royalty Bonus (Docks Way Landfill)

§5 — Risk

§6 — Timeline

§7 — Community Value

§7.1 — Fiscal Effects (Newport City Council Accounts)

§7.2 — Regional Economic Effects

§8 — Why This Works in Newport

Six Structural Reasons — All Traceable to Waste Study or Assumption Registry

Appendix A — Data Basis

Appendix B — Selective Glossary

Standard Counterparty Requirements

Circular Supply ProposalCynnig Cyflenwi CylcholCynnig Cyflenwi Cylchol

Eight Commitments · One EngagementWyth Ymrwymiad · Un Ymgysylltiad

§0 — What This Means

§1 — Commercial Structure and Decision Window

§1.1 — The Circular Supply AgreementCytundeb Cyflenwi Cylchol§1.1 — Y Cytundeb Cyflenwi Cylchol

§1.2 — Decision WindowFfenestr§1.2 — Ffenestr Penderfynu

§1.5 — CSA Structure

§2 — Deployment Architecture

§2.1 — PhaseCam Configuration§2.1 — Ffurfwedd y Cam

§2.2 — Build-Own-Operate Capital StructureStrwythur Cyfalaf

§2.3 — Feedstock StreamFfrwd Coverage by PhaseCam§2.3 — Cwmpas Ffrwd Bwyd-stoc yn ôl Cam

§2.4 — Site Candidate Analysis

Site Opportunity MapMap Cyfle Safle

What this document isBeth yw’r ddogfen hon

Site Candidate Summary TableTabl Crynodeb Ymgeisydd Safle

Co-location Proximity AnalysisDadansoddiad Agosrwydd Cyd-leoliad

§3 — Economic Structure: Beneficiation Fee (TMC Fee)

§3.1 — FWDC Planning BasisSylfaen§3.1 — Sylfaen Cynllunio FWDC

§3.2 — Beneficiation Fee Formula§3.2 — Fformiwla Ffi TMC

§4 — Circular Royalty™

§4.0 — Circular Royalty™§4.0 — Strwythur CSA: Royalty Cylchol™ (Etholiad Safonol)

§4.0.1 — Authoritative Formula§4.0.1 — Fformiwla Awdurdodol

§4.0.2 — Royalty Parameter Table§4.0.2 — Tabl Paramedr Royalty

§4.0.3 — Fiscal Period Distinction§4.0.3 — Gwahaniaeth Cyfnod Ariannol

§4.0.4 — Structural Cash Flow Trajectory (Indexed, T = Year 1Blwyddyn 1 Beneficiation Fee)

§4.0.5 — Three Canonical Required Statements

§4.1 —§4.1 — Strwythur CSA: Royalty Adnoddau'r Awdurdod Rhanbarthol (Cyfnewid Awdurdod Rhanbarthol)

§4.1 — Exogenesis™ Royalty Bonus (Docks Way Landfill)§4.1 — Bonws Royalty Exogenesis™ (Tirlenwi Ffordd y Dociau)

§5 — Risk

§6 — Timeline

§7 — Community Value

§7.1 — Fiscal Effects (Newport City CouncilCyngor Dinas Casnewydd Accounts)

§7.2 — Regional Economic Effects

§8 — Why This Works in Newport

Six Structural Reasons — All Traceable to Waste Study or Assumption RegistryChwe Rheswm Strwythurol — Pob Un yn Olrhain i'r Astudiaeth Gwastraff neu'r Gofrestr Tybiaethau

Appendix A — Data Basis

Appendix B — Selective Glossary

Standard Counterparty Requirements

Circular Supply Proposal

Eight Commitments · One Engagement

§1.1 — The Circular Supply Agreement

§1.2 — Decision Window

§2.1 — Phase Configuration

§2.2 — Build-Own-Operate Capital Structure

§2.3 — Feedstock Stream Coverage by Phase

Site Opportunity Map

Site Candidate Summary Table

Co-location Proximity Analysis

§3.1 — FWDC Planning Basis

§3.2 — Beneficiation Fee Formula

§4.0 — Circular Royalty™

§4.0.1 — Authoritative Formula

§4.0.2 — Royalty Parameter Table

§4.0.3 — Fiscal Period Distinction

§4.0.4 — Structural Cash Flow Trajectory (Indexed, T = Year 1 Beneficiation Fee)

§4.1 —

§4.1 — Exogenesis™ Royalty Bonus (Docks Way Landfill)

§7.1 — Fiscal Effects (Newport City Council Accounts)

Six Structural Reasons — All Traceable to Waste Study or Assumption Registry