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Suvo Strategic Mineral Ltd - ABID Report - 05 June 2024.pdf

SUVO Strategic Minerals Limited Research Report Update by Arrowhead BID

Arrowhead BID is updating its coverage on Suvo Strategic Minerals Limited (Suvo, SUV or the company) with fair value bracket of AUD 0.12 per share to AUD 0.19 per share (share price on June 05, 2023: AUD 0.052) using sum of parts (SOP) methodology.

In Q3 2024, Suvo generated revenue of AUD 3.1 mn from selling 5,321 tonnes of kaolin at an average price of AUD 588/tonne, surpassing FY 2023 volumes by 15%. The company received purchase orders from five new customers totaling 730 tonnes, adding AUD 0.63 mn to annual turnover, at an average price of AUD 863/tonne, a 47% premium over the current average.

Suvo finalized a sales agreement with Fagron, a European pharma company, to supply 300 metric tonnes of hydrous kaolin over 3 years for a sum of AUD 588k. The deal will enable Suvo to command premium pricing and expand its sales into the European pharma market. The deal is expected to broaden Suvo's global presence and underscore the pharmaceutical industry's willingness to pay a premium for SUV’s premium quality products.

Suvo has entered into a non-binding Memorandum of Understanding (MoU) with PERMAcast to develop low-carbon concrete solutions and commercialize Suvo's licensed IP. The company has also executed a non-binding term sheet with PERMAcast to enter into a joint development agreement (JDA) and incorporate a joint venture to develop and commercialize low-carbon geopolymer concrete (GPC) products. Under the proposed JDA, Suvo and PERMAcast will prepare and test various formulations, assess their suitability for different applications, and determine the best route for commercialization through the jointly-owned special purpose vehicle.

In March 2024, SUV executed a non-binding MoU with Dowsing to engage in collaborative negotiations to establish a strategic partnership agreement to leverage SUV's licensed IP for the development of low-carbon concrete formulations specifically tailored for selected end-use applications identified by Dowsing.

In late April 2024, Suvo successfully completed trial pours of Colliecrete, facilitated by Dowsing at Peel Resources facility (a waste management company in Western Australia). This demonstrated scalability and application of Suvo’s low-carbon geopolymer concrete for Dowsing and PERMAcast. The data obtained from the trials was also shared with several leading industry civil contractors who had expressed interest in various products being assessed for suitability for a major infrastructure project.

SUV appointed Dr. Martin Anda and Mr. Peter Snowsill on a part-time yet formal arrangement to accelerate the commercialization of its geopolymer concrete. Moreover, Mr. Aaron Banks was appointed as the Executive Chairman.

Suvo raised a total of AUD 4.5 mn through placement and share purchase plan to support the ramp-up of Pittong operations and to advance its geopolymer initiatives.

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