Glasgow City Council · Scotland · March 2026 · Stage 1 CID

Circular Supply Proposal

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

A 30-year Circular Supply Agreement converts Glasgow City Council's ~1,014 TPD of addressable manufacturing feedstock into a structured royalty receipt stream from 13 months after corresponding Beneficiation Fee payment — the Circular Supply Agreement (CSA): Beneficiation Fee (TMC Fee) + Circular Royalty™, plus a universal Exogenesis™ bonus, zero Council capex, and a structured successor to the existing GCC EfW contract horizon.

Authority Commitment Qualification

Seven Commitments · One Engagement

Three items are required for every engagement and establish the structural commitment between Glasgow City Council and Carbotura under the Circular Supply Agreement (CSA). Four optional items signal the Council's further decision on landfill remediation and materials supply.

3 REQUIRED · ALL COMMITTED 4 OPTIONAL · 0 COMMITTED

01REQUIRED

Commit feedstock

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

Glasgow: ~1,014 TPD addressable (non-contracted streams Phase Initial 1,000 TPD / 47,332 TPY; Phase Expanded captures existing GCC EfW contracted volume post-2040)

02REQUIRED

Commit tax abatements

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

Scotland/UK: Scottish Government strategic investor instrument / Freeport designation (Port of Glasgow Freeport tax site eligibility)

03REQUIRED

Receive royalty stream on materials

Circular Royalty™ Stream (CSA) · paid by Carbotura TO Glasgow City Council · never combined with Fee.

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

04OPTIONAL · SUBJECT TO STUDY

Exogenesis™ landfill mining

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

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

05OPTIONAL · NOT ELECTED

Commit offtake for Authority reserves

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

Regional Authority Critical Materials Offtake (RACMO construct)

06OPTIONAL · 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-05 is committed.

Regional Authority Critical Materials Authority pricing (RACMA construct)

07OPTIONAL · 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

The Circular Supply Agreement (CSA)

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

Exogenesis™ Royalty · Universal CSA Add-On

Greenoakhill Landfill (Patersons Waste Management) — Glasgow City Council

ACCESS ↑
Carbotura granted access to legacy mass at Greenoakhill landfill
Single qualifying asset — Subject to Waste Characterization Study
Extraction volumes and schedule confirmed by the Waste Characterization Study

INFLOW ↓
Exogenesis™ Royalty: $50/ton extracted
+1%/yr escalation from Year 2
Anchor case (Greenoakhill ~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 commercial structure — the Circular Supply Agreement (CSA). Beneficiation Fee (TMC Fee) paid by the Council on delivered feedstock; Circular Royalty™ paid by Carbotura from product revenues. There is no election to make. The Exogenesis™ Royalty Bonus is a universal CSA add-on stacking alongside the Circular Royalty™ — activated when a qualifying legacy landfill is confirmed (Greenoakhill, subject to Waste Characterization Study). Both streams — Beneficiation Fee and Circular Royalty™ (plus Exogenesis™ Royalty when active) — 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 Glasgow feedstock at full scale. Carbotura's SPV funds, builds, and operates the facility. Glasgow City Council's sole financial obligation under the CSA is the per-tonne Beneficiation Fee (TMC Fee). The Exogenesis™ Royalty bonus stacks alongside the Circular Royalty™ as an independent landfill remediation royalty stream (Greenoakhill anchor, Subject to Waste Characterization Study). Carbotura, Inc. provides an 18-month Parent Performance Guarantee on all SPV payment obligations during operations ramp.
What Glasgow City Council commits: A 30-year Circular Supply Agreement (CSA) for feedstock supply, plus the per-tonne Beneficiation Fee (formula-bound, FWDC-derived, +2.5%/yr). Exogenesis™ Royalty bonus (stacking alongside the Circular Royalty™, Subject to Waste Characterization Study): access to legacy mass at Greenoakhill as the qualifying remediation asset.
What Glasgow City Council receives: An independent Royalty stream paid by Carbotura from product revenues — beginning 13 months after corresponding Beneficiation Fee payment. Circular Royalty™ at 120% of current-year Beneficiation Fee/tonne, growing to 148% by Year 30. Exogenesis™ Royalty bonus (Greenoakhill 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 Glasgow's manufacturing feedstock across three deployment phases. Carbotura funds, constructs, owns, and operates the ACM facility. Glasgow's sole financial obligation is the Beneficiation Fee per tonne of feedstock delivered — set below Glasgow's current blended disposal cost.

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

What Glasgow receives: From Year 2 onward — a rolling monthly Circular Royalty™ at 120% of the current-year Beneficiation Fee per tonne, escalating +1 percentage point per year. At steady state, Glasgow 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: Glasgow's ~145 TPD of contracted residual feedstock is committed to Fortum Glasgow Ltd's South Clyde Energy Centre (SCEC) operated by Fortum Glasgow Ltd to approximately 2040–41. Phase Initial and Phase Medium operate on non-contracted streams. Phase Expanded captures contracted streams as the existing GCC EfW contract approaches expiry. Planning now determines whether Glasgow 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 Glasgow City Council (Feedstock Supplier) and Carbotura, Inc. (ACM Facility Operator). It is not a waste disposal contract.

Party	Commitment	Duration
Glasgow 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 13 months after corresponding Beneficiation Fee payment	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-Term Sheet
Planning and permitting (Scotland)	~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	13 months after corresponding Beneficiation Fee payment post-COD, Phase Initial

Planning context: The post-existing GCC EfW contract 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 — Commercial Structure

Carbotura offers a single commercial structure for this and all new engagements: the Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™ — plus a universal Exogenesis™ Royalty Bonus stacking alongside the Circular Royalty™, activated when access to legacy mass at Greenoakhill is confirmed (subject to Waste Characterization Study).

Glasgow / Scotland Application Note: The CSA is commercially available to Glasgow City Council as a Scottish devolved local-government principal area. The Exogenesis™ Royalty Bonus is particularly compelling for Glasgow given Greenoakhill's proximity to the ABP Atlantic Site Priority 1 location (~0.3 miles) — a single logistics corridor serves both the Regenesis™ facility and Exogenesis™ extraction.

Parameter	The CSA — Beneficiation Fee (TMC Fee) + Circular Royalty™	Exogenesis™ Bonus (CSA add-on)
Beneficiation Fee	TBD £/tonne Year 1 (pending Joint Working Group phase FWDC verification); +2.5%/yr escalator. Formula: MAX(Floor, MIN(Ceiling, FWDC − £5)).	No additional fee
Glasgow Inflow	Circular Royalty™: 120% × current-Year Beneficiation Fee/tonne from 13 months after corresponding Beneficiation Fee payment. +1pp/yr multiplier. ~3.3%/yr effective growth. At Year 30: 148% of the current-year Beneficiation Fee.	Legacy Remediation Royalty: $50/ton extracted (~£39.50/tonne), +1%/yr escalation from Year 2 of extraction
Asset transfer at signing	None — Glasgow City Council retains all rights to project site; Carbotura leases or acquires separately via ABP commercial agreement	Requires confirmed access to legacy mass at Greenoakhill (Subject to Waste Characterization Study)
Take-or-Pay	Standard Carbotura Take-or-Pay floor on feedstock delivery	N/A — additive royalty only
30-Year Total Royalty (Phase Initial 1,000 TPD, gross)	~£[indexed — absolute £ values pending FWDC confirmation] (Circular Royalty™ cumulative, escalating)	~$57M USD (~£45M GBP) additive (Greenoakhill ~30,000 tpy, Subject to Waste Characterization Study)
Recommended for Glasgow	Standard — available to all Glasgow City Council engagements; Beneficiation Fee confirmed at Joint Working Group phase.	PROVISIONAL — qualifying landfill confirmed at Waste Characterization Study

Gross Royalty Inflow — Circular Royalty™ (+ Exogenesis™ Bonus)

Gross royalty inflows to Glasgow City Council under the Circular Supply Agreement (CSA). The Beneficiation Fee (dashed) is a completely separate outflow transaction — shown for reference but never offset against the royalty (Separate Transaction Principle). Exogenesis™ Royalty bonus stacks alongside the Circular Royalty™. Phase Initial · 1,000 TPD · 47,332 TPY. All USD; GBP ~0.79 conversion shown parenthetically.

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

All values ESTIMATED · Royalty and Fee are independent CSA transactions, never offset · Phase Initial 1,000 TPD / 47,332 TPY · Exogenesis™ onset Year 5 post-COD (Greenoakhill, Subject to Waste Characterization Study) · USD; GBP ≈ USD/0.79 · Carbotura CSA v2026.7

Exogenesis™ Royalty Opportunity — Greenoakhill Landfill (Patersons Waste Management) (Subject to Waste Characterization Study)

Greenoakhill, Glasgow City Council's active municipal landfill, is the sole qualifying asset for the Exogenesis™ Royalty Bonus. Where the CSA includes remediation access to Greenoakhill, 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. Greenoakhill's adjacent location to the ABP Atlantic Site Priority 1 (Site Candidate Analysis §2.4) makes the programme particularly efficient — a single logistics corridor serves 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	~330,000 tpy	~77% of immediately accessible	Carbotura standard deployment schedule	Carbotura standard
Phase Medium	100 additional TPD	1 additional	~330,000 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-existing GCC EfW contract)	DERIVED

Deployment Phase Architecture — Glasgow ACM

Phase Initial operates on non-contracted streams only. Phase Expanded absorbs existing GCC EfW contracted residual post-2040.

Source: Carbotura standard deployment schedule · Feedstock volumes estimated · March 2026

§2.2 — Build-Own-Operate Capital Structure

Item	Glasgow 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 (Scottish 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 existing GCC EfW contract with Fortum Glasgow Ltd. 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 Glasgow (South Dock)

Clean growth hub designation — clean energy, hydrogen, carbon capture. ~0.3 mi from Glasgow 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. Glasgow 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 Glasgow

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 Glasgow (South Dock)	74 acres development land	Port / industrial employment	Associated British Ports (ABP)	Adjacent to Glasgow 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; Glasgow 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 Glasgow	~10–20 acres (individual plots)	B2/B8 industrial equivalent (Scotland employment use)	Private estate operators / Glasgow City Council LDP	~1.8 miles from Glasgow HWRC; ~2 miles from Port of Glasgow; existing industrial hauler routes; active industrial activity (165,000 sq ft transacted Q4 2025)	Active demand (Glasgow industrial rent +20% in 2025); available plots at 10+ acres require verification against competing logistics demand
Priority 3	Llanwern / St Modwen Park — Southeast Glasgow	~100 acres employment land (partial availability)	Employment land designation (Glasgow City Council LDP)	St Modwen (developer); Glasgow 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 Glasgow (South Dock)

74 acres development land

Port / industrial employment

Associated British Ports (ABP)

Adjacent to Glasgow 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; Glasgow 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 Glasgow

~10–20 acres (individual plots)

B2/B8 industrial equivalent (Scotland employment use)

Private estate operators / Glasgow City Council LDP

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

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

Priority 3

Llanwern / St Modwen Park — Southeast Glasgow

~100 acres employment land (partial availability)

Employment land designation (Glasgow City Council LDP)

St Modwen (developer); Glasgow 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)
Glasgow HWRC, Maesglas	~1.2 miles	~1.8 miles	~3.5 miles
Glasgow landfill, Greenoakhill	~0.3 miles (adjacent)	~3.0 miles	~5.0 miles
Wastesavers kerbside sort, Glasgow	~1.5 miles	~2.5 miles	~4.0 miles
Scottish Water WWTP cluster, Glasgow	~2.0–3.5 miles	~3.0–4.5 miles	~4.5–6.0 miles
Glasgow commercial/trade waste concentration	~2.5 miles	~3.5 miles	~4.0 miles
Port of Glasgow (product export)	On-site	~2.0 miles	~4.0 miles

Feedstock Source

Priority 1 (ABP Atlantic)

Priority 2 (Queensway Meadows)

Priority 3 (Llanwern)

Glasgow HWRC, Maesglas

~1.2 miles

~1.8 miles

~3.5 miles

Glasgow landfill, Greenoakhill

~0.3 miles (adjacent)

~3.0 miles

~5.0 miles

Wastesavers kerbside sort, Glasgow

~1.5 miles

~2.5 miles

~4.0 miles

Scottish Water WWTP cluster, Glasgow

~2.0–3.5 miles

~3.0–4.5 miles

~4.5–6.0 miles

Glasgow commercial/trade waste concentration

~2.5 miles

~3.5 miles

~4.0 miles

Port of Glasgow (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 + Glasgow 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 + Glasgow 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 the current-year 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 the current-year 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	Glasgow Pays	Glasgow Receives	Royalty − Fee per tonne
Year 1 — Pre-RoyaltyCOD to Month 12	Beneficiation Fee on ~330,000 tpy	£0	Negative — Beneficiation Fee only
13 months after corresponding Beneficiation Fee payment — Royalty Ramp13 months after corresponding Beneficiation Fee payment 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 30 — MaximumFull escalation	TMC × (1.025³⁰)	148% of current TMC rate	Maximum Royalty − Fee spread (separate transactions)

Period

Glasgow Pays

Glasgow Receives

Royalty − Fee per tonne

Year 1 — Pre-RoyaltyCOD to Month 12

Beneficiation Fee on ~330,000 tpy

£0

Negative — Beneficiation Fee only

13 months after corresponding Beneficiation Fee payment — Royalty Ramp13 months after corresponding Beneficiation Fee payment 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 30 — MaximumFull 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 Received (indexed)
Year 1	100.0	100.0	−100.0
Year 2	102.5	102.5	−102.5	+120.0
Year 5	110.4	110.4	−110.4	+132.5
Year 10	128.0	128.0	−128.0	+155.9
Year 20	171.6	171.6	−171.6	+232.0
Year 30	230.4	230.4	−230.4	+340.7

Year

Avoided Disposal (indexed)

TMC Rate (indexed)

TMC Paid (indexed)

Royalty Received (indexed)

Year 1

100.0

−100.0

Year 2

102.5

−102.5

+120.0

Year 5

110.4

−110.4

+132.5

Year 10

128.0

−128.0

+155.9

Year 20

171.6

−171.6

+232.0

Year 30

230.4

−230.4

+340.7

Landfill	Status	Estimated extractable mass (planning basis)	Exogenesis™ Programme timing	Condition
Greenoakhill Landfill (Patersons Waste Management)	Active municipal landfill (Glasgow 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

Greenoakhill Landfill (Patersons Waste Management)

Active municipal landfill (Glasgow 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 (Greenoakhill)	Year 5 post-COD (first extraction at Greenoakhill); Year 6 first royalty payment	Engineering deployment schedule
Site access	Access to legacy mass at Greenoakhill granted at CSA execution; Glasgow City Council retains title	CSA §5 (Remediation Access)
Carbotura obligations	Leachate management, methane capture, groundwater monitoring and surface restoration across the extraction footprint for the duration of the Exogenesis™ programme. Environmental Impairment Liability and Pollution Legal Liability cover provided by Carbotura for its own operations.	CSA §6 (Environmental Indemnity)
Stacking	Independent of and additive to the 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 (Greenoakhill)

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

Engineering deployment schedule

Site access

Access to legacy mass at Greenoakhill granted at CSA execution; Glasgow City Council retains title

CSA §5 (Remediation Access)

Carbotura obligations

Leachate management, methane capture, groundwater monitoring and surface restoration across the extraction footprint for the duration of the Exogenesis™ programme. Environmental Impairment Liability and Pollution Legal Liability cover provided by Carbotura for its own operations.

CSA §6 (Environmental Indemnity)

Stacking

Independent of and additive to the 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 (Greenoakhill)	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 (Greenoakhill)

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	existing GCC EfW contract 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	Design-basis performance risk; feedstock composition	Carbotura	BOO structure — Glasgow'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	Glasgow's feedstock directed to existing routes during delay; no financial penalty on Council	Delay compresses post-2040 buffer
existing GCC EfW 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	Scottish 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 ~1,014 TPD total addressable; blending strategy across stream types	Significant shortfall unlikely given population growth and seasonal patterns
Scottish Water biosolids route remains viable	Ofwat enforcement; nutrient limits	Scottish Water	If land application tightens further, Scottish 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

existing GCC EfW contract 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

Design-basis performance risk; feedstock composition

Carbotura

BOO structure — Glasgow'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

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

Delay compresses post-2040 buffer

existing GCC EfW 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

Scottish 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 ~1,014 TPD total addressable; blending strategy across stream types

Significant shortfall unlikely given population growth and seasonal patterns

Scottish Water biosolids route remains viable

Ofwat enforcement; nutrient limits

Scottish Water

If land application tightens further, Scottish 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	Glasgow City Council planning authority; SEPA PPC 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	13 months after corresponding Beneficiation Fee payment post-COD
Phase Medium expansion	~2033–35	Subject to commercial stream volumes
existing GCC EfW 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

Glasgow City Council planning authority; SEPA PPC 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

13 months after corresponding Beneficiation Fee payment post-COD

Phase Medium expansion

~2033–35

Subject to commercial stream volumes

existing GCC EfW 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 × ~330,000 tpy]	Same + 2.5%/yr escalation	Compounding at 2.5%/yr
Circular Royalty™ receipt	£0 (pre-lag)	Rolling monthly from 13 months after corresponding Beneficiation Fee payment; 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 13 months after corresponding Beneficiation Fee payment (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 × ~330,000 tpy]

Same + 2.5%/yr escalation

Compounding at 2.5%/yr

Circular Royalty™ receipt

£0 (pre-lag)

Rolling monthly from 13 months after corresponding Beneficiation Fee payment; 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 13 months after corresponding Beneficiation Fee payment (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)	~788 jobs (Configuration A total)	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)

~788 jobs (Configuration A total)

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 (~1,014 TPD)	WRAP Scotland 2025; Scottish Government WasteDataFlow benchmarks; Glasgow City Council data	ESTIMATED — individual stream tonnages
Kerbside residual (14,832 tpy)	WRAP Scotland — Scottish Government Collections Blueprint 2025	VERIFIED
Glasgow recycling rate 2024–25	Scottish Government — Local Authority Municipal Waste Management April 2024 to March 2025 (January 2026)	VERIFIED
existing GCC EfW contract details	letsrecycle.com December 2013; existing GCC EfW contract joint committee records	VERIFIED (term, partners, signed date)
South Clyde Energy Centre (SCEC) operator	SEPA PPC Permit EPR/LP3030XA; Companies House	VERIFIED
ABP Atlantic Site — 74 acres, clean growth hub	Glasgow City Region — GCC-led City Deal investment opportunity; ABP Press Release October 2025	VERIFIED
Glasgow City Council endorsement of ABP masterplan	Glasgow City Council newsroom, January 2025	VERIFIED
Glasgow industrial rent growth +20%	Knight Frank Scotland Logistics & Industrial Report, January 2026	VERIFIED
Queensway Meadows active take-up (165,000 sq ft Q4 2025)	Knight Frank / Insider Media Scotland, January 2026	VERIFIED
Disposal cost estimates	Estimated — existing GCC EfW contract commercially confidential; benchmarks from comparable West Central Scotland 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 (~1,014 TPD)

WRAP Scotland 2025; Scottish Government WasteDataFlow benchmarks; Glasgow City Council data

ESTIMATED — individual stream tonnages

Kerbside residual (14,832 tpy)

WRAP Scotland — Scottish Government Collections Blueprint 2025

VERIFIED

Glasgow recycling rate 2024–25

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

VERIFIED

existing GCC EfW contract details

letsrecycle.com December 2013; existing GCC EfW contract joint committee records

VERIFIED (term, partners, signed date)

South Clyde Energy Centre (SCEC) operator

SEPA PPC Permit EPR/LP3030XA; Companies House

VERIFIED

ABP Atlantic Site — 74 acres, clean growth hub

Glasgow City Region — GCC-led City Deal investment opportunity; ABP Press Release October 2025

VERIFIED

Glasgow City Council endorsement of ABP masterplan

Glasgow City Council newsroom, January 2025

VERIFIED

Glasgow industrial rent growth +20%

Knight Frank Scotland Logistics & Industrial Report, January 2026

VERIFIED

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

Knight Frank / Insider Media Scotland, January 2026

VERIFIED

Disposal cost estimates

Estimated — existing GCC EfW contract commercially confidential; benchmarks from comparable West Central Scotland 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

Field	Value	Confidence	Source
Beneficiation Fee (TMC Fee) — Year 1	$82/ton (~£65/tonne) PLANNING BASIS — below corpus floor $100; floor governs at Waste Study. Planning basis reflects current existing GCC EfW contract ERF comparable gate fees.	ESTIMATED	existing GCC EfW contract ERF gate fee range ~£95–115/tonne (Viridor South Clyde Energy Centre (SCEC)); planning basis confirmed at session · Assumption Registry §E
Beneficiation Fee escalator	+2.5%/yr compounded	LOCKED	Carbotura CSA v2026.7 §4.1
Circular Royalty™ — Year 2 rate	$98.40/ton (120% of $82 planning basis); $120/ton at Feasibility-confirmed floor	ESTIMATED	Carbotura CSA v2026.7 §4.7; planning basis figure subject to floor confirmation at Waste Study · Assumption Registry §F
Circular Royalty™ — Year 30 rate	~$295/ton (at floor; ~$243/ton at planning basis)	ESTIMATED	Carbotura canonical royalty projection — MR §4.13
Royalty payment lag	13 months after corresponding Beneficiation Fee payment (rolling monthly)	LOCKED	Carbotura CSA v2026.7 §4.7
CSA term	30-year minimum + perpetual continuation unless Non-Renewal Notice served (Year 28+)	LOCKED	Carbotura CSA v2026.7 §6.1
Counterparty credit floor	BBB–/Baa3 minimum — Glasgow City Council UK local authority; Scottish Government financial backing	LOCKED	Portfolio compliance pass 2026-05-15
Tax abatement	NAICS 31–33 manufacturing Regulatory Predicate Transition (RPT); equivalent Scottish Government manufacturing rate relief or ABP Port zone industrial incentive	LOCKED	Portfolio compliance pass 2026-05-15
FWDC (Fully Weighted Disposal Cost)	~$82/ton (~£65/tonne) ESTIMATED planning basis — midpoint of existing GCC EfW contract gate fee range £95–115/tonne for comparable EfW processing	ESTIMATED	existing GCC EfW contract — Fortum Glasgow Ltd South Clyde Energy Centre (SCEC) (SEPA PPC permit, reference on request); contract terms commercially confidential; comparable EfW gate fee range used as proxy · Assumption Registry §C
UK Landfill Tax	£126.15/tonne standard rate (2024–25) — applies to any landfill-directed Glasgow residual; escalates annually per HM Treasury schedule	VERIFIED	UK Treasury Spring Budget 2025 · Assumption Registry §C
existing GCC EfW contracted constraint	Viridor South Clyde Energy Centre (SCEC) contract signed December 2013, ~25-year term, expiry ~2040–41; ~145 TPD of Glasgow kerbside residual currently committed. Phase Initial draws on non-contracted streams only.	VERIFIED	Fortum Glasgow Ltd public contract disclosure; SEPA public register · Assumption Registry §C
Phase Initial capacity	100 TPD / 36,500 TPY — 1 module; non-contracted streams: food waste + garden waste + biosolids + C&D + commercial	ESTIMATED	WRAP Scotland 2025 Scottish Government Local Authority Municipal Waste Management 2024–25 (kerbside residual 14,832 TPY VERIFIED); non-contracted streams ESTIMATED · Assumption Registry §B
Phase Expanded capacity	200 TPD — 2 modules (includes existing GCC EfW contracted stream post-~2040 expiry)	ESTIMATED	Full Glasgow addressable stream 1,000 TPD confirmed addressable; Phase Expanded includes existing GCC EfW contract volume at contract expiry · Assumption Registry §B/§H
Direct employment (Phase Initial)	25 direct FTE	ESTIMATED	Carbotura standard 400 TPD baseline scaled to 100 TPD · Assumption Registry §G
Annual economic impact (Phase Initial)	~$8M/yr	ESTIMATED	Carbotura standard 400 TPD baseline scaled to 100 TPD · Assumption Registry §G
Priority site	ABP Atlantic Site — Port of Glasgow South Dock; 74 acres; endorsed by Glasgow City Council January 2025; designated clean growth hub	PROVISIONAL	Associated British Ports (ABP) Atlantic Site plan; Glasgow City Council endorsement January 2025 · Assumption Registry §J

Field

Value

Confidence

Source

Beneficiation Fee (TMC Fee) — Year 1

$82/ton (~£65/tonne) PLANNING BASIS — below corpus floor $100; floor governs at Waste Study. Planning basis reflects current existing GCC EfW contract ERF comparable gate fees.

ESTIMATED

existing GCC EfW contract ERF gate fee range ~£95–115/tonne (Viridor South Clyde Energy Centre (SCEC)); planning basis confirmed at session · Assumption Registry §E

Beneficiation Fee escalator

+2.5%/yr compounded

LOCKED

Carbotura CSA v2026.7 §4.1

Circular Royalty™ — Year 2 rate

$98.40/ton (120% of $82 planning basis); $120/ton at Feasibility-confirmed floor

ESTIMATED

Carbotura CSA v2026.7 §4.7; planning basis figure subject to floor confirmation at Waste Study · Assumption Registry §F

Circular Royalty™ — Year 30 rate

~$295/ton (at floor; ~$243/ton at planning basis)

ESTIMATED

Carbotura canonical royalty projection — MR §4.13

Royalty payment lag

13 months after corresponding Beneficiation Fee payment (rolling monthly)

LOCKED

Carbotura CSA v2026.7 §4.7

CSA term

30-year minimum + perpetual continuation unless Non-Renewal Notice served (Year 28+)

LOCKED

Carbotura CSA v2026.7 §6.1

Counterparty credit floor

BBB–/Baa3 minimum — Glasgow City Council UK local authority; Scottish Government financial backing

LOCKED

Portfolio compliance pass 2026-05-15

Tax abatement

NAICS 31–33 manufacturing Regulatory Predicate Transition (RPT); equivalent Scottish Government manufacturing rate relief or ABP Port zone industrial incentive

LOCKED

Portfolio compliance pass 2026-05-15

FWDC (Fully Weighted Disposal Cost)

~$82/ton (~£65/tonne) ESTIMATED planning basis — midpoint of existing GCC EfW contract gate fee range £95–115/tonne for comparable EfW processing

ESTIMATED

existing GCC EfW contract — Fortum Glasgow Ltd South Clyde Energy Centre (SCEC) (SEPA PPC permit, reference on request); contract terms commercially confidential; comparable EfW gate fee range used as proxy · Assumption Registry §C

UK Landfill Tax

£126.15/tonne standard rate (2024–25) — applies to any landfill-directed Glasgow residual; escalates annually per HM Treasury schedule

VERIFIED

UK Treasury Spring Budget 2025 · Assumption Registry §C

existing GCC EfW contracted constraint

Viridor South Clyde Energy Centre (SCEC) contract signed December 2013, ~25-year term, expiry ~2040–41; ~145 TPD of Glasgow kerbside residual currently committed. Phase Initial draws on non-contracted streams only.

VERIFIED

Fortum Glasgow Ltd public contract disclosure; SEPA public register · Assumption Registry §C

Phase Initial capacity

100 TPD / 36,500 TPY — 1 module; non-contracted streams: food waste + garden waste + biosolids + C&D + commercial

ESTIMATED

WRAP Scotland 2025 Scottish Government Local Authority Municipal Waste Management 2024–25 (kerbside residual 14,832 TPY VERIFIED); non-contracted streams ESTIMATED · Assumption Registry §B

Phase Expanded capacity

200 TPD — 2 modules (includes existing GCC EfW contracted stream post-~2040 expiry)

ESTIMATED

Full Glasgow addressable stream 1,000 TPD confirmed addressable; Phase Expanded includes existing GCC EfW contract volume at contract expiry · Assumption Registry §B/§H

Direct employment (Phase Initial)

25 direct FTE

ESTIMATED

Carbotura standard 400 TPD baseline scaled to 100 TPD · Assumption Registry §G

Annual economic impact (Phase Initial)

~$8M/yr

ESTIMATED

Carbotura standard 400 TPD baseline scaled to 100 TPD · Assumption Registry §G

Priority site

ABP Atlantic Site — Port of Glasgow South Dock; 74 acres; endorsed by Glasgow City Council January 2025; designated clean growth hub

PROVISIONAL

Associated British Ports (ABP) Atlantic Site plan; Glasgow City Council endorsement January 2025 · Assumption Registry §J

Circular Supply Proposal

Seven 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 — Commercial 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 is

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 — Exogenesis™ Royalty Bonus (Greenoakhill Landfill (Patersons Waste Management))

§5 — Risk Register

§6 — Timeline

§7 — Community Value Stack

§7.1 — Fiscal Effects (Glasgow City Council Accounts)

§7.2 — Regional Economic Effects

§8 — Why This Works in Glasgow

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

Appendix A — Data Basis

Appendix B — Selective Glossary

Standard Counterparty Requirements

Basis of Presentation