DIS AluminiumValencia

01 / Investment opportunity

€2.0m initial investor commitment

Proposed transaction terms. €1.5m pre-money / €2.5m post-money are implied values, not an independent valuation.

Proposed terms require definitive agreements. They are not committed financing, a valuation opinion, or an investment recommendation.

€1.0m equity establishes the initial industrial platform

Preliminary DIS CAPEX / start-up envelope. All categories require quotations. Grants are excluded.

50% equipment package. Final scope and cost subject to turnkey RFQ.

02 / Why Valencia

Valencia combines port access and a facility reference

APV port-system data, 2025. Torrent is an advertised reference only: not secured, permitted or technically qualified.

Facility attributes derive from retained internal reference records. Original listing SRC-081 is not retained and requires re-verification. Not secured, available, negotiated, permitted, technically suitable or utility-qualified.

03 / Feedstock

A feedstock basket, qualified by recovery and chemistry

Registry records are neither suppliers nor tonnes. 294 is a subset of 306. No secured supply is implied.

Extraction/register count only; not supplier count, supply pool, available tonnes or secured supply. Code coverage incomplete. Snapshot 13 Aug 2026, Comunitat Valenciana. Used beverage cans are outside the initial strategy.

04 / Process

An integrated turnkey production cell

Target RFQ configuration. New Chinese turnkey system, ~10 t furnace, hybrid gas/electric concept. Vendor engineering required. Equipment has not been purchased.

Proposed concept — not an existing DIS facility. No equipment, vendor, fuel architecture or operating guarantee selected.

05 / Interactive scale-up

A production platform built to validate, then scale

DIS targets. ~1,500 t/month around Year 5 needs a separate expansion programme and further capital. Not demonstrated throughput, installed capacity, sales demand or secured feedstock. No dates.

~54 t/month is the indicative break-even with 6 FTE in the Base model. 50 t/month is commercial validation. ~1,500 t/month is strategic ambition, not installed capacity.

06 / Unit economics

Base contribution: €661 per finished tonne

Contribution before fixed labour, rent and overhead. Preliminary DIS assumptions, not EBITDA per tonne.

Recovery determines the effective metal cost

€1,600 ÷ 92% = €1,739. DIS modelling scenario. No contracted prices or demonstrated operating performance.

Preliminary DIS assumptions. Contribution before fixed labour, rent and overhead — not EBITDA/t. Live metal prices are not used on this page.

07 / Scenario economics

Scenario economics expose the downside

Annualised EBITDA sensitivity, not forecasts. The Conservative case remains loss-making at all three displayed stages. Upside is not the expected case.

Conservative remains loss-making at 50, 150 and 300 t/month. Scale amplifies the economics of each tonne.

Illustrative equity sensitivity

No dividends, no dilution, €1m exit net-debt assumption. Funding gaps and unpriced growth CAPEX remain. No assured exit or debt recovery.

Conditional arithmetic, not forecast receipts. Downside cannot service the loan without new capital. Separate loan exposure: 9% on outstanding principal. €90k full-year interest on €1m. Base illustrative schedule totals €315k interest, conditional on payment capacity.

08 / Working capital

Working capital grows faster than the initial loan

75-day Asia cycle assumption. Cost-funded working-capital proxy, excluding fixed-cost reserves and taxes. Actual days remain unvalidated.

Buy → produce → ship → accept → collect → repeat ×3. Principal starts after the third paid qualifying shipment. This is a proxy; actual days remain unvalidated. The ~€553k gap at 300 t/month is not coloured as success.

09 / Markets

Choose the market with the best validated netback

No route ranking or customer offtake is established. Historical trade is a customs proxy, not DIS demand. No DIS sales or offtake are confirmed.

Retained Spain → Japan CN76012080 exports

Historical retained Eurostat CN76012080 customs proxy; not secondary-aluminium market size, DIS demand, offtake, accessible customers or transaction pricing. Spain → WORLD 2025: 99,413.216 t is context only and includes Japan; the totals are not added together.

South Korea — retained export data

No returned observations for 2023–2025. Missing observations ≠ zero demand. Do not infer DIS sales, imports of zero, or customer offtake.

10 / Logistics

Strategic route visual

Conceptual routes only. Not proof of customer demand, route economics, freight rates or transit times. No buyer names.

11 / Development roadmap

The next investment gate is measurable evidence

V2 describes proposed progress criteria, not a reversal of HOLD. No calendar-based capacity or launch promise is supported.

Procurement. Recovery. Customer acceptance. Energy. Netback. Paid cash cycles. HOLD has not been reversed.

12 / Risks

The principal risks have defined validation workstreams

Mitigations are proposed actions. Residual risk remains until commercial, technical and legal evidence is obtained.

13 / Grants and energy

Grant-enabled industrial development

Base grant cash = €0. Green premium in Base Case = €0/t. All opportunities are identified / eligibility screening only, not awarded or committed.

Private capital funds the core case. Awarded support can improve capital efficiency. No BESS savings, hydrogen benefit, carbon revenue or green premium in Phase 1 Base Case.