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Refining titanium for industrial use

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Objective Capital's Industrial Metals, Minerals & Investment Summit 2010

Objective Capital's Industrial Metals, Minerals & Investment Summit 2010
London Chamber of Commerce and Industry
3 November 2010
Speaker: Mark Bertolini, Metalysis

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    Refining titanium for industrial use Refining titanium for industrial use Presentation Transcript

    • INDUSTRIAL METALS, MINERALS AND MINEABLE ENERGY INVESTMENT SUMMIT 2010 Refining titanium for industrial use Mark Bertolini – CEO, Metalysis LONDON CHAMBER OF COMMERCE & INDUSTRY ● WEDNESDAY, 30 NOV 2010 www.ObjectiveCapitalConferences.com
    • Industrial Metals Investment Summit 3 November 2010 Copyright © 2010 Metalysis Ltd
    • Purpose of this presentation To tell you about a new technology that will have a big impact on the way metals are produced in the future Which Sector? Metals & Mining Cleantech Technology Copyright © 2010 Metalysis Ltd
    • Breakthrough technology, for production of high value metals  Breakthrough technology in $1trillion+ metals & mining sector.  Simple, clean, oxide to metal (O2M) electrolysis technology.  Significantly lower capital and manufacturing costs.  Solid IPR, successfully defended.  Samples qualified by customers, initial production investments made.  A very valuable business built on high margin metal production and technology enablement. Copyright © 2010 Metalysis Ltd
    • Technology Reach FFC process is applicable to much of the periodic table. Tantalum represents the first production investment with Titanium and other elements to follow. Commercial production Scaled-up to multi kg quantities Produced at lab scale Suitable Copyright © 2010 Metalysis Ltd
    • Early opportunities • Tantalum – Fabulous electronic, medical, high temperature and chemical properties – Supply Chain DYSFUNCTIONAL – Market opaque and volatile – Current process environmentally ugly and very expensive – Metalysis have proven technology – First real orders soon Copyright © 2010 Metalysis Ltd
    • Early opportunities • Titanium – Very superior engineering material compared to steel, stronger, lighter, more corrosion-resistant – Titanium usage severely BOTTLENECKED by price – Old & complex methods will be supplemented by new simple methods – Metalysis holds the keys – Step change needed Copyright © 2010 Metalysis Ltd
    • The Metalysis Solution Simple, low-cost, clean route to metal powders video www.metalysis.com Strictly Confidential Copyright © 2010 Metalysis Ltd
    • The Kroll Process – TiCl4 Plant Copywrite Metalysis Ltd Copyright © 2010 Metalysis Ltd
    • The Solution Metalysis low cost and clean route to metal powders Copyright © 2010 Metalysis Ltd
    • From sand to high performance metal with 3 volts From Australian synthetic rutile sands to green pellet, sintered pellet, and finally reduced metal (alloy) Copyright © 2010 Metalysis Ltd
    • Titanium Opportunity Titanium market is $3,000m (~120,000 t pa) 175,000 hip replacements are performed  Aerospace (strength-to-weight) Laser sintered annually, and those  Industrial (corrosion resistance, non- titanium numbers are dental on the rise magnetic) implant expected to  Dental implants, prosthetics lower cost in titanium increase 174% (bio-stability) than steel.  Automotive  Jewellery, watches, sports goods Significant margin opportunity*  99.99% oxide $2/kg  Mill product $25-70/kg  Spherical powder $150-300/kg CP grade 2 titanium means no allowance required All titanium M777 matches the Forecast return per 5,000t O2M plant......* for corrosion . firepower of current generation at less than half the weight.  NPV ~$230m  IRR ~39% Market awaits Jewellery and  EBITDA ~$75m pa commissioned art lower-cost powder work becoming to enable near net fashionable in shape production titanium. * 2009 price levels Copyright © 2010 Metalysis Ltd
    • Titanium - Partnerships Mill Oxide/ processing Ore extraction & Sponge synthetic Distribution Customers processing production (incl melt & rutile metallurgy) Titanium Industry: BHP Tronox ATI Allegheny Chemical Rio Tinto Huntsman Timet Marine Exxaro Dupont VSMPO Aerospace RBM Cristal Osaka Medical Austpac Toho Automotive BHP Tronox Mitsui Jewellery RTI Sports Steel additives Turbines Powder Metallurgy Other Industries: Chemical BASF, Bayer, Dow Aluminium Norsk Hydro, Alcoa, RTZ Alcan, BHP, Dubal Plant build RTZ, Jacobs, Foster Wheeler, Bechtel, Fluor Strictly Confidential Copyright © 2010 Metalysis Ltd
    • Tantalum Opportunity Tantalum market is $800m (~2,000 t pa)  Electronics grade - high and low voltage applications  Metallurgical  Medical implants, prosthetics  Sputter targets  Chemical liners  Aerospace super-alloys Significant margin opportunity*  99.99% oxide $150/kg  Met grade metal $250/kg  Capacitor metal powder $350/kg - $800/kg Forecast return per 100t O2M plant......*  NPV ~$40m Market is growing and  IRR ~85% prices are rising  EBITDA ~$15m pa * 2009 price levels Copyright © 2010 Metalysis Ltd
    • Engaged Blue Chip Customers Company 5,000 tonne titanium plant discussions 2 of Top 3 Semi-continuous design/process cost review A/C Engine players 100 tonne plant  1,000 tonne titanium plant Ti: Sputtering targets Ta: Fabricated parts. Rated FFC product “high purity” Tantalum prosthetics. Product meets requirements Several Top 10 Looking to build on common ground and combine Aluminium players Metalysis IP with their scale-up knowledge Powder consolidation discussions Several Top 7 Titanium players Interest in both CP and Ti 6,4. Metalysis joined Boeing collaboration Copyright © 2010 Metalysis Ltd
    • Metalysis ready for production Next investments establish capacity for commercial production FY 2010/11 FY 2011/12 FY 2012/13 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 May-11 May-12 Mar-11 Mar-12 Mar-13 Nov-10 Nov-11 Nov-12 Aug-10 Aug-11 Aug-12 Dec-10 Dec-11 Dec-12 Sep-10 Sep-11 Sep-12 Feb-11 Feb-12 Feb-13 Apr-11 Apr-12 Oct-10 Oct-11 Oct-12 Jun-11 Jun-12 Jan-11 Jan-12 Jan-13 Jul-10 Jul-11 Jul-12 Tantalum First increase to revenues 96t/yr Tantalum Production Plant 3-5% of $1B market. Build & Commission Investment Tantalum Roadmap $15m 1st plant ~$39m NPV Improving grades and yields Value creation Pipeline; Rollout O2M technology to other elements and special alloy development, options Titanium Build 1st Plant Titanium partnering & industrialisation plans Investment Build first production module ~$240m NPV $15m 250t MODULE PROVE OUT Copyright © 2010 Metalysis Ltd
    • Current Facility CP Development  Scale up design  Pilot experimental testing  Design validation O2M Reduction Copyright © 2010 Metalysis Ltd
    • Strategy Achieve value triggers by end of 2011to facilitate IPO/Trade sale in 2012/3 Status: –Proven at small scale –Production plant built and commissioning now Value triggers:  Increase tantalum production volumes  (eg mobile telephony) and medical prosthesis)  Prove viability of technology for high volume metals  (Titanium, eg aerospace & medical)  Prioritize and select next value creation opportunities  (Pipeline, eg PV Silicon & Rare Earths)  Protect long-term value (IPR generation)  Achieve commercial traction Provide confidence that Metalysis can be worth $0.5B-$1B in 2 to 3 years Copyright © 2010 Metalysis Ltd
    • Intellectual Property • 19 live, published families of patents • Combined IP from; – Cambridge University – BHP Billiton – Qinetiq – Metalysis • 2nd Generation Technology focussed on – product uniformity, productivity and cost reduction – developing significant plant and process design know how Copyright © 2010 Metalysis Ltd
    • Creating a High Value Company 2011  Selling Ti and Ta products in volume to customers  Proven production technology and economics  License to third parties  $150m – $250m valuation expectation 2013 - 2015  In-house high margin production of Ta  Ti licensing or Joint-Venture  Further Ti licensing opportunities  Product pipeline  > $500m valuation expectation Copyright © 2010 Metalysis Ltd
    • Aluminium Production History Titanium growth could be similar to that of Aluminium after introduction of electrolytic process •Aluminium 2007 38 Mt $106B •Titanium 2007 0.1 Mt $3B •Titanium 2020? 3.8Mt $76B Imagine ....... Norwegian/CanadianTitanium at 400kTpa Selling at $20,000/t Costing say $4,000/t Lets work together to Gives revenue of ~$8Bpa make it happen And profit circa $6.4Bpa Copyright © 2010 Metalysis Ltd
    • Summary • Game changing process for producing advanced materials • Green technology applicable to huge markets • Early commercial traction with Blue Chips • Starting to scale-up for commercial production • Comprehensive intellectual property position with 19 key patents; extensive trade secrets; vast IP pipeline • Opportunities relating to one third of periodic table • Opportunity to get in now Copyright © 2010 Metalysis Ltd
    • Old vs New OLD NEW • Traditional metrics have been • Add on opportunity; high volume value/very high margin metals. • Millions of Tonnes @ $50/T Metric $’s, EBITDA, cash & • Requires very high & inflexible never mind the volume investment in land, capital & • Relatively low capital per people revenue or EBITDA dollar • Very competitive and volatile • Less cash inflexibility/lock in • Less commodity orientation so less competition/less volatility If traditional mining company market has a market cap of $Xb & an innovative mining cap creates at 10% premium.. What is this worth to your shareholders? Copyright © 2010 Metalysis Ltd
    • Invest in Intellectual Property and Land Copyright © 2010 Metalysis Ltd
    • Time to make change happen? Conventional 1950’s Routes 2010 FFC Process? Copyright © 2010 Metalysis Ltd
    • Mark Bertolini – CEO +44 1709 872111 +44 7887 503937 mark.bertolini@metalysis.com Copyright © 2010 Metalysis Ltd