Green360 Technologies (ASX: GT3) has delivered exactly what it promised investors for several months.
Namely becoming Australia’s first commercial supplier of calcined clay (metakaolin) into the concrete market.

The first commercial deal

GT3 converted a non-binding May 2026 memorandum of understanding with Holcim (Australia), one of the
world’s largest construction materials companies, into a binding supply agreement in July 2026, with disclosed revenue guidance of A$1–2m over the initial 12-month contract term. The agreement follows the first commercial production of GT3’s MKX-CC product (formerly branded Eco-Clay) in April 2026 under a binding toll-treatment agreement with Calix, and it validates the company’s capital-light market creation strategy. GT3 also revealed a second commercial deal with an unnamed national concrete supplier for 10,000 10kg bags of MKX for concrete pours.

We expect commercial momentum to continue from here

We regard these two deals a meaningful independent endorsement of MKX-CC’s quality and of Green360’s
ability to supply reliably at commercial scale. GT3’s sales are already growing rapidly: its sales in the June quarter were 53% higher than the quarter before. Even so, investors should anticipate further commercial deals to come. Separately, the company’s PERMAcast joint venture in Western Australia continues to progress towards a commercial production of low-carbon precast products.

Valuation updated to $0.12-0.15 per share

We have tweaked our DCF valuation to $0.12-0.15 per share (previously $0.10-0.13), by slightly reducing the discount rate now that MKX-CC is commercialised, adjusting our model by removing FY26 (which has now
passed) and extending one further year to compensate and accounting for the costs GT3 has cut out of the
business in FY26. Please see p.10 for further details and p.11 for the key risks.