Green360 Technologies is a producer of kaolin and is developing a low-carbon cement replacement product known as Eco-Clay. Eco-Clay can replace up to 40% of conventional cement, without compromising the end application’s performance, while significantly reducing carbon emissions of finished concrete. This is achieved by the removal of processes emissions incurred in the burning of limestone in traditional cement production and the >40% lower temperature needed. GT3 has just signed a toll-treatment agreement to produce commercial quantities of Eco-Clay utilising clay sourced from its existing tailings and waste stockpiles with enviro-tech company Calix (ASX:CXL).

Up to 30,000 tonnes per annum (tpa) capacity

This binding deal will involve Calix calcining clay from GT3’s Pittong operations under a toll-processing agreement in Bacchus Marsh in Victoria. It provides for up to 30,000tpa on a cost-plus basis, for an initial term of two years with an optional two-year extension available subject to minimum throughputs. Under the agreement, GT3 has no minimum monthly commitment or cost providing a cost effective, low risk path to market entry. The processed material will be delivered into the established concrete supply chain which GT3 has previously demonstrated the ability to integrate with. Processing can commence immediately under the agreement and GT3 has signalled it expects to formalise first commercial sales agreements this half.

This deal is a major milestone for GT3

The toll-treatment deal should provide confidence to GT3’s investors as well as to potential customers for Eco-Clay, including those that the Company is engaged with. This deal was signed following successful trials of Eco-Clay production using Calix’s technology, including the delivery of commercial quantities of Eco-Clay to a national concrete supplier, which indicates Eco-Clay is both technically and commercially viable.

Significant upside for investors

We see substantial upside in GT3 as it begins to execute commercial sales transactions, the first of which should occur before the end of FY26. Our valuation on a market capitalisation basis from our 3 February 2026 initiation note was $112.4m in a base case and $151.6m in an optimistic (or bull) case which was $0.10-0.12 per share under the number of shares on issue at the time. We intend to update our valuation in our next note. Please see our initiation note for further details on our valuation and the key risks facing GT3.