Green360 Technologies (ASX:GT3) has undergone a decisive commercial shift in the three months since our February 2026 initiation. The company already had validated products, a capital-light production pathway and theoretical advantages. But 2026 has been the year this potential has begun to be realised in practice. In our initiation note we observed that the key inflection points would be securing offtake agreements for Eco-Clay, formalising toll-treatment arrangements, and continuing revenue growth from Pittong. GT3 has delivered all of these.

Australia’s first commercial producer of metakaolin for low-carbon concrete

The ultimate commercial proposition for GT3 has been to supply a high-performance, low-carbon cementitious material into a market facing structural shortages of traditional SCMs. This material is Eco-Clay, a calcined kaolin product capable of replacing up to 40% of Portland cement and reducing CO₂ emissions by more than 30% on a like-for-like basis.

Over the past three months, GT3 has delivered the milestones required to make that proposition real. These have included a binding Toll Treatment Agreement with Calix (for up to 30,000tpa of calcination capacity on a capital-light basis) and first commercial production in April, with more than 600 tonnes already delivered via standard pneumatic tanker logistics. But we believe the most important of all was a non-binding MOU with Holcim (Australia) – one of the world’s largest construction materials groups; marking the company’s first named Tier-1 customer.

GT3 has the foundations for sales to head onwards and upwards

The next phase is about scale and timing. Investors should watch for conversion of the Holcim MOU into a binding supply agreement, further customer wins, increased commercial production at Calix and commercialisation of low-carbon precast products via the PERMACast JV. With concrete responsible for 8% of global emissions and Australia’s Safeguard Mechanism tightening baselines by 4.9% annually through 2030, the regulatory and commercial tailwinds behind low-carbon SCMs are arriving in real time, rather than just being theoretical.

Valuation of A$0.10-0.13 per share reiterated

We reiterate our valuation of A$0.10 per share in our base case and A$0.13 per share in our bull case, as outlined in our initiation report. We are confident that the company now has the building blocks in place to scale up production and sales that support this valuation. Please see p.12 for the key risks.