NASDAQ · ADUR · Investment Dossier

A new chemistry for the hydrocarbon economy.

Aduro Clean Technologies uses an aqueous platform — water as the reaction medium, a renewable hydrogen-donor, and a simple metal catalyst — to selectively cut hydrocarbon chains at moderate temperature. No external H₂ gas. No brute-force thermal cracking. One platform, thirteen market verticals, no direct competitor. This hub is the full investment case: the science, the moat, the markets, a live scenario model, and the milestones between here and commercialization.

Share Price

$11.58

Pre-revenue · Pilot stage

Market Cap

~$450M

Fully diluted · 38.9M shares

Cash (Q3 FY26)

C$39.4M

Zero debt · ~2.5 yr runway

Scenario Price ●

$84

6 engines · live model

Now · Phase I

Validation

2024–2027 · Pilot + FOAK

Phase II

Early Adoption

2027–2030 · 5–10 plants

Phase III

Acceleration

2030–2035 · 10–50 plants

Phase IV

Platform Standard

2035+ · 50–200+ plants

240–390°C

Temperature

C5–C20

Output Range

<2%

Char Waste

98%+

Purity

§ Milestones

Ten catalysts, six complete

Each milestone removes a specific risk. Price impact estimates are the incremental repricing expected upon that risk being removed — not cumulative targets.

Ten tracked milestones between pilot and first licensed plant. Six achieved. One imminent. Price impact ranges represent incremental expected repricing from removal of specific risk factors, not cumulative targets.

Completed

Imminent

Future

2026 Q1

✓ CompletedPrice impact: +$18–$22

NGP Pilot Commissioned

Proves HCT works in continuous flow at pre-commercial scale. Transitions from R&D to technology demonstration. Enables third-party testing.

2026 Q1

✓ Completed

Chemelot FOAK Site + EPC MOU + Offtake LOI

Three milestones proving commercialization readiness: Europe's premier chemical park, a global EPC engineering firm committed to build plants, and a buyer committed to purchase output before construction.

2026 Q1

✓ Completed

WTR Coverage + CRE Membership

Water Tower Research bridges the institutional visibility gap at 1.6% institutional ownership. CRE membership positions FOAK output for ISCC+ certification.

2026 Q2

✓ Completed

Paraffinic Crude Extension + CIP Patent

Proves HCT works on a fourth feedstock category (waxy crude), expanding TAM by 7.9B bbl/yr. CIP patent filing shows strong enough results for IP protection.

2026 Q2

◐ ImminentPrice impact: +$25–$32

Third-Party Yield Validation

Independent confirmation that HCT achieves 90%+ yield. Removes the 'company says it works' objection. Critical for institutional investors.

2026 Q3

FuturePrice impact: +$32–$38

LCA Results + TotalEnergies Outcome

Life Cycle Assessment by Delphi proves the environmental case. TotalEnergies converting from R&D to commercial engagement would be the strongest validation signal possible.

2026 Q4

FuturePrice impact: +$40–$45

FOAK Construction Commences

Physical construction is the point of no return. Engineering, permitting, financing, partner commitments all locked.

2027 H1

FuturePrice impact: +$70–$100

First Commercial License Signed

The single most important milestone. An industrial operator commits real capital based on demonstrated performance. Creates a reference customer for every subsequent deal.

2027 H2

Future

FOAK Plant Completed

Operating FOAK at Chemelot produces actual Circular Naphtha in commercial quantities. Real revenue begins.

2028

FuturePrice impact: +$80–$150

First Licensed Plant Operating

A third-party operator running an HCT plant on their own feedstock, generating royalties. Proves technology transfers successfully.