Investors
A long-life natural pozzolan resource for the decarbonisation of concrete
UPSA holds 97-year exclusive extraction and off-take rights over one of the world's largest known natural pozzolan deposits, positioned to supply the decarbonisation of concrete. Privately held, incorporated in England and Wales.
Scale
208.09 Mt Inferred (JORC 2012)
Upside
Sandstone continues below 30 m (>80 m intersected in Lot 7)
Value
A$3.31 bn project NPV
Tenure
97-year rights under Deed with Claystone International
Market
~30 bn t concrete/yr, cement ≈ 8% of global CO₂
Tailwind
Carbon pricing under EU ETS, CBAM and emerging schemes
Source: SLR Consulting Australia Pty Ltd, November 2025.
Financial evaluation
Independent 25-year discounted cash flow
Project NPV
A$3,311,988,259
15% discount rate = 4% risk-free + 7% project + 4% country risk. FY2026–FY2050 incl. terminal value.
Initial capex
A$32,155,000
FY2026–FY2028
Capex breakdown (A$)
| Processing plant | $20,000,000 |
|---|---|
| Trucking access road | $2,300,000 |
| Site infrastructure | $2,000,000 |
| SSD costs | $1,055,000 |
| CAT 770 haul truck | $1,000,000 |
| 50 t excavator | $1,000,000 |
| CAT 982 front-end loader | $900,000 |
| Further geological investigation | $300,000 |
| Material and property testing | $100,000 |
| General capex | $10,000/yr |
Operating cost: $11.30/t
| Clearing & stripping | $1.00/t |
|---|---|
| Drill & blast | $1.80/t |
| Load & haul | $2.00/t |
| Crush & screen | $3.00/t |
| Sales, load & dispatch | $1.50/t |
| Quarry general | $2.00/t |
Production profile (t)
35,000 t/yr in FY2026–FY2027 under current consent; 3,050,000 t in FY2028 following SSD approval (3,000,000 t pozzolanic sandstone + masonry sand); 3,154,598 t by FY2050 (3,000,000 t sandstone + 154,598 t masonry sand).
Chart shows stated data points only; full annual schedule is in the CPR.
Revenue FY2028
$817,018,531
Maximum revenue (FY2050)
$1,411,285,461
Maximum pre-tax EBIT (FY2050)
$1,309,229,595
Operating cost
$11.87/t → $20.44/t
Logistics assumptions
Road haul 470 km to Port of Brisbane at $0.15/t/km ($70.50/t) plus $13.20/t ship loading.
Production schedule
Illustrative only, not to scale. Original figures: SLR Consulting Australia Pty Ltd, Competent Person's Report, 26 November 2025 — available on request.
Sensitivity — impact on NPV (A$)
| Production 5 Mtpa from 2031 | +$2,214,856,331 |
|---|---|
| Production 2 Mtpa from 2031 | −$1,107,428,165 |
| Price +15% | +$539,363,068 |
| Price +10% | +$359,575,379 |
| Price +5% | +$179,787,689 |
| Opex $16/t | −$67,448,317 |
| Opex $8/t | +$47,357,329 |
| Capex +$10M | −$6,575,162 |
Source: SLR Consulting Australia Pty Ltd, November 2025 — 25-year discounted cash flow FY2026–FY2050 incl. terminal value. All figures A$.
Development pathway
From Deed to export production
Oct 2025
Deed executed
Nov 2025
CPR v2.0
Next
Infill drilling and testing
Next
Resource upgrade
Next
SSD application
Future
Offtake agreements
Future
3 Mtpa production and export
Investor enquiry
Speak to UPSA
Qualified parties may request the full Competent Person's Report under NDA.