Margin Structure

• Gross margin: 30-45% (processing services), 40-55% (product sales)

• EBITDA margin target: 15-25% at scale

• Payback period: 4-6 years on pilot investment

Competitive Advantages

1. First-Mover in Mandate-Driven Market, no integrated rare earth processing facility exists in the EU outside Solvay's legacy operation. We're building greenfield capacity specifically designed for CRMA compliance.

2. Capital-Light Technology Stack DES requires €0.7-1.5M pilot capex versus €3-8M for conventional molten salt systems. Open-source chemistry means no licensing fees for core technology.

3. Allied Feedstock Security Canadian partnership creates non-Chinese supply chain. CETA enables tariff-free concentrate imports. Canada-EU Security Partnership provides trusted-supplier framework for defense applications.

4. Dual-Technology Approach Combining DES (long-loop) with HPMS (short-loop) addresses both primary processing and recycling mandates. Diversified feedstock reduces single-source risk.

5. Lithuanian FEZ Advantages Zero corporate tax for 10 years, expedited permitting, established industrial infrastructure, and proximity to emerging Baltic rare earth cluster (Estonia magnet factory).

6. Vertical Integration Path AITAS Energy Systems (batteries + motors) creates internal offtake for AITAS Mineral Systems. Ore-to-motor integration captures full value chain margin.