Aduro Clean

Capital is being directed to scale‑up assets with clear milestone gates: completing NGP pilot commissioning and operating campaigns, selecting the FOAK site, engaging a permitting lead, and initiating offtake qualification. These are rational priorities at this stage.

The company has also invested in collaborations (Shell GameChanger, TotalEnergies) and structured a licensing‑package MOU with a global EPC to enable repeatable deployment.

Offsetting risks include meaningful stock‑based compensation (C$5.55 million expense in the first nine months of FY26; C$3.24 million in FY25), ongoing dilution from equity raises, and the need for discipline on FOAK capex and scope creep. We view capital allocation as adequate for de‑risking but unproven on return generation.