Suvo Strategic Minerals (ASX: SUV) Research Update – June 2024

Arrowhead is updating its coverage on Suvo Strategic Minerals Limited (Suvo, SUV, or the Company) with a fair value bracket of AUD 0.12 per share to AUD 0.19 per share (share price on June 05, 2024: AUD 0.052) based on a Sum of Parts (SOP) methodology.

• Suvo generated AUD 3.1 mn in revenue in Q3 2024 with sales of 5,321 tons, resulting
  in an average selling price of AUD 588 per ton. During Q3, SUV received purchase orders from five new customers totaling 730 tons, generating an additional AUD 0.63 mn in annual turnover.
• Suvo finalized a sales agreement with Fagron, a European pharma company, to supply 300 metric tonnes of hydrous kaolin over 3 years for a sum of AUD 588k; the deal will enable Suvo to command premium pricing and expand its sales into the European pharma market
• Suvo signed a non-binding MoU with PERMAcast and Dowsing to develop low-carbon concretes for deployment in various end-use markets serviced by these companies
• Suvo executed a non-binding term sheet with PERMAcast to enter into a joint development agreement (JDA) and incorporate a joint venture to develop and commercialize low carbon geopolymer concrete (GPC) products
• In late April 2024, Suvo successfully completed trial pours of Colliecrete, facilitated by
  Dowsing at Peel Resources facility (a waste management company in Western Australia); this demonstrated scalability and application of Suvo’s low-carbon geopolymer concrete; (7) SUV ppointed Dr. Anda and Mr. Snowsill on a part-time yet formal arrangement to accelerate the commercialization of its geopolymer concrete; Moreover, Mr. Aaron Banks was appointed as the executive chairman to advance the development of its geopolymer IP; (8) Suvo raised a total of AUD 4.5 mn through placement and SPP to support the ramp-up of Pittong operations and to advance its geopolymer initiatives.