Urbix (~A$246m valuation) PVL Investment:PVL invested $500,000...

Urbix (~A$246m valuation)

PVL Investment:

• PVL invested $500,000 USD in the $50m USD Series B Urbix raise
• This significant amount (for PVL) makes it PVL's 3rd largest holding, which reflects the higher level of confidence of the PVL team (Kruger et. al.) in the company and the more advanced state of progress of this company (closer to a liquidity event)
• This gives PVL an ownership stake of ~0.3%
• PVL also has introductory (Gregory Ross, President of the Australian Chamber of Commerce in Korea) and advisory (Ben Hodge through an affiliated advisory company) roles in the EV supply chain (primarily Korean companies) which has entitled them to this investment access

Progress so far:

• This is already a behemoth of a company that could become very large (multi-billion dollar valuation)
• Urbix technology can process graphite with only 5% of the energy that would be consumed otherwise with traditional methods, the process also avoids the use of acids that are used in traditional methods
• Urbix have already worked with 50+ mines across the world to get samples, and work with these raw material inputs
• The company seems to be executing very well

Potential/Future:

• From a timeline perspective, the EV industry needs to move quickly, so this is potentially a multi-bagger in the 12-36 month timeframe
• It would be reasonable to expect that Urbix could move into their first commercial plant with production over that timeframe
• Once this is happening, with commercial contracts, this becomes a traditional valuation exercise (discounted future cashflows) to determine the fair value of the company
• This could therefore be a very large, very significant company.
• In terms of where the liquidity eventually happens and whether it is an IPO, it is too early to know
• I'd be looking towards a potential Series C raise at a valuation north of ~A$500m