Takeover risk or 10x growth story?

Given Zeotech is entering a new phase with a binding DSO offtake secured and a major drilling program to come, thought it would be interesting to get a feel for how things may unfold in value especially from a potential Holcim (or other major) takeover or if ZEO remains independent.
Planned drilling could double the current resource in the near term, with a much larger longer-term potential flagged — even up to 10x.

Note that below is CHATGPT5 summary post uploading recent presos, transcripts, /PFS etc…and a lot of financial modelling. DYOR and neither I nor CHAT are financial advisors

Horizon 1: DSO and Metakaolin
Takeover Path

• Majors like Holcim have strong incentives to move early before the valuations rise rapidly.
• Control of a category killer asset in a competitive industry strategically desirable.

• A bid before the DFS (early 2025) could land in the 15–20c range.

• Post-DFS, bids might stretch to 20–25c as economics and scale become clearer.
These values mainly reflect DSO + Train 1 Metakaolin capacity.The assumption is that majors would bid before full Train 2 economics are demonstrated — i.e., paying for de-risking and first-phase production, but not yet the upside of Train 2 scaling.

Independence Path

• ZEO presses ahead with its own development, supported by offtake agreements rather than a sale. (Forecasts include derisking from the DFS and offtake).

• At 2x resource, standalone value is already ~30c/share.

• At 5x, it could rise past 70c.

• At 10x, the math points to $1.20+ per share.
These do include the effect of Train 1 + Train 2 capacity expansion, since the DFS is explicitly planning for scaling.The 2x/5x/10x multiples are based on resource growth translating into expanded production and revenues.

Horizon 2: SyntheticZeolites + Methane Abatement. Could be a global strategic asset in decarbonisation markets. The synthetic zeolite + carbon credits on methane emissions is strategically massive. (Forecasts not baked into the SP estimates above)

For Holcim/Major:

Cement/concrete production is one of the largest CO₂-emitting industries in the world.

If Z Horizon 2 technology delivers scalable methane capture (with carbon credits), Holcim could position itself as a global ESG leader, while also offsetting its own emissions.
For ZEO:
That’s a once-in-a-generation strategic lever — not just about concrete, but climate positioning.

This may be their true long-term differentiator. Metakaolin is already a huge win, but synthetic zeolites + methane credits gives them exposure to carbon markets, which could dwarf the DSO/Metakaolin economics.

Exciting times!