Slide 1: Ironton Operating Budget 2023 - March 2023 Updated Forecast
1 Ironton Operating Budget 2023 March 2023 Updated Forecast Exhibit 99.1
Slide 2: Disclaimers: Forward-Looking Statements
2 Disclaimers Forward-Looking Statements: Certain statements within this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchan
Slide 3: Disclaimers: Non-GAAP Financial Measures
3 Disclaimers Non-GAAP Financial Measures: The Company supplements its financial measures that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with certain non-GAAP measures: EBITDA, EBIT, EBT and EBITDA Margin. This supplemental in
Slide 4: Table of Contents
4 Table of Contents • Summary • Material Assumptions • Profit and Loss • Balance Sheet • Cash Flows • Financial Covenants
Slide 5: Summary
5 Summary • Ironton scheduled for mechanical completion in April and full commissioning in June to Sept • Full commissioning includes running for 5 days at capacity • Plan to ramp operations over the 6 months beginning April of 2023 • Full year operations expected to generate a Net Loss of $19.3 mil
Slide 6: Material Assumptions - Operations
6 Material Assumptions - Operations Assumption Metric Comments Production Start Date 4/1/2023 Beginning of Ramp Period Production Ramp Period 6 months Additional detail provided herein Revenue $1.26/lb Revenue calculated on contract price, using Dec 22/Q4 2022 when appropriate Operating Days 269/365
Slide 7: Material Assumptions – Ramp of Operations
7 Material Assumptions – Ramp of Operations Month Ramp Schedule Jan-23 0% Feb-23 0% Mar-23 0% Apr-23 10% May-23 25% Jun-23 50% Jul-23 60% Aug-23 75% Sep-23 100% Oct-23 100% Nov-23 100% Dec-23 100%
Slide 8: Material Assumptions – Working Capital / CapEx
8 Material Assumptions – Working Capital / CapEx Assumption Metric Comments DSO 45 days Days sales outstanding DPO 30 days Days payables outstanding (trade payables) DIO 45 days Days inventory on hand Total Ironton Cost Estimate $324M $12M $336M - $361M Original Project Scope: Estimated total cost B
Slide 9: Material Assumptions – Other
9 Material Assumptions – Other Assumption Metric Comments Release of remaining project funds Feb 2023 ~$13.2MM reimbursement to PCT Inc for withheld vendor payments following reimbursement request on 10/24/22 Use of capitalized interest reserves Jun 2023 & Dec 2023 Cover full interest payment ($9.2M
Slide 10: Budgeted Profit & Loss by Month – 2023
10 Budgeted Profit & Loss by Month – 2023 (in $ ‘000s)
Slide 11: Budgeted Balance Sheet by Month – 2023
11 Budgeted Balance Sheet by Month – 2023 (in $ ‘000s)
Slide 12: Budgeted Cash Flows by Month – 2023
12 Budgeted Cash Flows by Month – 2023 (in $ ‘000s)
Slide 13: Budgeted Financial Covenants – 2023
13 1. Cash on Hand includes unrestricted cash from the budgeted balance sheet, plus $50 million in liquidity reserves Budgeted Financial Covenants – 2023 (in $ ‘000s)