Slide 1: Fourth Quarter 2022 Corporate Update
Fourth Quarter 2022 Corporate Update March 16, 2023 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in 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 “Exchange Act”), including
Slide 3: 4Q Update: Ironton and Future Growth
4Q Update: Ironton and Future Growth IRONTON GROWTH FINANCE • Executed limited waiver with • Amended agreement with AEDA to • Closed $150M revolving line of credit bondholders that adjusts extend Augusta's initial project funding designed to have the availability of milestone dates for the commissio
Slide 4: Ironton Nearing Purification Operations
Ironton Nearing Purification Operations 4
Slide 5: Ironton Startup Timeline
Ironton Startup Timeline Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Mechanical Completion PIR Production 50% Operating Capacity Performance Test Completion 100% Operating Capacity Formal Project Completion 1. When PCT expects to complete the milestone (extra time to complete Bondholder Limited Wai
Slide 6: Ironton Commissioning Has Begun
Ironton Commissioning Has Begun Feed PreP Control Room, Central Utilities, Purification & Extruders Co-Product Systems Commissioning Feed & Offtake Silos, Solvent Schedule Mgmt, Rail Ops Will be mechanically complete by Introduce Solvent In operation Mechanically complete, I&E checks Mechanically co
Slide 7: We Continue to Prove UPR's Special Product Attributes
We Continue to Prove UPR’s Special Product Attributes PROCESSABILITY ODOR Melt Flow Rate Modifier Test Total Volatile Organic Compounds (TVOC) Study Successfully increased the MFR of our resin from 15 Reduced TVOC by ~85% of PCR feedstock to 100 TVOC results was ~60% better than virgin PP Resin grad
Slide 8: PCT Continues to Expand Globally
PCT Continues to Expand Globally Port of Antwerp - Belgium Phase 1 investment for the first purification line (up to 4) - Targeting circular project grants/incentives for funding - Oversubscribed on Feedstock LOIs (>125%) - Nearly Sold Out on Offtake LOIs (>75%) - Letters of support from authorities
Slide 9: 4Q Liquidity and Changes from Prior Quarter - Actual
4Q Liquidity and Changes from Prior Quarter - Actual (IN MILLIONS) Sept 30, 2022 Dec 31, 2022 change Summary of Cash and Cash Equivalents $56.5 $63.9 $7.4 Liquidity Changes Debt Securities Available for Sale 158.5 98.6 (59.9) Total Unrestricted $215.0 $162.5 $(52.5) • Unrestricted Cash Restricted Ca
Slide 10: Bondholder Limited Waiver Financial Terms
Bondholder Limited Waiver Financial Terms Limited Waiver provides a mutually satisfactory agreement for PCT and the bondholders PCT will: • Send $50 million of unrestricted cash to a newly established restricted Trustee account • $100 million cash maintenance covenant is maintained, but all is now r
Slide 11: ProForma 4Q Liquidity with Limited Waiver Adjustments
ProForma 4Q Liquidity with Limited Waiver Adjustments Actual Proforma (IN MILLIONS) change Dec 31, 2022 Dec 31, 2022 Summary of Limited $(50.7) Cash and Cash Equivalents $63.9 $13.2 Waiver Adjustments Debt Securities Available for Sale 98.6 74.9 (23.7) Total Unrestricted $162.5 $88.1 $(74.4) • Unres
Slide 12: Ironton Economics Early-Stage Ramp vs. Long-term View
Ironton Economics Early-Stage Ramp vs. Long-term View Base Case Long-term Ironton (Ironton Budget, Dec-23) View Key near-term focus for Ironton PP@~70cpp PP@~70cpp #5@10cpp #5@10cpp Goal 1: Safely startup plant and establish reliable operations MM$ cpp MM$ cpp Goal 2: Scale technology & produce high
Slide 13: PureCycle Q4 Highlights
PureCycle Q4 Highlights 1 5 Strengthened Balance Sheet by closing $150M Successfully closed a mutually agreeable revolving line of credit and in active dialogue limited waiver with the Ironton Bondholders related to other forms of pre-Ironton capital 2 Selected Formerra for US Ultra Pure PP Distribu