A Message from the CEO
Welcome to issue 52 of the Calix newsletter.
Since our last edition in February, the world has continued to change quickly. War in Iran and fuel supply shocks have driven further inflation and volatility in global markets, compounding the challenging economic conditions businesses face.
While we cannot control geopolitics or markets, we can control how we react. With the priorities of much of global industry currently shifted from long-term decarbonisation commitments to near-term economic pressures, we have continued to broaden the value proposition of our platform technology. Our focus on delivering immediate economic benefits to customers aims to drive near-term adoption, while also delivering future-proof solutions that can significantly reduce emissions in the longer term.
In addition, we have continued our focus on immediate revenue generation opportunities, disciplined cash management, and a capital-light commercialisation strategy. These efforts aim to ensure the Group has a firm financial footing from which it can deliver commercial milestones.
We were delighted to recently announce such a milestone—a partnership with Adani Cement—following the signing of a Joint Development Agreement between Leilac and the Adani Group’s Ambuja Cements. This partnership reflects our strategy in action—a business case today centred around the economic benefits from energy switching, enhanced productivity, and low-cost capture and use of unavoidable carbon dioxide, with future-proof pathways to meet climate goals. Subject to a successful ‘go’ decision, the partnership aims to move as quickly as possible to a large commercial scale deployment under a technology licence agreement, with no capital expenditure required by Calix or Leilac.
Adani Cement are among the top ten cement producers globally, with over 100 million tonnes of annual production, and ambitions for substantial further growth in support of India’s continued development. The partnership therefore has the potential to be both a fast and zero capital route to deployment of the Leilac technology at commercial scale, and an opportunity to replicate it across an extremely large and growing cement fleet.
Following the partnership with Ambuja Cements, Leilac signed a contract to develop a second project, this time with a new cement partner in East Asia (who remain commercial-in-confidence). With the aim of capturing and utilising ~100,000 tonnes of CO2 per annum, this project also offers a zero-capital route to commercial deployment, with all project costs fully customer funded, including immediate payment for Leilac’s engineering services.
Last month, we also celebrated the official opening of our lithium Mid-Stream Demonstration Plant with PLS. Western Australia Premier Roger Cook officially cut the ribbon, and together with ARENA Chair Justin Punch, emphasised the high potential of our platform technology, not only for the lithium market, but across multiple minerals and metals. Importantly for Western Australia, this includes the production of green iron.
The opening of the Mid-Stream Plant followed two notable announcements. A restructure to our partnership with PLS saw PLS assume full ownership of, and funding responsibility for, the plant. PLS were then awarded a grant from ARENA of up to $38.1m to help subsidise an estimated total project cost of $139.2m to commission and operate the plant for approximately two years. Our restructure with PLS ensured Calix is not required to contribute to these operating costs—as we otherwise would have as a Joint Venture partner—while also releasing our net capital contribution to the project. In return, PLS received a royalty free licence to use the Calix technology, while Calix retained upside exposure to potential third-party licensing revenues. The restructure therefore realigned the Mid-Stream project with our commercialisation strategy—capital-light, customer-funded and fast-tracked commercial operations.
This newsletter features other examples of our strategy in action. Calcined clay offers a lower carbon-intensity and potentially lower cost material that can partially replace conventional cement clinker as a ‘supplementary cementitious material’, or SCM. Unlike cement clinker made from limestone, it does not release unavoidable carbon dioxide when processed. What’s more, it is calcined at lower temperatures, enabling potential energy cost and emissions savings. So far in 2026, we have marked two milestones in the commercialisation of our technology for calcined clays, with Boral completing successful product trials of a low-carbon concrete using clay calcined by Calix, and a commercial toll processing agreement signed with Green360 Technologies.
In our Magnesia business, our water treatment products aim to offer a more cost-effective, as well as safer and more sustainable alternative to conventional chemicals like caustic soda. Adding to the value of our product is our dosing and monitoring systems, which can deliver further cost savings and improved outcomes for water treatment networks. As an example, this newsletter includes a short case study with a major Australian water utility that highlights the value of our dosing and monitoring capabilities for better wastewater treatment.
Also featured in this edition are commercialisation progress updates in two of our largest target markets, alongside major global partners. In alumina, we have completed pilot-scale material testing of Hydro’s feedstock material from its Alunorte refinery in Brazil. The results from this testing are now informing next steps for the project, including providing engineering data for future plant designs. In iron and steel, we continue to make progress towards a final investment decision for our Zesty Green Iron Demonstration Project, and you can read more about Zesty’s progress with patents, pilot campaigns, and milestones with ARENA and our joint development partner, Rio Tinto.
As we mark the end of the 2026 financial year, we look forward to providing an update on our Group’s performance at the publication of our 2026 Annual Reporting suite and financial results webinar later in August.
Phil Hodgson
Managing Director & Chief Executive Officer
Leilac commences commercial cement projects in Asia
Leilac has signed a Joint Development Agreement with the Adani Group’s Ambuja Cements to develop a commercial-scale project at the Sanghi cement plant in Gujarat, India. A second, customer-funded project with a cement producer in East Asia will assess deployment of Leilac’s hybrid electric heating and carbon capture technology, targeting approximately 100,000 tonnes of captured carbon dioxide each year. Both projects require no capital contribution from Calix or Leilac and offer potential fast pathways to commercial-scale deployment.
Lithium Mid-Stream Demonstration Plant marks major milestone
The Lithium Mid-Stream Demonstration Plant has officially opened at PLS’ Pilgangoora Operation in Western Australia. The plant aims to demonstrate Calix’s electric calcination technology for spodumene processing, with the potential to materially reduce emissions and add value to mineral exports. PLS now owns the plant and is responsible for funding its commissioning and operations, while Calix retains exposure to potential third-party technology licensing revenues.
Zesty patents, pilots and progress towards commercial demonstration
Calix has secured the first Australian patent for its Zesty™ green iron technology and is preparing a third pilot-scale campaign at the Calix Technology Centre. Planned upgrades will support semi-continuous operations, improved processing of ultrafines and the testing of alternative reductants. In parallel, the Zesty Green Iron Demonstration Project continues to progress towards a Final Investment Decision, backed by support from ARENA and Rio Tinto.
Calix and Hydro complete pilot tests for zero-emissions alumina
Calix and Hydro have completed a comprehensive electric calcination test campaign using representative feed material from Hydro’s Alunorte refinery in Brazil. Calix’s fully electric pilot calciner successfully produced smelter-grade alumina that met Hydro’s product specifications. The results provide technical and engineering data to inform the next phase of the collaboration and potential scale-up.
Wastewater trial demonstrates ACTI-Mag® and Flex Dose performance
A three-month trial with a major Australian water utility used Calix’s ACTI-Mag® product and mobile Flex Dose System to address odour, corrosion and safety risks. Responsive dosing informed by continuous monitoring reduced hydrogen sulfide concentrations by 95% and methane concentrations by 67%. Following the successful trial, the customer has implemented a permanent Calix dosing solution and is considering deployment at additional sites.
Calcined clay commercialisation milestones
Calix has marked two important steps towards commercialising calcined clay for lower-carbon cement and concrete. Under an agreement with Green360 Technologies, commercial quantities of calcined clay are being toll processed at the Calix Technology Centre. Separately, Boral completed a commercial concrete pour using a cement blend containing clay calcined with Calix technology, demonstrating progress from production through to end use.
Upcoming 2026 Annual Results
Calix will publish its 2026 Annual Reporting suite and host a financial results webinar later on 26 August 2026. Be sure to subscribe to Calix’s Company announcements to receive further details.
