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Carbonxt Group
Investor Insight
In an increasingly eco-conscious global market, Carbonxt makes a compelling investment case, leveraging a growing addressable market driven by regulatory changes and strategic partnerships. This addressable market is anticipated to grow substantially with the introduction of new regulations targeting PFAS and other environmental contaminants.
Overview
Activated carbon, derived from materials like coconut husks and coal, is a critical tool for filtering contaminants from air and water. Its effectiveness comes from a unique oxidation process that creates a vast network of microscopic pores, dramatically increasing surface area. This versatility makes activated carbon essential across industries, including healthcare, agriculture, oil and gas, and food processing.
For large-scale industrial applications, activated carbon is available in powdered, pellet, and granular forms, with prices ranging from US$2,000 to US$6,000 per tonne—presenting a significant market opportunity.
Carbonxt Group (ASX:CG1) is positioned to capitalize on this demand. As an innovative manufacturer of custom activated carbon, Carbonxt has expanded its reach through a partnership with US-based Kentucky Carbon Processing, forming the joint venture NewCarbon. This partnership enhances Carbonxt’s market potential and strengthens its gross margins.
A key driver of Carbonxt’s growth is its new Inez Power Activated Carbon Plant in Kentucky, which focuses on water treatment—a sector set for transformation due to new US regulations targeting PFAS contamination. PFAS, so-called "forever chemicals," persist in water, soil and even human bodies, with links to serious health issues like cancer, thyroid disease and developmental disorders.
The EPA’s Clean Water Act and the Bipartisan Infrastructure Deal allocate $10 billion to combat PFAS pollution, forcing water utilities to upgrade their filtration systems. Carbonxt’s specialized activated carbon solutions are designed to meet this demand. Through NewCarbon, the company is repurposing a waste-to-energy plant into an advanced activated carbon facility, significantly expanding its production capacity.
With 50,000 water utilities across the US accounting for half the granular activated carbon market, Carbonxt is strategically positioned to challenge industry incumbents and reshape the sector.
In addition to the Kentucky facility, Carbonxt has two more production facilities in the US: the Black Birch Powdered Activated Carbon Facility in Georgia and the Arden Hills Pelletization Plant in Minnesota. These facilities have a combined current total capacity of 13,500 tons per annum. The company plans to expand this capacity to 43,500 tonnes per annum by 2027.
Company Highlights
- Carbonxt Group is a manufacturer of patented activated carbon products designed to treat toxic pollutants in both air and water. The company has secured key partnerships and research grants to enhance its product development and market reach.
- Carbonxt currently has an addressable US market for the air phase exceeding US$290 million, with opportunities to expand significantly due to regulatory shifts.
- The partnership with Kentucky Carbon Processing has resulted in the joint venture company, NewCarbon, affording Carbonxt several advantages:
- Increased US-based production capacity to over 20,000 tons per annum, with potential for further expansion.
- Control over input costs, improving base margins.
- Access to high-quality raw materials, ensuring consistent product performance.
- The opening of this new facility allows Carbonxt to enter the water phase market of pollution control, increasing the addressable market to approximately US $1 billion.
- In the near future, much of Carbonxt's growth will be driven by the United States Environmental Protection Agency's increasing regulation of PFAS. There are 50,000 water utility companies in the US, with 4,000 serving over 10,000 customers, collectively representing a significant market.
- The addressable market is expected to increase to well over US$2 billion as these PFAS rulings come into place over the next three years.
- Carbonxt is well-positioned to serve these companies, providing granular activated carbon as well as activated carbon pellets that offer improved filtration with a lower pressure drop as a replacement for granular activated carbon.
- In addition to a highly experienced leadership team, Carbonxt’s strong revenue and earnings growth potential from NewCarbon make the company an attractive investment prospect.
Core Product
High-performance Activated Carbon
Carbonxt designs specialized activated carbon products for its customers, which consist primarily of industrial sector organizations and power utilities. Available in pellet and powder form, the company's oxidizing, non-brominated activated carbons are non-corrosive and designed to remain efficient throughout their entire lifecycle. Although Carbonxt’s origin and listing is in Australia, its products are manufactured and distributed exclusively within the United States.
Carbonxt is currently focused on developing an activated carbon manufacturing facility in Kentucky, the result of a joint partnership with Kentucky Carbon Processing. Once this facility is operational, water utility companies are expected to form a much larger part of its customer base. The facility is also expected to re-invigorate the company's industrial pellet market sales.
Highlights:
- Strong Market Outlook: Industry demand for powdered and pelletized activated carbon remains strong. Prices have trended considerably upwards over the past year and will likely continue to do so for the foreseeable future, particularly if the Trump administration persists with the imposition of wide-spread tariffs.
- Pricing Trends: Carbonxt's primary competitors in the activated carbon market have both announced price increases ranging from 15 to 40 percent. The company's activated carbon products have the potential to offer better filtration at a considerably lower price point.
- Looking Up: Continued improvements in gross margins (1H25 gross margin at 49 percent, up from 44 percent in 1H24) driven by price increases and ongoing cost-reduction initiatives, including at the Black Birch facility.
- Making a Good First Impression: Carbonxt's high-specification sample products have been well-received by end customers. Management is currently in talks with numerous water utilities to purchase capacity from the company's new facility once it comes online.
- Use Cases: Carbonxt currently manufactures activated carbon products for the following:
- Powdered activated carbons for mercury and flue gas component removal. Customers for this use case include coal-fired power plants, cement plants and industrial boilers & incinerators. Carbonxt manufactures a specialized activated carbon for each type of customer.
- Pelletized activated carbon for the removal of VOCs and hydrogen sulphide from gas streams.
- High-quality pelletized activated carbons designed to remove drinking water contaminants as well as taste and odor compounds.
- Contract Agreements: Carbonxt secured a $4.3 million purchase order for activated carbon products from US utility Wisconsin Public Service. The company also secured a four-year contract extension to supply premium PAC products to Reworld, a global leader in sustainable waste solutions. The deal will generate group revenues of approximately $6 million per annum for the duration of the contract.
Production Facilities
Carbonxt operates three U.S.-based production facilities, each specializing in a key segment of the activated carbon market.
Inez Power Activated Carbon Plant (Kentucky) – The newest and most advanced facility, producing 6,000 tons annually (expanding to 10,000 tons). Designed for granular and pelletized activated carbon, this plant boasts a 99 percent PFOA removal rate, positioning Carbonxt for dominance in PFAS removal and the liquid-phase filtration market—which is twice the size of the air-phase market.
Black Birch Powdered Activated Carbon Facility (Georgia) – Produces 6,000 tons annually (expanding to 10,000 tons), specializing in wood-based powdered activated carbon for industrial applications, including MatsPAC, AquaPAC and CEMPAC product lines.
Arden Hills Pelletization Plant (Minnesota) – Focuses on pelletized wood and lignite carbons, primarily for mercury removal and emissions control. Currently producing 7,500 tons, with key products NAQ-ACP and CTC-ACP.
Management Team
David Mazyck – President, NewCarbon and Director of Technology
Dr. David Mazyck is a world-leading expert on activated carbon (AC) and its applications including mercury capture. He has developed AC products for major multinational AC manufacturers and has regularly consulted them on technical issues. Mazyck is the former chairman of the Activated Carbon Standards Committee for the American Waterworks Association and has developed products for NASA.
He received his PhD in environmental engineering from Penn State University, where he also earned a PhD minor in fuel science.
Matthew Driscoll - Chairman
Matthew Driscoll has significant experience across several industries, including online technologies, financial services, fintech, cleantech, property and resources. He has more than 30 years’ experience in capital markets and the financial services industry and is an accomplished company director in roles across listed and private companies.
He has significant experience in international business growth, mergers and acquisitions, equity and debt raisings and building strategic alliances. His current directorships include NED Energy Technologies, NED Blina Minerals, NED Eco Systems, and NED Smoke Alarms Holdings.
Warren Murphy - Managing Director
Warren Murphy has led a large number of acquisitions and financings across the energy, resources and infrastructure sectors. This includes the development of over 2,000 MW of Greenfields power stations and the acquisition of over 3,000 MW of generation assets.
He was co-head of the Australian Infrastructure & Project Finance Group and Head of Energy at Babcock & Brown based in the Sydney office and led the development of Babcock & Brown’s energy sector capability in Australia and New Zealand, including the founding of Infigen Energy and its unlisted predecessor, Global Wind Partner, where he served as a director from inception until June 2009.
Murphy was also a director of the ASX-listed Alinta and Sydney Gas, as well as the unlisted Coogee Resources.
Imtiaz Kathawalla – Independent Director
Imtiaz Kathawalla was a vice-president at NYSE-listed Cabot Corporation, a global specialty chemical company where he had a 27-year career. Kathawalla's most recent position with Cabot Corporation was as general manager of Cabot's purification solutions division. He ran the group's US$300-million global activated carbon business where he oversaw a material increase in EBITDA before managing the sale of the business to a large private equity group.
Nicholas Andrews – Independent Director
Nicholas Andrews has held the role of executive chairman and CEO at Magontec (ASX:MGL), an established business in the global magnesium sector. He is a member of the executive committee and serves on the board of the International Magnesium Association. Prior to his executive career, Andrews held several senior roles in the financial services sector across both investment management and investment banking.
Purpose-built advanced carbon for healthier communities
Troy Minerals Announces Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC
- Inferred Mineral Resource of 56,945,602 tonnes Inferred at an average grade of 98.91% SiO₂, with very low levels of impurities. Overall analytical sampling results range from 95.82% to 99.82% SiO₂.
- The resource remains open along strike and at depth. Future exploration is expected to further expand the resource base and upgrade portions of the MRE to higher confidence categories.
This maiden MRE, prepared in accordance with NI 43-101 standards, consists of an Inferred Resource of 56,945,602 tonnes of quartzite grading an average of 98.91% SiO₂. The results establish Table Mountain as a significant high-purity silica deposit in British Columbia and mark a major milestone in Troy's development of this critical mineral asset. The resource is comprised of an extensive quartzite (silica) bed of the Ordovician Mount Wilson Formation and remains open for expansion along strike and at depth with further exploration.
"This maiden resource estimate at Table Mountain marks a major milestone for Troy Minerals," stated Yannis Tsitos, President of Troy Minerals. "We are extremely encouraged by the size and quality of this maiden high-purity silica resource, which validates the strategic value of the project. As global demand for high-purity silica continues to grow, establishing a solid resource base is a critical step toward developing Table Mountain into a future production center. We believe this achievement paves the way for the next phase of growth for Troy, and we will continue to advance the project aggressively to unlock its full potential."
Initial MRE Overview
The initial MRE (Table 1) was prepared by Ray GeoConsulting Corporation ("RGC") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and Canadian National Instrument 43-101 ("NI 43-101"). RGC is independent of Troy Minerals Inc.
Figure 1. Location of the Table Mountain High-Purity Silica Project
The following is the current Mineral Resource Estimate as at June 27, 2025 (the "Effective Date").
Table 1. Mineral Resource Estimate (MRE) Summary
Notes:
- CIM (2014) definitions were followed for Mineral Resources.
- Bulk density within the quartzite unit is 2.766 t/m³.
- No recovery, dilution, or other similar mining parameters have been applied. No cutoff grade has been applied.
- Brian Ray, P.Geo. of RGC, an independent Qualified Person who prepared the initial MRE is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and there is no certainty that the Company will be able to convert inferred mineral resources to higher confidence categories, however it is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
- A Technical Report is being prepared to support this resource estimate in accordance with National Instrument 43-101 ("NI 43-101"), and will be available on the Company's website and SEDAR within 45 days of the date of this news release.
Following the completion of this encouraging maiden resource, Troy Minerals is moving swiftly to advance the Table Mountain Project toward development. The Inferred Resource will be incorporated into a forthcoming NI 43-101 Technical Report, and the Company is outlining further work to maximize the project's value.
Next Steps
- NI 43-101 Technical Report: Troy is preparing a detailed Technical Report in accordance with NI 43-101 guidelines to support the new resource estimate. The report - including methodologies, data, and modeling parameters - will be filed on SEDAR within the required 45-day period, providing full disclosure of the resource modeling and assumptions.
- Phase II Exploration Program: Planning is underway for a follow-up sampling campaign as well as a drilling campaign aimed at expanding the resource and upgrading a portion of the Inferred resource to Measured and Indicated categories. The programs will test the continuity of high-grade silica mineralization beyond the currently established zones and at depth, where the deposit remains open.
- Metallurgical Testing & Economic Studies: The Company will initiate comprehensive metallurgical testing (including purity analyses and process trials on bulk samples) to confirm that the Table Mountain silica meets specifications for high-end industrial uses. Subsequent to metallurgical testing, Troy intents to initiate scoping, economic studies.
About the Table Mountain Project
The Table Mountain Silica Project is located approximately 4 kilometres east of Golden, B.C., Canada, with excellent year-round road access and proximity to the Canadian Pacific Railway's Golden rail yard (Figure 2). The property covers roughly 2,304 hectares, encompassing up to 10 kilometres of regionally mapped strike length of the Mount Wilson Formation quartzite, with widths ranging from 300 to 1,400 metres at surface. Table Mountain is strategically situated near two established high-purity silica operations - the Moberly Silica Mine and the Sinova Quartz Quarry - both of which demonstrate silica purity greater than 99.6% SiO₂. This advantageous location highlights the project's potential to become a significant source of high-purity silica in a region known for hosting premium-quality silica deposits.
Figure 2. Property Boundary and Access
Qualified Person
Technical information in this news release has been reviewed and approved by Brian Ray, P.Geo., who is independent of Troy and a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), scandium, vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | President and Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Carbonxt Group Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects