Green360 Technologies (ASX:GT3) launches MKX Ultra Fine and turns one product into a platform

A 1:1 silica fume replacement opens a premium-priced second market most investors weren’t pricing in

Green360 Technologies (ASX:GT3) has just done something subtle but important. It has stopped being a one-product cement story.

Today the company unveiled MKX Ultra Fine, a second commercial metakaolin product designed as a direct one-for-one replacement for silica fume in high-strength concrete. The University of Melbourne has independently confirmed that MKX UF matches silica fume on 28-day strength across the 60 to 70 MPa mix designs that infrastructure engineers actually specify. It is already being produced at commercial scale and is now in trials with major concrete suppliers.

That gives Green360 two distinct commercial products under one MKX platform. MKX Calcined Clay (formerly known as Eco-Clay) targets fly ash and slag. MKX Ultra Fine targets silica fume, a material that trades at a meaningful premium to Portland cement and underpins bridges, tunnels and high-rise structures.

We have written about this company three times before, most recently as the Calix toll-treatment deal unlocked the path to market. The pitch then was singular. The pitch now is structural.

Why a second product changes the way you should value this business

Until today, the investment case rested entirely on MKX CC replacing fly ash and slag. That is a large market but a commoditised one, with pricing anchored to Portland cement plus a modest green premium.

Silica fume sits in a different price band entirely. It is a specialty input for high-strength concrete and commands a significant premium over Portland cement, which the announcement explicitly notes. If MKX UF lands even modest share in that niche, the blended margin profile of the MKX platform looks materially better than what most of the market has modelled.

The platform framing also matters strategically. Green360 is no longer asking customers to buy one product. It is offering a toolkit that addresses three shrinking supplementary cementitious materials at once.

The supply cliff is now Green360’s most powerful tailwind

Executive Chairman Aaron Banks framed the SCM shortage bluntly in today’s release. Coal-fired power stations are closing, taking fly ash with them. Cleaner steelmaking is reducing slag.

Domestic silicon metal production has fallen, with Simcoa’s furnace troubles a public case in point, and that takes silica fume with it. Concrete producers cannot simply stop using SCMs. They are not optional additives, they are what allows modern concrete to last in bridges, ports and tunnels.

We think this is the part of the story the broader market still underestimates. Green360 is not selling a sustainability narrative. It is selling supply security at a moment when the traditional supply chain is failing.

Execution is now the only variable that matters

The commercial sequence speaks for itself. A binding toll-treatment deal with Calix in March was followed by the first commercial production run in April, then the Holcim MOU for up to 4,800 tonnes per annum in May, and now a second product launched in June.

That is four meaningful milestones in four months for a small-cap industrial. The Holcim agreement still needs to convert from MOU to binding contract, which management expects within the coming month. The Pittong calcining facility study is also due in 2H 2026 and will tell investors whether Green360 stays capital-light via Calix or moves toward owning more of the calcination step itself.

Our concern is straightforward. Green360 has done the hard de-risking work, but the share price now requires conversion. Trials must become orders and MOUs must become contracts.

The Investors Takeaway for Green360 Technologies

Today’s announcement reframes Green360 as a platform business addressing the entire SCM supply cliff, not just the fly ash piece. That is a different and, in our view, more durable thesis than the one investors bought into earlier in the year.

The catalysts from here are well-flagged. A binding Holcim agreement, additional Victorian concrete supplier deals, and the Pittong calcining study should all land over the second half of 2026. Each one tightens the loop between technical validation and revenue conversion.

Investors can read our previous coverage of this name at stocksdownunder, where we set out why we thought GT3 was beginning to unlock its potential. The launch of MKX UF suggests that unlock now has a second key.