Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA. Amaero has announced it has entered into a Master Purchasing Agreement that includes a purchase order for titanium (Ti) powders with a value of A$7.8m (US$5.5m). Amaero says the agreement includes a minimum commitment for $7.8m and reflects equal quarterly shipments from July 2026 to July 2027. The customer is a private equity-backed manufacturing and advanced materials business. The company also announced recently that it remains on track to proceed with the scheme implementation to re-domicile to the United States, with the Scheme Booklet due to be dispatched by early May and the Share Scheme meeting of shareholders and option holders scheduled for early June. The company anticipates that its replacement Chess Depository Interests (CDIs) will commence trading by late June 2026. Amaero’s decision to re-domicile to the US is designed to position the company in a deeper and larger market for continuing growth in the defence industrial base and re-shoring of sovereign manufacturing and supply chain, to provide access to a broader US investor pool, to improve access to lower-cost US debt and equity capital markets, and to position it for a potential initial public offering and listing in the US in late CY2026 or early CY2027. Our DCF valuation remains unchanged at $0.72/share. This represents potential capital upside of 136% on the current share price. A -/+15% sensitivity analysis gives us a valuation range of $0.42-$0.93/share (unchanged).