Amaero International Ltd (ASX:3DA) is a global specialist in metal additive manufacturing for the defence, aerospace, and other industrial sectors. The company has provided to shareholders an executive summary from the Frost & Sullivan Feasibility Study for its titanium powder project in Abu Dhabi which concludes that the project is feasible across technical, financial and market parameters, and supports the Chairman’s prior guidance to shareholders. Amaero is progressing an 827-tonne a year titanium powder facility in the United Arab Emirates which it expects to greenlight before the end of this financial year. The newly created UAE enterprise, Amaero Advanced Metals Ltd, will be built within Abu Dhabi’s KEZAD industrial park, with negotiations likely to see Amaero free-carried on rent and fitout costs until the company generates revenue. The Frost & Sullivan report was commissioned in order to advance the project financing with Emirates Development Bank to final approval and a binding term sheet. While Amaero deems the 37-page Frost & Sullivan feasibility report and financial model as proprietary, the company has provided the summary report to shareholders and key stakeholders. The report identified a base case net present value (NPV) terminal project value of US$189.5m (A$283m) and an internal rate of return (IRR) of 32.5% on the US$52.1m capital investment in the project. A best case highlights an NPV of US$317.2m (A$472m). As we highlighted in our April 6 report 'Plan B' brings risk but potentially greater returns, with the green-light for the project slated for the end of June 2023, we conservatively anticipate first production by CY25, powder qualification commencing in CY27 and “at capacity” production in CY28. This derives a base case valuation (based on a 10-year discounted cashflow) of A$528m, $1.26/share on the current share count and $0.66/share fully diluted.