Amaero International Ltd (ASX:3DA) is a global specialist in metal additive manufacturing for the defence, aerospace, and other industrial sectors. Following a strategic review, Amaero has shifted its focus to titanium powder production and has created a new United Arab Emirates-based enterprise, Amaero Advanced Metals Ltd, to build an 827-tonne a year titanium powder operation within Abu Dhabi’s KEZAD industrial park. The nuances of the focus have shifted since the company first announced plans to concentrate on the UAE and titanium powder operations but “Plan B” allows Amaero shareholders to retain 100% ownership of the project which has been scaled back to focus on the opportunity with the greatest economic return. The previous plan had been to JV a much larger metal powders project which included a commercialisation centre and large format 3D printing operation. The company completed a fully-underwritten $10.5m entitlements issue in December 2022 giving it $13.2m in cash at the end of CY23 and estimates at the end of March 31 it had $11.6m cash on hand. Amaero has publicly stated (investor call 4 April 2023) with a monthly cash burn of ~$0.8-$1.0m, it believes it has sufficient funds for the remainder of CY23 and into early CY24. We have extensively reworked our model to incorporate the new project which delivers a base case valuation of $528m, $1.26/share on the current share count and $0.66/share fully diluted for anticipated strategic placements and debt to fund the operations. Amaero expects to greenlight construction of the titanium powder facility by the end of June 2023. First production is estimated for H1 FY25 with powder qualification achieved in H1 FY27 and “at capacity” production in H1 FY28.