Here are 1-2 brief analogies for Aduro Clean Technologies (ADUR):

• An Intel for industrial chemical recycling technology.
• A Moderna for waste plastics and heavy oil transformation.

• Hydrochemolytic™ Plastics Upcycling Technology Licensing: A licensing service for Aduro's proprietary technology that transforms plastic waste into higher-value chemical feedstocks and fuels.
• Hydrochemolytic™ Bitumen Upgrading Technology Licensing: A licensing service for Aduro's proprietary technology that upgrades lower-value bitumen into useful, higher-value chemical feedstocks and fuels.
• Hydrochemolytic™ Renewables Upgrading Technology Licensing: A licensing service for Aduro's proprietary technology that upgrades renewable oils into higher-value chemical feedstocks and fuels.
• Technology Evaluation and Demonstration Services: Engagements with prospective customers and partners to provide detailed reports on the technology's performance, key parameters, and economic, operational, and environmental considerations.

• Aduro's future business model is based principally on licensing, royalties, and research and development, which indicates that when commercialized, it will primarily sell to other companies.
• The company's technology platform has not yet been tested in a commercial setting.
• Aduro is currently engaging with "prospective customers" and "potential partners" through technology evaluation projects and its "Customer Engagement Program" to guide development and build relationships.
• While these engagements have been successful for technology evaluation, Aduro currently does not have any definitive partnership agreements in place.

Ofer Vicus, Co-Founder & Chief Executive Officer

Ofer Vicus is the Co-Founder and Chief Executive Officer of Aduro Clean Technologies, Inc., a role he has held since its launch in November 2011 (formerly Aduro Energy, Inc.). He also founded Aduro Clean Technologies, Inc. in 2018. Mr. Vicus has over 20 years of experience in developing and marketing innovative technologies and processes. His previous leadership positions include Vice President of Business Development at Spectronix Ltd., Vice President of Marketing at Qualion Ltd., Vice President of Business Development at CuraPipe Systems Ltd., and Head of Business Development at Terayon Corp.. He holds a Bachelor of Engineering in Industrial Engineering from Sunderland University and an Executive MBA from Tel-Aviv University.

Mena Beshay, Chief Financial Officer

Mena Beshay was appointed Chief Financial Officer of Aduro Clean Technologies in May 2022. He brings over 20 years of experience in senior financial leadership, encompassing financial stewardship, strategic planning, mergers and acquisitions, debt, and equity financing, and has led operational and financial turnarounds. Prior to Aduro, Mr. Beshay served as Chief Financial Officer and Global Head of Corporate Development at CloudMD, a TSX-V listed company. His experience also includes senior finance, audit, and compliance roles at Enercare (which was acquired by Brookfield Infrastructure), Domtar, and Deloitte. He is a Chartered Professional Accountant and a graduate of McGill University. Mr. Beshay has also demonstrated conviction in the company by deploying personal capital to increase his direct ownership of company shares.

Marc Trygstad, Co-Founder & Principal Scientist

Marc Trygstad is a Co-Founder and the Principal Scientist of Aduro Clean Technologies, as well as a co-inventor of the company's Hydrochemolytic™ Technology. With over 30 years of experience, he has been instrumental in developing and applying advanced strategies for monitoring, controlling, and optimizing industrial processes in various sectors, including refining, petrochemical, pharmaceutical, and specialty chemical industries. Mr. Trygstad is a principal author on multiple patents covering innovations in resource recovery, oil upgrading, and process control. His background includes roles at companies such as Yokogawa, SpectrraSensors, Invensys Operations Management, ABB Inc., and Emerson.

David Weizenbach, Chief Operating Officer

David Weizenbach was appointed Chief Operating Officer of Aduro Clean Technologies, effective July 1, 2025. He possesses over 30 years of experience in engineering leadership, operations, and industrial technology integration, including 25 years spent at NOVA Chemicals. His expertise covers process automation, safety systems, capital project delivery, and operational governance across heavy industrial environments. Before joining Aduro, Mr. Weizenbach ran an independent consulting practice, providing strategic technical guidance to industrial clients.

Arturo Gomez, Vice President of Engineering

Arturo Gomez was appointed Vice President of Engineering in January 2025. He brings over 20 years of expertise in process engineering and chemical process design, with a demonstrated history of leading teams through the successful transition of technologies from laboratory and pilot phases to commercial-scale operations. Dr. Gomez has held senior engineering roles at prominent organizations such as MilliporeSigma (a Merck KGaA), Lanxess, and Bartek Ingredients. He holds a Ph.D. in Chemical and Petroleum Engineering from the University of Calgary and is a licensed Professional Engineer (P.Eng.).

The key risks for Aduro Clean Technologies (ADUR) are primarily centered around the successful commercialization and scalability of its unproven technology, the associated financial challenges, and the complexities of market adoption and competition within a rapidly evolving industry.

1. Technology Commercialization and Scalability: Aduro Clean Technologies is an early-stage company whose Hydrochemolytic™ Technology platform has not yet been tested in a commercial setting. The company faces significant challenges in scaling up its technology to a commercial process for its plastic and bitumen applications, and it does not have a definitive timeline for this. There is a risk that the technology may not perform as expected under real-world conditions, and the company must overcome common challenges in upscaling chemical processes, including those related to mass- and heat transfer, equipment design, and handling of contaminated and difficult feedstocks like plastic waste and bitumen.
2. Funding and Financial Viability: The company has incurred recurring losses since its inception, indicating that it is not yet profitable. Commercializing its technology platform requires a substantial investment to scale it up to a commercial scale, and securing this funding may prove difficult.
3. Market Adoption and Competition: Aduro's technology is described as a "new and different concept" from existing approaches in the industry, which could present challenges in market acceptance and integration. Furthermore, the rapid advancements in chemical recycling technology mean that new, more efficient technologies could emerge, potentially rendering parts of Aduro's platform less competitive. The industry also has a significant amount of unsettled regulation and many different approaches and strategies, adding to the uncertainty of market penetration and sustained demand.

Rapid advancements in chemical recycling technology may result in new, more efficient technologies emerging, potentially rendering parts of Aduro's technology platform as less efficient.

Aduro Clean Technologies (ADUR) focuses on three main technologies, each addressing a distinct addressable market:

• Hydrochemolytic™ Plastics Upcycling: The addressable market for upgrading waste plastics is estimated by Aduro Clean Technologies to be approximately $30 billion annually, globally. The global chemical recycling of plastics market was valued at an estimated USD 14.82 billion in 2023 and is projected to reach USD 26.88 billion by 2030. Other estimates place the global chemical recycling of plastics market at USD 17.62 billion in 2025, with a projection to reach around USD 47.60 billion by 2035.
• Hydrochemolytic™ Bitumen Upgrading: Null
• Hydrochemolytic™ Renewables Upgrading: The global market for the biofuels produced by this technology is expected to grow from $136.2 billion in 2019 to $153.8 billion by 2024. Additionally, the specialty chemicals that can be produced through this technology have a global market worth more than $11 billion annually.

Aduro Clean Technologies (ADUR) is poised for significant future revenue growth over the next 2-3 years, driven by several key initiatives centered around the commercialization and broader adoption of its Hydrochemolytic™ Technology platform.

1. Commercialization and Licensing of Hydrochemolytic™ Technology: A primary driver of future revenue growth will be the successful transition from pilot and demonstration phases to commercial-scale operations for its Hydrochemolytic™ Plastics Upcycling, Hydrochemolytic™ Bitumen Upgrading, and Hydrochemolytic™ Renewables Upgrading technologies. The company is actively scaling its Next Generation Process (NGP) Pilot Plant and developing a First-of-a-Kind (FOAK) Industrial Plant, with Chemelot Industrial Park in the Netherlands selected as the site for the latter. The business model is principally based on licensing, royalties, and research and development, which will materialize as the technology proves commercially viable and is adopted by partners.

2. Strategic Partnerships and Offtake Agreements: Securing definitive commercial partnerships and long-term offtake agreements for the products derived from its Hydrochemolytic™ oil is critical. Aduro has already signed a non-binding Letter of Intent (LOI) with a prominent international commodities trading company to evaluate and qualify Hydrochemolytic™ oil for future offtake, including a committed purchase for the initial production parcel from its planned FOAK Industrial Plant. These agreements represent a direct path to significant revenue streams as production scales.

3. Expansion into New Geographic Markets: The company is actively pursuing opportunities in new geographical territories, supported by evolving regulatory landscapes that favor circular economy initiatives. Regulatory tailwinds and collaborations in regions such as Europe and Mexico, exemplified by Mexico's new "General Circular Economy Law," are expanding the addressable market for Aduro's advanced plastics recycling technology.

4. Successful Demonstration Projects and Customer Engagements: While current revenue from customer engagement programs for technology evaluation is non-recurring, successful completion of these demonstration projects is vital. Positive outcomes will validate the Hydrochemolytic™ platform at scale, converting prospective customers into definitive commercial partners and licensees, which will then generate recurring licensing and royalty revenue. Management anticipates that successful pilot data could unlock licensing milestones or partnership activity from major industry players.

Share Issuance

• Aduro Clean Technologies closed an underwritten U.S. public offering in December 2025, raising approximately US$20 million gross through the sale of 1,739,130 common shares with accompanying warrants.
• The company closed a U.S. public offering in November 2024, which generated approximately US$4.00 million gross from the sale of 941,177 common shares, supplemented by an additional US$0.52 million from over-allotment options exercised in December 2024, totaling approximately US$4.52 million.
• Subsequent to May 31, 2024, Aduro received approximately $3.5 million in gross proceeds from a non-brokered private placement and approximately $2.0 million from the exercise of options and warrants.

Inbound Investments

• Aduro was accepted into the Shell Gamechanger program in November 2022, which provides non-dilutive funding and technical expertise.
• In September 2024, Aduro entered a research and development (R&D) collaboration phase with TotalEnergies following positive preliminary technical evaluations.
• The company maintains a "Customer Engagement Program" through which six multi-billion valuation companies, including Shell, test Aduro's technology, generating non-recurring revenue.

Capital Expenditures

• Property, plant, and equipment carrying costs increased by approximately $1.0 million in fiscal year 2024 (ended May 31, 2024), driven by investments in research equipment and the completion of expanded laboratory and office facilities.
• In fiscal year 2025 (ended May 31, 2025), the carrying costs for property, plant, and equipment rose by approximately $1.0 million for research equipment and laboratory facilities.
• Capital work in progress for the construction of the Next Generation Process (NGP) Pilot Plant contributed to a $1.6 million increase in property, plant, and equipment carrying costs during Q1 fiscal year 2026 (ended August 31, 2025). Proceeds from public offerings in late 2024 and late 2025 are primarily designated for the construction of a Demonstration-Scale Plant and the Next Generation Process unit, alongside ongoing research and development.