Status: Building
Canido sits between Indonesian nickel producers and Western battery manufacturers—controlling the corridor, not the mine. We source Mixed Hydroxide Precipitate in Indonesia, route through Canadian tolling for USMCA qualification, and deliver compliant nickel sulfate to buyers blocked from Chinese-controlled Indonesian supply. The long-term model pairs trade execution with compliance infrastructure—audited chain-of-custody becomes durable enterprise value beyond commodity margins.
Focus areas
- FEOC & non-FEOC commercial lanes
- Indonesia → Canada → Western supply chain
- Compliance passports on every cargo
- Three-entity corporate structure
- Trade scale → platform economics
Highlights
- Thesis: Western OEMs need a clean, documented, FEOC-compliant nickel pipeline
- Supply chain: Pegasus HPAL → PT Canido Indonesia → Sherritt tolling → PowerCo / Bécancour
- Chinese equity permanently capped below 25% at HoldCo—core to the product
- Lane 1 (FEOC): ~$1,200–1,500/t margin · Lane 2 (Non-FEOC): ~$2,500–3,200/t premium
- Phase 4 ambition: compliance infrastructure with recurring SaaS beyond commodity margins
Corporate structure
A three-entity architecture designed for compliance, capital, and operations across jurisdictions—all under the Canido brand.
- Canido Pte. Ltd. (Singapore) — HoldCo, IP, master offtake, investor vehicle
- PT Canido Indonesia (Jakarta) — OpCo, supplier relationships, RKAB quota, local compliance
- Canido Canada Corp (TSX-V) — Western capital markets and tolling agreements
The compliance layer
Durable value lives in documentation—not trading margin alone. Every cargo receives a compliance passport tracking FEOC status, RKAB quota, pre-shipment assay, carbon intensity, and full chain of custody from mine to buyer—powered in part by Ophanim intelligence.
- Year 1: internal infrastructure on every shipment
- Years 2–3: commercialize documentation as SaaS for operators who cannot build it themselves
- Two years of audited, buyer-verified records creates a defensible data moat
Growth trajectory
Four phases from trade execution to platform economics.
- Phase 1 — Trade (2026–27): 10–15 kt · ~$22–33M revenue
- Phase 2 — Scale (2027–29): 30–40 kt · ~$66–88M
- Phase 3 — Equity (2029–31): 70–90 kt · ~$154–198M
- Phase 4 — Platform (2031–35): 150+ kt · ~$330M+ with SaaS independent of commodity prices
Current focus
Investor-grade planning, corporate architecture, Pegasus MOU, and passport prototype are in place. Converting the Pegasus MOU to a binding term sheet with an explicit FEOC covenant is the single milestone that unlocks the next phase of capital and partnerships.
- Binding supply anchor with FEOC covenant
- Founding team and counsel in Canada and Indonesia
- Trade finance and PT Canido Indonesia registration
- CBP USMCA advance ruling