Foreword

It’s been a few months since UTR last went to print and several shareholders have reached out looking for an update. The intention behind UTR was to create a medium to share, educate and inform about G50 Corp specifically and the interesting aspects of the markets we are exposed to. Our shareholders hail from all corners of the world including North America, Europe / UK , HK / Singapore, Australia and New Zealand and UTR is a great way to interact with you all. Its format was chosen to stand out in the maelstrom of 24-hour news and corporate arm waving.  We want to have sensible evidence-based conversations with our partners on this journey. Borrowing heavily from the Stoic’s we focus on what WE can control and accept what we cannot.

We see an opportunity in hard rock exploration and mining in the USA that is starting to get its act together. The US oil and gas industry is an instructive example. Alignment between infrastructure, service providers, landowners, Federal and State governments saw the US turn into a net oil exporter in 2020. United by a common need of self-reliance and resiliency in the face of geopolitical tension from overseas oil and gas supply. The US did something about it.

Sound familiar?

In today’s note you will see that the gallium (hardware) market has had the most important validation by the single most disruptive company of the 21^st century. We believe this is the drop mic moment for those still unsure of GaN technology and its place in history. If its good enough for Nvidia, then its good enough for us.

UTR will revert to a quarterly publication. Significant activity on the ground at Golconda in Arizona and White Caps in Nevada has our attention laser like focused. We look forward to sharing the updates with you.

January 10, 49 BC

According to Grok , the point of no return refers to “a critical moment or threshold beyond which a decision or action becomes irreversible, committing one to a particular course with no possibility of turning back “. “Crossing the Rubicon” is a historical reference tied to the concept of a point of no return.

On January 10^th, 49 BC, Julius Caesar led his army across the Rubicon River in northern Italy, an act of defiance against the Roman Senate’s orders. This crossing marked an irreversible commitment to civil war, as it was illegal for a general to bring an army into Italy proper. The phrase now symbolizes a decisive, irrevocable step. Caesar’s crossing was a bold power move, leading to his eventual dictatorship and the end of the Roman Republic. It’s a metaphor for making a choice that commits you to a risky or transformative path and implies high stakes, courage, or rebellion, often with no way to retreat.

May 22, 2025 AD

2,074 year’s after Julius Caesar crossed his point of no return, Nvidia has crossed a modern-day Rubicon of sorts in its search for reliability, efficiency and reduced infrastructure complexity. They announced a formal collaboration with Navitas (NVTS) in establishing a high efficiency, scalable power delivery system for next generation AI workloads.

Nvidia is choosing Navitas to collaborate “on their next-generation 800 V HVDC architecture to support ‘Kyber’ rack-scale systems powering their GPUs, such as Rubin Ultra, enabled by GaNFast™ and GeneSiC™ power technologies. Navitas’ GaN and SiC technologies to be developed to  support NVIDIA’s 800 V HVDC data center power infrastructure for 1 MW IT racks and beyond.

https://navitassemi.com/nvidia-selects-navitas-to-collaborate-on-next-generation-800-v-hvdc-architecture/

Modern AI data centers require gigawatts (GW) of power for the increasing demand for AI computation. Nvidia’s approach is to directly convert the 13.8 kV AC grid power to 800 V HVDC at the data center perimeter using solid state transformers (SST) and industrial-grade rectifiers, eliminating several AC/DC and DC/DC conversion steps, maximizing efficiency and reliability.

We believe this is the final validation the market has been looking for – that gallium nitride as a technology has crossed the Rubicon from being exclusively a Defense technology (radars / targeting etc) and can now be incorporated into wider consumer applications to solve power demand issues for AI / data centre demand. Next steps will be to penetrate the Electric Vehicle market as it evolves over the next decade.

G50 has long pointed to Navitas (and Infineon in Europe) as market leaders in this space. Below we include a slide from a Navitas presentation from 2024 that we have used in our presentations to show the customers and likely penetration for Navitas (including Nvidia). A formal collaboration now is an important milestone for the industry.

As a reminder currently 80-90% of gallium demand is for defense applications. Demand from new applications like AI / Data centres and EV’s are incremental additions to the demand profile of gallium and we suspect will dwarf defense use by 2030. At G50, we believe gallium is the lifeblood of the modern world and projects (source) in strong jurisdictions close to consumers will be vital in meeting the coming need.

The hand the rocks the cradle……..

Research from Aspencore on the potential effect of replacing 10 silicon-based power supplies with 6 GaN based power units. As a reminder this example is for 1 x Tier One Data Centre. There are over 500 in the US alone with similar numbers through Europe, Asia and China. The addressable market is suitably large.