Good morning, ladies and gentlemen, and welcome to the ATOME Plc investor presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish our responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, as usual, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to the executive management team from ATOME Plc. Peter, good morning, sir. Good morning, welcome to everyone who's on this call to our ATOME Investor Meet. We really do appreciate your time and particularly welcome to our shareholders, our new shareholders, our existing shareholders. A particular shout-out to our strategic shareholders who joined us on this placing which we've just done, and they include, of course, Casale, our EPC contractor, a very important partner for us going forward, not just in Villeta but in future projects. Of course also Baker Hughes, an existing shareholder who further enhanced their shareholding in the placing that's just taken place. To all of you who have come into the placing and to all existing shareholders who've shown faith in us, we thank you, and we appreciate your time and your support. If we can now start the presentation, I apologize for not being with you during the full presentation, but I'll start it off and then introduce my colleagues. Where do we start? Well, we start with a summary, really. The Villeta Project, as you may know, is a $665 million project, and we've now effectively completed the finance. This is what we've been working for since we started ATOME at the end of 2021, and it's now come to fruition, and now the real work starts with building. It's a 260,000 ton project. It's the first of its kind. It's a world leader in what we do, and we're projecting very significant EBITDA returns. In relation to our corporate development, ATOME is to invest $31 million into new shares in this project. That's in addition to our carried interest of $60 million, and we did that because we felt it was a really good opportunity to do it. We want to have a meaningful stake in our project, and we now have, and that will be explained to you by my colleague, Olivier, our CEO. We effected the placing with the benefits of some back costs as well, which we got as part of the deal. It's $5.8 million of back costs. We raised GBP 25.6 million, of which Casale, as you are aware, came in for GBP 17 million of that, and directors and management came in for a significant sterling value of well over GBP 3 million to add to the existing management's significant holding. We have a scalable pipeline. We are not a one-trick pony. ATOME has got the very exciting Villeta Project, which is groundbreaking, but that will act as a catalyst and is already doing so for future work with a significant pipeline, both in our fertiliser, our green hydrogen/green ammonia projects, as well as importantly, our ATOME POWER project, which is going to look at delivering power in the right places for the right clients. This is a very significant moment in the history of ATOME. We've now completed the finance of it, of the first project. We're now gonna build it out on time, on budget. We are the operators of this, and we are managing it under a management contract extending to 15 years. With no further ado, I want to introduce my two colleagues, Olivier Mussat, our CEO, sorry, and Nikita Levine, our Head of Business Development. Over to you. Thank you very much. No, thank you, Peter. I think we can indeed not understate the excitement of where we are today, which is having proven that, you know, ATOME can deliver first-of-their-kind projects and finance them and bring the right type of partners in. I think if we go, I think to the next slides, obviously it's, you know, it's never been as important as today, right? It's an opportunity we identified nearly four years ago, and the coming, let's say, disruption of the fertiliser market. What we are seeing today is actually the problem that we face is that we have, we are highly dependent on a few number of places, namely, you know, around Russia, around the Middle East, you know, some of it in the U.S. as well. In Latin America alone, half of the fertiliser supply in Mercosur comes from behind the Strait of Hormuz. We actually, you know, at the right place at the right time, which is in the heart of the markets at a time where the markets are the most disrupted and the supply on the security of supply of fertiliser to ensure that we put food on our table has, you know, it has never been as important as today to ensure that indeed, you know, some of these places can actually have reliable access to fertiliser. If we go to the next slide. The way that we do it, as you will remember, is, you know, we are a proposal that doesn't rely on or bank on subsidies. We are competing head- on, and we are lowest cost to market, because what we have proven is that, you know, in the right places, in the right environment, you can actually produce fertiliser and of course, low carbon fertiliser, cheaper than what it costs to import them, right? I mean, over here in this particular slide, what we show is that we have over 100% cost advantage versus the imports. Obviously it's largely due, number one, that, you know, we have fixed the price of the input. In our case, obviously it's renewable power. Also, and this is what you see in the gray and the black, that our OpEx and our logistic cost is significantly lower, right, than the competing. What we are able to do here is put together bankable projects, get them financed, get them de-risked, and supply them long-term to the market because we have low- cost input price of power, which makes sure that we can produce it at a low cost. We have a huge market on the right. Obviously, Yara is a long-term offtaker that can ensure that we will always find a market for our products as we are the lowest cost. If we go to the next slide. Obviously, it's all about having the right management team with the right incentive, right? All of us collectively have worked on billions of dollars of projects and financing them, developing them, selling them as well. Also worked across the fertiliser value chain, across the technology value chain, you know, in the countries that we operate. This is a management team, which also is incredibly incentivized, because that's a management team that has participated in every single fundraise at the prevailing share price, as have all of the public shareholders. We see it as absolutely key to be aligned as a group, as a company among shareholders. We can do the next slide, please. The project overview itself, I mean, obviously you've just seen the video that we had put together with Casale. It really shows you about how do we go at the end of the day about developing projects, right? You go and you look at it exactly like you would an infrastructure project. It's all about de-risking, right? De-risking to have long-term supply of power with ANDE as a partner, buying the land, doing all of the environmental social impact assessments necessary, ensuring that you have, obviously the operating licenses so that you can start building the project. While obviously doing all of the technical side, we have also the extra support of the Paraguayan government who have provided a Free-Trade Zone. On the contractual side, we've mentioned that before. You know, Casale is obviously a partner and has been a partner for a couple of years now in putting together a fixed EPC contract in a lump sum turnkey, which de-risks the project, and provides us guarantee of costs and guarantee of time of supply. They have also become a shareholder, as Peter mentioned, which again continues to further the alignment between ourselves to ensure that the project is successful. Obviously also a long-term offtake with Yara International. Yara being the equivalent of Shell in the fertiliser world. With a long-term take or pay for 100% of our capacity. That's a minimum of 10 years of supply with a highly structured offtake which provides us some downside protection, you know, as well as the premium sharing on the upside. What we had announced last Friday is that we have now closed the financing which allows us to declare obviously the FID of the project itself, where we have done the debt. We closed the debt, and we'll talk about it a bit later. Obviously closed the equity as we put together the group. The next steps for us obviously it will be to start the early site works, which means, you know, we're gonna clear the site, start the piling so that then we can start the construction of the plant itself. Casale has already started the detailed engineering and all of those to be in first production by the end of 2029 so that we can start then producing at full speed 260,000 tons of low carbon Calcium Ammonium Nitrate, which is going to displace the equivalent of 500,000 tons of CO2 per year. This is one of the reasons that Sustainable Fitch has given us and the project and the financing of project an excellent rating, as far as its impact both on low carbon, but as well as its ability to really transform the way that fertiliser projects can be developed. The project itself, we mentioned just about a month ago that we had closed the senior debt with concessional financing with IDB Invest, with IFC, which is the World Bank's private investment arm, the European Investment Bank, FMO, the Dutch development bank, and the Green Climate Fund, which is one of the UN funds. On the equity side, we have Hy24, the largest low carbon hydrogen fund in the world. That's about EUR 2 billion in management, as well as IFDK, the Danish government authority, DEG, the German Development Bank. IFC again, as well as Sudameris, which is the second-largest financial institution in Paraguay. You really see an alignment, across obviously, you know, money, policy, and as well as investors in the country itself, because it is indeed a project of large impact and national importance. What we have obviously announced as well is our raise, which will allow us to increase our participation, into the project itself, because of course it's a project that we know well, that we will continue, to operate after having developed it and having been provided, about $60 million worth of common share as part of our carry. Obviously, we are coming alongside the equity consortium to take a larger stake of a project that we know well and that we know is very profitable. Next slide, please. When I mentioned about the profitability about it, we now remember I've talked a lot about risk and having de-risked the project to make sure that we have the least amount of risks, the most amount of certainty when it comes to cash flows. On the right you see basically on a 100% project side the management base case, which is looking at about $510 a ton of CAN in our markets, you would be looking at revenue at around $129 million in using our management case. Apologies. An EBITDA of about $84 million. If we were to take today's prices, actually, you know, this, where obviously are a little bit higher, not as high as they were back in 2022 during the second Ukraine war, you would be which would have given us about $160 million of revenue and about $112 million of EBITDA. ATOME itself, obviously, as you will remember, the strategy of ATOME is we are the developer at the Plc level, and we put together projects that we put within an SPV, a single purpose vehicle, where we bring investors and lenders. ATOME Plc obviously manages these projects and has basically cost allocation where it provides us revenue through a management service agreement of around $2.8 million per year as the project is constructed so that Plc can continue delivering value, delivering the project. Clearly for us, the priority is to make sure that Villeta is on the rails and is on the rail to be successfully completed and in production by the end of 2029. Next slide, please. It was obviously all about partnerships, right? As we de-risk projects, as we put the best sponsors, the best engineers, the best financiers and the best basically partners all around into ensuring that the project is a success. As we mentioned, right, it's a first-of-a-kind project. It's not the first green fertiliser project in the world. Actually, a hundred years ago, Casale used to make green ammonia from renewable energy, and Yara used to make low-carbon fertiliser as well. But to do it on an industrial scale, this is indeed a first of a kind which needs extremely strong partners that can follow us, obviously be partner with us on this asset, but can follow us on the next generation of assets as well. It is actually key that to have these partnerships put together, to be able to continue to grow, as we look at obviously unlocking further, the low-carbon fertiliser opportunity. When we go to the need for low-carbon fertiliser, I think the first slide really talks about the fact that half of the world today is being fed by chemical fertilisers. You know, obviously we have population growth, we have an environmental cost attached to it, which is, you know, these chemical fertilisers are made from hydrocarbons. The carbon footprint represents not only more carbon than both shipping and aviation combined, but also it means that we are highly dependent, you know, on places where you have very cheap hydrocarbons. Obviously we need to do more with less as we need more food. There's an entire thesis, an entire change going on today in the fertiliser industry, which I will pass on to Nikita now. Thank you, Olivier, and good afternoon, everyone. That's really putting, as Olivier outlined, our Villeta Project, which we have just achieved FID on into the wider context of the market. What we see is great support and momentum for our product and the type of projects that we are looking to develop across the food and agriculture sector. Because we must realize that the products we buy on the supermarket shelves, up to 50% of emissions of those products come from the production and use of fertiliser. You see that a lot of the major and largest consumer goods companies today have already set out targets on Scope 3 reduction and net zero. They're not just looking to also green their supply chain and provide more sustainable products in their value chains, but also looking to secure supply because of the current market because of the current situations and the dynamics. It's important to have a secure supply of stable fertiliser into those producing regions, key producing food baskets in the world. Whether it's a loaf of bread or coffee, significant amounts of emissions come from that fertiliser. However, if we look at the final price of the end product, the employment of low-carbon fertiliser only contributes to a small or not a very material amount. Therefore, these consumer goods companies are looking further upstream than ever before, and this is what we call the pull effect. They are pulling the market into producing and needing demand for this type of product. At the same time, we do see the tailwinds from the regulatory aspects from other policymakers as well. For instance, CBAM was recently introduced at the very start of this year, which taxes imports of fertiliser and a few other products into the EU according to their carbon intensity. There is really a shift and there really is a momentum to seek out sources of low-carbon fertiliser, and ATOME is in a prime position to do so as a first mover of low-carbon fertiliser at industrial scale. A bit about our low-carbon product itself. Green Calcium Ammonium Nitrate from Villeta. On top of the fact that it is made from 100% renewable base load power, CAN itself also has superior agronomic properties. It's a nitrate fertiliser, meaning it delivers nitrogen to the plant, to the crop more efficiently than urea, for instance. More importantly is the strategic location that we're in. We're really in the heart of the world's largest fertiliser import market. Latin America has a demand of 30 million tons a year. Over 95% of that is imported, and where Villeta is located is within very short distance from the key crop segments, and key industries, whether it's maize, coffee, potato or barley. They can be accessed either by truck or by barge thereafter. Of course, with our offtake and marketing partner in Yara, we are best positioned to tap into those segments. Not only providing our fertiliser physically at competitive prices, aiming at cost parity with traditional fossil fuel-based fertilisers that are imported, but also having access into the global green markets as we are making a sustainable product and having a positive environmental impact from the production and use of our product. The process slide we touched on earlier. Into the project pipeline section, I will continue. What we're very excited about is actually what Villeta brings us, which we believe will act as a springboard into our next projects. Villeta has been a proof of concept. Proof of concept that, as a team, as a company, we are able to originate projects, take them through the FEED stages, through financing, and be able to take them to the point of final investment decision, whereby we then start construction. Throughout that process, for this first project, we have developed built capabilities across power, PPA structuring, right sizing, across engineering together with our EPC contractor, offtake with Yara and understanding the right product for the right market, as well as actually executing this first-of-a-kind project finance. Through the development of these, we have really created precedents unique to us that we can leverage into the acceleration of our pipeline and other global prospects which we currently have. As Olivier mentioned, each project will be developed on its own SPV basis. ATOME will support and provide the early stage development of such and retain, of course, interest in each of those SPVs as they all grow in their own respect. This is just an example of some of the opportunities that we see and that are coming our way. Again, this is just an illustrative map of the global prospects. I suppose one of the benefits of being a public company is now in the market, people can actually see the progress. For business development, it is very good and we see a lot of opportunities, 25 projects, at least, that we're currently evaluating to take on into the next stage of our development, which equates up to 9 GW. That is 75x Villeta, essentially. Of course, the bandwidth is not there to develop 75xVilleta. But we are looking at the ones which we can deliver the quickest, where we can add value to the most, and where we can, to an extent, copy and paste the lessons learned at Villeta into those projects. Because no two projects are of course the same. Again, the precedents that were mentioned in terms of the engineering, the power and the offtake, those are all key to being able to accelerate projects two and projects three and beyond. Thereby both saving cost and saving time and bringing ultimately income quicker and accumulating income into the Plc as it owns each of those SPVs. Again, two examples of those is projects that we've announced previously already. Which is Yguazu, which is twice the size of Villeta. The next stage there is to enter into the PPA and complete go into the FEED stage of that particular project. Similar in Costa Rica, which is at an early feasibility stage, which caters to the Central American market. Separately, as mentioned before, in 2025, so last year, we announced ATOME POWER as a standalone renewable power and battery tech infrastructure division. This was again borne out of the fact that through developing Villeta, we really understood there is an opportunity to develop solar and to develop battery in Paraguay and in the region, but ultimately to diversify the region's energy matrix. A lot of which is currently reliant on hydro. There is demand, significant demand for more capacity. Twofold, both for industrialization of certain economies in the region. Of course a lot of demand from data centers and other data intensive technologies and users that are coming into that particular region at the same time. Concurrently, we see that it is very much a complementary business to ATOME's fertiliser and chemical side, because as ATOME grows and as ATOME looks at developing green fertiliser projects elsewhere, there is a possibility, of course, of also co-locating additional solar and battery tech in those projects, thereby with the aim of lowering the ultimate. Overall levelized cost of electricity, which, again, renewable power is 70% of the cost of production. Wherever we can optimize that, lower that will of course make each project more bankable, more financially robust. Just last point on ATOME POWER, of course, is that with solar and batteries, the cost coming down on the cost curve, and the maturity of the technology itself, we do see that it can be developed quite quickly. With our first project in Paraguay, we will be doing, which is up to 400 MW renewable solar and battery storage project, which we have an option on the land for as well, and those initial DD studies being done. We do believe that we can get that online fairly quickly, and a further update on that will be given in due course. Olivier, back to you. No, I think on the, obviously, the next steps, right? I've been enjoying reading some of the questions at the moment. We'll answer them later. Clearly, you know, the summary is, you know, let's not underestimate the fact that we have been able to raise financing, which is worth about 15 times our current market cap for our first project. And this is really, you know, the, let's call it. It's not the destination, right? Actually, this is the beginning. We have shown that you can develop green fertiliser, low carbon fertiliser project, make them bankable, bring them to FID to the point that they are fully financed, fully engineered, fully ready to build, and that the only way between basically revenue and today is just through execution with a partner like Casale. Of course, from an operational point of view, we will be there. The important thing also is to show that these projects can bring early cash flow to Plc to ensure that the costs that we will have to run the projects are going to be fairly covered, which means obviously freeing resources for growing the team to go after the next generation of projects and delivering this pipeline. As you heard from Nikita, clearly there's been a lot of interest, people coming to us wondering how we have been able to do it and trying to get us to obviously look at their project and to partner, right? Whether it's on the equity side, or just on specific projects in specific regions. Clearly, you know, for us it's one, delivering Villeta, you know, making sure it's totally on the rail. Two, you know, taking advantage of that four-year head start we have on anybody else and leveraging these Tier 1 partnerships that we have put together because obviously, it takes a while, you know, to get the trust from somebody like Yara or from IFC or from Hy24 and IDB and so on, right? That gives us a real advantage that we will basically use to leverage and to grow as a company. I think from that particular point of view, you know, we really want to go back to this, you know, it's a world first. It's real. It's not theoretical, right? We have done it. We have reached FID. This was a promise that we made to all our shareholders. You know, this is not a policy story, right? It's commercially viable. We also explained that, you know, it's about food security. This is not about green ideology, right? We always say that the green side is the cherry on top that brings extra value. We are able to be competing head on with all of the imported fertilisers, assuming they can make it into our region, because at the moment, a lot of it is stuck behind the Strait of Hormuz. Indeed, you know, Villeta is the blueprint, right? It's not the one-off. It's replicable. Obviously there is a little bit of a moat because of these partnerships, because of these contractual agreements that we have put together and that are our own. We are incredibly excited. You know, it's a moment for us to celebrate, you know, for another day maybe. Actually now it's all about execution. We want to thank you again, as Peter has expressed early on, you know, for the shareholders who have been here from early on, who have believed in us. You know, our aim now is to continue delivering and obviously, you know, getting new shareholders in as well as we intend to grow. With that said, I'm happy to pass on to the Q&A. Perfect. Guys, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can all be accessed via your investor dashboard. Guys, we have received a number of questions throughout your presentation this morning. Thank you to all of those on the call for taking the time to submit their questions. At this stage, guys, if I may just hand back to you to read out those questions and give your responses where it's appropriate to do so. If I pick up from you at the end, that'd be great. Thank you. No, thank you very much. I think I'll go, I'm realistic that we only have so much time. Also there's been a number of questions submitted, you know, which are talking about numbers. On those, I think we would definitely ask you to look on our website where we have our brokers and our analysts who have submitted their analysis and their view of what is the value and what are the numbers that are made that are basically net to Plc and the impact on the shares. I will start with the first one, which is, what is ATOME's strategy for electrolyzers de-risking, and is it part of Casale EPC? What we have discussed from day one is that we don't want to take technology risk. This is, you know, we are able, because we have baseload power, to use alkaline electrolyzers, which have been in operations for over 100 years. There is nothing inherently new about that technology. What we have done is we have gone obviously far and wide. We have tested and discussed with all of the Tier 1 alkaline suppliers. And once we had made, let's say, a shortlist, we had a discussion with Casale about working together and ensuring that we were happy with the choice of electrolyzers. Of course, you know, it is part of Casale's EPC. You know, they provide a fully wrapped EPC. What we have done as well is negotiated long-term service agreement with the electrolyzer supplier to ensure that beyond the first couple of years of automatic warranties that you have under an EPC contract, we have full visibility of service, of reliability, of those electrolyzers. You know, to give you a sense of what entails going through raising $600 million+, we've had a number of external consultants such as DNV for the lenders, who have looked at all of the technology that is being used and all of the suppliers that are part of the project, you know, including one of our shareholders, Baker Hughes, to ensure that it was, one, fit for purpose, and two, had the right amount of risk and risk mitigation to ensure that this was project financeable. I think for next question, it's about, okay, any movement on other projects like Yguazu or Costa Rica? I mean, you heard from Nikita. Clearly, our priority to date has been to ensure that we were going to deliver Villeta, because it is the proof of concept. It is the one that underpins the entire business. The focus for the management in the short term, obviously, you know, ensuring that Villeta is delivered. Of course, in the medium term and in the longer term is looking at all of these opportunities and being more proactive about them, including expanding the team to ensure that we can obviously deliver the growth that we expect to have as a company. I think. Expect more news later. Yes, I mean, we are not taking our eye off the ball. We are going to be looking at expansion. As far as, you know, when will the planned construction commence, complete, delay or hiccups, what's the plan in place to avoid it? Of course, as we mentioned, right, you only get to a full FID and a project finance project, when you have done all of that specific de-risking. As I mentioned before, over the next couple of months, we are going to start land clearing. The intention obviously is that the project will be delivered within about 38 months and in production. We have a plan with Casale, of course. You know, they have given us and themselves, you know, very strict timelines to deliver the project. We will say, of course, that Casale, this is not their first rodeo, right? They've built a number of plants globally, so they have a good sense of what it takes to deliver plants. Obviously, we talked earlier about permitting, right? All of the permitting to do construction is already in place, and it's one of these things where we've seen other projects around the world, I mean, any infra projects which sometimes fail on permitting. We really wanted to get ahead of any potential problems or hiccups, and that it will be taken care of. Of course, you know, there is also, even though we have fixed lump sum turnkey price, we also have buffer. I say we have raised contingency money so that if there were any delays, there is a financial plan in place and ready to go, so that we can comfortably complete the construction of the project. There's the question of how is the CAN price estimated? Is this the offtake price by Yara? As we mentioned, it's a structured offtake. It's not a fixed price offtake. But it's basically the market price that we have. Remember, we're sitting in the heart of Mercosur, and by the time fertiliser gets into Mato Grosso do Sul, which is Western, Southwest Brazil, Northern Argentina or Paraguay, you have a huge amount of logistical costs attached to it. This is really where our project shines, right? We're in the middle of a market which is, basically nearly 100 times our size, right? 260,000 tons per year in a 30 million ton nitrogen market in Mercosur gives you a sense of the scale and of the price that you can see in different places. For us, it was all about finding these places where you have, let's say, some of the highest fertiliser premium, and also the places where you have some of the best, customers that you can have. Another question: What is the moat of ATOME? Where is the IP? What will stop other companies coming into the market? I think indeed, you know, because we are public, as Nikita mentioned, we have a certain visibility, but also it brings us a credibility that nobody else has. Going through FID is also one of those. We've seen many projects being discussed, and who started much earlier, let's say, with very strong private equity backers, and they have either disappeared, or are not going anywhere. Some of them are talking to us. Our moat, I think it obviously all starts with the fact that we have put the right team together because it all starts with people. When we look at other opportunities, you know, whether it's in obviously still in Paraguay or in Costa Rica or Brazil or anywhere else, it's also about people there and choosing the people who have the expertise to deliver, and the credibility. I think our moat, of course, is from a contractual point of view, we have done something which is very unique. From a partnership point of view, again, right, extremely unique, whether it's with Casale or with Yara or, even our finance partners, right? Going through seven development financial institutions KYC is not exactly a small feat. This is really, you know, where, you know, all of these combinations that creates a natural moat, right? We basically have a head start. We were the first, and we will continue to be the first. A question is about how Casale has implementing all of the processing stages used for Villeta. Casale, obviously it's over a century-old company, right? They've got a number of nitric acid plant, you know. They've done ammonia plants in the hundreds and so on. None of the stages in there are new tech, right? If anything, that it's a relatively small fertiliser plant, right? Your standard fertiliser plant from hydrocarbons is over 2 million tons a year at the moment. There is nothing unique in what we do. The only unique part is the fact that we have 110 MW of electrolyzers at the beginning of the system. Guess what? You know, in China today, you have systems of over 500 MW of electrolyzers. There is nothing technologically unique, but it's putting it together in the way we have, which is unique, right? It's basically the right size, the right place, the right contracts and of course, you know, with what we're seeing today at the right time. There's a question about the debt repayment terms, timescales, interest rate. It's 15-year senior debt. We are looking at an interest rate, which is what we call SOFR. It's the old LIBOR. SOFR today is about 3.8%, at about 1.9% over SOFR. We're looking at a cost of debt all-in of under 6%, which of course is extremely competitive, right? Again, you know, we have a project with extremely high development impact, which obviously has climate benefits as well, and which is innovative, which is why we were able to get excellent traction from our lenders and excellent support from our lenders to have a price which obviously is extremely competitive. Especially if you're taking into account that, yes, Paraguay is now investment grade, right? That has also helped ensure that we optimize the cost of the debt. We have another question on some of the key senior management roles will be assigned to roles in the SPV. Will we have the bandwidth to develop a pipeline to achieve a similar milestone? I think it is very clear, right? The SPV is where we have the new investors. We have a duty of care to ensure that Villeta is delivered to them. We will dedicate the necessary time to make sure that Villeta is on the rails because as we mentioned, you know, this is the crown jewel. We have to be absolutely focused on that. Yes, we do. At the same time, obviously, we mentioned before, we will be building up our capacity from a business development point of view, in order to have the right team to continue growing ATOME, because now we are in the position to do so. I think this is also part of the exciting bit, right? As we have proven that we can do what we said we would do with FID, that is going to make the rest of the business development obviously a lot easier on one side, as we will be able to leverage these partnerships to grow the next generation of assets. I think we have another question which is redundant, so I'll just delete it. Apologies. Ta-ta. Yes, I think a lot of questions around those. The project itself, as we mentioned, what we have is the debt is at the SPV level. Basically what we call ATOME Paraguay. This is all down at the debt level, right? There isn't a recourse back to Plc. The project itself, right, where we have investors like Hy24, like DEG, who are not investors at Plc, they are investors in Paraguay. The debt leverage is also within Paraguay. That really makes it quite, you know, controlled and contained, and it manages the risks both from ATOME Paraguay point of view and from ATOME Plc's point of view. It's a very usual way of developing large-scale infrastructure projects and isolates the risks and ensures that then we can continue to grow. While at the same time, as we mentioned before, the project itself will provide some management services payments to ATOME Plc as we dedicate resources, of course, as the operator of ATOME Villeta. I think there's one question, okay, on can you confirm that Iceland is not going to be developed? I think we confirmed that over a year ago. So yes, I think we came to the point where, you know, we realized that the environment in Iceland, you know, was difficult to scale. And although from a, let's say a small scale, you know, there are things to be done over there and we are not dismissing. I think there's been a number of projects discussed around green fuel or sustainable aviation fuel. I think this is great that this is going ahead with these for these companies. For us and what we wanted to do, we see that going into low carbon fertiliser for first projects is the right thing to do. In Latin America, where the market is there at home, with the right scale. I think there's another question around here. I think from a it I mean that's there's a pattern in the comments. Clearly what we are seeing about is yes, you know, the idea for us is that we will continue to grow. We will continue to ensure that we reach completion on time, on budget. That obviously we will update the market, you know, as not only the construction steps of the projects go further, as well as how the project itself is going and what is the status of our business development, both obviously on the power side, as Nikita has mentioned, because these projects take a shorter time to develop. They can bring revenue much quicker. Also on some of the other projects that we are looking at in early stage, you know, and we've been very transparent about it is that we will also be looking at other opportunities, which may be more mature where you have obviously cash- generating opportunities. The reality is, you know, we are publicly listed. We have a share price. There's a lot of option for us to go and see what is best for the company, and including from an acquisition point of view, looking at things which are producing cash today. I think from us, from our point of view is we are always looking at what is best for the company, for Plc, and what can bring the most value to all of us, as collective shareholders. All I can say is watch this space, you know, it will be, you know, relatively reasonably busy. I think it's we are definitely not dropping the ball on this one and making sure that we have the right resources within ATOME Plc to develop them. Another question going about, you know, do we intend to produce CAN at the other factories in our development or talk about the CAN market in general? When we look at projects, we always look at, okay, what is the best product? I mean, fertiliser, you have, you know, many different types of fertilisers. The reason we chose CAN- 27 is because obviously it's the fact that it's a mature fertiliser, it is well understood in the regions that we are in. There's no need to educate farmers or customers to use it. It is also a premium fertiliser, and it relies solely on local sources of calcium, i.e. dolomite, calcite, and so on. It's very controllable, very easy. But there could be other projects, where we think that we can actually do more complex fertilisers like, you know, what is called NPK. When you look at potash phosphates, which are higher premium fertilisers. When we look at business development and we look at what is the right project, we look obviously at do we have the right environment? Do we have the right infrastructure in place? Do we have the right logistics? And what is the right market? And sometimes it can be different things, all right? Clearly, you know, CAN is a product that we understand well. It's the easy one, but it may not be the best one for another place. It is part of, let's say, our secret sauce and the fact that we have an excellent team on the fertiliser side, which really helps us, you know, iron out what is the product that gives us the most bang for our buck, and the CAN market in general. We are seeing it's a growing market. I mean, it's a very mature market in Europe, which uses a lot of it as it has decided to really lower the use of ammonium nitrate and even of urea for its carbon footprint. It really is one of those fertilisers which has, you know, which is in a lot of favor today. There's another question, will ATOME play a role in the construction and oversight of the EPC? And do we have sufficient resources? The answer is yes, right? We will be continuing to play a role. We obviously have immense trust in Casale. I think they have been incredibly good partners for the past few years. We share the same philosophies, right, of both size, scale, a respect of the people and the partners, and we cannot say it enough. That said, you know, like any good relationships, there's a bit of trust but verify. We have our own fiduciary duties. We will indeed be overseeing the construction and ensuring that things go the way they are supposed to go. You know, they are key for our success today and obviously for our success tomorrow, right? As far as the resources, you know, we have grown also our engineering resources as well, and we will continue to have the adequate number of engineers, not only to look at our current projects, but also as we grow our projects. Plus we do have our relationships that we use to leverage, right? I mean, earlier on, AECOM was our owner's engineer during our FEED stages. Now during the construction phases, you know, we will be working with Fichtner to obviously oversee the delivery of the project. I think that brings to an end the Q&A. As I mentioned, I'm leaving aside a lot of the questions which can be answered through our broker researchers. Perfect. Guys, if I may just jump back in there, thank you very much indeed for addressing all of those questions that came in from investors this morning. Of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended just for you to review. Olivier, perhaps before really now just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and to the company, if I could please just ask you for a few closing comments just to wrap up with, that'd be great. I think for us, you know, the real comment is, and maybe we don't look that excited, right? Really it's just that let's not underestimate. This is really a world first, right? This is [real proof of concept] that it is possible to be done. This is 15 times our market cap, right? What we have done is deliver a promise that we have made. It really is showing that our business case is real business, and that there is growth into that because this is Villeta is just the blueprint, right? It's the beginning, right? It's not the destination. I think for us there is a lot of space for growth, with the partners that we have, with the relationships that we have, with the contractual understanding that we have, and with the credibility that we have. I think we are thankful to our shareholders, you know, old and new, to continue being on this path of growth with us. Clearly we are very excited now to spend most of our time into delivering, right. Going through the financing for the past year was obviously a long road, which was a necessary road to ensure that we had the right type of financing to take care of ensuring we can deliver the value of Villeta, but also deliver the growth of the business and the next opportunities. That's great. Olivier and Nikita, thank you once again for updating investors this morning. Could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of ATOME Plc, we would like to thank you for attending today's presentation. That now concludes today's session. Good morning to you all.