Hi everyone, welcome to the Agilyx half- year update and presentation. My name is Elliott Jones. I sit on the equity research desk at Fearnley Securities, and I will be your moderator for the event today. I'm excited to have the Agilyx team with me today here, who will run through the half- yearly update, which I believe now includes some very significant developments throughout the first half of the year. On that note, I encourage all listeners to please use and utilize the ask a question function on your screen if you have any questions throughout, which we can ask at the end. On that note, Tim, I'll pass over to you. Please take it away. Excellent. First of all, thank you, Elliott, for the introduction, and I'm really excited to be here with Joe Vaillancourt, the CEO of Cyclyx, and Russ Main, our CFO, to share with you all the update of the first half of this year. It's a really exciting time in the development of Agilyx. Lots and lots of things going on, and as I think you've seen from the various announcements, a lot of stages of development, proof points in our development that we want to take you through right now. Before we get into that, what I'd like to do, though, and forgive me for those of you who know Agilyx very well, I just want to make sure that we're all on the same page as far as who Agilyx is. I wanted to take just a couple of minutes to walk you through this page. On the left-hand side, you see some key facts and figures about the company. We've been around for nearly 17 years. Started off on the West Coast of the U.S., based out of Oregon. Now we've expanded globally with new locations coming in in Europe, and with a growing number of employees. The fundamentals of the company is that we are a technology company, a chemical technology company, leveraging that technology to solve the problem of plastic waste. We do that off the basis of a strong patent suite supported by significant know-how, which has been based over $150 million of invested capital into this technology. We're a leader in advanced recycling, and we have the first commercial unit producing what we call a plastic- to- plastic pathway, so waste plastic back to a virgin product. Just a few weeks ago, we announced that one example of that is the fact that we are using our material with our partners in the value chain to actually put product back onto the shelves in supermarkets in Europe, in the form of yogurt pots. That is coming out of waste that was extremely distressed. We're able to upcycle that from super distressed waste to a food-grade product. Our partners are a key part of this across the value chain. It's a growing number of players, and we'll talk more about those in a little while. If you look at the right-hand side of this page, that kind of just indicates our structure. What it's really about is how we're set up to really drive two of the fundamental principles that are behind our offering. The first one is, in the form of Agilyx, is our conversion technology, the ability to take real-world waste plastic and turn it back into useful products, whether that's directly back to a plastic precursor or whether it's back to an intermediate product or crude oil. We also bring not only conversion technology, but feedstock technology, which underpins our feedstock management system, which you're going to hear a lot more about today. That is now embedded in our Cyclyx joint venture, the Cyclyx joint venture with ExxonMobil that we announced at the back end of last year. We are fundamentally an asset-light company, but we do have one operational unit, and that's this proof of concept unit that's being used, amongst other things, to provide that material for those yogurt pots, and that's in the form of Regenyx. That's with our partner, Americas Styrenics, on the West Coast of the U.S. That's where you see this cluster of companies, Agilyx, the overall, and then Cyclyx and Regenyx. If you look at what's been happening this year, it's been a very dynamic time in this industry. What we're seeing is really strong interest, I would say strong and strengthening interest from both traditional and non-traditional companies into chemical recycling projects. We have been investing through this first half in capability and capacity. There's a huge opportunity out there. We're going to talk a little bit more about that in a moment. What we have seen is we need to be able to build that capability and capacity. We need to invest in that because that allows us to build the pipeline. I'm pretty unapologetic about that investment because this is how we're going to capture that growth for the future. What's very exciting and is really a confirmation of something that we knew is that more and more people are understanding the criticality of addressing the question of feedstock. Lots of people out there are saying, "Well, okay, I kind of understand the conversion piece, and there's technology that you can do there, but actually this feedstock part, the complexity of what's out there in terms of waste plastic is so vast, help me." What you're now seeing is that that is really reinforcing the Cyclyx value proposition, and you're going to hear more about that in terms of the members and the people who are joining us in that plan to accelerate and drive the development of the business model, which is actually be faster than we originally expected with Cyclyx. In terms of the Agilyx conversion business, we are continuing to anticipate Toyo moving into construction in the second half of this year. That's consistent with what we've said before. We are maintaining our previously stated objectives regarding projects. We've said one project on average into development every quarter. We're reaffirming that, and we're reaffirming our midterm 2025, 2026 revenue targets. We'll talk more about that later. Finally, as you would have seen on the press release this morning, because of this growth, this momentum, we feel it's the right time to actually prepare ourselves to uplist to the main bourse in Oslo. Before we go further, let's just remind ourselves about what the market opportunity is. We are in an investment phase. That's because this is huge. This is a vast opportunity that we are positioning ourselves to go after with our partners, enabling them. According to IHS, there's more than 250 million tons of waste plastic produced every year at the moment. If you think that's not big enough, IHS would say by 2050, it's somewhere between 800 and 900 million tons. When you look at what happens to that, the vast majority of it is being mismanaged or unmanaged. We're classifying it here as leakage. If you just look at that volume and translate it through to our systems, a typical 100- ton- per- day system, that represents more than 6,000 Agilyx systems. We would typically expect to get a lifetime revenue of $40 million per system. This is a huge opportunity and a huge marketplace for us to go after. That is what we're positioning ourselves for with our partners. If you talk about our partners, one of the things I wanted to do first off is actually provide a little bit more granularity on one piece of that white space on the previous page, which is related to polystyrene. What you will have seen over the past few months is a number of announcements on our polystyrene pathway. This is taking polystyrene back to its raw material, styrene. If you start at the bottom, we announced a new plant on the Louisiana Gulf Coast in the U.S. with Americas Styrenics. Shortly after that, we announced our engagement with Technip Energies, a technology company really focused on separation technology. Technip Energies acquired Badger a number of years ago, who were the leading styrene technology company. What we've done together is put together our two technology capabilities to provide a unique pathway, not just back to styrene oil, but actually back to a styrene product that can be used directly into customers' facilities in all kinds of different applications. The other thing that gives us is the ability to start expanding our feedstock capability. If you look at the second announcement here, which talks about Agilyx technology enabling the recycling of hundreds of thousands of tons of unrecyclable flame- retardant insulation, that is enabled by this combination of technologies between Technip and Agilyx. This is enormously exciting. This is a product that it's in that white space, but it can't be touched today because it is laden with these fluorinated flame retardants, these halogenated flame retardants. It's extremely available. There's lots of it, and it's extremely distressed. We can take that product with our system, with our partners, back to food- grade polystyrene that could go into yogurt pots on the shelves in the supermarkets in Europe, as an example. We don't just need to do that. We can also enable other parties as well. What this technology combination does is it expands the customer base. It expands the market for polystyrene as a feedstock now, not just back to polystyrene, but to other products as well. That's what the Kumho announcement that came out the other day is related to. Let me just break that down a little bit more and give you an illustration this way. If you look straight across the horizontal of this page, what you'll see is polystyrene waste going through an Agilyx conversion technology, creates a styrene oil, which today with Regenyx, for example, we work with our partner, Americas Styrenics, not American Express, and use their facility because they're a styrene monomer producer to produce ASTM styrene. What does that mean? It means pure styrene. That's what you're looking for to be able to use as a downstream user. That's the fungible product that gets traded all over the world. What we're now able to do with this Technip capability is we're able to provide our customers, like Kumho, the ability to bypass the styrene monomer producer. We're able to go directly to some of these uses, these other uses that we're talking about. If you actually understand the world of styrene applications, it's extremely broad. A few pictures here. We talked about yogurt pots in the bottom left-hand corner. That's a typical application for polystyrene. Another one is Petri dishes. It's used widely in the pharmaceutical and life science industries. It's also used in the middle here for solution styrene butadiene rubber. This is high- performance tires. This segment alone uses about 2 million tons-2.5 million tons of styrene per year. That's the segment that Kumho, with this new announcement, is playing in. Very high value, super difficult in terms of the issues that they've got to address, sustainability. We're providing a pathway for them to do that. That's why I say this is opening up new possibilities, new customers, new markets for our technology. We can do this back to ABS. ABS is not anti-lock braking system in this regard. It's a plastic that's used in the interior and exterior of cars. It's used for helmets, it's used for LEGO bricks. We can go directly to the people who are making this product now with this technology. New markets, new opportunities, new customers. Now, we haven't forgotten about the other pathways. Just to reassure you, we're still working hard on the mixed waste plastic pathways. We have a number of activities that continue to develop, with the likes of Braskem working with our partners like NextChem. Those will continue to move forward. We're also continuing to work on new pathways like polymethyl methacrylate PLEXIGLAS. What I wanted to do here is just give you also a feel for what the typical unit size is. We don't talk about discrete unit sizes with each of the announcements. That's sometimes because our partners don't want to make those announcements either. I wanted to give you the sense of where the typical sizes are. Polystyrene on its own, without distillation, so that's without using the Technip solution, would typically be 50 tons-100 tons per day. Clearly, the economic sweet spot is 100 tons per day. That's two of our lines. Polystyrene with distillation is really from 100 tons per day. Mixed waste plastic can be 100 tons-200 tons, but typically 200 tons is where the sweet spot starts. Again, that's just to give you a feel as we move forward, what are the aims, the targets that we're looking for, because this is where it makes most sense to our partners. With that, let me pass over to Joe to talk about Cyclyx. Great. Thanks, Tim. Good morning, good afternoon, everyone. It's great to be with you again today. It's really an exciting time for Cyclyx. I'm looking forward to providing an update. That said, in the conversation since we've formalized the company, it's becoming clear that we haven't done a terrific job in really having people understand fundamentally what Cyclyx is doing, what we're bringing to the market, why it's important, and more importantly, how it's differentiated. Before we get into the operational updates, I thought it might be helpful to just step back and provide some fundamental perspective. The mission is pretty straightforward. It's an audacious mission. We're trying to tackle a very significant worldwide problem. In simplistic terms, Cyclyx and Agilyx are trying to increase both the recyclability but also the recycling rates of post-use plastics from 10% to 90%. Easy to say, but fundamentally, what are we doing? What are we bringing to the market? There's really three primary components of that that are all very important. In the very first instance, and it goes back to that 16 years of know-how and chemical capability, we are actually producing and creating new recycled product pathways that currently don't exist. There's lots and lots of low-value plastics that, even if they were captured properly, they really aren't of quality to enter into the existing recycling systems. With our downstream partners and us, we're finding new product pathways to unlock that plastic, and that's a pretty important piece here, and we'll talk a little bit more about that in a minute. The second element is, okay, that's great, we can find new product pathways, but if we're at a 10% recycling rate, then that just means the capturing systems are inadequate to grow recyclability and increase it significantly. We're also bringing unique supply chain diversion models where we can capture and divert more plastics from the landfills to waste to energy, the leakage, as Tim highlighted, back up into the first new product pathways that we're creating. Those two work very symbiotically, and the second is absolutely needed for us to do what we need to do. We have been trialing now for multiple years, new innovative ways to channel and flow more waste plastics. Lastly, which is equally important and certainly important for our downstream partners that we're enabling, we're trying to capture those plastics and prepare them in ways at a customized level for our downstream partners, but trying to do it at a lower cost. That lower cost then now allows them to financially develop their pathways, build the infrastructure, and if we get it low enough, hopefully we can actually accelerate their own plans. When you think about the three things that Cyclyx is trying to bring to the market, it is fundamentally those three deliverables. If we go onto the next page, the question then is, okay, well, how are you going to do that? Here we have actually talked about this before, and this maybe takes on a little bit more logic with that base understanding. To accomplish those goals, we're bringing to the market three fundamental innovations. The first one is what we would consider to be our unlocking technology enablement. The current system today looks at materials in an object form and tries to extrapolate what it can be used for. It goes into markets that are ultimately clean. We, on the other hand, take a different view in that we look at waste plastics from a chemical profiling perspective, not just what is in the plastics, but the contaminations, how we can manage it. By having that understanding, we've also developed predictive modeling capabilities where we can model different slip streams of waste and the product pathways they can be used for. Ultimately, we use that capability to customize feed using a series of recipes specific for our downstream partners. That's a critical element of our unlocking capability that allows the rest of the system to work. Once you get past that, then we're into the supply chain. The current supply chain, as we know, really doesn't work well for advanced recycling, and is not really scalable for mechanical recycling if you're going to talk about a 90% recycling rate. We have developed a series of innovative programs to capture material to put them into supply chains that are driven and specific for our downstream customers. We design custom-based pre-processing systems for them and ultimately deliver a custom feed for our downstream customers. That's all based on new and innovative supply chain elements. Lastly, we have a consortium approach. This is a big problem. Really, it's not reasonable to expect any one company could tackle this. We are engaging many, hopefully hundreds of companies, to coalesce their efforts together to advance the circularity of plastics to create these supply chains and ultimate approach that creates efficiencies that will reduce the cost of feed. With these three goals and these three capabilities, ultimately, we have proven that we can source material, prepare it in a custom way for multiple products for our downstream customers at a price approximately 1/6 of what the market could do today. These three capabilities together are really what create the Cyclyx platform. Now, over the years, on slide 13, we've highlighted how Agilyx is helping advance and maintaining a leadership position in creating the circular pathway for plastics. This was helpful to educate a nascent industry. Of course, we would always talk about our robust technology platform. We would talk about Cyclyx before Cyclyx in the form of a feedstock management system. Obviously, we talked a lot about how Agilyx was helping link two different industries, the waste and recycling and the petrochem industries. This was a nice pictorial that helped people understand. The problem with that is the bit that goes from the waste to a feedstock we've grossly oversimplified in my mind. We haven't done a good job telling folks why waste is so complicated to manage. Now, I've spent most of my career in waste to value, and this is the piece that is most challenging. When you're looking to create commodity-based industrial production off of waste materials, if you don't really understand the complexity of that waste, lots of companies struggle, even if they have a very robust technology. The next slide really does a better job, in my mind, showing the symbiotic relationship between what Agilyx can do and how Cyclyx can address the complexity of that feedstock with all of the component elements that it has assembled to take waste feed, to secure it, to divert it, to pre-process it, and deliver it in a custom way that enables our downstream partners, Agilyx and any other mechanical and advanced recycling company as well, to accomplish what they want to do. Cyclyx is not only an enabling technology, but it is really crucial if you're going to have a conversion technology that is using waste feed. The next slide. The last six months, as folks know, and Tim had said, that we had consummated the Cyclyx joint venture at the end of last year, and it really formally stood up in January of this year. Since that time in the reporting period here, there's just been an incredible amount of frenetic activity. Lots of infrastructure had to be put in place. Obviously, we had to staff. Currently, we have pretty much fully staffed the senior executives and middle management positions. We have over 30 team members there. We are doing things like implementing ERP systems to manage the complex chain of custody that's required for the transactions to deliver ISCC PLUS certified material. I'm pleased to announce that in February, the team actually secured an international ISCC PLUS certification for all of our sourcing activity. That included certifying the 1,000 feedstock suppliers that we currently have relationships with. That feat was pretty significant. I don't know that there's many companies set up to deliver that kind of material. Of course, as we start talking about Cyclyx, the membership is really crucial. Another thing that we have maybe undercommunicated on. I know that we've expressed interest in the past to this group, that we've been active with over 200 different types of stakeholders in the circularity of plastic supply chain. We didn't really give you much insight into how we thought about the priority of those. In the last few months, we've been very specifically looking at prioritizing our downstream partners, those petrochem companies and independently design, build, own, operate conversion technology companies who actually will ultimately need the demand for the feed. We very specifically focused in on that group. As you can see from this list, we have a very impressive set of partners who we'll be working with every day to advance the platform. There are many more that are either members that we can't announce for various reasons, or ones that we will be closing here shortly, and you'll see more about that. Currently, now though, we are expanding the focus on different elements of other memberships that will help create scale and will help us catalyze our business platform. The C&I, the CPGs, the waste and recycling companies, municipalities who could lever what we have going on. So, down below, we have a little pie chart that sort of gives you an understanding of how that segmentation shows. Recently, however, and notable, now that we are going and looking at sort of the CPG and the C&I space, we're developing really strong relationships. Recently, we just announced two relationships that anchor an industry takeback program. We have MilliporeSigma, which is the life science affiliate of Merck, and Corning have just joined and are anchoring a life science takeback program for single-use laboratory equipment made with polystyrene. You'll see a couple of other similar- sized companies joining that coalition that we're not able to talk about. That just helps validate that from the downstream partnership perspective, they're comfortable that we can deliver custom feed, and in the intermediates, that we can create these interesting industry takeback programs that are novel and unique. In this reporting period, we have accelerated our sourcing. We've got dedicated sourcing people. I'm happy to announce that in July, we actually started delivering feed to three customers, including ExxonMobil. We're working with another 11 companies in various stages of testing and helping create their specifications. We're looking at various wasteshed analyses in eight countries to support those 11 companies. You'll see here in the coming months a lot more news on joining members. As well, and a final point on this slide is, in addition to the membership of Cyclyx with the support of Exxon and some of our downstream partners in Agilyx, we have also created an executive advisory board. That executive advisory board is made up of 20 or so premier partners, many of which are listed on this page; we're leveraging their executive talent. We have some independent thought leaders who are coalescing to make sure that the guiding principles are proper and that we can scale this program effectively. The last update I'll provide, this is an interesting graph. It's a little bit noisy, and I'm sure unsatisfying, at least in some data respects, but it's informative, and it's exciting. Let me try to walk you through it. There's sort of four bits of information here that are important. The base graph, the light green graph, shows essentially the demand that we have with our current signed customers. That demand is sort of reflected in a just-in-time demand for annual volume per year. From our perspective, with just a handful of companies, relative to what's going on in the recycling world today, these are pretty dramatic demand polls that we have. However, at Cyclyx, we're not necessarily satisfied just with that. We believe that in order to allow our downstream customers to scale in this way, that we actually have to source feed in advance of that need so that they can de-risk their plans. The darker green shadowed portion of this graph to the left is the Cyclyx strategy to try to pre-sell, prepare an inventory feed in advance of the need for our downstream partners. You'll see a lot of our activity now focused on building that infrastructure, advancing the sales, and again, this is just representative of a handful of companies. We're hopeful that by the end of the year, we can hopefully double that. We'll see. We have a lot of traction. The other two bits are not necessarily time-related proportionally, but the pink line, the decreasing line, shows our estimate of our ability to lower the cost of feed for our downstream partners. The significance of this and the way Cyclyx is set up is that we're flowing that efficiency through in our pricing to our downstream customers. Not only to enable them to meet their recycling goals, but to incent them to accelerate those goals as well. The more we can reduce that cost, the better off our scaling and ramp will be. The blue line shows a related effect. Even though Cyclyx is purported to be a utility-like model, Agilyx still has a net royalty associated with the downstream purchases. This just shows the relationship that as we lower our cost of feed to our partners, we enjoy an increasingly larger royalty net to Agilyx. In that way, we have very aligned motivations between Agilyx, Cyclyx, and our downstream partners. With that, I will look forward to any questions that you may have on any of the Cyclyx material. In the meantime, I'll hand it back to Tim to finish out the update. Yeah. Thanks very much, Joe, and I hope that insight that Joe's provided has been useful for people, because I know there have been a lot of questions in the Cyclyx area, and we wanted to make sure we were trying to address as many of those as we could. Just a few pages in summary. First of all, again, just to kind of go back to that statement I made right close to the beginning, which was about expecting to bring one new project into development on average every quarter. We're staying with that guidance at this point in time. You're familiar now, if you've been seeing these presentations over time, with this model of development, construction, and operations. This is for a 100- tons- per- day unit, where you see the revenues coming in associated with that, and clearly the step-up in revenues associated with moving into construction. That kind of direction in terms of the objective of one project per quarter, aligned with the previously stated 500 tons per day in operation, which was our goal for 2025, 2026, translates into this overall target of $200 million-$300 million of revenue in that same timeframe. I'm not going to go through this in too much detail. This includes the royalty from Cyclyx. It includes all these other revenue streams on the bottom left-hand side. I'll just point out to you that this was based on the 550,000 tons-800,000 tons of volume going through Cyclyx in 2025, 2026. I'll leave you to look at the chart that Joe just shared with you in terms of how you want to look at that, whether that's de-risking or whether there is scope for further development. This is where we are sticking right now in terms of our guidance. We're maintaining it. In terms of the first half, when I talked about that earlier, that this is really a story of investment. It's planned. It was expected. We have got a lot of work that has been put in place such that we can capture this market opportunity. We're at the beginning of this game. This opportunity, as we've talked about, is massive. The Cyclyx volumes just alone that we have shared are big, but as Joe alluded to, there's an awful lot more out there, and when you look at that white space chart. We're building capability and capacity in Agilyx, in Cyclyx, putting that infrastructure in place, and we are building our pipeline, working with a diverse group of partners on both the Agilyx and Cyclyx side, such that we have a robust pipeline going forward. You can also see the cash position that we're in at the moment, this is basically our snapshot of where we are at the end of the first half of this year. In closing, let me just touch back again on what is the Agilyx proposition. This chart is basically there to try and capture these seven key points. First of all, this is a huge market opportunity. It's emerging, it's developing, and it's core to our ESG principles. We are addressing that as an integrated player, integrated with feedstock capability and conversion technology capability, and then adding on to that capability coming from our partners, such as Technip, to further expand our ability to go after that market opportunity. At the core of the conversion offering is a highly versatile and proven conversion technology. The thing that technology allows Cyclyx to do is maximize the degrees of freedom accessing that white space of plastic. What Cyclyx is able to do is work with whatever the constraints are from whatever technology people are wanting to use to continue to drive cost out and availability up of that waste market. We're fundamentally capital light. You know that. We've got a huge growth potential, which I hope you've seen captured again here today, and that you've seen why we are so excited about it, and we're building that with a vast array of credible and relevant partner companies. These are partners who get this space, who understand it, who are invested in it, and those are the partnerships that we're wanting to work on. Finally, we have an experienced and dedicated team coming from the chemical industry and from the waste industry predominantly. I did want to say at this point, I hope you also picked up the announcement yesterday about a very exciting addition to the team, Carsten Larsen, coming in to be our Chief Commercial Officer. Carsten, who comes from The Dow Chemical Company, one of the biggest players in the petrochemical space. Huge amount of experience in this space, where he's been working on their Dow's plastic circularity business for a number of years now, and we are absolutely delighted that we can bring in somebody like Carsten to help us continue this journey of growth. We think it's a huge validation of what we have to offer, and we're super excited about the future for Agilyx and our partner company, Cyclyx. The broader capability that we can offer to our other partners in the industry. With that, let me stop, and I think we have time for some Q&As. Elliott, back to you. Yeah. Thanks very much, Tim, and also Joe, for that update. Extremely insightful and yeah, great to hear all the foundations being laid and the recent momentum. Yeah, on that note, it's probably time for some Q&A. Yeah, I'd encourage everyone, once again, to use the function to submit your questions. I know we have a couple here. The first question, we are now seeing a suite of technologies within the chemical recycling space. What advantages does pyrolysis have over technologies such as the use of solvents that, for example, Loop uses, and gasification? Yeah. Joe, let me start. Then what I'll do is I'll pass over to Joe as well. Look, I think, first of all, what I would say is that we are about enabling people to solve this problem. We don't anticipate that there will be one technology that solves everything. What we see with the Cyclyx offering is that we can help people, whether they want to use our conversion technology or they want to use a different technology to solve the problem of feedstocks. That's what's so exciting about this unique combination that we've got. In terms of our particular technology, the key thing here is that we are able to upcycle from the most distressed feeds to products that can go back into the highest possible value end uses, food grade, pharmaceutical grade. That is the key to being able to maximize access to the cheapest possible feedstock, waste plastic, and to get it at the right and greatest availability. Sometimes, with certain other technologies, you will be more limited on that front. Doesn't mean to say that it's not going to work, doesn't mean to say that it won't have a place. This opportunity space is so huge that it's about and, not or. That's what we believe. We do have a unique capability to be able to address that. Specific product pathways, such as taking flame retardant-loaded polystyrene foam back through to pure styrene monomer, that can then go into all kinds of different applications. That is unique. That is completely unique, and that's an offering that we're very excited about. I guess I would just add, I agree with everything you said, Tim. I would just add that lots of these technologies have been developed usually for a very specific product pathway, and usually on a particularly specified type of feed. Embedded in the question was how is pyrolysis to gasification and dissolution? If you just took an example of EPS clean foam, you could make the argument that a dissolution approach might be more cost-effective on that particular slipstream of waste versus a pyrolysis unit. The pyrolysis unit, however, can take, as Tim is highlighting, really low-grade materials with contaminants in there that dissolution can't. Now you're sort of struggling with what the efficiency of the system, what's the quality of the product you're producing, and at what cost. There is no silver bullet for the technology, but I do feel like one of the capabilities that the company has developed is understanding the operating conditions, the advantages, the limitations, so that we can help enable that performance. From our perspective, and I was a bit remiss, but even with Cyclyx, not only are we supporting a lot of otherwise competitors to Exxon as well as Agilyx, people are coming to us for feed because they can't sort of figure out the type of feedstocks they need for their system. Understood. Thanks, guys. Yeah, there's a few questions coming in on Cyclyx, actually, as you can imagine. I'll start to go through them now. First one is, when signing new members and partners into Cyclyx to become members and founding members, how ready are these companies in general to start receiving feedstock from Cyclyx? Do you expect all of the big names to have processes and technology ready to receive straight away, or is it typically a six-month, three-year wait, or how do you view that? That's a great question. Obviously, there's no way to simplify it. I would say in general, when we sign up a new member that's looking for feedstocks, there's a typical program that we go through. It either happens a little bit pre-membership or post-membership, just depending on the dynamics. We, in essence, work with those companies to understand their specification. I would say in 80% of the folks that we've worked with so far, we've been helpful in actually helping them understand their specification better. Once we have sort of a consolidated specification, we then help design, if you will, sub-recipes. If you've got one composite specification, you could feed that with maybe up to 20 different discrete sub-recipes that we would mix to deliver. Typically, we do some physical testing, and then once we understand and everybody's comfortable that we can deliver what they're looking for, we then go to the geographic areas that they're interested in, and we do waste shed analyses and a sourcing plan. Off the heels of that, we get orders. Some companies come to us much better prepared for all of that work, and it could take as literally as two weeks. Some are at the early stages and could take us six months. Inevitably, we're closing almost everybody coming to us with a challenge on feedstock because we get them comfortable that we can deliver it. Very helpful. Thank you very much. Then another question. What is the difference between a member and a founding member of Cyclyx? Yeah, that's a great point. From a contractual standpoint, not too much. The founding members are those companies who have a very strong sustainability commitment that fits and is well-aligned with what Cyclyx is doing, and who want to be active members in helping make sure we properly develop governance, set up programs that can scale. They're members, essentially, who are hand-invited based on their commitment to the overall cause. I will say in the seven months that we've been operating the executive advisory board, it's pretty astounding how much value they're contributing. It's been a great group. Understood. You mentioned that in July, you were able to supply some feed to, for example, ExxonMobil. Is there any way you can give any range of the quantum of that feed, or probably not? Well, we delivered more than you could pick up. Obviously, I don't know that we can give you actual volumes, but I will say that for the start of the exercise, the overall volumes may, from an industry perspective, be modest, but the purchase orders we're getting and the tranches we're delivering are very significant. In fact, I would argue the first of its kind shipments of custom-developed feed that's ISCC PLUS. The lots are significant. We're expecting those volumes to grow quite considerably, as you saw from the graph. We think by the year-end, we're hoping to have 10 or 11 customers. Great, thank you. Moving on to projects that could be coming into construction. There's a question here on Toyo Styrene. How comfortable are you with that project moving into construction in the second half of the year? Then more broadly, given the recent announcements, have you become even more comfortable with your mid-term targets over the past six months? Yeah. Toyo, what we've guided is that we anticipate that it'll go into construction in the second half. We think Toyo are very committed to this. There is an enormous amount of commitment and focus on addressing this kind of area, and specifically around polystyrene pathways. I think the direction is very clear. In terms of the 2025, 2026 numbers, we wouldn't have issued them in the first place if we weren't comfortable with them. That, I would say, is clear. I think the key way of looking at this is what are the proof points that are saying we're on the pathway towards that? I know everybody wants to see the construction signal with Toyo as the frontrunner there. I really think that I would point you to that signal of Cyclyx starting sales to major third parties. That is a huge signal. I think a lot of people, early on, were wondering, well, what is the relevance of this membership? How does that work? Well, I think what we've done now is shown how those memberships can convert into volume, and volume for Agilyx converts into royalty. I think this is a huge step in terms of the kind of whether you want to view it as delivering that, whether you want to view it as de-risking that 2025, 2026, that's all there. I would say also things like the Kumho development is super exciting on that front because one of the things that we have to do, we're a technology-like company. Everybody knows that. We like that. The problem is that you're reliant on your partners to move things forward, so you need to de-risk that pipeline. Best way of de-risking that pipeline is to make it as diverse as possible. This polystyrene development allows us to go after a whole new range of customers that previously would not have been capable of dealing with this because they would've needed a styrene producer in between. Now we're skipping a step in the value chain. We're offering those people downstream of the users of styrene to say, "Take control of your own recycled feedstock." Kumho is the first one out of the gate, but I can tell you there's a lot of interest. Great. Thanks, Tim. Next question. As you gain experience with different partners and different projects, what would you say is the main and typical bottlenecks that you see within the development phase and moving through the development phase to get into the construction phase? Yeah. It's a great question. If you go back to the page we shared regarding what our revenue is on a 100- ton per day unit. Our revenue on that construction phase is, let's say, $20 million. Just keeping something simple. The cost of the unit is going to be somewhere between $90 million-$110 million. These are major capital outlays that these customers are being asked to do. Now, they're capable of doing it, that's why we want to play with these particular large owners. These numbers don't put them off, but it's still a significant process to go through, and so you do have to work through their typical decision-making process. This is a market, this is an area where there's a lot of unfamiliarity to them. If I'm normally building a chemical plant, I know where my feed is going to come from. It's ethane, it's a naphtha, or it's something like this. This is different, and that's what I mentioned earlier on, that there is a huge interest and a huge awareness that feedstock is absolutely critical. This role that Cyclyx is playing is being utilized very heavily in these discussions. It's being scrutinized very heavily in these discussions, and fundamentally, we believe it will be a massive plus for these discussions. Because as people understand that Cyclyx is able to address that issue in a way that actually other systems can't, or there's no other system out there like Cyclyx, then that is going to be a huge value proposition. Those things, these are big projects. They take time. That is the reality of the process. Understood. Thank you. We probably have time for one or two more, but this one's a bit broader. With regards to regulation and policy going forward, what's your views on, for example, the EU Green Taxonomy, draft wording around chemical recycling? Do you think it's fair? What do you think needs to be done? Obviously, with policy like that could really kickstart an industry such as this. Yeah. I think in general, my view remains the same as I think I've shared before, which is that we view the regulatory framework as generally speaking positive in terms of pushing this forward. You do get some discussions happening, which stop and make you scratch your head, because actually, if they were to go through, they would have the opposite effect. I'm fairly confident that the alignment between politicians, the community at large, industry at different levels in the value chain is very much aligned that we have to address this issue. Therefore, science will play out. Science will drive how we do this. In terms of the EU Taxonomy at the moment, actually, what it would say is what I've described as that new polystyrene pathway of waste polystyrene to ASTM pure styrene on an integrated system with the Agilyx Technip solution back to a finished product that could be polystyrene, it could be expanded polystyrene, it could be ABS, could be the material for tires. Actually, that fits perfectly into the EU Taxonomy. That is the kind of sweet spot in the EU Taxonomy right now. I suspect that the EU Taxonomy is going to evolve because it's going to have to evolve, because in order to be able to address that waste reality of that white space, and we're positioned with the flexibility, the capability we've got across our different offerings to be able to help our customers actually address that. I'm actually very confident about that, and I think this will move in the right direction to drive the right result. Understood. Thank you. I suppose piggybacking off of that, obviously, I think most people are aware of the European Union drives and the targets for the recycling rates going forward. It's a big, wide world out there, and there are obviously other regions. First question is, other than Europe, are there any other regions around the world that you think could really be very growthy in this space? Secondly, are Agilyx looking to expand, have business conversations with these regions? Yeah. Very straightforward. The answer is yes and yes, but let me expand. Yes, other region. What's our leading-edge program? It's in Japan. This is building up everywhere in the world. I got a contact from somebody just in China the other day, saying the Yellow River area is absolutely crying out for this kind of chemical recycling. This is everywhere. People who think this is going to stop, I'm sorry, I don't agree with you. I think this ship has sailed. This is going to be happening everywhere in the world. We're getting requests from all around the globe. Again, another reason why the asset-light strategy is a good one. Because we've got projects in Australia, we've got projects in South America, we're working on things in North America, in Europe, and we have pre-development discussions globally. This is also where people like NextChem and Technip can help us enormously. NextChem is all over the world, working primarily as an EPC with lots and lots and lots of different strategic players at different points in the value chain. Their reach is huge. One of the reasons for doing these kinds of alliances is to be able to piggyback on that, to position ourselves for projects globally. I think we've just started. If you look at the majority of that white space plastic, it's not in Europe, it's not in North America, it's all in Asia. I do see huge potential for the future, but there's plenty to keep us busy in Europe and North America in the meantime. Understood. I think, on that note, I think that brings us to the end of the Q&A session right now. Once again, Tim, and Joe, and team, thank you so much for sharing the update and for the Q&A session. It sounds like obviously there's a lot of foundations being laid, and we're looking forward here anyway to continue to look at the Agilyx story. Thank you very much. Excellent. Well, thank you very much, Elliott. I really appreciate the kind of being the master of ceremonies. I appreciate everybody for joining the call and for the questions. We look forward to the interactions going forward and sharing with you the exciting journey that we're on. It is, I hope you get that. We are very excited about it, and I think there's huge potential. We've just started in terms of the capability of what can be delivered here. Great stuff. Thank you very much. Yeah, thanks again. Bye.