Good morning, everyone. As usual, I wait one or two minutes just to allow everyone else to join. But it's very lucky. As most of you know, my name is Tony Duncan. I'm the CEO of the Circa Group. With me today in Oslo is Tone Leivestad, our CFO, and alongside her, Philipp Morgenthaler. Philipp who's just joined the business as Head of Manufacturing. Philipp is based in Switzerland, and will cover the manufacturing aspect of the Model 100 as we go forward. One more minute, and then we'll get off into the slides. Okay. The agenda for today is reasonably straightforward. I'll give a simple slide overview of the quarter. Tone will then cover the finance and cost, three or four slides, and then Philipp up to three weeks with us. We'll give a bit of an update on ReSolute. Basically, Tone Leivestad will spend a fair amount of time over the last three weeks either at the site or working with suppliers. It's a reasonable update. I'm just gonna give a bit, a quick two or three slides on the way that we see the market. I don't want to go in depth into specifics that we're doing with Tone Leivestad's presentation, but I just want to cover some of the movements that we've seen, particularly in the solvents part of it. We finish with an outlook for where we are right now in the next three to four months and follow that up with any questions and answers as we go forward. No. It should be similar. Key developments over the first quarter of this year. As we indicated in the last presentation, we've established a corporate office here in Oslo. Tone has headed that off. With that, two employees start, Jens Evensen, Corporate General Counsel, and Julia as Project Accountant. That's very much on the ReSolute project. That work's continuing, and we're bringing on board a Management Accountant as at the first of June. ReSolute has progressed fairly well during this first quarter, and up until today, we moved through the basic engineering design. We're now into final engineering design stage. You'll have seen the announcement with Valmet. Sort of we'll talk about these movements in this presentation. One of the other things we're also doing, and we have flagged this, but we are now looking also at what are the options with regards to MCC, particularly when it comes to potential sites. One of the pieces of work that has happened is some discussions with the Norwegian government in general under Enova with some of the forestry owners around Norway, looking at the potential of actually building a site in Norway, MCC plant in Norway. At the same time, we have conversations going on with people in the U.S. and also in France. As we mentioned at the time, the Valmet Heads of Agreement is being signed last week. What it says that the real underlying benefit that we see with this is pathway to 80,000 tons. It's not just a pathway to ReSolute, it's a pathway to 80,000 tons with one of the world's best technology providers in this sector. Opportunity is future development. We'll talk a little bit about some of those things later on. Then the other major event during that quarter was the France Relance grant to the project by French government just prior to the elections. The underpinning of all of this is quite positive in that we're still living, I wouldn't say even indeed in the middle of a pandemic. We are still living with a pandemic, which is affecting stuff and it's affecting a lot of businesses out there at the moment and people. Then obviously, we've got the war in Ukraine, which is not necessarily showing any signs of dropping off at the moment. We know that chemicals, as I say, chemicals and related products, if you're a major user of industrial and specialty materials, are under massive pressure, both from the energy price perspective, but also those who use basic chemicals as their feedstocks going forward. We're in a really interesting situation as we move forward. Half of this very much is on just maintaining momentum. With that, I'll pass over to Tone on financials. Thank you, Tony. Over to the financial report for the quarter that was published this morning. There were no surprises, which is always good when it comes to financial reporting. Our spending is still in line with the expected quarterly run rate. Actually slightly below on expenses. If we look at these figures, we're comparing with the same quarter last year where we had quite high expenses related to the IPO. The level that we are in the first quarter is basically the same that we have been running and are expecting going forward. Just to mention two items that are a little bit above what they have been on the revenue side actually. We did have quite high product sales from FC5 actually this quarter. Our first delivery in tons from the FC5. We also have other revenue that's actually related to grant income that we are offsetting against eligible expenses of the grant. Up till now, we have only had the CapEx booked, but now we are also including some OpEx, and that's what we see in the revenue side here. If you go to the next slide, to the balance sheet, we see on the asset side that we still have a solid cash balance of NOK 42.2 million. In the quarter, the cash was used on NOK 1.4 million on operating activities and ReSolute payments on the investment side. It's also important to mention that we have been awarded quite some grants, but they are not reflected here on the prepayment of the BBI grant. Other grants will be recognized at the later stage related to the spending. On the equity side, we're still going steady there and no special items here. Only the most significant one is the other current liabilities, which is the prepayment related to the Horizon 2020 grants. If we move to the next one, we are working with a lot of ongoing activities, or we have been for quite a while. Also, the partnership agreement with Valmet and confirming suppliers, et cetera, is confirming what we have been working with. We have been then using this information in the modeling work and are on a continuous basis. What we do see is that the modeling is confirming the same profitability turnover as we have had in the case. That's a good assurance coming from that. We are still working with the cash spending on the ReSolute plant of EUR 50 to EUR 55. If everyone can please mute. Thank you. The cash balance is NOK 42.4 million, and we also have, as mentioned before, the available cash related to the grants and R&D funding. We consider that we have a long financial runway. Confirming the major vendor contracts is also helping us in the work with progressing the vendor financing. Okay. Thanks. I sort of joined Circa 1st of May. My very brief background is engineering studies at ETH in Switzerland, followed by an MBA at St. Gallen. In recent times, I've been involved with a Swiss company which manufactures highly technical equipment for the pharmaceutical industry. The work I've been doing has also involved building new plants for the packaging company in China and Brazil, as well as upgrade old plants in the U.S. The attraction is sort of background obviously is highly related to the work that is done in building both brown and green fields, sites, and delivering them as manufacturing sites for the packaging company. You can understand why we're very interested in doing this first sample stage, in particular, how we're interested in ReSolute and then also for FC six as we go forward. It's very quick background, and I'll now pass over to him to run us through ReSolute and some of the upcoming developments. Thank you, Tony. Good morning. On ReSolute, the progress remains constant with the plan. We also have been doing some considerable work on cost reduction options with all the major suppliers. As already been mentioned, we have signed the heads of agreement with Valmet, which is the main supplier for ReSolute, but also for the upcoming plants FC6, FC7. We have a long-term focus established there, but now focusing primarily on the short-term delivery with FC5. We also have made a decision on the EPC contract, where we have awarded De Smet Engineers & Contractors out of Brussels, Belgium, to do that for us. We had an initial kickoff meeting last week on the site in France with all the major suppliers already led by De Smet. Already we are also at the final negotiations with the vendors for distillation and hydrogenation, and we are also in discussion with GazelEnergie for the site, actually for the supply of electricity and also various local services they could offer to us, actually at the site. Possibilities are a joint lab, testing services, personnel for specific operations, managing both yards. There are different options and discussions going on with GazelEnergie. Also, major activities are going on around the environmental and building permit submissions, which are in preparation. On the Valmet partnership, we have signed this heads of agreement on the nineteenth of May. Valmet is a global supplier for forestry pulp and paper and energy markets out of Finland. They have a long 220-year history and employ about 217,000 people. The key of that story is that we are having now a focus on the delivery of Circa's eight-year strategy for the 80,000 tons capacity. We are not looking into for each site or a new partner. We are now having a steady move going on there with Circa. Circa is the preferred supplier for pyrolyzer, boiler, dryers, and automation for ReSolute and the further plants. That allows for an early start to the next plant and also allows for overlapping of the conceptual engineering going forward, FC6, FC7, and also allows with parallel activities also, which has also helped to speed up the process in setting up the future sites. Following now also discussions with Valmet, we have been able to upgrade the output for the following plant, so FC6 from 5,000 tons to 12,000 tons of Cyrene. That is good news. We are actually able to move faster towards the 80,000 tons. We are also benefiting from Valmet's expertise in processing technology, equipment, and scale-up expertise which they have. The FC6 conceptual engineering team will start in fourth quarter of 2022 with Valmet. We also have been working on the site. What you see on this chart is the green. The green blocks and fields are actually changes. We are now looking into a new reactor building. Instead of using the old existing building, we are looking into a new reactor building, which will help us actually on the installation, especially for the Valmet technology, where we should gain some time. The red buildings you see have already been removed. Also here, concerning this layout, we are in discussions with GazelEnergie on the final setup that we are going to have. On FC6 and the future, while we deliver on ReSolute, we already look into the future plans. As Tony mentioned, we have had discussions with several potential sites in Norway, France, and the U.S. We will require for FC6 in order to deliver the 12,000 tons of Cyrene. It will require about 250,000 tons of feedstock. We require a five-hectare site, and the factory will have between 80 and 100 FTEs. As mentioned, site search is already on the way and will be intensive. The conceptual work for FC6 and the future will intensify in second half of this year of 2022. Good. Thanks, Scott. One of the questions that I get asked on a very weekly basis is with regards to the markets for our primary product, and I'm talking about the solvent products. There's a lot of talk about, you know, the reduction in industry, but also a reduction of use of solvents out there in the marketplace. We thought it was appropriate for us to get some market data, which we'll share with you now just with what is happening to the solvent markets. Now this is global data. We're not addressing it specifically from an EU or a U.S. or an Asia, but it gives you an indication and I think hopefully the sense of confidence that where we're going with Cyrene is a really attractive option. Now just before I get into that, just very brief, Tony indicated we've got sales out of FC5 were the highest they've ever been. That's basically going to distributors and then on through to researchers, industry. Currently promoting people who are exposed to researchers in small quantities. We've been talking with OQEMA as a distributor. We are getting close to sign an LOI for about 400 tons in 2025. Sarah spoke at CHEMUK, which is the prominent chemicals exhibition, a couple of months ago based in Birmingham. Then as we have a first published on Cyrene in October on a recycling incentive. BASF and Pirelli were recycling, which is traditionally difficult, where Cyrene has been seen as being one of the three REACH solvents that were mentioned by Pirelli as to the remain good result there. Desulfurization of hydrocarbons and potentially recycling as well, which again is a major recycling issue coming up anyways. Fractionation of hemicellulose. Those are three markets specifically through Cyrene, which are all quite large engineering. Right now, it's specifically solvents, and we're addressing two of them as the NMP and DMF are the two major targets that we're chasing. With NMP, the overall market, I've got references to all of this, the overall market is expanding to grow at a combined rate of about 7% to 9%. You can imagine that that is a very, very healthy growth rate despite where we are at the moment. The pricing for NMP has doubled over the past three to four years. It's now around the $7 a kilo mark, whereas in 2017, we're down at $3. That's been driven for the last year by, for example, BASF increasing prices over the last 12 months alone by something like $1,500-$2,000 a ton. They are anticipating supply constraints out of China and that's to do with measured patrons essence being upgraded or where production has been wound down. There is no sign of a drop-off at this stage going forward in the use of NMP as a solvent. That's despite all the regulatory issues that we continue to talk about. As I said, the global markets, the overall global markets, NMP and similar DMF as well, have got very, fairly healthy growth rates. Now, combined, they make up about 1 million tons. If you're going to take a growth rate of, say, 7% on 1 million tons, obviously you're talking 70,000 tons. It's almost enough growth in a year to match what we're looking to bring into market over the next, you know, 8 to 9 years. DMF, again, very similar to NMP, good price growth, good volume growth. Good growth as it says here, it's applications-based, so we're talking about textiles, and paint and coatings. I've got more data on this if you need it, but at this stage, as I said, what I'm doing is trying to paint a picture about major markets. There is considerable divisional growth. The negative effect of COVID has been recovered, so we're back up to volumes. Then with DMF also, we're seeing considerable demand out of applications, for example, in pharma going forward. What does that look like? Again, those charts are on the presentation, so you can look at them at your leisure. Obviously, it's showing reasonable growth going forward, and it's really just you know, looking back and seeing where we've got to where we are at the moment. Again, for us, that's obviously a very positive situation as we move forward with the increase in production. Okay. Next slide to finish. What is the outlook? What is the focus of the near term quarter if you like going forward? Obviously, as sort of indicated, we're now in the final stages of negotiations with major vendors for both distillation, hydrogenation. In this, we've got EPC contractor. We've got the interim agreement with Valmet. The other parts of the jigsaw, the major parts of the jigsaw, as far as the ReSolute project are concerned are distillation, hydrogenation. Those discussions are well advanced with representatives of the companies involved in this. We're at the kick-off meeting last week with De Smet and with Valmet. Establishment of approach to management process with Valmet for ReSolute. We're also looking at appointing a site manager for ReSolute, and Amber and Philipp already working on that at the moment, with interviews to start within the next couple of weeks. The environmental dossier is getting closer. This ends up in a bit of a catch-22 situation because obviously we have to freeze the design before we can actually finalize the data for the environmental dossier. We're currently doing that, and that dossier should be moving forward in the next month, two months, we believe. On the LGO to revenue front, we're doing a lot of work at the moment with a company in the U.K. and another company in India on validating an optimized manufacturing route for manufacturing dairy lactose. We still see that as a really interesting opportunity going forward, given that no one out there is making dairy lacto in more than 100 kilos per year quantities. We're continuing to roll out our cultural program, which Philipp mentioned, that's getting off in a couple of weeks. It's the surveys program we talked about in the last update. With that, what I'd like to do now is really throw it over to Q&A. Any questions that you might have, please throw them forward and we'll do our best to answer them. Hi all. It's Thomas here from SpareBank 1 Markets. Just one question with regards to the new design of ReSolute. You said that you would gain some time on the new reactor building. Does that mean that we could expect the completion before Q3 2023? Look, I think I'd say at the moment, I doubt it. The timeline is in place. Given where we are at the moment, I think that we're comfortable with the timeline. There was intent to bring this obviously forward, but I think given what's happening in the wider world, we would prefer to say, "Let's stick with the timeline." If we can beat the timeline, obviously, we will. I would suggest at the moment it's gonna stay there. That saves a few weeks. With regards to any off-take agreements, so there's this one in 2025 on 400 metric tons. Is there any update on Merck's interest in the product or from anyone else? If so, any indications of a price point? Yes, there is interest and wider interest than just OQEMA. OQEMA are looking at 250 tons for 2024 and then 400 tons for 2025. We've got discussions opening up on what happens with regards to tonnage for FC6. Now, with the OQEMA tonnage, we're actually up to about, like, 1,800-2,000 tons of reserved capacity on ReSolute. We're well over on ReSolute at the moment. We've got on, you know, Merck's commitment is there. We're very comfortable with it. As I said, they've just started to launch in a go-slow manner as of late in their controls, and that's worth well over Cyrene. They've also just launched a new ad for Cyrene in the marketplace. It's, yeah, it's moving forward slowly, but adequately, and no surprises, no concerns, if you like, from our end. On the price point, any indications which you can share? The modeling that Tone put out has done. Tone and her team and also Linwood from Australia. We've basically taken the investor price points that were out there. We've added 10% at this stage. Well, I mean, we used to be conservative, but I'd prefer, you know, the request for the modeling was very much we take a conservative approach to the modeling. It's not like a price about 25% or anything like that. The market price of the NMP, you know, it's moved considerably more than that. So we see upside. But from a modeling perspective and from just, you know, comparing to where we were within the initial investor presentation, we're staying there. I think there is considerable upside in this, but it's not something I wanna put in writing just as yet. Okay. Thank you. Okay. Any other questions? Right. In that case, thanks everyone for your attention and input. We'll close this off, I think. If there's any other questions, as always, you know, turn to us, email or IM us, please just send them forward and we'll do our best to answer them. Okay. Thank you. Thank you. Thank you.