Good morning, good evening, everyone, and welcome to the Third 2023 Presentation. We'll give people about another minute to join, and then we'll kick off. Right, let's get going here. I wanna start really by just reinforcing what the board presentation is about, and really what we're trying to do here. This is very much focused on shareholders, and it's very much focused on providing an update to shareholders in a consistent manner that allows you to assess the progress on Circa against previous updates. So from a presentation point of view, there are no surprises. You should be able to use the data that we provide here and measure that against the previous presentations. There'll be a very brief introduction from me. That'll be followed by Tone, our CFO, providing the financial update for the performance data in manufacturing. We'll be updating the manufacturing program on FC5 in Tasmania, the production of Cyrene and levoglucosenone in Tasmania, the progress on the ReSolute plant in France, and just a little bit of an update about some of the work that's going on around the FC6 plant, the larger plant that's that we're working on in the background. And then we have Dr. Alessandro Napoli. Alessandro joined us virtually two months ago, as head of product development, after a fairly long career at Huntsman Specialty Chemicals in Basel, where he was the senior R&D manager for Huntsman Europe. And he'll with some insights on his view and the way we're proceeding forward with product development. Then I'll finish with small comment around the outlook and some of the initiatives that are underway, and then we'll open it up to Q&A. Thanks, Tony. A very quick overview from me. I want to stress from the start that the FC5 plant in Tasmania still the world's largest producer of levoglucosenone, and the only producer of Cyrene in the world, continues to improve output and reaching consistent levels well above the past two years in the manufacture of LGO and Cyrene. This obviously remains important for two reasons: It enables us to get sizable trials to market, but it also provides a platform for some of the research development work, optimization work that will lead into ReSolute. The teams working on ReSolute and FC5 are working hand in hand, going forward. We've received the construction permit, which is effectively the first stage of the permit, of the overall permit, for the ReSolute site. With our engineering partners, Valmet, along with other equipment suppliers, plant and equipment for ReSolute is progressing the timeline, and Tone will talk more about that shortly. We've made a further senior appointment at the CRCI in New York. Dr. Mario De Bruyn has been appointed as General Manager and Deputy Director of the institute. And this remains an important applications-focused research group for us as we go through into the market. You might have seen some, a press release around the discussion we're having with a China company, part of the Advanced Group, basically NPS, National Power Supply, and the possible FC6 sites in France and in China. As we discussed at the last meeting, the capital market update has been initiated, and we are working with the banks on that. So that is a very brief overview, and I'll now ask Tone to take over with the financial update. Thanks, Tone. Thank you, Tony. So we'll move over to the quarterly results for the third quarter in 2023. We can see in the profit and loss that the spend remains in line with the expected quarterly run rate. On the revenue side, we see that FC5 continues to increase the Cyrene output, as Philipp will talk more about. The grants, grant income related to compensation for eligible expenses are also included as other revenue. Other costs are in line with the expectations and the quarterly run rate. If you look at the balance sheet, we had increase in fixed assets the last quarter, which was in line with the progress on the site and the work being done there. So the accumulated ReSolute CapEx is now EUR 25 million, and EUR 7.4 million was capitalized in Q3. The CapEx is offset by grant contribution of EUR 5.5 million. The grant offset amount includes grants from Horizon 2020, the EU grant, and from France Relance and the Colson grants in France. And the cash balance as per Q3 is EUR 15 million, and the cash burn in Q3 was EUR 12.5 million, related to the CapEx, and in line with the plan and expectations. Please also note that the cash does not reflect the announced grants that has not yet been recognized in the accounts. So that was the highlights from the financial report, and I will leave it over to you, Philipp. Thank you, Tone. Good morning and good afternoon, everyone. So, let's have a look at progress at FC5. So the output improved 44%, compared to last year on an average number. So we are now producing more than 700 kgs of Cyrene per month, a significant improvement. So the year-to-date amount comes up to something over 6 tons, 6,424 kgs have been produced until the end of September. And continuous improvement activities are ongoing, with a strong focus on stabilizing and yet still improving the output, but also on reducing cost of the consumables. Further focus, we are putting on strengthening the cross-functional training of all team members to bring everybody up to the same level and to further stabilize the output and the product quality over both shifts. And also, we are now in preparation for our first audit, which will be from a pharmaceutical customer, and that's a very important step for FC5 to be qualified. So that is, well, also on the way. So good progress in FC5. Also, if you're looking into ReSolute. Next chart, please. We had a key milestone achieved, an agreement with GazelEnergie has been finally signed. So that was, I mean, the discussions and agreements with GazelEnergie have been concluded before, but the formal signature has been concluded. You see a picture there with Jean-Michel Mazalèrat, CEO of GazelEnergie, and Tony Duncan on the right, CEO of Circa, surrounded by further employees and several local politicians from the area. The two pictures on the right, you see the activities at the site. On top, the demolition. In the background, you see the demolition of one of the big cooling towers from the former coal power plant. The bottom picture shows in the background the area where Circa will locate. So the two buildings you see there will be used by Circa. The event also raised a lot of attention from French media. We will now show you a quick sequence from a television news portal from France 3, which has been broadcasted right the day of the signature. So on this, you are now going to see here again, Jean-Michel Mazalèrat and Tony concluding the signature and handshake. So this is the site in the picture here, the old reactor building, and here you see the demolition works ongoing at the site. Buildings are taken down. The site will be prepared for future use. So here, this is the first modelization of the new site. This will be GazelEnergie's own biomass plant. Two projects are currently planned. This is now Circa's plant you see here. Turning now to the right, you see in the background there, two buildings dismantled. And here we have Jean-Michel Mazalèrat, Tony Duncan, and David- Alexandre Leduc, who is explaining to the media the conversion of the site and Circa's plans at the site. In the background here, where Tony and DA are looking into, that will be the site of Circa, and here are the final demolition tasks done by GazelEnergie, which will be concluded within the next 10 days. Here you see some backfilling of the pits dug out from the demolition work. So you see, activities are ongoing. The site is prepared for Circa to start works. So further progress. Next chart. Further progress in engineering and procurement, manufacturing. We have awarded the contract for the civil works at the site. As you saw before, we are getting ready to start these works, and the other procurement activities for balance of plant items are ongoing as per procurement plan. And as you can see in the pictures below, the manufacturing of the equipment is also very well on the way. So the Valmet equipment deliveries have also started to come to the site. We expect the latest deliveries in January 2024. Bottom left, you see a picture of the reactor parts ready to be for the refractory works. Then in the middle, this will be the mixing screw, where sawdust and the chemicals will be added together before they will be conveyed into the reactor. And on the right side, some further parts of the Valmet package loop, seal evaporator header and tubes. So you see a lot of activities going on. As well, Both the distillation equipment and hydrogenator are under manufacturing, and deliveries are expected at the end of the first, respectively, second quarter of 2024. So everything on plan. Next chart, please, Tony. Generally, CapEx estimate remains as communicated in Q2, EUR 73 million, and also the overall time plane remains unchanged with the start of commissioning activities in the middle of 2024. Tony mentioned the construction permit being granted. We received this permit on the eighth of September, and on the top right, these are the official publications at the site, stamped and approved by the French authorities. We have there two stamps because we are located on two communities. On the environmental permit, also a good progress. We have received now the official feedback from DREAL. No critical items have identified, so that permit is also ongoing as planned. The organization has been strengthened. We have upgraded the engineering team with an engineering manager, an electrical engineer, and an additional process engineer to actually keep high focus on the detailed engineering works ongoing currently, and the next two positions being hired are the plant and EHS manager for ReSolute at the site. These two positions are ongoing. So this was the report about ReSolute. Now we are going to have a quick look into FC6. Wood fractionation trials of different feedstocks are ongoing. We also have now concluded the biomass availability study from Hawkins Wright. The study has confirmed availability and pricing scenarios for wood in selected countries, which we are considering for FC6. Tony also mentioned a memorandum of understanding with NPS out of Thailand. We are talking to them for the locations of FC6 and FC7, and we have visited both sites. On the right side, you see two pictures from the Thailand site. On top is a section of the solar power plant, which will in the end have 112,000 solar units, one of the biggest solar power plants in Asia, and at the bottom an own tree plantation at the industrial park supporting the biomass plant they have, but also supporting industrial activities at the site. For FC6, the kickoff for conception engineering, the preparation for that is also on the way in line with the site selection. Circa's partnership agreements with Valmet and then Ekato will ensure continuity in the scale-up of the main packages for FC6. We work with the same players as we have been doing now for ReSolute. Okay, this was all from me. Thank you. We can go over to Alessandro. Yeah, good morning, and good afternoon, everyone. So I think now we can move into the area of product development and innovation. You are probably familiar with this view of the portfolio of products from Circa, where we have elements of higher volume related to Cyrene, so the area of solvent, say, and the specialty compounds or components that are expected to be in markets where volumes are smaller, but average selling price is higher. And this, of course, has different dynamics in terms of developing the market and increasing the attraction from customers. So if we move to the next slide, this can be summarized in two, let's say, pipelines. So this is, Circa is continuously working on making sure that we have the right focus on the right, opportunity. So on top, you see what are the basically schematics of opportunities in the Cyrene solvent space, where certain applications have had the opportunity to, for the customer trials, so they are more advanced. And below, we have maybe a pipeline, which we can consider a bit longer term based on LGO and their intermediates, so all the modifications around the LGO. And of course, the short term, what we define as a fast track or short-term pipeline, the priorities will be qualifications and supply agreements, as well any regulatory work to support those opportunities. For the innovation longer-term pipeline, of course, there are key project milestones that need to be delivered, especially in areas like pharma intermediates, and where we also have a funded project, TransPharm, and as well, establish partnerships with key players in this space. If we now focus on the, let's say, shorter-term opportunities, the pipeline of those opportunities, we cannot, of course, cover all the uses, potential applications of Cyrene. So the major focus, as you can see, are where NMP and DMSO are mainly used, which are also the higher value solvents in this space, in this application. There will be different industries and different applications where we already have some traction and some validation study, but we need to finalize qualifications. If we are imagining to visualize this, pipeline of opportunities in what we define now as a short-term opportunity pipeline, you can see that there will be a number of projects, and now they are grouped by application that are in development. Some of them are in scale-up. What Circa will do, we'll make sure that each project has a clear value, has a clear technical validation, has a clear route to market in order to decide whether it deserves to stay in the pipeline. This is something that will be continuously looking at the value generated by each individual project. If we move. Now, how do we what are the type of information we need to have and we need that we are continuously collecting? Of course, understanding what is the application, understanding what's the use, understanding what's the technical gap we may still have. So generating an idea about the value proposition from the product into that application, as well, which customers have similar uses, and also very important, as you can see, put a financial dimension to the opportunity. So what is gonna be the volume progression? What is the opportunity, the size of the opportunity? As well, what is the effort to require from Circa to deliver all the milestones that can make the project successful? And we will always have this view, continuous view, and decide which are the projects that deserve to be in the pipeline. Same will apply for the longer-term projects, but here I thought to give an overview about more about the short-term opportunities. Pass back to Tony. Thanks, Alessandro. As you can see from the above, there is continuous work going, and the work continuing on the ReSolute side is building very nicely as we move forward. So just very briefly, the out of the business, the focus of the team over the next three months, but also the longer, obviously, as the dedicated ReSolute and QuantuMDx deliveries will continue to arrive. That's well underway at the moment. And while we're in situation with permitting continuing, and it will be, you know, there is work going to start with regards to the equipment that has arrived at the Emile Huchet site over the few months. But there is work starting there, which will ensure that the final erection and everything else when the permitting is finalized will move forward into say, okay. Commercialization activities, there's a range of discussions underway with OQEMA, Merck, and Wacker with regards to market penetration activities, and they will be ongoing. As Alessandro, I think, pointed out very clearly, the focus of the R&D activities that he is taking charge of are very much focused on market-driven application activities. There are one or two things that have already closed off because they're lovely blue skies. They're not, you know. It's work that researchers may want to do, but we'd like to keep this focused very much with a relatively small team on market-driven applications that deliver for ReSolute and deliver for the basis of FC6. Now, I just want to finish with a comment about the CEO succession, which I'm sure you've all been terribly. For the last two, three months, obviously, I've been working with the person who was going to take over my role as CEO. I think that we had moved quite a distance on the transition, and to be quite honest, I had hoped that he would be in my seat right now, talking to you all and introducing himself. That is not happening, obviously. He has personal reasons for not taking up the role, and I would commend Steve's courage, if you like, for making this decision. Certainly, pride in joining Circa. I know a number of people, perhaps, who would have taken up the role in Circa in that two, three months time, may have made a separate decision. So very much thanks, Steve, for that. I've obviously got some experience in the role and continue, but I would say that the board as of yesterday's board meeting is reengaging on the succession plan, and there'll be more things to say on that over probably the next meeting or the meeting after that. So there is continuity as far as our staff are concerned, as far as the market is concerned, and as far as investors. And I would very much like to compliment our staff, because this was a very big shock last Monday. Most have met Steve one way or another, and today when this actually happened was, you know, a little bit upsetting, as you can imagine. But I think that at this stage, everyone is back on board, and we know the direction. They know me, and I pretty much know most as well. So I won't say it's business as usual, but very much the initiatives, the contracts that are being negotiated, the work that's being done is moving forward as we would, as you would expect it would. So that's basically brings us to the end of the formal presentation. As you would have been done through four, four of us here in Oslo, and, I'm quite open to take questions and will endeavor to answer them as we go. So with that, I'd like to open it up to the floor. Okay, going once, going twice, going three times. And with that, thanks, everyone, for joining. Obviously, we are here. You've got things to our email, so if there are any questions underneath, please, please feel free to send through them to Tone or I, and we will pass those on, whether they need to go to the board or to through Alessandro. That's fine. We'll deal with them as they come. So thanks for your attendance. Appreciate it very much. And I look forward to catching up again in a in three months' time. Thank you.
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