Atome (LSE:ATOM) — Full Year and Half Year Results

0:01 Good morning, and welcome to the ATOM PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. And I would now like to hand you over to chairman Peter Levine. Good morning. Good morning, and thank you for everyone who's just joined us. And we appreciate your interest in ATOM and what is the latest news from ATOM. I hope you can hear me well. And what I'd like to do first is introduce my colleagues who are joining me today. There's Olivia Musat and Nikita Levine, and both directors, obviously, of ATOM PLC.

0:52 I'd like to welcome them and thank them for all the hard work that they are doing in relation to ATOM. Now we've sort of titled this to do with the hanging it on the accounts being issued last week, end of last week. That's the full year accounts, the delayed full year accounts, and the delay... And the half year accounts, which we which we announced on Friday as well, which has enabled us to start trading. Now we've pitched it on the back of those two accounts. But in reality, those accounts are there to be read. Those accounts are, there in terms of factual, information.

1:37 And some of the things that are said in the narrative, of course, relate to the present position, which I'm sure and we are sure at ATOM that shareholders would want to learn from us what is the present position in terms of ATOM PLC and its business with a principal focus on Vieta. And that's why we are very grateful for the opportunity and grateful for you joining us in order for us to give you that latest information firsthand. This is the first time that we've been able to do this. I'm sorry to all shareholders that the accounts were delayed. They were delayed for the obvious reasons in terms of Viezza, and we wanted to wait to let some dust settle and to identify what is really happening out there before we issue the accounts. So we're now pleased to do so and we move forward.

2:36 So let's go first to the first slide, if we can, please. That's Slide three. And that's the executive summary. And let me be very brief on this and a bit of the point. As you all know, we declared FID, and we declared FID for very good reason. We were days away from starting work on-site in Viezza. Everything was in play and ready. We had... Or we considered to be an agreement on the PPA. We had all the committed, legally committed financing signed and done and closed.

3:27 We had, of course, our EPC, and we had, of course, our offtake. And we had a contract which we'd actually signed for the Cyclones contractor to move in and start the work. We were all ready. And then in June 2026, we had, as we've said in the, in the slide, disruption. We had a disruption because of a revocation of the decrees. Now let me take you all back to what the circumstances were. When we were structuring this this deal and and Olivier was leading the the charge in relation to the actual project finance aspect of it.

4:18 When we were dealing with this, there were certain requirements of our lenders and our funders in order to make this this transaction proceed. We, at all stages, discussed this with the government of Paraguay. They were fully aware, and I'm talking about at presidential level. They were fully aware of the need to fit into certain basic requirements of DFIs, development funding institutions, in terms of what is required for the principle of the power purchase agreement. The power purchase agreement, as you all know, was very important for our for our transaction, for our project. It was very important because we need power in order to split water into hydrogen and oxygen, which then ultimately feeds its way to ammonia and then ultimately feeds its way to our end product, is calcium ammonium nitrate. So we need the power.

5:19 It is power which is fundamental to our project. And therefore, right away from 2021, power has been at the forefront of our minds. And so has negotiations and relations with the government and with Ande, which is the national power company, which doesn't generate power. It buys power. It buys power from the generators, principal generator, which is the Itaipu Binational Dam, which is jointly owned between the governments of Paraguay and Brazil. So we got to a point in 2025 when we recognized after discussions with all the the the finance parties that we needed a long term power agreement, stable prices, recognized prices, and we needed certain prices which were made the project viable.

6:19 And that's really important. So in those discussions with the with the with the government and the government itself spoke to some of our lenders as well, some of our some finances. They were were tremendous. They went to see them. The president even went to see in Norway, in my presence and talked about it and absolutely gave support. And then in the back end of 2025, negotiations happened with the with the with the government. And in January 2026, this resulted in the government the government itself agreeing or deciding to actually grant us a decree which actually fitted in and conformed with our project.

7:09 Wasn't just a decree. It was a... As a resolution, so called power to x, which was welcomed. And this was also done after discussions with Anday itself. And things moved on swimmingly in terms of that. In April... And I'm just giving you certain key highlights and glossing over quite a lot of the detail, but we continue to work very comfortably with the government. In April 2026, we entered into binding financial commitments with, with the, major funders, the DFIs, at the I... IDB investor conference in Asantean. It was welcomed by the government. The government were congratulated. And, of course, those parties, namely the funders, who were reliant on the the government decree just like we were and the promises and guarantees made separately by the government.

8:04 We had already agreed during that time a form of PPA, power purchase agreement, with Anday who cooperated with us. And in fact, in April 2026, a decree was issued again by the government, but with the approval of not only Hyundai, but its unions in terms of what, the limits of the type of industry, that, could get a certain amount of power. So it's 250 megawatts of power for the sort of industries that we were involved in. And, of course, we were taking a 125 of that, at least. And and that also reaffirmed the January 2026 decree, which itself was justified on a multipage public document by the government itself as to why they determined the value, why they determined the price and the value to the country of the project.

9:06 And what happened was in June 2026, we were taken aback, and I was in Paraguay at the time. And I was in our office, and we were contacted by someone who said switch on the TV. And we switched on the TV and was shocked without notice to see that the the government was actually live revoking the decrees. The rest, they say, is history. Since that time, as what we consider to be as disgraceful as that action was, and the fact that we had relied on the representations and promises of the government, we've been in discussions and remain in good faith discussions with trying to sort the thing out, trying to come to a resolution of that.

9:59 There's been lots of discussions, lots of talk in Paraguay, but we're still there and still in good faith discussing matters with now the new president of Ande, who replaced the old president, and, of course, the governments and certain ministers themselves. And we are in touch with them, and it is good faith. In the intervening period, of course, it is... Was it very important to ensure that all our stakeholders, our funding partners, our EPC partner, Kisale, and I'm actually speaking from, Kisale's offices in Switzerland, and Yara, of course, were all kept on side and understand. And I'm pleased to tell you that they are kept on side, and they do understand, and they are being very supportive.

10:51 That is some good news that everyone is with us. I, at this moment in time, cannot tell you and can't guarantee the outcome of those discussions. But what I can tell you is that in the intervening period, and this is where we'll come on to, but we are seeking a resolution. In the intervening period, we haven't stopped developing our businesses. As you will see and as we've announced, ATOM Power is now proceeding. And indeed, in Paraguay, we have received the, very helpful assistance of IDB and IFC in terms of feasibility studies for a very large solar plant of 300 megawatts also in in Viezza. We're starting that feasibility study as a support to the the ATOM VETA project, but not... But in... Through a different company within our group.

11:55 And we're quite excited about that if we can resolve the problem of the power purchase agreement, the PPA. In any event, we've got other proposals from, at... In terms of ATOM power, as well as other areas of business for our fertilizer business, and one of those is Brazil. And we've already said that we're in discussions with several parties and executing NDAs in relation to this, and that is very prospective. But let's come on. Let's go back after the introduction. Let's go back to what happened under the PPA. And that's on the next slide, which is here. As I've told you, we agreed the regime.

12:42 We... It was revoked without notice. There was continued stakeholder engagement both with the government, with ANDE, and also with our own stakeholders, which are continuing. But in the last few days, there was the original power purchase agreement from 2022. Now that was... And it was made clear at the time, for example, when we raised money, earlier this year, that that would be superseded by this new PPA, the form of PPA which, as I have said, was actually agreed with ATOM at the relevant time. But that notice of p p... The the notice of termination of the 2022 PPA was necessary in order to limit the liability of ATOM on an ongoing basis under that, let's just say, unacceptable form of PPA to our lenders and ultimately to ourselves. It wasn't the right PPA.

13:43 We had agreed, as I've said, to amend it, but... And and to supersede it with the government. That's where the decree comes in. But, we needed to complete the formalities. We did request a standstill, but time ran out between discussions with with Andy and ourselves, which at that stage were relatively constructive, and that was last week. But we are here, and it doesn't prejudice our new PPA, and indeed, Ande have confirmed that, so are the government. Now in the intervening period, whilst we've been trying to, achieve a meeting of minds for a new PPA, it has taken time. It's got rather political.

14:30 But in the meantime, we were approached by certain international law firms, well known international law firms, including Magic Circle firms, who said, actually, you know you've got a claim under The UK Paraguay bilateral investment treaty. And our own lawyers who happen to be one of the world's experts on bilateral treaty agreements called White and Case, we put it to them to their own... Their arbitration department, and they have given us strong advice that we have a very good case, which is what we thought we had a good legal case anyway against the government for doing what they've done, and that's confirmed to us.

15:18 So this is a a case of default because with a... With legal... Strong legal advice that we've got a very good case to take action against the government for compensation if we can't resolve the position amicably with independent advice from a renowned international firm of damage assessors that the claim by ATOM against Paraguay will extend to 9 figures. We're talking about hundreds of millions of dollars, and that the case is good and solid on its merits and on its irrefutable facts that we have got a very strong default position.

16:07 We have also received advice, and White and Case are preparing now to speak to funders of the litigation itself, should it get to that stage, in order to lessen the liability of ATOM to costs. That we see is important. We're gonna pick and choose. White and Case have said to us that they feel there's a very good chance of getting this litigation funded, which is good because it lessens the liability to pay... To fund the costs on the shareholders of ATOM. But we've got such a strong case that in any event, if we can't get a resolution, we will proceed.

16:52 What type of arbitration is this? This is not an arbitration or dispute over a contract. This has nothing to do with that. A claim under a bid of bilateral investment treaty relates to obligations, promises, guarantees, assurances by a government to an investor of that particular country, I. The country on the other side of the bit. And that is precisely what we have. We have demonstrative, unquestionable, unqualified, unconditional assurances, documents in relation to this. And we will, as a company, in the interest of shareholders, not hesitate to pursue that bit if we cannot achieve what we would like to achieve, an amicable solution. Because it's in the interest of everyone that we do everything possible, leaving no stone reasonably unturned to actually get a viable, amicable resolution and build this facility, this world leading facility, which we all want to build.

18:07 So in a way, you can call it a default mechanism. It's preserving the rights of the the com... Of the company. And one shareholder turned around to me actually just recently and said, well, actually, sounds better that you should sue. And to... The response was, yes. You... One could say that. But at the end of the day, we're here to build a facility if we can, viably. But we're not here to let our legitimate rights be tranced on, whether it's by individuals or by, by governments. And that's where we're coming from. So to use an expression, iron fist, velvet glove. We prefer the velvet glove approach, though we will not hesitate in the other direction. So here we are. We're not a litigious company.

18:57 We are here to continue in the game to do a deal, and we are getting some good traction. But the the acid test is the viability of this. But what this effect has done, and perhaps you can turn to the next slide, Nikita, is that this has surprisingly brought out so much interest in what ATOM is doing. ATOM, its management, its experience, its partners have got something which is extremely valuable, which not many people, if anyone, has got. Not only is Vieja a world leading project, which we wanna proceed with as quickly as possible, But, also, we can deliver to other projects something which is cut, paste, done, a front end engineering design, so called FEED, which can be dealt quickly because we base it on what we've already got. We've got significant partnerships with world leading experts like Kisale, with world leading engineering companies like Baker Hughes, Baker Hughes being a shareholder in us as well, and with one of the world's largest and most significant, fertilizer companies as in Yara.

20:22 And combine that with our, platform... Financial platform with all the DFIs and other financial institutions that we're dealing with who recognize that what has happened in Viezza is no fault of ATOM's. When a government renege on this, then we've got something which is very valuable. And that's why this title here is leveraging ATOM's platform. We're talking with Brazil, as I've said. On ATOM Power, we're talking with other people. And then we bring all our experience together with, of course, all the legal framework and the the legal documentation that we've that we've prepared, and we capitalize it and we use it.

21:09 ATOM is not, as in the narrative in one of the accounts, a one trick pony. What we have achieved and what we are achieving in Viezza is very significant and continues to place us in the forefront of where we're at. Now that's why this... Welcome this opportunity of speaking to you all so that we can, shall we say, dispel a few misapprehensions, demonstrate that one way or other, we have a preferred alternative. But we also have a default alternative, which actually is a very valuable alternative and a really practical one in terms of merits on a case.

22:00 And that is why we entered into this with Vieta. That is why we're proceeding with the government. We proceeded originally with the government, and that is why we are trying to effect a compromise. We've got three months notice period under the bit we've given it, we've given it in September. That runs out in December. Let's see how it goes. The clock is ticking, but it's ticking in favor of us, not the other way around. We need to resolve this deal, and we need to resolve it within a reasonable period of time. But we're resolving it with all our stakeholders, and in the parallel without losing focus, we're not dropping the ball at all to exploit the opportunities that we have in the world and the credibility that ATOM PLC has got.

22:54 In terms of the money side, and we'll talk... We've got to talk about the money side. In terms of the money side, you can see in our half year the balance, and we will be using that properly. We're not losing any time, by the way, in terms of the the the project, not the moment at least, because we're working with Kasali to try and shorten the period of build time, which is really, really important. So we're not dropping the ball there either. So we're not just letting Vieta sleep, then we have to wake it up later. No. The Vieta project is very much live, and we're keeping all the appropriate supplier... Key suppliers, such as with the electrolyzers, of course, Beck Hughes is one of the suppliers as well, and others completely informed.

23:44 It is really important for us to be transparent with everyone. And that's why, once again, I say, we welcome this opportunity of being transparent with you today. I'd rather hug the present... Hog the presentation, as it were, because that's a really important message that we wanted to convey. And we hope now that, we'll continue, and we'll keep you regularly informed. But you hope now that you understand why we have a balanced approach here, but at the same time, not dropping the ball on ATOM's business. I will now, invite, questions, and obviously, of those questions, can be, will be answered by either one of my colleagues or myself.

24:32 That's great. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated in the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you that recording of this presentation, along with a copy of the slides and the published q and a can be accessed via our investor dashboard. And Peter Olivier Nikita, we have received a number of questions for today's meeting. And I wanted to start off the q and a session with the first one here, which has a few parts to it and reads as follows. In layman's terms, what's actually going on with the power? Did we have an agreement then the government changed their minds? What are they proposing? I think I've explained the first two branches of that question. And the the the final branch is what is they're proposing.

25:18 This is part of the discussions that we're having, and it's relatively confidential at the moment, commercially sensitive, so we can't say exactly what is being proposed. We know what we want and we must have, which is a period of years which cover not only the build period, but to know that we have a fixed price for at least ten years or ten years after commencement of production, so called COD. So we need to know where the prices are. It could be a stepped price. It could be x for the first five years and y for the second five years. And there has been press comments as to that. But the bottom line is, it's still in debate. But we do know we do know that we need some certainty during the period of ten years, which happens to be the maturity period of the loans from the DFIs.

26:15 Thank you, Peter. Another one here asks, what happened to the project in Iceland? Olivier, can I ask you to comment on that, please? Thank you, Peter. No, I think we had commented on it actually at the last turnaround. So what we do when we develop projects is obviously we look at what is the techno economic feasibility, the business plan out of it and the outcome. And what appeared clear about two years ago was that the prospects for ATOM were much better in Latin America and that the opportunity in Iceland itself became smaller than expected, less interesting than expected as well as we really obviously focused on the markets where you could have you could produce commercially feasible projects and be profitable without the need for any green premium, which were obviously focused focused in Europe at the time.

27:15 So clearly, you know, at the moment and at the time when the decision was made, it was very clear that Iceland wasn't going to be yielding as much return for us as shareholders as investing time and resources in Paraguay and in other countries like Brazil or Costa Rica. Thank you, Olivier. Moving on. Given you have established much of the work programs needed to bring a project to FID, how long could the Brazil project take to reach that stage? Very good question. But certainly, we would be shortcutting the feed process very, very significantly. Typically, a feed process for this could take eighteen months. We could have that easily in terms of what we've got. Obviously, it's got to look at the land where it isn't situated and a number of other features.

28:07 But certainly, we're looking for half the amount of... Halving the amount of time for the FEED process and then also procuring EPC, legal documentation, and actual work, and value engineering, which is very important when it comes down to construction. We could, there will be significant benefits. At this moment in time, we can't identify exactly how much. But certainly, out of the gate, the feed would approximately be half the time that if you came to it fresh and half the costs. Thank you. And sticking with Brazil, is the power price in Brazil likely to be higher or lower than Vieira's PPA? To be advised.

28:54 Nikita, would you like to say something here? Yes. Thank you. Good morning, everyone. Yes. I I think just to prelude that on the whole BD strategy is that what's really important to us as a developer and to shareholders is is speed to delivery, speed to execution, and, of course, the competitiveness. So we do have a lot of incoming. And where we do look at different countries and jurisdictions and working with different partners, we do prioritize the competitiveness and the speed of delivery of that project. And, of course, Brazil is naturally identified as one of those locations. And whilst the PPA competitiveness and the dynamics of the power market, so to be commented on as to the specific project that we are looking at or projects that we're looking at, we have to ensure that this is competitive both for the production profile of the product that we're making and to be able to supply it at the best possible prices and garner off take strength for that particular market.

29:51 And perhaps I can also say that on a macro basis, many of you will have seen that there was an election for president yesterday. The results were that the son of Bolsonaro actually came out with a lead and is widely recognized now as being the front runner to be president. It's also widely recognized that he is more closer to America than he is elsewhere, although the China connection is very important. Brazil imports 85% of its fertilizer from places such as China and Russia, and it desperately needs, for, local production, which gives us a commercial opportunity. Please, next question. Thank you very much. Next question is a bit of a long one, but how does pursuing bit arbitration against Paraguay affect the Board's ability to simultaneously negotiate a new commercial PPA and ANDE?

30:48 And what is the realistic timeline to final investment decision execution, construction resuming if a new agreement isn't reached before the mid December arbitration deadline? There's no reason why it can't happen in parallel at all. At this moment in time, the government is totally aware of the time scale. And in relation to if we get a new PPA, then what happens then is during the time that we're negotiating... Finalizing the negotiations of that, we'll be going back to all our stakeholders and considering the documentation or the revised projections that are needed. Olivier, do you want to add something there?

31:37 No. And I will add that, obviously, since things happened in June, we haven't lost basically, we didn't take a pause as Peter mentioned earlier. Right? So whether it's making sure that the financier side will be ready to go and the... And, obviously, the technical side and the off take side. So from a resources point of view, as you heard from Peter, we also hired... Are now working with a best in class legal firm when it takes when it comes into taking care of such arbitration proceedings. So resources have been properly allocated and one isn't taking from the from the other, which obviously is very key for us. Because as Peter said, know, time to market is absolutely key and delay also will be key in our decision as part of the IT arbitration.

32:33 Thank you. Next question here is, given the new Brazil prefeasibility work and the power and battery storage division mentioned in the results, it's worth asking whether management resources and capital are being stretched across too many fronts while Vietta's core power question remains unresolved. No. They're not. We don't believe so, although it's always a risk, we've got to be aware of that risk, and it's a very good question accordingly. In a business, what kills you is fixed costs. Variable costs don't kill you because they're dependent upon the actual work in hand, but fixed costs do. And if you're talking, therefore, about manning up all resources, we do have the resources except they're variable resources.

33:23 In other words, we're not going to... We're not employing many dozens of people on this because that's a great way of blowing your money in effectively. What we have got is resources of people that we can bring in and bring out or companies that we can bring in and bring out depending on where we're at. So whilst it's a very excellent question and the right question to ask, the bottom line is we're a company that doesn't believe in having many, many people on staff, but we are a company that believes in having strategic partners in various places. And that's why, for example, in Brazil, we're actually partnering with Kasali. They're involved right at the outset And in typical construction mode, these are partnering.

34:14 They benefit from the upside. They benefit from the downside, and they may even take equity participation as well. So it's really important that we have that expertise, we have a source for it, but we don't actually break the bank in terms of fixed costs ourselves. I hope that answers the question. Thank you, Peter. Another investor here asks, has the power been sold to another party? No. Thank you. Switching to another question here. It appears that crypto miners have been looking for cheap power globally, and they have and they have pushed to Paraguay in some force. How can ATOM protect our Brazilian project from a similar power squeeze? That's a really good question and insightful as well.

35:03 Background on on Paraguay. In the last six years, which mirrors the tenure of the previous head of Amdai, Paraguay came from nothing in terms of crypto mining to the fourth largest crypto miner in the world. Leave you with that thought. I won't say anymore. I may get into trouble. But in terms of... And it's a very valid question in terms of Brazil, yes, there are crypto miners, but the real the real power grabber, as it were, is... Let's just... With with respect to Christomanners, a bit more legitimate. This is AI. AI is sucking power from all countries, including Brazil. But there is ample power in Brazil, And countries like Brazil, actually also like Paraguay, recognize that AI isn't a complete answer to the country's requirements because it doesn't really create industry within the country.

36:00 It doesn't solve the the country's import needs. So whilst maybe in crypto, perhaps more likely in in in AI, there is an alternative demand for a, electro intensive business such as AI. The fact is that these countries are now alert to that. And there has been a recent law passed in in Paraguay... Sorry, and out Brazil, dealing with the agriculture industry and the need for governments to, if not subsidize, look favorably on new fertilizer industries to, to alleviate the cost of imports and to have a homegrown industry.

36:45 Very good question. But I would now look look more to the future on AI being a a dominator in power worldwide, and then as you are familiar, just England and America as well. Thank you. Another question here is best case scenario for Vieja and Brazil projects go ahead. What are the risks to ATOM's ability to deliver both projects? Well, the risk on delivering, on delivering Vieta is... And is the same as it always was. First, if you've got... On the assembly, you've got the PPA, it's execution risk. That's what it is. It's execution risk, and that's delivery. And we're confident that we've got an extremely good executor in terms of Kisale, who are our, EPC contractor turnkey, lump sum turnkey.

37:43 So we're very confident they've got the track record. But the thing that would keep one up at night once we've got the PPA is to make sure that we deliver on time, on budget the construction, and then away we go. We're pretty confident about the market, especially with what everyone has seen in terms of the Straits Of Hormuz. We're pretty confident there's a market there. We're pretty confident of the demand. We're pretty confident that people will like our our credits, carbon credits that that be coming off that, which the Yara will market. We're very confident in our offtaker, very credible. We've got extremely good relations with them and a trusting relationship with them. They're bearing in mind their only concern is making sure your economics are good, which is what our concern is. And that's why we won't do simply any deal to get Viezza back on track. Ditto with Brazil, at the end of the day, it's execution in terms of building the thing. If the market's there, the market's there. What we've got to do is build on time, on budget, keep our costs low, and then, like in Beetho, keep our OpEx low and making sure that, again, we come down to fixed costs and variable, that we keep our fixed costs to a relevant minimum and ensure that our variable costs, we have the right people delivering at the right time, and we chop and change depending upon expertise.

39:10 Thank you, Peter. A couple of more questions here. Is Brazil just being considered as an alternative now? If yes, why was it not evaluated and compared at the beginning with Paraguay, seeing Brazil is a bigger economy and market than Paraguay? No. And our credibility is such now that we're getting incoming from not just Brazil, but other countries who we can pick and choose, depending upon whether it's viable or not. And at this moment in time, with the legislation that there is and the ample availability of power, Brazil is not an alternative. It is another platform which we were looking to go in any event in due course. We've learned a lot with Vieta. We're we're gonna be conveying those plans and hopefully build out Vieta at the same time.

40:01 Thank you. Another one here is what is the view of the powerful Paraguayan agricultural lobby, UGP, ARP, Cape Cove, etcetera, on the Vieja situation? Supportive. Perfect. Thank you. Well, look, guys, you have covered a lot of ground there. So thank you for addressing those questions for investors today. But Peter, before I redirect investors to provide you with a feedback, which I is particularly important to yourself and the company, could I please just ask you for a few closing comments? Thank you very much. We deeply regret what has happened, which was out of our control. We have come an awful long way and the people here for ATOM and the tremendous work that Olivier Musat has done regarding the project finance on this has just been tremendous.

40:54 Nikita as well playing his part in terms of liaison business development and all our other colleagues who aren't here. I personally feel disgusted at what has happened in Paraguay at this moment in time when it was revoked. We're we're there. We're fighting the situation. We're engaging in a polite, good faith way, and we're very sorry that this has happened. We hope the shareholders understand. We are wanting at all times to be transparent, to put this on track, but we have a default and a very productive default alternative, which, as I said to you, the most important thing for us is to make sure that our shareholders are looked after.

41:43 And, we won't accept any deal. But we are... With apologies to our shareholders, it was not... It's not turned out the way we wanted it at the moment, but nevertheless start to say it won't. And from everything becomes an opportunity. We've learned a lot, but also we've got lots of opportunities in ATOM PLC itself, which we're pursuing. We've got the expertise. We've got the people, and we're moving forward. This is not a one trick pony, but Vieira is certainly not dead. And we've got other things and irons in the fire. So please bear with us. Please understand. Anything you wanna ask, any shell you want to ask, we've an open door. Do not hesitate to contact us and ask questions. And within parameters of what we can disclose, we will, of course, respond, and we will keep the market informed. Thank you very much.

42:34 Thank you all very much indeed for updating investors today. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback, which help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good morning to