Atome (ATOM) Investor update summary

Strategic progress and project updates

• Villeta project, the world's largest green fertilizer facility, completed FEED and targets FID and funding by end of 2024, with production starting in 2027.

• Secured a long-term offtake agreement with Yara for 100% of Villeta's output, de-risking and validating the project.

• Project pipeline includes advanced developments in Costa Rica (120MW, targeting PPA in H2 2024) and the 300MW Yguazu project in Paraguay, both with government support.

• Each project will operate as a separate SPV, with financing arranged through Natixis, the Inter-American Development Bank, and oversubscribed debt for Villeta.

• EPC parties identified, fixed price contract in progress, and projects benefit from free trade zone tax exemptions.

Market opportunity and decarbonization

• Fertilizer industry emits 2.6 billion MT CO2eq/year, with demand rising as population nears 10 billion.

• Green fertilizer production uses hydroelectric power for hydrogen, eliminating hydrocarbons and reducing emissions by ~90%.

• Villeta's output will displace up to 500,000 MT CO2e annually.

• Decentralized production model enables local supply, reducing transport emissions and increasing food security.

• Green CAN is expected to command a premium and is competitive with grey market prices.

Financial outlook and risk management

• Commercial viability is based on current regional fertilizer prices, with no reliance on green premiums or carbon credits.

• Villeta's projected EBITDA is $70 million and revenues $110 million in its first full year; group EBITDA could reach $190+ million by 2030.

• Financing strategy focuses on long-term debt, infrastructure investors, and a £4 million working capital facility from the main shareholder.

• Risk-averse approach includes proven alkaline electrolyzer technology, robust permitting, and replicable engineering.