Full Year Results & H1 2025 Operational Update

26 June 2025

ATOME PLC

("ATOME", "the Company", or "the Group")

Full Year Results

H1 2025 Operational Update

Olivier Mussat, CEO of ATOME, said:

"This has been a period of resolute execution for ATOME, marking our transition from development-stage company to a project-ready organization on the cusp of delivering what we believe will be the world's first industrial-scale zero carbon green fertiliser facility, Villeta in Paraguay. The plant will generate production without reliance on subsidies, close to key demand markets, enabling major food producers to decarbonise their supply chains."

Financial Highlights FY 2024

Operational Highlights FY 2024

"For further information on ATOME, please visit the Company's Curation Connect showcase at: https://app.curationconnect.com/company/Atome-71605"

For more information, please visit https://www.atomeplc.com or contact:

MAR

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.

About ATOME

ATOME PLC is an AIM-listed company targeting green fertiliser production with 445-megawatt of projects in Paraguay and a further pipeline of potential projects in Central America. ATOME has now created its ATOME POWER division which is in the early stages of developing a significant green power generation and infrastructure business. ATOME's projects are situated at the heart of one of the world's largest food export hubs - the Mercosur region in the Southern Cone of South America with the Argentinian and Brazilian markets next door. ATOME's production will disrupt the region's heavy dependence on imported fossil fuel generated fertilizer, contributing to regional food security goals.

ATOME's first project in Villeta, Paraguay, benefits from a 145MW renewable power purchase agreement and 43 hectares of land in a tax-free zone. Front End Engineering Design studies have been completed and Heads of Terms signed with Yara International, the leading international fertiliser company, for offtake of all of Villeta's green fertiliser production. In early 2025, ATOME announced Hy24, the leading clean hydrogen asset manager, as anchor and lead equity investor in the project, and confirmed the signing of the US$465 million fixed-price EPC contract with leading ammonia and fertilizer engineering specialist Casale S.A. The Company is now negotiating the project finance with a view to commencing work in 2025. There is a further up to 300MW of renewable power reserved for ATOME in Paraguay.

In Costa Rica, The National Ammonia Corporation S.A. was formed in 2022 with local partner Cavendish S.A. based in Costa Rica to develop green fertiliser projects for the region. As well as straddling the Pacific and Atlantic Oceans, Costa Rica is a democratic Central American country. In agriculture, Costa Rica is the second largest supplier of pineapples in the world and is in the top ten banana growers.

All power for ATOME is from 100% renewable sources and all chosen sites are located close to the power and water sources and export facilities to serve significant domestic and then international demand. Roughly a third of human-caused GHG emissions is linked to food production according to UN data, and fertiliser use and production is the source of more emissions than the shipping and aviation industries combined. ATOME's green Calcium Ammonium Nitrate product will contribute to decarbonising the food sector from the bottom up, getting to the root of the food value chain's emissions. ATOME's renewably-generated fertiliser is both clean and promotes high crop yields, unlike conventional nitrogen fertiliser which has a heavy carbon footprint.

The Company has a green-focused Board which is supported by major shareholders including Peter Levine, Schroders, a leading fund manager, and Baker Hughes, a global technology company operating in the energy and industry sectors.

Other information

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Summary

ATOME's third set of full year results demonstrates the continued significant progress of our Company towards the Final Investment Decision ("FID") and full financial close for our flagship 260,000 tonnes p.a. Villeta green fertiliser project in Paraguay.

Introduction

In just three years, ATOME has progressed from a company start-up to the recognised world leader in green fertilizer project development. Both in scale and proximity to first production, we are widely considered by our peer group to be at the forefront of our industry, with our management continually demonstrating ATOME's market-leading execution abilities.

Business Summary

The milestones achieved in the calendar year 2024 included the following:

1. Successful completion of the Front-End Engineering and Design Study ("FEED") for the Villeta Project

2. Signing of a 30-year free trade zone agreement for Villeta

3. Nomination of Casale, the world leading fertiliser technology, engineering and construction contractor, as the Engineering, Procurement and Construction ("EPC") contractor for Villeta

4. Heads of Terms signed with Yara International S.A., the world leading crop nutrition, production and operational company for long term offtake of the entire production of Villeta

5. Founding of ATOME's own Engineering and project management team

6. Option signed to acquire a further 13 hectares (32 acres) of land at Villeta for our first project as discretionary extra capacity if needed

7. The constitution of the club of proposed funders for the debt package of Villeta continued in 2024 with the indicative debt proposals substantially oversubscribed

8. Completion of the power purchase agreement studies for the Phase 2 300MW green fertilizer "Yguazu" project in Paraguay

9. Framework collaboration agreement signed with the national power company of Costa Rica

So far in 2025 this progress has considerably accelerated as we near the finish line for the closing of the US$600+ million project finance package for Villeta. This progress includes:

1. Signing Head of Terms with Hy24, the world leading clean hydrogen investor, for anchor and lead equity investment of up to £115 million in the Villeta project

2. Signing of the definitive $465 million EPC contract with Casale and commencement of detailed engineering work

3. Advanced discussions with other potential equity investors and the debt package group to move Villeta forward to FID targeted for H2 2025

4. Creation of ATOME POWER, a new independent power generation division with the potential to deliver significant income streams for the group

Financial

As a development expenditure ("devex") company, ATOME's 2024 results reflect the continued investment which has powered the material progress achieved in the year. This investment led to a total comprehensive loss for the year ended 31 December 2024 of US$7.3 million (2023: US$6.6 million), in line with expectations.

Prospects

We are quietly confident that 2025 will see ATOME's world-leading position in the industry consolidated by declaration of FID at Villeta and the start of construction onsite. We have a pipeline of other exciting projects to develop but for now we are laser focused on closing out Villeta.

Finally, all this progress cannot have been achieved without the sterling efforts of our management and employees to whom I extend my sincere gratitude.

Peter Levine

Chairman

26 June 2025

Statement by the Chief Executive Officer, Olivier Mussat

2024 was a year of exceptional execution for ATOME, marking our transition from development-stage company to a project-ready organization on the cusp of delivering the world's first industrial-scale zero carbon green fertiliser facility.

The milestones we achieved throughout the year demonstrate our ability to translate strategy into tangible results. We successfully completed the Front-End Engineering and Design Study (FEED) for our flagship Villeta Project - a groundbreaking achievement that we believe represents the first industrial-scale green fertiliser FEED study completed anywhere in the world. This technical milestone validates our project's technical and commercial viability, and positions ATOME as the global pioneer in green fertiliser production, catalysing the switch to green fertilizer as major food and beverage companies aim to decarbonize their supply chains.

We have also secured the essential building blocks for project execution which is equally significant. The signing of a 30-year free trade zone agreement for Villeta provides the regulatory certainty required for large-scale industrial operations. The completion of power purchase agreement studies for our Phase 2 300MW "Yguazu" project in Paraguay further demonstrates our systematic approach to scaling operations across the region. The financial community's confidence in our business model became evident through the substantial oversubscription of indicative proposals for our Villeta debt package, with support from the largest multilateral development banks. This market validation provides the financial foundation to optimize our inaugural project, and subsequently scale our model to grow revenue and returns.

Strategic relationships with world-leading project partners formed during 2024 have significantly strengthened our market position. First and foremost with Yara International, with whom we have signed Heads of Terms for 100%, long-term 'take or pay' offtake from our flagship Villeta Project - to provide complete revenue certainty. Yara is the global leading crop nutrition and industrial‐chemicals company, delivering around 23 million tonnes of fertilizer annually and rapidly expanding into low-carbon solutions in response to market demand.

The momentum generated in 2024 has accelerated dramatically in the first part of 2025 as we approach financial close on our US$600+ million Villeta project finance package. The partnership with Hy24, the world's leading clean hydrogen investor, as our anchor equity investor with a contemplated $115 million investment, represents a significant validation of our project's commercial prospects. Meanwhile, intensive discussions with additional equity investors and our debt consortium are currently progressing toward our targeted Final Investment Decision this year.

Project execution continues to advance on multiple fronts. The recent signing of our definitive, first-of-its-kind $465 million fixed price turnkey EPC contract with Casale, the world's leading fertiliser technology contractor, has enabled commencement of detailed engineering work, providing certainty on project costs and delivery timelines. In parallel, we also continue to strengthen our execution capabilities as we build the team in Paraguay and internationally, bringing crucial expertise as we transition from development to construction readiness.

Our focused approach to capital allocation has allowed us to concentrate resources on our highest-return opportunities in Latin America in the short-to-medium term, where market conditions and regulatory frameworks provide superior commercial prospects. Alongside our projects in Paraguay, we are progressing our operations in Costa Rica with the successful execution of a framework collaboration agreement with the national power company of Costa Rica, building upon our existing partnership with National Ammonia Corporation. We continue to build a pipeline of projects and remain alert to opportunities that will be the next value catalysts, following reaching financial close and commencing construction at Villeta.

Looking beyond our core fertiliser business, the launch of ATOME POWER represents a strategic evolution that diversifies our business, while leveraging our renewable energy expertise. This new independent power generation division has the potential to deliver significant additional income streams for the group, enhancing our integrated value proposition.

The global imperative for sustainable food production has never been more urgent. Farmers and food & beverage producers are under growing pressure to reduce emissions throughout their value chain to meet regulatory and sustainability targets. Furthermore, as recent geopolitical shocks have demonstrated, there is an urgent need to decouple our food value chains from volatile energy markets and global trade tensions. Developing resilient, regionally-based fertiliser production capacity is key to ensuring the security of our food supply chains. ATOME is disrupting the status quo, providing farmers with reliable access to cost-competitive, nutrient-use efficient green fertiliser products.

Our commitment to the UN Sustainable Development Goals extends across multiple dimensions of our business. The Villeta Project will directly contribute to SDG 2 (Zero Hunger) by ensuring reliable fertiliser supply for enhanced agricultural productivity. SDG 7 (Affordable and Clean Energy) is advanced through our renewable energy integration and green hydrogen production. Our planned industrial-scale facilities will support SDG 9 (Industry, Innovation and Infrastructure) while our planned sustainable production methods align with SDG 12 (Responsible Consumption and Production). Most significantly, our elimination of production emissions will directly support SDG 13 (Climate Action), delivering measurable impact in the fight against climate change. Additionally, our operations will contribute to SDG 11 (Sustainable Cities and Communities) through job creation and economic development in our host regions.

With FID approaching and Villeta production targeted to commence by the end of 2028, ATOME's development model, proven execution capability, and secured strategic partnerships have transformed us from participant to global market leader. Our strong financial backing and definitive offtake agreements position us to capture the significant value creation opportunities in the rapidly expanding global green fertiliser and power markets, while delivering substantial shareholder returns and measurable positive climate impact.

Financial review

The consolidated financial statements present the group results for the year ended 31 December 2024 for ATOME PLC, an independent AIM listed business focused on producing, marketing, and distributing green fertiliser.

At the date of this report, the first major project is projected to close full financing ("FID") and start construction at or around the end of September 2025. This milestone will provide contribution to group overheads by way of recharge for services provided as well as payback for certain anticipatory expenses already incurred and paid out.

FID is also expected to act as a catalyst to provide sources of funding for ATOME's next ventures.

In February 2024 and September 2024, the Group raised a total of US$6.3 million, of which US$3.7 million was received in cash by 31 December 2024 through a director led placing with institutional and private investors, with further US$3.0 million settled in kind against amounts owing from the share issue in September 2024 and share issues completed previously.

As part of the arrangements with the Company's Villeta project anchor equity investor Hy24 to date $2 million has been advanced to the Company by Hy24 which has assisted in the expenditures on the project.

Further funding will continue to be required from shareholders, lenders or otherwise for the Company to achieve success in project financing for Villeta Project with the desired outcome of cash generative production in 2028 and to continue its operations, which indicates the existence of a material uncertainty over the Group's and the Company's ability to continue as a going concern.

However, to alleviate concerns as to future funding, additional funds may be made available to the Group in the form of the commitment based on the support letter ("the Facility") provided by Peter Levine the chairman of ATOME and largest investor, through one of his entities. The terms thereof provide inter alia for a facility of up to £4 million for a period up to 30 September 2026 to support working capital needs.

The Facility is unsecured and will be repayable on the earlier of a future fundraise by the Company of at least £4 million, in which Peter Levine will have the right to participate to maintain his current interest in the Company, or when FID is declared on the Villeta Project. The Facility bears an interest rate of SOFR plus 4% on drawn amounts, a commitment fee of 1% on undrawn amounts and an initial facility fee of 2.5%, all of which can be settled in shares.

The financial results of the Group are presented in US Dollars as all the Group's budgeting, cost management and future trading are primarily denominated and maintained in US Dollars. All translation differences arising from translation from functional to reporting currency are taken to the Foreign Currency Translation Reserve on the statement of financial position.

The Company intends to hold the Annual General Meeting to approve the audited financial statements at 11.00am on 25 July 2024 at The Royal Army and Navy Club, 36 Pall Mall, London, SW1Y 5JN. The Notice will be sent with the full Annual Report on 27 June 2025.

Related Party Transaction

Peter Levine is a Director and substantial shareholder in the Company. The Facility is therefore a related party transaction pursuant to Rule 13 of the AIM Rules for Companies.

The Independent Directors comprising all directors of the Company, other than Peter Levine and Nikita Levine, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited(1), consider the terms of the Facility are fair and reasonable insofar as the Company's shareholders are concerned.

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

Consolidated Statement of Financial Position

As at 31 December 2024

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

Consolidated Statement of Cash Flows

Year ended 31 December 2024

Notes

1. Accounting policies and preparation

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2024.

Whilst the consolidated financial statements from which this preliminary announcement has been derived are prepared in accordance with International Financial Reporting Standards ("IFRS") and applicable law, this announcement does not itself contain sufficient information to comply with IFRS. The Annual Report, containing consolidated financial statements that comply with IFRS, will be sent out to shareholders by 27 June 2025.

2 Administrative expenses

3 Loss per share

At 31 December 2024, 1,813,580 (2023: 2,185,000) share options and share warrant awards were in issue that, if exercised, would dilute earnings per share in the future. No dilution per share was calculated as with the reported loss adding share options and warrants is anti-dilutive.

4 Notes to the consolidated statement of cash flows

5 Segment reporting

In the opinion of the Directors, the operations of ATOME PLC comprise one class of business, the development, production and the sale of green ammonia derivatives for agricultural use and related activities.

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses and whose results are regularly reviewed by the Board of Directors.

The Board of Directors reviews operating results by reference to the core principle of geographic location. As at 31 December 2024, the Group had projects in two geographical markets: Paraguay and Costa Rica while investment in Iceland had been wound down in February 2024. It has a head office and associated corporate expenses in the UK.

Reconciliation of the amounts reported for segment assets to the Group's consolidated statement of financial position is as follows:

(1) Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

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