Highlights

· Non-binding Heads of Terms and binding exclusivity agreement signed with Hy24, the world's largest low-carbon hydrogen asset manager with more than US$2 billion under management

· The Clean H2 Infra Fund commits to serving as the anchor and lead equity investor, and, subject to certain conditions being met, invest a minimum of US$100 million and up to US$115 million in the Project as the anchor and lead equity investor

· The Terms attribute to ATOME a value of US$60 million for the Villeta Project, prior to further near-term value catalysts

· ATOME is able to co-invest with Hy24 in Villeta on pari passu terms together with other new investors forming part of the equity club which is now being constituted

· Up to US$5 million to be advanced to ATOME by the Clean H2 Infra Fund in the period through to FID with first instalment of US$1 million paid upon signing of the Terms

· ATOME to maintain day-to-day management and operational responsibility through the life of the project

· Signing of full equity definitive agreement targeted in Q2 2025, with FID and full financial closing targeted by end H1 2025

o Substantially oversubscribed debt financing proposals progressing as expected

o Definitive EPC and Offtake contracts expected in Q2 2025

Olivier Mussat, CEO of ATOME, will provide a live presentation relating to this update via Investor Meet Company, details of which can be found below.

Olivier Mussat, CEO of ATOME, commented:

"We welcome Hy24, a worldwide leader in hydrogen private equity finance, as an anchor equity investor and are excited to bring the project to full financial close in the first half of this year. The Hy24 team has demonstrated deep industry expertise that will accelerate our project development. This demonstrates the substantial value in ATOME's business model of developing shovel-ready projects that combine market offtake and strong financial returns with significant development impact, backed by our proven management expertise."

Pierre-Etienne Franc, CEO and Co-Founder of Hy24, commented:

"This marks Hy24's first step toward a potential direct investment in the region through our Clean H2 Infra Fund. We are committed to supporting the most promising project developers who contribute to providing cleaner alternatives. ATOME's Villeta project stands as one of South America's most advanced green fertiliser initiatives, driven by Paraguay's exceptional renewable resources, a highly experienced team that has effectively advanced the project's development, and strong offtake potential within the Mercosur region. Villeta has the capacity to significantly enhance the region's food sovereignty."

Heads of Terms

ATOME is pleased to announce that following a series of detailed and competitive equity finance discussions with reputable international financing institutions, it has entered into the Terms with the Clean H2 Infra Fundin relation to its first flagship 145MW green fertiliser project in Villeta, Paraguay.

Under the Terms, Hy24's Clean H2 Infra Fund would:

· Become the anchor and lead equity investor in the project and commit to a minimum of US$100 million and up to US$115 million; and

· Advance a total of up to US$5 million to ATOME between now and FID from its proposed equity participation, with the first instalment of US$1 million paid on signing of the Terms.

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