Atome : Annual Report and Accounts 2023

REPORT AND

CONSOLIDATED

FINANCIAL STATEMENTS

2023

ATOME PLC

the international green fertiliser company producing, marketing and distributing green ammonia and nitrogen fertiliser products

Green fertiliser, delivering a cleaner, more sustainable future for our planet and improving food security for all

2	Chairman's Statement	23	Consolidated Statement of Financial Position
3	Chief Executive Officer's Statement	24	Consolidated Statement of Changes in Equity
4	Strategic Report	25	Consolidated Statement of Cash Flows
9	Directors' Report	26	Notes to the Consolidated Accounts
11	Directors' Remuneration Report	45	Company Financial Statements
14	Corporate Governance Statement	47	Notes to the Company Accounts
17	Statement of Directors' Responsibilities	51	Glossary
18	Independent Auditor's Report	52	Corporate Information
22	Consolidated Statement of Comprehensive	53	Notice of Annual General Meeting
	Income

ATOME PLC | Annual Report and Accounts 2023

01

Chairman's Statement

Summary

This is the second Annual Report and Accounts for ATOME and reflects demonstrable positive progress towards our goal of achieving Final Investment Decision on our flagship Villeta Project and start of construction there by the end of this current year.

It was only on 30 December 2021 that ATOME joined the London Stock Exchange's AIM market and today ATOME remains the only pure play green fertiliser production company on the London market. Since Admission, the Company has made remarkable progress placing us at the forefront of the world green fertiliser industry.

Maintaining our fast-track schedule to be the first industrial scale producer of green fertiliser, we successfully achieved numerous milestones in the year under report. These include acquiring 30 hectares

(75 acres) of land for the Villeta project, completing the necessary Environmental and Social Impact Study, obtaining necessary environmental and operational licenses, gaining Tax Free Zone status for our Villeta facility as well as increasing the power purchase agreement there to 145MW. The progress has continued into this year with the FEED study completed.

We now have three exciting world scale projects, the 145MW project in Villeta, Paraguay, our 300MW Yguazu project also in Paraguay and the 120MW project in Costa Rica. In respect of our first project Villeta we look forward to agreeing offtake for our entire production in the near future.

We have every confidence that ATOME will go from strength to strength in the years ahead and become one of the world leaders in the production of green fertiliser, delivering capital appreciation to our shareholders from sustainable growth whilst being an important contributor to the drive for global net zero in the food and agriculture industries.

Financial

The financial statements present group results for ATOME PLC for its second full year of operations, following its debut in 2021.

Total comprehensive loss for the year ended

31 December 2023 was US$6.6 million (2022:

US$5.9 million), in line with expectations, reflecting the increased level of activity and fast track development throughout ATOME's project portfolio.

Sustainability

ATOME acknowledges and respects the increasing emphasis on climate change around the world. The Company aims to build a platform for a cleaner, more sustainable future for our planet in recognition of the climate change imperative driving nations and industries around the world to"green"their infrastructure, operations, and products.

Conclusion

I would like to close by thanking all my colleagues throughout the company for their contribution to the success of ATOME. Together we work towards delivering another year of significant achievement, progress and delivery of value to our shareholders.

Peter Levine

Chairman

26 June 2024

02	ATOME PLC | Annual Report and Accounts 2023

Chief Executive Officer's Statement

Since its foundation and subsequent emergence as an independent AIM listed business ATOME has made great operational progress and established itself as a leading international developer in the field of green ammonia and its derivatives, with a unique focus on green fertilisers. ATOME's strategy has been clear since day one: we look to accelerate the development of our business by looking for reasonably sized projects, leveraging existing infrastructure in order to be first to market producing green fertiliser at the lowest cost possible near markets with existing demand.

We listed in London through our IPO in December 2021 having become a public company two months earlier. At the time of Admission to AIM we had our two core projects in Paraguay and Iceland, both substantive in nature and providing significant opportunity for significant increases in shareholder value, extending into the future. Hindsight, together with subsequent events, has shown ATOME to be the right company at the right time for the green ammonia and fertiliser markets.

I am pleased to report that since our first annual report for 2022, ATOME has now completed front end engineering and design (FEED) study for its first project in Villeta, Paraguay. It is not only significant for us, but it is also the first industrial scale green fertiliser FEED globally. We are now rapidly proceeding towards agreeing terms and conditions for a definitive form PPA for the 300MW Yguazu project in Paraguay combined with continued progress in Costa Rica with National Ammonia Corporation, where we are actively working on securing power for this project. All this progress has considerably exceeded our original expectations at the time of the IPO both in scale and the time frame of our business.

In January 2023, we created National Ammonia Corporation S.A (NAC), a joint venture with Cavendish, the renewable energy arm of the Quirós family-owned Grupo Purdy S.A., one of the largest corporations in Costa Rica, to pursue renewable energy generation and green ammonia based fertiliser production. Similar to Paraguay, Costa Rica is one of the greenest countries in Latin America with a significant agricultural sector, presenting a great opportunity to leverage all the work we are currently doing in Paraguay and fast track project development there.

In May 2023, being armed with the already signed PPA, we took the decision to solely focus Villeta as a producer of green fertiliser (Calcium Ammonium Nitrate, or CAN) being the most value accretive option for the production facility, supplying that product to

the fastest growing agricultural market globally in Mercosur and further. We also entered into a strategic partnership with Baker Hughes who invested in the Company and with whom we have agreed rights of first offer for the supply of compressor and other equipment to our projects. The FEED study for Villeta is now complete, with offtake terms for 100% of product in the process of final negotiation projected to provide structured support for long-term sales to underpin Villeta project commerciality and bankability.

Following the strategic review of our portfolio in view of significant effort, progress and clear path to market achieved in Paraguay and Costa Rica, we took a decision to divert the focus from the less commercially attractive operations in Iceland, with the 75% owned subsidiary Green Fuel ehf formally wound down in February 2024.

We believe ATOME is ideally placed to not only decarbonise food and agriculture sector but also increase food security. Our projects will contribute significantly to fulfilling the UN's Sustainable Development Goals (SDGs), particularly SDG 2, 7, 9, 11, 12 and 13 which cover hunger, affordable and clean energy; industry, innovation, and infrastructure; sustainable cities and communities; responsible consumption and production; and urgently combating climate change.

The stable price environment, the increasing demand for fertilisers, together with the international emphasis on environmentally necessary green commodities and security of supply, has provided a very fertile end market for ATOME's planned production. We have ever increasing confidence, backed by industry interest in us and strong support from a number of financial institutions, that there will be robust demand for our production which will support strong economics for our business, with profitability and sustainability going hand in hand.

We look forward to delivering further material progress during the balance of 2024 as we move forward with bringing our projects on-line with FID on Villeta projected by the end of this year and production targeted to commence in 2027. We intend to further develop a pipeline of new international projects in other jurisdictions as we become increasingly recognised as a leading first-mover developer in green ammonia and fertilisers.

Olivier Mussat

Chief Executive Officer

26 June 2024

ATOME PLC | Annual Report and Accounts 2023

03

Strategic Report

Principal Activities, Risk and Uncertainties

The Group conducts an international business whose principal activities are for the purpose of producing, marketing and distributing sustainably produced green ammonia and derivatives, with primary focus on green nitrogen fertilisers. A comprehensive review of the development of the business of the Group is contained in the Chairman's Statement on page 2 and the Chief Executive Officer's Statement on Page 3. Details of the statement by the Directors in performance of their statutory duties in accordance with s172(1) of the Companies Act 2006 is included in the Corporate Governance Statement.

Financial Review

The consolidated financial statements present the group results for the year ended 31 December 2023 for ATOME PLC, an independent AIM listed business focused on producing, marketing, and distributing green hydrogen and ammonia, as well as derivative products including fertilisers.

In May 2023, the Group raised US$5.1 million and fully received US$4.6 million by 31 December 2023 through a placing to Baker Hughes and other institutional and private investors. In 2024, ATOME raised further US$2.5 million through a market placing.

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 2027 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.

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 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 2025 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.

Key Performance Indicators

Key Performance Indicators are used to measure the extent to which Directors and management are reaching key objectives. The key milestones for 2023 are establishing commercial agreements to progress the business towards the investment decision point and managing cash resources. The principal methods by which the Directors monitor the Group's performance will evolve as the business grows.

Risks relating to the Group and its business strategy

The Group has no operating history prior to commencing the Projects, and no current revenues or results of operations, meaning that there is no basis on which to evaluate the Group's performance or its ability to implement its business objective of successfully completing the Projects. The Group will not generate any revenues from operations, if any, unless and until at least the first phase of the Projects have completed, and there can be no guarantee that the Projects will be completed.

Whilst every effort is being made to cover the risks associated with the implementation of the Projects, there can be no guarantee that there will not be some unforeseen matter which has a material effect on their implementation, including whether full industrial production of hydrogen and ammonia will ever commence or the Group or its business can be profitable, which may have a material adverse effect on the Group's business, financial condition or results of operations.

An agreed source of green electricity supply is fundamental

The supply of green renewable sourced electrical energy is fundamental to the implementation of the Group's business plan. Whilst there is existing available green renewable electrical energy where the Group currently operates, there may be a risk that the Group is unable to finalise the terms of a power production agreement with the relevant power suppliers on a basis necessary to have a viable business or, even if such agreements are concluded, that such supply may be impacted by external force

04	ATOME PLC | Annual Report and Accounts 2023

majeure factors, or that the commercial terms crucial to the economic delivery of the Group's products may change or that the supply and availability of power is delayed or the amount of power required by the Projects may change, all of which may have a material adverse effect on the Group's business, financial condition, results of operations and/or prospects.

Furthermore, to the extent that the Group enters into power purchase agreements to fix the tariffs for the electricity used or enters into derivative agreements with a view to hedging against fluctuations in prices (such as contracts for difference ("CFDs")), the Group may be exposed to risk related to requiring an amount of electricity over a specific period. If there are periods of non-production the Group may need to pay the difference between the price it has purchased the power at and the market price at that time which could have a material adverse effect on the Group's profitability and/or the price of the Ordinary Shares.

Where the Group has entered discussions on the provision of potential renewable electricity supplies, including non-binding MoUs, there is no guarantee that legally binding power purchase agreements will be eventually executed, and absence of these agreements could have a material adverse effect on the Group's profitability and/or the price of the Ordinary Shares. This has been mitigated in Paraguay by the signing of a long-term 60 MW power purchase agreement in May 2022, with further expansion to 145 MW signed in July 2023.

There can be no assurance that the green ammonia and fertiliser sector will develop The market for green hydrogen and ammonia is developing rapidly and with this comes uncertainty as to the extent of markets being able to take or appropriately pay for the Group's production. This together with increasing competition may affect the Group's ability to sell its products in the regions of its geographical focus for export or at all. Whilst Governments and corporations globally are identifying green hydrogen as a key driver in delivering the energy transition to a low carbon economy, delivering this pathway will require significant and sustained investment and policy support for green hydrogen and strong growth in the supply chains behind it. In the event of the absence of significant and sustained investment and policy support in the medium to long term and/or if the expected adoption of hydrogen end- uses is not achieved, there may be a risk of potential adverse effect on the financial prospects of the Projects and resulting adverse effect on the performance of the Group, its future earnings and returns to Shareholders.

The future market price of green fertiliser, ammonia and derivative products is uncertain The successful development of a green fertiliser project is dependent on the terms of any offtake agreement, which will reflect the prevailing market price inter-alia of hydrogen and ammonia. The market prices are determined by a number of factors beyond the Group's control, including market demand and the costs of production of competing products such as fossil-fuel based ammonia and related derivative products. There can therefore be no assurance on future levels of market prices for the Group's future production, and whether the Group's Projects would be economic. If the market price falls below the costs of production, this may potentially adversely impact the Company's performance, its earnings and returns to shareholders.

Although the Company believes the current economic environment has created significant opportunities in the sphere of production of green ammonia and fertiliser, there may be competition for certain of these opportunities There may be worldwide competition from others interested in the production of green ammonia and fertiliser in the counties in which the Projects are based. Such competition may for example come from strategic players and public and private investments funds. Although the Company believes that it is well placed to prosper notwithstanding such potential competition, there is no guarantee that the Company will be successful against such competition.

The Company may not be able to obtain financing on terms acceptable to the Company

The Company will need to raise additional funding, either equity or debt financing, to fully finance the development and construction of the Projects and there can be no guarantee that the Company will be able to obtain the funding required or do so on terms that are acceptable to the Company at the time required. If the Company is unable to fully finance the development and construction of the Projects, the Projects may need to be cancelled or significantly restructured, either of which may have a material adverse effect on the Company's business, financial condition, or results of operations. The failure to obtain such financing or to secure it on acceptable terms would have a material adverse effect on the Company and its Projects, and therefore on the Company's business, financial condition, results of operations and/or prospects.

ATOME PLC | Annual Report and Accounts 2023

05

Strategic Report

continued

Dependence on key executives and personnel The future performance of the Company will depend heavily on its ability to recruit and retain the services of key executives and to recruit, motivate and retain further suitably skilled, qualified, and experienced personnel. The Company is recruiting personnel with existing expertise in the running and operations of the Projects to support the Company in its operations. However, there may be a risk that the Company may be unable continue to recruit personnel of the right expertise and calibre. Changes in personnel may have a material adverse effect on the Projects or the Company's business operations. The Company is also dependent on the Directors to manage its Projects. Although the Directors have entered into letters of appointment with the Company, the loss of the services of any such individual may have an adverse material effect on the business, operations, revenues, customer relationships and/or prospects of the Company.

Risks relating to the projects

There can be no guarantee that the completion of the Projects will take place or that they will be successful.

The Group's business strategy and business model depend on the successful completion of the Projects and on the effective and successful running of the Projects once completed. There can be no guarantee that appropriate power purchase agreements will be entered into in respect of each of the Projects on satisfactory terms or at all, or that the necessary equipment for production of hydrogen, ammonia and fertilser can be procured on satisfactory terms. Furthermore, there is no guarantee that final agreements in relation to securing land with adequate nearby water supply suitable for each of the Projects and available transmission lines for power can be completed on satisfactory terms or at all.

The initial phases of the Projects might not be successfully completed, and accordingly the Projects might be unable to progress to full industrial production phases of hydrogen, ammonia and green fertilser. As a result, the Group might not be profitable or be able to complete the Projects at a price that is consistent with its objectives or at all, which would have a material adverse effect on the Group's business, financial condition, or results of operations. If the Group fails to complete the Projects, it may be left with substantial unrecovered costs and which would have a material adverse effect on the Group's business, financial condition, results of operations and/or the price of the Ordinary Shares.

Risks relating to the durability and technical design of green hydrogen, ammonia and fertilser plants

Hydrogen generation and transmission plants, ammonia and fertiliser facilities are technically complex and some of the relevant technologies are relatively new. There are few comparable systems worldwide that can be used to forecast the durability of such plants. Therefore, there is a risk that the plants cannot be used over the entire forecast period for their intended use and/or fail to achieve or maintain the predicted efficiency. Additional costs may be incurred for maintenance, renewal or replacement of the plants or their system components. There may be a risk of damage or even destruction of the plants due to extreme weather events and geological risks. The Group plans to enter into insurance agreements to cover potential losses due to these unforeseen events.

Technology advancement and obsolescence risks A change could occur in the way a service or product is delivered making the technology selected by the Projects obsolete or non-commercial. The significant fixed costs involved in constructing the plant means that any technology change that occurs over the medium term could threaten the profitability of the Group, in particular due to the financing projections that are dependent on an extended project life. In such circumstances, the Projects may have to invest in replacement plant, with a possible interruption in production, which may potentially have a material adverse effect on the Group's profitability and the price of the Ordinary Shares.

Risks relating to the price of equipment

The price of equipment in relation to the Projects can increase or decrease. The price of equipment can be influenced by several factors, including the price and availability of raw materials, demand for the relevant equipment and any import duties that may be imposed on that equipment. Unexpected increases in the cost of equipment may potentially have a material adverse effect on the Group's ability to meet its investment criteria and on the Group's profitability and the price of the Ordinary Shares.

Construction risks

The Projects will require significant capital expenditure and pre-production operational funding, the quantum of which may be greater than planned due to cost overruns, construction delay, failure to meet technical requirements or construction defects which may be outside the Group's control.

06	ATOME PLC | Annual Report and Accounts 2023

If a third party is liable to repair or remedy any construction defect that third party may not be able to carry out such repair or remedy by the agreed deadline or at all and/or the relevant defects may not be adequately covered by warranty. Even if such defects are covered by warranty, they may only occur after the warranty period expires, or the relevant damages may exceed the scope of the warranty and therefore not be capable of full recovery.

As a result, it may not be possible to recoup all damages and/or losses incurred as a result of construction related risks coming to fruition. Additional costs and expenses, delays in construction or carrying out repairs, failure to meet technical requirements, lack of warranty cover and/or consequential operational failures or malfunctions may have a material adverse effect on the Group's profitability and the price of the Ordinary Shares.

Environmental risks

Environmental laws and regulations in the jurisdiction in which the Projects are located may have an impact on the Group's activities. It is also not possible to predict accurately the effects of future changes in such laws or regulations on a Project's performance.

There can be no assurance that environmental costs and liabilities will not be incurred in the future. In addition, environmental regulators may seek to impose injunctions or other sanctions on a Project's operations that may have a material adverse effect on its financial condition.

To the extent that environmental liabilities arise in relation to any sites owned or used by the Group may be required to contribute financially towards any such liabilities, and the level of such contribution may not be restricted by the value of the Projects. If any such financial contributions are required these may have a material adverse effect on the Group's profitability and the price of Ordinary Shares.

Requirement for regulatory approvals, permits, licenses and government support

The construction and operation of hydrogen and ammonia production, storage and distribution plants, facilities and/or infrastructure will require regulatory approvals, permits and licences to operate, and in some circumstances government financial support.

Even with careful planning and verification, it is possible that not all necessary permits or licences for the construction and operation of each hydrogen and

ammonia plant, facility and/or infrastructures in each relevant jurisdiction will be obtained. Each Project is also subject to the risk that a particular permit or licence is altered, withdrawn or expires and cannot be extended, which can lead to suspension, delay, or restriction in operations.

In addition, relevant authorities may impose conditions on the commencement or duration of the operation of the hydrogen and ammonia plants, facilities and/or infrastructure. This may delay or restrict the operation of the plants, facilities and/or infrastructure and/or increase the costs of operation. Furthermore, governments over time may change their level of financial support for hydrogen and ammonia plants, facilities, offtake, and/or infrastructure. As a result, these may have a material adverse effect on the Group's profitability and the price of its Ordinary Shares.

Changes in regulation of the hydrogen and ammonia sector

The hydrogen energy sector is evolving and the subject of intense and sometimes rapidly changing regulation. The Group is exposed to the risk that the competent authorities may pass legislation that might hinder or invalidate rights under existing contracts as well as hinder or impair the obtaining of the necessary permits or licences necessary for facilities in the construction phase.

Furthermore, the relevant licences and permits may be adversely altered, revoked, or in the case of their expirations are not extended by the relevant authorities. These actions and any litigation undertaken by the Group in response may potentially have a material adverse effect on the Group's profitability and/or the price of its Ordinary Shares.

Financial Risk Management Objectives and Policies

Exchange rate risk

The Group has principally financed its operations from equity issues in pounds sterling that have been converted to US Dollars, Paraguayan Guarani or Icelandic Krona as required to match expected expenditure plans. These principally consist of project expenditure in Paraguay and Iceland.

The Group mitigates currency risk by holding cash reserves in the currencies it requires for expenditure and may take out currency options from time to time to hedge significant currency exposure. Sterling is retained for central corporate costs. Further details are provided in Note 23.

ATOME PLC | Annual Report and Accounts 2023

07

Strategic Report

continued

Statement by the Directors in performance of their statutory duties in accordance with s172(1) of the Companies Act 2006

ATOME's purpose is to contribute to a better future through building from the ground up, new businesses in key locations around the world in cost efficient, long-termco-operation with green energy suppliers and original equipment manufacturers to deliver optimal production performance and value to shareholders. We are focused on creating sustainable long-term value for each of our stakeholders.

To achieve this, the Board has established the Company's strategic roadmap, where it has placed priority on good engagement with all stakeholders and it has considered and monitored the Company's principal risks. The Board takes each of these matters into account and the likely long-term consequences of its decisions when pursuing the Company's purpose.

The Directors of the Company are required by Section 172 of the Companies Act 2006 to act in a way that promotes the success of the Company for the benefit of stakeholders as a whole and in doing so they must also have regard to wider expectations of responsible business behaviour, specifically:

• the likely consequences of any decision in the long-term;

The Board understands the importance of engagement with its key stakeholders as only in this way can it truly understand their needs and concerns to support its decision making, and the likely impact of those decisions on each stakeholder group. The Company uses a variety of methods to engage, both formally and informally, believing that much can be gained from personal interaction.

The Board acknowledges that situations may arise where stakeholder groups have conflicting priorities of achieving its strategic objectives and the long-term sustainable success of the business.

Following consideration of the information contained within Stakeholders and Engagement, and all other activities and undertakings detailed in this Annual Report, the Board considers it has fulfilled its duty in respect of Section 172, both individually and collectively, and that it has acted in the way it considers would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a) to (f) of the Act) in the decisions taken during the year ended 31 December 2023.

ON BEHALF OF THE BOARD

Robert Sheffrin

• the interests of the Company's people;	Group Finance Director
	26 June 2024

• the need to foster the Company's business relationships with suppliers, customers and others;
• the impact of the Company's operations on the community and the environment;
• the desirability of the Company maintaining a reputation for high standards of business conduct; and
• the need to act fairly between members of the Company.

08	ATOME PLC | Annual Report and Accounts 2023

Directors' Report

The Directors present their report and the audited financial statements of ATOME PLC for the period ended 31 December 2023.

Directors

The Directors of the Company and those who served during the year were as follows:

Principal

Peter Levine

Olivier Mussat

James Spalding

Robert Sheffrin

Nikita Levine

Richard Day

Mary-Rose de Valladares

None of the Directors have a service agreement of more than one year's duration. Aside from those disclosed in the Directors' Remuneration Report starting on page 11, no Director has had a material interest in any contract of significance with the Company or its subsidiaries during the year. Details of the Directors' interests in the shares of the Company are also set out in the Directors' Remuneration Report.

Results and Dividends

The Group's loss for the period after taxation amounted to US$6.9 million. The Directors do not recommend a dividend.

Capital Structure

Details of the issued share capital, together with details of the movements in the Company's issued share capital during the period are shown in Note 18. Each ordinary share carries the right to one vote at general meetings of the Company.

Subsequent Events

Substantial Shareholders

As at 21 June 2024, the Company had been notified in accordance with the requirements of provision 5.1.2 of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules of the following significant holdings in the Company's ordinary share capital:

Molecular Energies Ltd	18.4%
Schroders Investment Management Limited	12.1%
PLLG Investments Limited*	7.9%
Baker Hughes UK Funding Company Ltd	6.3%
Alpha Energies Invest GmbH*	5.6%
Urion Holdings (Malta) Limited	4.9%
Peter Levine	4.1%
Olivier Mussat	3.6%
Clean Power Hydrogen PLC	3.1%

Percentages are based on the issued share capital at the date of notification.

*Peter Levine is a beneficial owner

Directors' interests in the share capital of the Company are disclosed in the Directors' Remuneration Report.

Further details of PLLG Investments Limited are set out in Note 26.

Going Concern

The Group's consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business.

The Directors have undertaken a review of the Group's working capital requirements considering future availability of funds from the sources including share placing in the market and shareholder loan facility.

The cash position at the 31 December 2023 was US$0.6 million (2022: US$3.5 million), with US$0.9 million (2022: US$1.6 million) receivable for shares issued under the share placings.

In 2024, the Group has raised additional funding totalling US$2.5 million through a share placing to further the development of the Group's activities (see note 25).

The Directors continue to monitor cash forecasts closely and apply sensitivity analyses to manage liquidity risk effectively. Cash-flow forecasts incorporate the projected settlement of the net current liabilities related to investment activity as detailed in the Strategic Report. In arriving at their view on going concern, reasonable downside sensitivities are considered under which scenarios the Group can elect not to proceed with discretionary expenditure to mitigate risks accordingly.

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 through one of his entities. The terms thereof are detailed in Note 25 to the Group's financial statements and provide inter alia for a facility of up to £4 million for a period up to 30 September 2025 to support working capital needs.

ATOME PLC | Annual Report and Accounts 2023

09