Terra Innovatum Global N.V.

Greetings and welcome to the Terra Innovatum Global fourth quarter fiscal year 2025 strategic business update call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. Giordano Moriki, Founding Partner, Chief Business Development Officer, and Director of Investor Relations. Please go ahead, sir.

Thanks, Operator, and good morning, everyone. My name is Adelamo Yuki. I'm the Founding Partner and Chief Development Officer and Director of Investor Relations. I'll turn it over to Adelamo. Today, we'll provide a business update on Terranoratum, including recent progress across the solar micro-reactive program, regulatory engagement, commercialization activities, technology development milestones, including the nursing graphite prototype, and key supply chain advancements. For today's call, please note that you can follow along using the accompanying presentation, which is available for full download in the inventory section of Terranoratum's website at terranoratum.com. Before we begin, I want to briefly address planning around our 10K planning. As announced, we anticipate planning in our 10K in the near term as we finalize reporting under a new CFO leadership. Importantly, this does not impact our operations, liquidity, or strategic process and progress, and today's call is focused on substantial business momentum we are seeing across the platform. Further, I want to also discuss something we're seeing on certain data platforms. It was brought to our attention that one of the SEC findings was misreported by a major market data provider, giving the appearance that one of our fundings having sold a portion of their stake in the company. This is incorrect, and the data has been corrected. So, to be clear, this management team has not sold any of their shares. Moving on then, today we're very thrilled to provide an update on Perinovatum, including progress across the solo micro-module reactor. and key technology milestones. I'm joined today on the call by Alessandro Petrucci, co-founder and CEO, and Cathy Williams, our C financial officer. Please turn to the slides here to review cautionary statements. As you're likely aware during the formal presentation as well as Q&A sessions, management may make some forward-looking statements about our current plans, beliefs, and expectations. These statements apply to future events that are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from what is stated here today. These risks, uncertainties, and other factors are provided in the early release, as well as are the documents filed by the company with the Securities and Exchange Commission. These documents can be also found on our website at sec.gov. Now, if you please turn to slide 3, I'll turn the call over to Alessandro to begin. Alessandro.

Thank you, Giordano, and thank you to everyone for joining us today. We would like to provide a glossary of the key terms and acronyms to be used through the presentation, including SOLO, OCC, NOC, LCOE, and various reactor types. I won't go through each of them. This is a useful reference as we discuss our technology, regulatory tests, and commercialization plans. When we started selling innovation, we were not trying to improve traditional nuclear. There was a different problem we went out to solve. Power is becoming a constraint across the industry, and not just at its creators. It is a material and growing demand among industrial users for reliable, always-on energy that they can operate and grow. Leasing solutions don't fully address that need. Large-scale nuclear is complex and slow to deploy, while intermittent renewables don't provide continuous output. So, we did something that does. Renovating is creating a new category. Distributed modular micro-reactors designed to deliver reliable energy directly where it's needed. This allows us to serve immediate demand today, while maintaining a clear path to larger-scale deployment over time. I need to slide this. 2025 was a year of substantial progress for FERVA. It was one of the core areas that mattered most to our success.

One moment, please. We're having some technical difficulties. One moment. Please continue, Mr. Petruzzi.

Apologies for the disconnection. I will start again with slide number six. I was saying that 2025 was a year of substantial progress across all of the core areas that matter more to our success. The advancement of our project, regulatory execution, supply chain readiness, and commercial market development. Starting with the regulatory and licensing, we moved from planning into structured execution. We have advanced our engagement with the WSMRC, achieved the accepted bucketing of topical papers and white papers to review, and built the foundation for the next major milestones ahead. That includes approval of principle design criteria, construction permit application submission, and ultimately, the briefing license takeaway. Just as importantly, we need significant progress on the industrial side of the business. We secured the end-to-end supply chain required for solar, From 130 initially identified suppliers, we downgraded to 30 for contract agreements, and initiated procurement activities that support both first deployment and yearly follow-on years. We also began pre-induction manufacturing activities with ATB Rega Palzoni, and successfully produced the graphite prototype for FOC, together with NERSTEM. which we view as an important validation of both the design and the manufacturability of key reactor components. And on the commercial side, we continue to demonstrate that market demand is really growing. We ended the year with approximately 4 billion pre-commercial commitments, while expanding the position of Solo as a flexible platform that can serve a broad range of industrial, infrastructure, and data center applications across geographies. So when we look back at 2035, we see a year where further materially reduced execution risk across the business. We have advanced the regulatory path, secured the supply chain, and deepened the commercial production, all of which move us closer to deployment and commercialization. Moving to slide seven, here we would like to highlight the regulatory framework and outline the many USMRC updates we have completed so far. Our licensing process formally began in January 2025 with the submission of our regulatory engagement plan to the NRC. Since then, we have completed multiple docketed submissions, including principal design criteria, our quality assurance plan, safe gas and material control and accounting methodology, and numerous other scientific efforts, along with several white papers addressing key elements of the solar safety case. We maintain continuous high-frequency engagement with NRC staff through workshop and technical meetings. Even today, we are going to have a meeting with the U.S. NRC. And the application phase is now nearing completion as we transition to PSAR in construction times application rhythms. It is important to note that all our submissions and meetings with the U.S. NRC are public, and our progress, as well as our peers, can be tracked. We encourage so our investors to read these records and follow along on our path to deploy. The next slide eight, I like the regulatory tailwind. Regulatory nuclear has historically been used as a cross-chain. What we are seeing now is a different approach. The development of Tensia Power 457 represents a structural shift in how much of a reactor will be licensed in the United States. For the first time, The framework is being designed specifically around systems like solar, factory-built, modular, in the problem at scale. In our view, this is a clear signal that regulators expect micro-reactors to play a meaningful role in the near energy future and are actively building the framework to support high-volume deployment. Solar is not adapting to this framework. It was designed and built for it. And moving to slide 9, I would like now to focus on the sub-tile chain. This is a major execution milestone for us. We have secured the end-to-end sub-tile chain required to manufacture and deploy soil. That included the typical nuclear-grade components, such as fuel, the pressure vessel, control system, and cost structure, as well as all known nuclear components, balance of plant system, including the turbine, heat exchange system, and support infrastructure. And importantly, These are not conceptual relations. We have built a real, fully integrated network of qualified suppliers that can support the rigorous engineering and manufacturing standards discussed on the map. This matters because supply chain is where many advanced reactor programs run into delays. Long-lived components and procurement are unsustainably slow deployment, even when the technology is serviceable. We have worked to address better risk areas. By securing these interests now, we have improved our readiness for publication, reducing potential procurement bottlenecks, and creating our ability to move as regulatory milestones are achieved. That fits directly with our goal execution model, where licensing, manufacturing, and supply chain development are all advancing in partnership. So, the takeaway is now simple. Today, we are not just designing solutions. We moved far beyond the early stage of what this product can be. Today, we are preparing to build and position SOLO for deployment to demonstrate what this solution can do. In this industry, data chain is where timelines break, and we have addressed that risk earlier. And now, we are able to build thanks to the work to our world-class supply chain partners, as this is out of line in the implied sense. We have established strategic alignment with leading partners across fuel components, manufacturing, and deployment, including Conval, Mersen, Amaresco, and the Fortune 100 energy company and others. These partners provide nuclear-grade systems, fuel, instrumentation and control, and deployment capabilities that are critical to solar execution and scale-up. Moving to slide 11, we may now turn to an exciting operational update. We are pleased to announce an important manufacturing milestone achieved recently to the group in Ayrton. We have successfully produced a graphite reactor or engineering prototype for Seoul, which marks another step forward in our readiness for the first metronome. This is significant because it reflects more than just a process on a component. It shows that we are continuing to translate supply chain preparation in actual manufacturing execution. And it is exactly the kind of progress we want investors to see as we move towards the focal deployment. As you know, graphite is a critical material within the solar reactor core, and this component is designed to off-key systems and core elements that influence thermal performance, integration, and overall system reliability. So achieving this prototype and the required tolerance is an important technical validation of both the design and the manufacturability of the reactor. But as importantly, this work helps establish the procedures, the quality control, and the production standards that are required for repeatable manufacturing. In other words, this is not only about proving we can make the part one. are actually helping build the industrial foundation required to scale from NOC into serialized NOC production. This milestone is also based on our previously announced agreement with NASM for nuclear-grade graphite and other critical materials. It reinforces that our supply chain strategy is not theoretical. It is producing tangible outcomes and supporting our target path to focus in 2027 and broader commercialization beginning 2020. So, overall, we view this is a meaningful proof point for Terra. It demonstrates progress at the intersection of engineering, materials, and manufacturing, and it supports our broader objective of moving Sol from a completed design into an executable, repeatable deployment platform. Coming to slide 12, what's critical to understand about Sol is that this is not a crucial concept. Our solution was specifically designed for an observant need, the need for current industrial energy demand. We are actively engaging with customers today across a wide range of industries that need the reliable carbon-free power in the 1 to 200 megawatt range that we think of as a retailing neutral market. This is a message. underserved the settlement made up of thousands of industrial users around the globe who cannot access traditional nuclear but still require this low dependable energy. Solar was designed to serve the market with a standardized sellable product where bespoke decade-long infrastructure projects that cost many billions of dollars just are not suitable. Most importantly is that this is the same platform scale from single-unit deployment to multi-unit configuration, capable of supporting larger loads like data centers and other campuses. We are addressing the demand today, while also positioning the platform to meet the much larger energy needs of tomorrow. And now, let me introduce you to Flight 13, a fundamental evolution in how solar is deployed. Historically, one solar reactor meant roughly one megawatt electrical battery. What we have now unlocked is a configuration where multiple reactors are paired with a centralized power conversion. And they have to generate 20 megawatts from just 16 cores. That shift matters a lot. By decoupling the reactor from the turbine system level, we improve efficiency, reduce the paint, and lower overall clamp complexity and cost. And importantly, this is not theoretical. We are developing this configuration alongside a major global turbine partner, both the performance and the test to the deployment. Solo nodes are a modular product in a scalable application-optimized power system. From an investor's perspective, this is meaningful because we are providing an innovation now that directly lowers cost per megawatt, reduce physical footprint, and expand the range of commercially viable deployments. In other words, it improves both unit economy and total addressable market at the same time. And the second innovation is how solo-affiliated one is deployed. And what you are seeing in slide 14 is our ability to cover the full demand spectrum, from TV-based loads to seasonal variation and short-duration peak spike, all within a single system. We do that by combining constant nuclear athletes with a small amount of integrated capacitor storage, allowing us to respond dynamically without having incremental reactor capacity. That's a meaningful advantage. Traditional systems require significant over-built or large-scale battery infrastructures to handle variability. We are achieving the same outcome with a far simpler and more capital-efficient approach. The result is a system that can operate autonomously, adapt to real-world demand, and deliver consistent power with minimal added complexity. We can deliver big quality dispatchable power without the cost and scale of traditional storage solutions. That drives a structurally lower cost car in position solo as a fuel replacement for both base load and flexible generation. Coming to slide 16, our strategy has been consistent from day one. Build a system that is simpler, focused to the toy, and scalable by design. At the center of that strategy is a fundamental different approach to conventional construction and deployment. Rather than building a nuclear project from scratch at each customer site, we are producing solar as a standardized structural build system. Units are assembled in one location, under controlled conditions, and then delivered to the customer site for installation and completion. That's not for several reasons. First, to support a much faster path to market by reducing on-site build complexity. and maybe a more repeatable installation process. And second, it gives us a platform that can scale globally, not one custom project at a time, but having an industrialized project designed for broader market integration. This model is supported by the key building blocks we have already put in place, a forward and advancing licensing pathway, the application and construction activities that have been already initiated, a simplified standardised design, and a secure supply chain to support the execution. Today we have reached the point where our first of the kind design is complete, our supply chain is in place, and we are fully funded through our initial deployment phase. From an investor standpoint, what matters is this. We are no longer quoting a concept. We are executing a deployment strategy. Let me introduce the demonstration of this strategy. I want to emphasize here how much more this is just reactor. So is a building block of energy infrastructure that can be deployed, replicated, and scaled. Each unit delivers reliable baseload power and heat, operates continuously, and is designed to run for decades with minimum intervention. But what makes Solo truly differentiate is not just the performance. It's how it's built and deployed. It is effectively a standard system designed for repeatability, not bespoke construction. And that shift from megaproject to product is what really allows the scalability of this business. Slide 16 highlights solar key differentiators. Solar is designed to be safe by physics. There is no risk of hydrogen steam explosion, no meltdown risk after scan, and no requirements for an excretion zone. which together support deployment across a wide range of commercial industrial sites. The Raptor is a factory-built using of the shell component. It uses low-enriched uranium fuel that is already NRC-licensed and available at commercial gates, and offers the stability in output, electricity, process heat, and radioactivity across divers and user industries. Our licensing pathway and defaults do not define provide what we believe is an industrial-leading speed-to-market with current cash expected to fully farm, not to default. We also believe solar is well-aligned with the NRSU-developing Part 57 framework for micro-reactors, which is intended to better accumulate features such as factory fabrication, transportability, modular deployment, automation, and remote operation, all of which support a more streamlined and potentially efficient Fock regulatory pathway over time. To explain further, Fock-to-Knock means that the reactor we deploy first is the same reactor we intend to commercialize. We are not demonstrating one design and then redefining cross-scale. Combined with our licensing-powered pathway, that design continues to be a real key differentiator for solar and our performance. On slide 19, We step back from the individual units and look at what makes SOLOS scalable on global basis. We see four core pillars of differentiation here. Global market penetration, non-proliferation alignment, power scalability, and output versatility. SOLOS low-enriched uranium-based design is aligned with global non-proliferation standards to support deployment across both U.S. and international markets. The SOLO platform is scalable, from single unit application to multi-unit, free-link deployments, depending on the customer need. And last, but not least, SOLO is versatile in what it can deliver, including electricity, heat, and radioisotopes across a wide range of end markets. Moving now to slide 20. One of the most important decisions we made earlier was not to become a manufacturer. Instead, we did Terra as a capitalist company focused on design, integration, and deployment, while living in a global network of nuclear-qualified suppliers. These allow us to remain capital efficient while still scaling off 2,000 of the units. It also significantly reduces educational risk. We are not building manufacturing capacity from scratch. We are activating capacity that already exists. From an investor perspective, This model is what enabled both speed and scale without the traditional capital burden associated with nuclear. The benefits of this model include commercial and regulatory rhythms, an asset-like capital structure, scalability to thousands of units, and accelerated time to market. Moving now to slide 21. We have crossed a key threshold as a company. Our design is complete. Our supply chain is secure. Manufacturing has begun, and our regulatory process is now advancing. There is no longer a concept story. We are executing towards the point. And now, I'm excited to provide an update on our roadmap to fork and commercialization beginning on slide 23. This slide highlights how our license approach differs fundamentally from traditional nuclear. On the right, you can see the conventional phaseway. where each step is sequential. You complete your initial submission, obtain a first-of-the-kind approval, and then effectively start over a week new licensing and redesigning work to reach commercial deployment. Our approach is different. First, we are pushing a parallel licensing strategy, advancing both the construction permit and creating licenses simultaneously with USMRST. This allows us to compress some lines and avoid a delay inherent in a step-by-step process. Second, and critically, our fork and neck design are identical. That means the unit we demonstrate is the same as the one we commercialized, eliminating redesign, relicensing, and additional engineering between phases. And third, this leads directly to accelerated commercialization. By combining a simplified design with a regulatory pathway aligned with macro-reactors, particularly the low-temperature R67, We expect to move from demonstration to fit deployment far more efficiently than traditional nuclear projects. The result is a streamlined pathway where shock approval effectively becomes the bridge to commercialization rather than the beginning of a new process. And moving to slide 24, we will keep these at high levels for now as we have worked to each of these components already. What is important to note today is how they have all come together. This map shows quite simplistically and elegantly that we are no longer advancing isolated workstreams. We are moving on to operating in a phase where everything is moving seamlessly and parallel. Our regulatory process is progressing. Our supply chain is in place and ready to scale. And on commercial side, we are moving from evaluation to real-site selection and now deployment phase. And those key elements, licensing, manufacturing, and development are aligned, and this alignment is what enables the first-of-a-kind. And just as importantly, it's what allows us to move beyond thought-kicking into nothing, where this becomes a repeatable, scalable model, not a one-off project. So rather than thinking about it as a timeline on individual milestones, we think about it as a convergent point where years of development transition into execution. And as we move through 2026 and into 2027, that convergence is what position us to deliver our first deployment and begin scaling from here. And on the topic of scaling, I will now hand it over to Giordano to give an update on commercialization progress.

Thank you, Ali. We currently have approximately 200 units under non-binding and reuse, representing roughly 4 billion in potential value. While disagreements are non-binding, they reflect the real counterparties of active site-level engagement and growing demand, not early-stage exploration. Customers are increasingly seeking deployable solutions to solve immediate power constraints, and that is exactly what SOL is designed to deliver. If you look at 27, our commercialization strategy is built on leveraging solo nonproliferation, online design, and modular architecture. Solo uses of low-emission uranium fuel is aligned with the Treaty on the Nonproliferation of Nuclear Weapons and supports deployment in both nuclear and non-nuclear weapon states. In the U.S., this enables deployment across governments and different sectors, including the Department of War and on and off federal land. Essentially, it supports deployment in Europe, allied jurisdictions, and non-nuclear countries under appropriate safeguards. If you look at 28, you will find visas on the first deployment site, Rock City Admiral Park. Our first-of-a-kind deployment is planned at Rock City's Underground Industrial Park, where our MOU includes an option to deploy up to 50 reactors over time, or 50 megawatts electric of capacity. The expected initial term is 15 years, with potential for up to 45 years of operation for a modular core strap subject to energy approval, and the 6 million square foot underground site provides an ideal environment for licensing, testing, and construction. Rock City will provide a controlled environment for third deployment, critical for execution and validation. On slide 29, the elevation position is directly within rapidly emerging as a critical growth constraint. We are planning a 1 megawatt electric solar power pilot deployment to support next-generation AI with high-performance computing data centers with the ability to scale to 100 megawatt electric to additional solar units. This 90-meter, carbon-free solution is designed to address the growing energy bottleneck facing AI We have entered into a comprehensive framework to evaluate siting, deployment, construction, integration, operation, and decommissioning planning for solar reactors across U.S. federal and commercial sites. The agreement started deployment for up to 50 solar reactors, focusing on federal customers such as Department of War, Department of Energy, and also enabled global outreach leveraging Amerisco's network. By 31, Ilustratel solo-adjusting key challenges across four core segments, data sensors and visual infrastructure, infrastructure utilities, medical and healthcare, and industrial factories. Common themes across these customers include the need to meet exponential growth in demand, reduce emissions at competitive cost, secure locally deployable power, and in some cases, support the production of life-saving radioactives. With that foundation, I'll turn now to Cassie for financial updates. Cassie?

Thank you, Giordani, and good morning, everyone. As you know, the previous communicated unexpected filing timeline of April 15th following our extension period. While we have made significant progress, we did not meet that date. To be clear, this is not a function of any underlying financial performance or operational issues. Rather, it reflects the complexity of our structure and the reporting requirements following the business combination. This business combination includes multi-jurisdictional considerations across Italy, the Netherlands, the United States, and Canberra. We are currently working through the appropriate technical accounting treatment of certain non-cash items with our auditors. We expect to file the 10-K in the near term, but I believe it is more appropriate to take the necessary time to ensure the filing correctly represents the impacts of the business combination and our progress during 2025. As is typical in these situations, we expect to receive a standard notification from NASDAQ related to the timing of our filing. This is a procedural matter, and we intend to address it in the normal course within the prescribed timeframe consistent with NASDAQ's standard process. Giordani and Alessandro have provided you information on the significant progress we are making across licensing, supply chain, and commercial engagement. I would also like to share with you our cash balance in the bank as of December 31st, 2025. This is shown on slide 33. Total funds available, 100 million plus. As we have communicated before, we estimate it will cost us 70 million to achieve our first of a kind. As we have secured our supply chain, we've been able to confirm that our estimates are aligned with or lower than the $70 million baseline. And of course, as mentioned, the NRC is working on simplifying the regulatory process. The potential savings from these actions have not been factored into our $70 million estimate. So, in conclusion, we are well positioned from a cash perspective to be fully covered up to commercialization of the solo reactor. Alessandra, I'll turn it over to you.

Thank you, Katie. Now to close, moving to slide 35, we want to step back for a moment. That innovation was built around a simple idea, that the future of energy would require a fundamental different approach, one that is distributed, scalable, and aligned with the case of modern infrastructure. Over the past several years, we moved from that idea to a completed design, a secure supply chain, an advancing regulatory pathway, and a expanding commercial pipeline. When we entered 2026, the focus shifted from building the foundation to executing at scale. And from an investor perspective, that transition from the development to deployment is where that is created. We believe we are positioned at the front end of that shift. And lastly, on slide 36, we encourage investors to follow our progress through our public USMRC engagement. where we hold monthly meetings with the USMRC. Even yesterday and today, we are having a meeting with USMRC, our second last meeting for the pre-summit application before entering the construction permit phase. You can access this meeting directly through our profile on the USMRC website or by signing up to our mailing list. Additionally, we keep our stakeholders informed via our investor website, and social channels. This channel will provide updates on regular, regulatory milestones, initialization progress, and key partnerships as we advance our SPOC and BROAD border deployment. So, with that, I really wish to thank you for listening, and operators, we are now ready to open the line for questions.

Thank you. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. We ask that you each keep to one question and one follow-up. Thank you. Our first question comes from the line of Samir Joshi with Please proceed with your question.

Hey, good morning, Alessandro. Thanks for having this call and for the update. You mentioned in closing remarks about your regulatory progress and how we can track it. Can you give us a maybe quantitative or a qualitative answer in terms of how many topical reports are still outstanding and to be submitted, any other, any white papers in the final stages? Because I think the mid-June deadline or sort of deadline you can say is coming up. Just wanted to understand how that works.

Yeah. Thank you. Topical records and white papers are tools that are used in order to anticipate topics and important topics and discussions with USNRC. And those are used during the phase of the phase just to take the right time to prepare for the construction permit phase. We have submitted so far about 10 topical reports, a similar number of white papers you can find again on the website of USNRC. We are today doing the second last meeting. The last meeting will be early May where we have an additional one topical report and couple of white papers. And then in June, June, July, end of June, we will start with the construction permit phase. The work that we have done so far through the use of topical records and white paper will allow us to refer to those topical records and white paper while producing the construction permit. And construction permit will be released in the period between June, July, and September.

Understood. Thanks for that clarification. And then just switching topics quickly, the Merson announcement was earlier this week. Can you explain the significance of this graphite prototype and how it progresses your development?

That's very critical achievement because we have a lot of graphite, and our reactor is one of the main components together with the refueling. And the availability of graphite was two, three years ago when we started the project, one of our concern. This was also clean at the . There is enough graphite to sustain even our commercialization phase. But the other concern was not on the availability, it was on the manufacturability of the graphite. Having several graphite in our reactor, taking into consideration the design of our reactor, we need to do a lot of fillings in this graphite, a lot of holes. And the number of holes, the precision of how those holes are fabricated is fundamental in order to ensure the physical behavior of our reactor. So this achievement that was was done just last week, but actually started in October, November last year, so immediately after we become a public company, is today fundamental because we know that what we design is achievable, is really achievable also from manufacturing point of view. So the first piece, the first two pieces actually have been built. The two pieces have demonstrated to be inside the expected tolerance limit of the manufacturability and of our design. So now it's a question to pass from the two pieces we have produced to the several pans that we need for our reactor. But this will be a standardization of the work because also what it was important during the production of these first two pieces is to derive the procedures by which to operate the next manufacturing of those blocks of graphite. So now we have the procedure, and we know how to do that for all the blocks inside our reactor.

Thanks, Alessandro, for that. It's good to see the methodical approach for de-risking each and every step of the process. I will stop in a minute. Thanks. Thank you.

Thank you. Our next question comes from the line of George with Chemical Ingenuity. Please proceed with your question.

Hi, everyone. Thank you for taking my questions. I appreciate the updates on the commercial traction. I'm wondering if you could talk about any additional traction you may be seeing with hard to abate sectors like mining any competitive updates? In other words, to the extent you're having conversations with some potential customers in those sectors, what are the alternative approaches that they may be exploring as well? Thank you.

I will start, George, and maybe I will ask one to complement, but mining is definitely one, as we discussed already several times, one of the sectors that we look more And today, in particular, if you come back to our presentation, to the slide where we talk about the concept of solar nodes, today, even more than yesterday, we know that we are the perfect solution for the mining sector, because we can basically scale up, reducing the number of reactors using single or few units of power conversion. So that solution I tried to introduce for the first time today is really very important for industry like mining, but in general for all industry that need a large amount of power, and for each we can provide the solution which is higher efficient, less costly, and with less also footprint. Can you complement in terms of what we do in terms of mining?

Yes, absolutely. I think Alexander's point is very important, especially when we're discussing fixing solar units that can deliver 20 megawatt electrics, you know, with the help of the power conversions. that we've been having with across segments have been going deeper with these type of technical conversations and we are structuring commitments to proceed to the next phases. We proceed then coming up in the near term But we're looking at this really as a broad global deployment, right, whether it's in the U.S., whether it's outside of the U.S. Thanks also for the nonproliferation and our ability through our technology to deploy worldwide. But it's definitely an interesting sector. It is definitely something we're very committed to execute on, and we're pushing this as much as the data centers.

Thank you. And maybe as a follow-up, you know, in the past you've shared a slide talking about 19 million at a thousand units, excuse me, of revenue per reactor in a certain cost profile and margin profile. Now, as you continue to work through your supply chain, particularly in light of the recent graphite announcements, and especially with some of the shortages in helium that we're reading about, are you still committed to that revenue and margin profile, and have these agreements sort of reinforced that financial profile at Anthropocan?

This is a very nice question that I'd like to take, because today, in particular, when we don't select from 130 suppliers to 30 suppliers, we have a clear visibility on the cost of our first-of-a-kind and not only first-of-a-kind, but also for the commercialization phase. When we select those 30 suppliers, we start with the real order. So now we know how much we are going to pay for the first-of-a-kind. But together with that, We did another exercise with all our suppliers, with all of these third suppliers. We did this exercise to ask them how much that cost can decrease going from the first of a kind to not. So today, better than one year ago, we know that our model to build the first of a kind is such that it is real. The cost was inside our evaluation. And we have some confidence that what is also in the plan that was submitted is something that we can follow because this is what basically our discussion with the supplier is .

Thank you.

Thank you.

Our next question comes from the line of Subash Chandra with Stonix. Please proceed with your question.

Yeah, thank you, Lorraine. So the first question is the site characterization, has that been completed at Rock City?

No. What we have done so far is collecting all the information from Rock City in terms of meteorology, geography, flooding, seismic. All this data has been collected. We are actively interacting with the owner of the site. We are advancing with the preparation of our environmental plan. And this will be submitted in the next few months to the SMRC in parallel to the construction permit phase. We identify exactly the point inside the rock city where the reactor will be located. And we also plan to start interaction with the municipality and the public, to the public people there in the next few weeks, months. Okay. But what is important to your point, sorry, what is important to your point of information is that all the data that are needed in order to prepare the environmental impact analysis are available. This is the lead, leading, the points where that take more time. The analysis itself is not complicated. It needs to be, but it's not complicated. What really requires a lot of time in the identification of the site is the collection of the data that you need for preparing the environmental impact analysis. And this data is available because the rock city is an industrial city. It is an industrial site. So this means that they have already available those documents, and we receive those documents from the owner of the site.

Are there any local permits required?

Oh, yes. Something is needed definitely at the level of local authorization. We are interacting. It will be part of the environmental plan.

Okay.

Got it. We'll stay tuned. follow-up is your sort of commercial strategy is to sell the reactors. Can you sort of clarify, is it to sell the physical reactors, to sell the IP? You know, what are the sort of the revenue streams you're looking for in, you know, in the final model?

So far, our main focus business model is to sell the reactor in particular today we also try to pack the network so that there is what we call a nuclear retail market this means a large amount of micro small industry industry that we need from 1 to 10 20 megawatts that may be struggling today with the cost of electricity worldwide, and for which the solar solution might be very beneficial in terms of cost and in terms of availability of operation. So, our business model so far is focused on selling the reactor, but definitely we have also started to discussion with potential of papers where we have a different business model where we provide electricity without sending the reactor. This is something that obviously depends on off-takers, depends on the particular nature of the activity of the off-takers itself. Okay, so you're open to sort of a PPA strategy. Definitely, yes. Definitely, yes. This is not day-to-day business that we are pushing, but definitely we are engaging discussion where PPA is considered.

Thank you. And my final one is do we need any more regulation? So you're going to manufacture the reactor, load the reactor, then transport the reactor. In that transport phase, how easy do you think that's going to be?

This was exactly the discussion we had yesterday night with USMRC. If you go to the website, you can see that one of the topics that was yesterday on the agenda was the manufacturability on site, in factory and transportation. We are involved quite well from the Italian standpoint. We are in contact with the Italian regulator in order to We get all the information on how to transport a fresh reactor vessel, a fresh nuclear reactor vessel, where fresh means the fuel has not been used. And from U.S. point of view, we are interacting with U.S. military in order to demonstrate that during the transportation and the erection on site, our reactors still continue to be as defined. So this is to say that there is a continuous discussion with USNRST. There is a framework, a digital framework that exists. We are now trying to connect the dots among those, between the Italian regulator, the US regulator, the Department of Transportation, which needs also to be involved. And all those parts have been already impacted, and we are also preparing a white paper on that, but this will involve most of the additional documents that we will submit to USMRC, and this is not even connected with the construction permit itself. It's going more in the direction of the operating license, so we are talking even after September 2026. Thank you.

Thanks for the update.

Thank you. Our next question comes from the line of Craig Irwin with Roth Capital Partners. Please proceed with your question.

Hi. Good morning, and thanks for taking my questions. So, Alessandro, I was particularly interested in the discussion around the solo node, the fact that you haven't got to first of a kind yet, but, you know, right now, today, you're announcing basically a 20% lower CapEx, or what I would assume is essentially a lower LCOE, for 20 megawatt bytes. And, you know, we get a lot of questions all the time about the long-term cost profile, the ability to engineer lower costs for nuclear for the next couple decades. Can you maybe give us a little bit more color on the portfolio of options you have to achieve similar cost out. You know, a lot of people like to make comparisons back to the solar industry, where it's been basically 10% a year for the last many, many years. You know, do you see it as possible for the nuclear industry, for Terra, to have something similar as production ramps and deployments, you know, so global?

I'm thinking that we can do better. In that presentation today, we didn't anticipate any reduction, any reduction of the cost. We were just saying that our seven plants, over 35 years, is the cost related with the unique slow reactor with its own , which means the reactor that is coming with the generator, the turbine, . This was the idea to move to the concept of solo node was already part of our design. We just decided to announce today because we are moving quite fast in cooperation with one of the major worldwide turbine manufacturing network. So we had already meetings where we identified the possibility to develop this concept of solo node And in solo node, this means we meant that we can have several reactors, nuclear reactors, that are coupled with only one power conversion unit. And this is important because obviously it's going to decrease the complexity in the number of components, reducing the cost, even though this has not yet been identified, and increase the efficiency. So the numbers that we say that we steel reactors, this means basically a reduction of 20% in terms of number of reactors, we can get 20 megawatt electric. The other point in the comparison about solar, staying the other, in the second slide that I mentioned today, the capability to do load follow. This is quite unique for the nuclear reactor. This is possible only because of the small, and this is possible because of the granulometry we can achieve with our solution. We can have several units to get 100 basically units using the concept of solar node. Maybe you need 80. If you don't use, maybe you need 100 reactors. Depending on that, the concept is that this granulometry, it needs the possibility to do load following to a different dispatch of electricity to the customer. So we are not changing the primary side, the reactor itself. The reactor continues to reach 100% power. The fuel stays very quiet inside our reactor. But what the is the power. Why is this important? Because in this way, and I can come to the point in the comparable to the solar, in this regard, our capability to follow the load is connected with the need to couple with SOLO a relatively smaller batteries. Batteries that are at least, we evaluate, 10 times smaller than what is needed for a SOLO application. So the SOLO node concept and the capability to do a variable dispatch coupled with a very small amount of batteries, give us a lot of confidence that solar can really be positioned for some peak against whatever type of source of energy. And again, we mentioned, we say that our price is such that we have 7 cents per kilowatt hour, and definitely whenever we put together the solar node and this concept of long-followed that it might be additional saving. Understood.

That makes a lot of sense. Thank you for that. My follow-up question is around NRC's part 57, right, with the public comment this spring and the expected formalized rule later on this year. Do you see the part 57 language as potentially having an impact overall development costs or timeline for development of your system? You know, I know that the safety requirements and engineering requirements are not necessarily going to change, but that you use an already existing supply chain where many of these components and features have been qualified already. You know, is there a possibility that you have maybe an expedited review of different subcomponents and system features.

This is a very important question. And part 57 will be released on, I think, 24th of April, so in a few days. What we have already discussed also leads with USNRSE. Obviously, we don't have access to the full document, but we may move some of the aspects. And what I can say is that it looks like part 57 will be for sale. But actually, I would say that Solow speaks very well with this approach now that the USNRC is taking and considering for macro-reactors. I can mention to you three topics for which we think we can get the benefit from Part 57 for decommissioning. And this to say also that Part 57 will not affect the first of the kind. For first of the kind, we will continue to follow part 50. So part 57 is for the commercialization. And why is it important? Several aspects, but I will be quick. No need of operators. So far with part 50, you need at least five operators on site. Multi-unit license is very important, particularly for micro-reactors that tend to the commercial only if there are more units, obviously. And part 50, actually, you have to do the licensing every time. Part 57, there is this concept of multi-unit licensing. And last, but maybe the most important, part 57, you represent a sort of accelerator part 50, in particular, In the case, you license the reactor under Part 50, which is identical to the one that you would like to do in Part 57, which is commercial. And this is exactly our case. We are licensing a reactor the rest of the time under Part 50, which is identical to the one that we will do commercial following Part 57. And this will provide based on our understanding with USMRC, a lot of beautification in the process, and so a faster time to license the commercial units.

I like that.

Great. Well, congratulations on the progress. I'll hop back in the queue. Thank you. Thank you.

Thank you. Our next question comes from . Please proceed with your question.

Hey, guys. Thanks for taking my question. I'll just ask one on the commercial side. Can you discuss potential customer order conversion? Do you think customers will wait for the to deploy before placing a firm order, or could we see those actually come ahead of first deployment?

We are doing our best to interact daily with all possible customers. We had a nice discussion I can mention a couple weeks ago, for instance, with a company that was presenting several European airports. Also, the energy demand is fundamental. and is going to increase in the next years. We are doing the same for money. We are doing the same for industries which are smaller, but they need still a lot of power if you put it all together, like the finance, like the glass industry. So we are doing our best in addition to having more more today important industry like the data center. We are putting all our efforts to transform both discussions in orders. Obviously, we needed to provide the potential customer the validation of our technology. And what we did is that what we are doing now with the regulators, what we are doing now with the supply chain, is something that is very, very important. The supply chain, the fact that we build these mock-ups or we graphize, gives also a sense of tangibility of the projects. So it's not a paper work, it's really a project. So what I'm saying is that I'm expecting that in the next few months, when additional outcomes in terms of advancing the supply chain will be available and we can announce, this will give us a lot of confidence to our potential stakeholders to transform the interest in real workers.

What I can add maybe in terms of this is exactly, I mean, what it concerns, it's definitely important, and we're taking the approach of commercialization in a mythological way. So when we're considering the optic agreements, the one that we have and the one that we're exploring, we're getting to the , right? We're looking for how do we deploy it, the emergence of the technologies, how they work. and the business operation coming from the technicalities. But the most important thing is as we're developing the first of the time, the supply chain is there, we just produce the nursing prototype. But the world is realizing, little and steady, that as we're doing the licensing and we're articulating on manufacturing, we're shifting to the commercialization and we're planning to have this order booked in the next few months because that will really ramp up the and it takes many hours all of our weeks to do these technicalities and establish the commercialization strategy for potentially even higher deployments of all we discussed today.

Appreciate you guys.

Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Petruzzi for any final comments.

Okay. Thank you, everybody, for sending this call. We would like to keep informing all our investors and all our stakeholders, so we encourage, again, you to follow us on our social and, in particular, to follow the updates that are regularly occurring on the website of U.S. Terminal SE, which I think is the most tangible demonstration of where we are going. So thank you again to stay with us and look forward to meet you again.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.