Regarding the misinformation and accusations leveled at the company in recent reports from Viceroy Research. Thank you to those who have submitted questions before this call. If you'd like to submit questions during this call, you may do so using the Q&A feature on your Zoom toolbar. Let's be clear up front, Abaxx and its investors are the target of an ongoing short and distort campaign of short selling and misinformation being conducted by individuals who have done this many times before. If they were interested in the truth, they've received more than enough explanation and documentation to lead an honest researcher to reconsider their view. Instead, they simply ignore the many thoughtful and valid criticisms of their report and the evidence and documents contradicting their claims. It's clear they aren't interested in the truth. They're pushing an agenda, and that agenda is to push our share price lower and hurt our investors. Before we begin, we need to acknowledge the dynamic at play here. That dynamic is, and let's talk plainly, the BS asymmetry principle, which states that the amount of energy needed to refute BS is an order of magnitude bigger than that needed to produce it. Not only can they create BS to sow their fear, uncertainty, and doubt, they can also mine our responses to find one mistake to blow out of proportion, one comment to take out of context or maliciously misinterpret, and they have what they need for their next round of BS. I mean, report. They want you to think we need to be perfect to be worthy of your trust and support. We're not perfect. We make mistakes. We'll make mistakes today. Things we say will be taken out of context, distorted, and used against us. Why are we here? Because we show up. We do the hard things. We built this company in public by being there for our investors who've always been there for us. Because we are building something very valuable here at Abaxx, something that we are proud of, and something worth standing up for. Let's get on with it. Josh, the most serious accusation has been that the activity on Abaxx Exchange is fraudulent and illegal wash trading. Now, the specifics of those accusations have been refuted many times, including in our PR yesterday. However, the accusations have created broader fear that maybe these new markets won't be successful, that organic trading activity in these markets won't grow, and that we may not even be trying. You're not only the CEO, you're also the largest shareholder in Abaxx. How are you thinking about the trajectory for our markets? Thanks, Dave. Also, first off, I want to apologize a little bit about the format here. We're actually at a tech offsite, and just had to repurpose the meeting rooms that we were in. Again, this is not a quarterly financial call, so we're not going to be getting into KPIs and detailed metrics. We've got obviously a lot of that to come in our next quarterly call in August. I wanted to echo what you were saying about just being there for our shareholders, because I think this is actually a particularly unfortunate time. This is the fact of public markets, right? When you reach these transformational stages, like we did the end of last year, and the stock price goes up significantly, it's a natural target. Particularly when we are on a small exchange without a lot of liquidity or a lot of visibility in Canada, it becomes a target up for attack. This is a part of markets, but it's a particularly unfortunate timing because we actually have so much positive momentum and so many things that are going on. I just want to make abundantly clear that nothing that was said in that report, none of the following questions from shareholders will change the trajectory of what we're doing. Anyone that reads our listing prospectus from 2020 knows that we had a very specific plan, and that plan has never changed. Manipulative words will say pivot and trying to do this. Everything that we've done, I use the hashtag, plan your mind your plan. We are very much on track. Ultimately, there's multiple parts of our business. Just to talk very specifically about the exchange, we've been very clear that our goal is to build a 1 million ADV full stack exchange and clearinghouse, and that takes time. It's incredibly difficult and it's incredibly valuable because there's only 12 in the world, somewhere between 10 and 12 in the world, with that type of volume. We're also not in a sector where we're just trying to take market share of existing things. Every contract that we've built is purpose-built to solve a need in the market. These contracts take time. That's a little bit of probably the things that's most frustrating about some of the criticisms of the report is we've got market builders. We're being compared to, hey, you're not the CME today, a company that's literally 100 times larger than us. If you actually look at the resumes, we have people like Thom McMahon, who've been in the market for literally five decades, and he's a second generation and was there when those key markets were built. Of course, Joe on the call, we have an entire team of market builders building very specific products who have done it before and building on a very specific roadmap. I'll address a little bit more of the report in a second. That's already in the mail, is the goalposts are going to move, right? First off, the focus of the report was not, "They're overvalued. They're going to take too long." Fraud. They called it fraud. They wanted to yell as loud as possible, to try to change our game, change the metrics, get everyone's attention. This is an attention game. This is just a clear manipulation. There's no other purpose than to manipulate the share price at this transformational time when there's the most volatility and uncertainty, going through a re-rating. That's the nature of this. I also, again, get back to the point, there's only a few companies doing this. It's not fast. It's difficult. We've been very, very transparent with that. If you look at, and now speaking as the largest shareholder, look at the other allegations of being somehow a pump and dump or something like that. We have had executives buying at every level of the stock price. I was buying literally the day before the report came out, and the days after, on a planned purchase that had nothing to do with the report, by the way. Ultimately, we've also been very diligent with our dilution. Everything that we've built to date, we have built on, speaking for the exchange part alone, somewhere around CAD 100 million, more or less. We've just raised another CAD 50 million. The hardest part is actually behind us. I'm not saying what's in front of us is easy or it's going to happen overnight. I'm going to steal Taf's analogy here, because I thought it was a great one. Again, back to this plan your mind your plan. Using the analogy of we're driving from New York to Chicago, right? The criticism is you're not in Chicago yet. Again, we're not going to get knocked off our track. We're somewhere in Pennsylvania, we've raised another CAD 50 million. Every quarter, it's just blocking and tackling, more products, more onboarding, more liquidity, more volume, more OI. We can't force being at a next stage, and we've never promised that we're at a certain stage. We have never gone out and marketed, "Hey, you should buy us because we're 100 x or 50 x or 20 x revenue." That's not our model. Our model is to build one of the hardest things in the world, which adds a lot of value to the economy, to our clients, to our clearing members, to anyone using energy and raw materials. We put together the world's best team to do that, the most experienced team, very specifically in our sector, and the best team that really understands commodities. We're going to maintain this path. Nothing's going to knock us off this path. We can go through the metrics. We're going to continue to go through the metrics. I just want to make it very clear that this is a report that is designed to manipulate. It's going to try to change goalposts. It's going to try to make you look at certain things. I just want to state right up front that they fabricated our financials within the first few lines of the report and then sent it to clearing members, and the rest of our ecosystem. This was a mafia-style hit job. I'm going to say it plain. They went after people's livelihoods, about their reputation with false financials. They've made no good faith effort to even correct any of those financials. Everything is a distortion. Right up until minutes before this call, they were distorting information. It's a numbers game. It's no different than a pump and dump. It's a reverse pump and dump where they want a distortion and just cast the widest net of fear to try to shake that nth person, and manipulate them. It's just how the game works. It's unfortunate. It's part of public markets, but it's not going to change anything that we're doing. We're here today because those reports are shocking and when you read them at first, everyone has a visceral reaction. We want to be here to make sure that our investors are comfortable. They know that we're doing what we've always been doing, which is what Josh said, and we'll be diving into that deeper and deeper. There are going to be a lot of questions that we've received, probably more questions today, about volume and OI in our markets. We do look at those. However, I think we need to make clear, we look at those in a different way than I think that people are looking at it who are asking questions. We're looking at those numbers to understand if our efforts to build initial liquidity are creating the right conditions for these markets to grow, and to grow participation from the commercial participants who are more apt to hold open interest. We're all about engaging that flywheel. We'll be talking about this a lot today. We've talked about it a lot in the past. You can also go back to our April 2nd quarterly earnings call of this year, where we walk through how we see markets growing, and how volume, OI, and liquidity plays into that. Right now, when I look at our volume in OI, I think we're creating the right conditions. We're seeing more participants connecting to our markets, and we'll continue to adjust our incentive programs and our efforts to meet that objective of growing to 1 million ADV over the next few years. Yeah. Fantastic. Dave, I'll just add that back in our Q4 2025 presentation, we anticipated this in terms of while our revenue model is simple, our path and development of our markets is a little more complicated. It's a well-trodden path. We really go through three phases that we define: a seed stage, critical mass phase, and a maturity phase. What you're doing in each of those phases is, seed phase, you're going from zero to one and you're solving the cold start problem. How do you bootstrap a two-sided market? Your toolkit is incentive programs and connectivity is the key upstream metric that you're looking for. You're trying to get our ecosystem of providers who are traders and participants rely on. They need to see the price in their price and data systems. They need to trade through their OMSs and their ISVs, and they need the clearing member to be connected. For us, this is the ecosystem piece of it, where we have to connect to all of those ecosystem providers before our participants can even access those markets. We have to have the business case for the ecosystem to connect and for those participants to ultimately connect. All of the activity we've done so far has been focused on connectivity within the metrics coming downstream from with volume, OI, and everything else. Thanks. I think we should bring Joe into this. Thanks for joining us from the road, Joe. Yeah. Among the many commercial events that you host for Abaxx, your recent LNG forum in London was targeted for distortion in the Viceroy report. This event was held under Chatham House rules so that the participants there could speak freely. I know you may be limited in everything you can say, but could you share a little bit with us just about why you hosted the event, how it fits into your efforts to grow our markets, and how were you and the Abaxx LNG markets received by the participants? Yeah. Thanks, Dave. It's always a pleasure to talk to our investors and our customers about our business and how important to the markets all of our products and technology are, and how we're changing the way commodities are traded and risk is managed in the marketplace. The London LNG event that was just about a week ago that we held that, and it was a pretty crappy day, actually, but it was a really important educational milestone for Abaxx. That's really what we're doing as we're building, is we really are educating the marketplace with the products that we're introducing to the marketplace that are different than what's out there and what's been offered by other peer exchanges. We had not only 70 LNG-specific trading firms and brokers and technology partners represented, but also the presentations that reinforced the need for physical LNG global benchmarks. It was a very specific workshop, and it was under Chatham House rules, but everybody participated. We had almost 100 people packed into the room. The presentations really, from my part, were very. I think I spoke for about two or three minutes and just introduced or updated the room on Abaxx and what we are doing. But I think the most important part of the presentations were from the experts that were in the room and offered their time to come in and talk about the marketplace that we are developing and how important they see it is to changing how risk is managed. We had Keith Martin. Keith is Head of PetroChina LNG, and he talked extensively about pricing in today's markets, given the disruptions of the Iran war and how important supply from the U.S. is helping to balance the supply shortages, and how an Abaxx Gulf of Mexico futures contract could solve both the supply and pricing needs versus the other non-correlated instruments like crude and pipeline gas. We had Richard Nelson, really was our first exposure to Richard. He is from Mayer Brown. Mayer Brown is the preeminent global law firm, and Richard Nelson is probably the most preeminent representative in the law space that is involved in global LNG markets. Again, it was Chatham House rules, but he had five slides that were compelling in making the case for Abaxx physical futures versus standard OTC bilateral markets. The slides that he presented were, I would say, from what the audience said afterwards, were game changers in the way they understood how our markets could definitely help how they trade. Then we had Hemal Randerwala from Arjun Global. Arjun is a new, I would say probably six to eight months, firm that we were introduced to back last fall. He moderated the workshop and he has become an important relationship partner for us as we expand into new trading regions like India and the Middle East. He or his firm have extensive relationships there. They were the reason why we traveled to Gift City, in Mumbai last fall and now are onboarding significant amount of firms that trade from that region. The market heard, the representatives in the room heard from these experts, not from me, making the compelling case that Abaxx LNG futures are where the world needs to go to manage price and counterparty risk in these important markets. The questions and the interaction with the participants that were there, I think were very critical in expanding a better understanding of the new benchmarks that we have built, and we will continue to do these workshops globally across all of our products, not just for LNG, to increase the visibility and the understanding of the trading community to our markets. I wanted to switch gears a minute. Much has been made of Abaxx Exchange offering incentive programs, to help build initial liquidity. You've been in the futures industry for a long time, including at CME. Can you just walk through briefly the role that these programs play in the industry? Yeah. It's kind of, I wouldn't say comical, but it's funny to see how people don't understand how markets are built literally from the ground up and how you provide liquidity to help firms manage risk. It's a two-part equation, really. Market makers and/or liquidity providers and/or exchange incentive programs, whatever you want to call them, they have and they will be a part of all global futures exchange product development and liquidity growth for all the 30 years that I've been in this business. From the locals on the open outcry NYMEX trading floor or in Chicago or in Europe to firms like Virtu and Citadel. These firms and assets provide an important market for commercial traders to manage their risk no matter what the product is. Exchange peers like CME still have programs in place. As an example, the Brent futures program that I introduced to the marketplace in 2004 is still in existence and still in place. You can go to the CME fee schedule and look under the NYMEX products and you'll see it there. CME also had its own in-house wholly-owned market maker called GFX that we used when we went electronic on the NYMEX to help provide liquidity for markets when we went fully electronic in 2006. You can't get to OI, open interest, without priming the pump. It's up to us at Abaxx to determine how long these programs exist. Just take a look, as I said, at the NYMEX fee schedule, and you'll see how many programs that still are active today and how many different types of liquidity programs that they use. This is an important part of the marketplace. I don't see it changing anytime soon. I think we'll determine when it's the right time to exit them. Thanks, Joe. I wanted to turn to you, Steve. The Viceroy Report also tried to paint a picture of financial distress at Abaxx. Can you share your assessment of the company's current financial condition? Thanks, Dave. The Viceroy Report attempted to portray Abaxx as a company in a financially difficult situation, stating that there is a cash burn of approximately CAD 25 million per quarter. This is categorically incorrect. This figure is inaccurate in the sense that Viceroy has misled investors about Abaxx's financial stability. The Viceroy Report states that the company has a net burn of more than 50%, based on our last two quarter reporting. The company's true cash burn is readily available on our published financial statements on our website. Abaxx is a well-capitalized company with more than CAD 97 million in cash and cash equivalents as of June. Based on our current operating levels, we believe it has sufficient cash to fund its operation for approximately six to eight quarters. That's very different than their overstatement, as you said, of the cash burn rate by more than 50%. Yeah, look, I'll make some comments about how I comment. There's no excuse. There's no way around that in today's day and age. You can put that literally in Grok in the tweet that they tweeted and it correct it in real time. This isn't just negligence, it's malicious. Again, sent around to regulators and others to materially misstate our financials. That's the quality of the research that we have out on us. I should be restrained in the way I talk about this. It's actually important that I want to actually make very clear. Look, I'm out there on Twitter. We have been in the market education business from the beginning. We're one of one. People talk about OI. Name one new clearinghouse in the last 20 years with more OI than us from a commodity perspective. There's zero because we're the only ones that have actually gone out and built this business. Ultimately, I'm passionate about this. We're passionate about what we do. It's taken us eight years to get to this point. What you're not seeing is Dan McElduff, our Clearinghouse CEO, and Nancy Seah, our Exchange CEO. They're not involved in the investor discussions at all. I've actually very purposely separated them. We have a risk management culture in Singapore. We've always been about protecting Singapore. Protecting Singapore from public markets. Protecting Singapore from, frankly, myself just in the way that I'm passionate about building the business. We've created a separation in the way that we've structured the company. Rule number one has always been, I think we even made T-shirts five years ago, "Protect Singapore," right? We spent the first five days talking to our regulators, talking to our FCMs, calling out the malicious bullshit. Sorry, BS. Everyone's supportive. I think it's just very important to just separate whatever I'm doing from Twitter from the actual risk management and just the most professional people I've ever been around that are building this Exchange. Like I said, people that have been building markets for five decades or more in our company. Whatever happens with me on Twitter and my passion for being an-- Look, we're an owner-operator business, right? This isn't professional management. We are all significant shareholders that have taken amazing resumes and careers and rolled it into building something really hard over seven years. Of course, we're going to be passionate about it. We're owner-operators. This is our business. This is our family. Anyways, we'll get back into the metrics, I just wanted to get that out front that Singapore operates very different than I do on Twitter. I think you and I have one other reason to be offended, which is also we're both former research analysts, it's all- Exactly. Involved with research. Intellectual integrity. I would add, we do have great research analysts covering us now, which is a wonderful part of the development. If you want to dig in, we have coverage at ATB, we have coverage at BMO, we have coverage at Canaccord. There's real research analysts covering us and digging into our business every day. Jeff, I wanted to turn to you because the last that I saw in this pattern of distortion was the response launched by Viceroy yesterday following our press release. I just wanted to clear that up very quickly. I wanted to ask you, has Abaxx been notified by regulators that it or any of its subsidiaries are under investigation? No. There is no investigation. Last Thursday, when the TSX price dropped, I answered a standard question from CIRO. We are a very regulated public company. We make continuous disclosures in the normal course to our regulators, there is no investigation. Thanks, Jeff. Maybe I'll turn and bring you in, Taf. As Josh was saying, you've been talking with investors and our bank analysts over the past week. Can you just provide the rest of our investors some color on those conversations, and maybe what concerns have you been hearing that we haven't addressed yet today? Yeah. Thanks, Dave. Look, I think it's just getting down to the question beneath the question, and it's been a series of related ones, which are, firstly, market development. How do these markets actually develop? I think everyone's going back to the beginning. How do I assess traction? How can I measure the progress along the way? Metrics, what are the indicators I should be watching? Now, these questions weren't new to us because it was a learning process for some of us when we first joined this business, and we knew that it would be a learning process and an educational process for our investors. This was back to that exact slide that we were talking about with the new market development, and how the metrics are downstream of connectivity today. What is the best indicator answering those questions one by one? From a market development perspective, what is the best indicator today of commercial momentum? I would say it's connectivity from the ecosystem. The ecosystem has the most sophisticated players in the industry. That this is our ecosystem of ISVs, clearing members, and data distributors. They have real economic and opportunity costs to connect and stay connected. From a clearing member perspective, you have to put skin in the game, and that is an opportunity cost, and they have to make the business case to connect. They have connected, they've stayed connected, and they continue to connect. Today, we have 11 ISVs connected, four in the pipeline. From a clearing member perspective, we've got seven connected and 13 in the pipeline. They're seeing the business case, they understand how these markets develop, and they're seeing the volumes in our markets represent real risk being taken, incentivized or not. It's real risk that every time a contract is traded, real risk is put on the line. People who understand the markets understand that there is something going on there that's interesting. Every contract that's traded is vouching for our contract specs, our systems, our regulators, our market surveillance, and everything that's integrated in that ecosystem. Because the ecosystem understands that better than anybody else, they're connecting. In that three phases of development, for us, connectivity is the key at this point. We're opening up the doors into our warehouse, and that's what's been happening. What do I look at? Look at that first. Right in the beginning, your diversity is low in terms of participants. That was that bootstrapping problem. As our connectivity increases, diversity increases. You start to see things like OI starting to come off the floor. Thanks, Taf. I think with that, we'll move into some of the questions that we've been receiving. If you want to send in questions now, please do so through the Q&A feature on the toolbar. We have a lot of questions. I think many of them have been answered in the course of the conversation so far. Maybe it's because we're actually here for an offsite with the tech part of the company. There have been some questions on the exchange technology and how that was built and the role that Exberry plays in it. Maybe you want to take that, Josh? Yeah, absolutely. Again, I think this report, whatever you want to call it, hit job, has a fundamental misunderstanding of actually what an exchange and clearinghouse is. Ultimately, this is like we actually joked internally that this is an impossible object. Almost every market gets built sort of evolving from something else. It's just this constant ball of yarn that's kind of changing. Even ourselves, we hired one of the major vendors in the space to build our first exchange and clearing software, and literally they couldn't get the job done. Like even one of the most well-known markets software vendors in the world. We actually went out and kind of almost rebuilt, yes, using great partners and vendors who we've highlighted, like Exberry. The matching engine's just one very, very small piece of the entire ecosystem, right? Like even the data partnerships we announced this week. I think that took more than two years to get that data vendor integration into place. An exchange is not just its licenses, not just its contracts that took years to build, but there's at least seven pieces of the software stack that connects. Ultimately, the goal is for every time you see Henry Hub on any trading screen in the world, that same data, that same ability to execute for our LNG contracts, right? We're talking about hundreds of thousands, if not millions, including the data screens in the world, where you've got to get that distribution to. This is an incredibly complex ecosystem. The match engine, again, I want to probably say, I'm sort of speculating a little bit, but I think there's been just so much, again, to use the word direct, there's been so much bullshit about what markets are since crypto came on the scene. There's a lot of brokers that call themselves exchanges in crypto, which are really just a piece of software. It's not an ecosystem. It's not intermediated. I think that's where the. Yeah, in a lot of those screens, there's a lot of people that can create volume because they control the entire box themselves. Our ecosystem is an ecosystem. These are third-party members that clear the trades. Again, they have their own software, and it's an entire software ecosystem. Just turning to ID++, again, this has been in our listing documents since we started. The name Abaxx was really about our vision that's a 10- 15-year vision around digital identity and technology. It's been part of the story since the beginning, and it is the foundation. It has nothing to do with the matching engine. Thanks, Josh. Just scrolling through the many questions. I think one thing, there's a lot of questions about volume, about OI, about activity in our exchange. I just want to point out all that information is out there. You can go to our exchange website, abaxx.exchange. We have the trading data every day. You can see the volume. You can see the open interest live. You can download it if you want. It's also available through TradingView. It's available through a plugin to Excel spreadsheets through ipushpull. It's available now on LSEG. I'm looking at Joe as I say this because Joe's been yelling at me for two years that we got to get information about our markets and prices out there because that's what's important so people know that they're alive and we can trade. Nothing has been hidden. We've gone to great efforts to get all that market information out there. I will say, though, I think people need to listen to what Josh said earlier and Taf said earlier and what Joe's experience has been, that this is a long-term project. Like we've said, these markets are going to be three to five years. When you look at other futures markets, it takes time to move up that S-curve of adoption and grow. We're at the early phase. To use Josh's analogy, we're in New York. We're not in Chicago, but everything's pointing to us getting there, and that's what we're working at every day. Those numbers aren't going to tell you what you really want to know. I'd say listen to what Taf just explained, as how we're looking at it in terms of what really needs to be done. Dave, maybe there's another question that we've gotten a number of times here, which was, I think this would be Dave or Joe, on what are calendar spreads and why do they get traded so much in commodities? Yeah. I think there's been a lot of talk around that, I think it might be because a lot of people aren't familiar with how commodity futures trade. If you're coming at it from an equity point of view, you're like, "What's a calendar spread? I either buy Apple or I don't buy Apple." As Josh said, we've always seen client education as a precursor of getting people to trade on our exchange. We built a commodity futures exchange, so physically deliverable commodity futures. Each of those contracts is a contract for the delivery of a commodity on a specific date. They have a time as well as a location. You can trade gold. If you say, "Oh, I'm trading gold," okay, you're probably trading the front-month gold contract. You could say, "Well, I want to trade October gold versus August gold, I want to trade that shape of the curve." That's a calendar spread trade. If you look, go talk to commodities traders. When I was back at Goldman, vast majority of trading in commodities was trading of the spreads, trading of the curve shape. It's less risky than trading the overall flat price. People will often trade not calendar spreads, but location spreads. You could trade gold in New York on COMEX versus gold in Singapore on Abaxx. I think people have tried to conflate calendar spreads trading, which is very normal and a large part of the activity in commodity markets, to be something akin to wash trading so they can try to tie it to something fraudulent and not real. It's very real. People are taking risks. That's how it's done. We're always looking at our incentive programs, at the nature of the trading occurring to say, "Hey, can we do something to encourage more trading of spreads against other locations?" Part of that for us would be introducing a third shift in Singapore so we have global hour coverage. Could we do things to encourage more outright trading or more depth of book? Yeah, we can look at those programs. That's, as Joe said, why exchanges run programs, because you're trying to make sure that you've got liquidity available for all types of market participants. Let me know what I got wrong, Joe. No, you hit the nail on the head, David. Calendar spreads or locational spreads are really the foundation of commodity markets, particularly in energy. If you look at crude markets, you're trading, if you're a refiner and you have to buy crude, spot crude, you may hedge the front, you may buy the front and sell the back. It's done all the time. It's for risk management. In LNG, you'll buy JKM and sell TTF, and soon you'll be buying NPA and selling maybe Gulf of Mexico. Our products allow that to happen, and you may be seeing that on the screen that people don't really understand how and why those markets work. Absolutely, there's no other way to trade commodity markets except in spread trading. Yeah, I think it's important. The last couple of days I've heard these metrics. Tell us about the quality of your trading. That's a bullshit metric. That's not a thing. Quality of trading. Risk is risk. Yeah, I don't want to get We can't allow potential market manipulators to try to change the framing of what we do. What we do is just going to be more blocking and tackling, of building the liquidity, building the trading volumes, building the spreads, adding additional products, hours. It's a lot more of the same of the growth that we've been seeing over the last, I guess, what is it? nine months or so since the volume has been starting from literally a nascent stage. Those first trades, there's no such thing as a, I use sort of the air quotes, "pilot" for ramping up, because we're not talking about the positive cash flow economic stage of our business. There's no such thing as pilot trading on an exchange. Risk is either on or it's not. This is obviously risk on in the market. I notice another question that comes up a lot is people really wanting to dial in. I've seen a number of questions of, "Why did OI step down this day? Why is it picking up more recently? Why was volume this at this point in time?" You can't squint at these things. We talked about this on our earnings call in April. There's a reason why the person who decided to do this was a mining engineer, right? There's a reason why many of our early investors are from the mining or the energy. These people understand it's a long time horizon, and it's going to be a bumpy ride. I won't be able to tell you why volume was up one day, down the next day. Anybody who says that they can tell you that is lying to you, or they're breaking some really serious confidentiality by having access to information that no one should have access to. I just beg you, right? Think about the road we're on. Think about are we putting the things in place to build liquidity, to move up that S-curve over a period of years? Josh has said many times to our investors, "Look at these things on six-month, over six-month." This is not day-to-day, it's not week-to-week. There's a lot of questions on that. We can't answer that for you because it's not the right question for what we're trying to do, which is to build a, from the ground up, commodity futures exchange and clearinghouse, and launch the new benchmarks that the world needs. Back to that timeline. Right now, in the short term, that looks like a real challenge. Like, "Oh, I'm investing in this company that takes a long time to get there." Our patience, I even joked with the Chair of the CFTC, what you're getting here is a mining engineer. The shortest project that we have is 15 years, right? To get to production. That, in the short term, while it may feel frustrating sometimes that we don't have all these sort of month-over-month SaaS, software type growth on this part of our business. The value is, that patience is why we're different than anyone else in the market. Like I said, there's 10-12 exchanges in the world. The fact that we are willing to will the LNG market into existence over 8-10 years, is exactly our strength. That's what our competitors are not doing. It's why we actually have a space in the market. At the end of the day, we have two to five competitors. Even within that, the ones that are actually doing commodities, we have, again, somewhere between two to five competitors globally, in the entire non-China world. Two of the major CEOs in that group both said, like when the nickel market broke, that we're not going to build a nickel contract because it's too hard, it takes too long, and it's too small. That's not the approach. We are commodity people, and we will go after any market that's needed by our customers, that's needed by the market. It's because the others aren't doing it. That's exactly our opportunity. It's not fast. The other flip side of that is it's valuable. It's incredibly valuable. The entire exchange sector as a segment has the highest multiples and the highest profit margins of any of the financial services. Within exchanges, derivatives then have more value than equities. Within derivatives, commodities are the king. Yes, they don't have the same volume as some of the financial instruments, but the margin and the value and the moat for commodities is the best of the best, right? What we're building is valuable, even though it's not fast. It's very difficult. There's a lot of education. Again, back to the actual financial model of what we're doing and what we're saying is, again, we're eight years into this. Seven years, I think, on the Singapore side, specifically. Seven years into this, we've spent CAD 100 million, and we now just have another CAD 50 million on our balance sheet. That prize, that 1 million ADV, pick your EV/EBITDA multiple, it's somewhere between CAD 5 billion and CAD 10 billion. Right now, our market cap is still priced 2: 1, more than 2: 1, that we're not going to ever get there. The upside for investors is being patient, letting us create that investment in the plan that we've laid out all along. The IRR scenarios to getting there, even getting half there, are still very significant. By the way, this report was never about valuation. This report was about fraud. Now they're going to try to change the goalpost valuation. It's just a manipulative stock operation. Yeah. Thanks, Josh. Thanks, Dave. One of the questions we've been getting from investors inbound, and some of the questions I see in the list here are really around, it's back to within the context of market development, who are the participants on the Abaxx Exchange today? Maybe Joe can chime in here as well. Who are the participants on the Abaxx Exchange today, and what percentage of volume would you say is incentivized today? I think our slide that we presented back in the Q4 presentation was exactly addressing this, that today it's mostly going to be incentivized participants who then draw in commercials. Sorry, I just wanted to, Dave or Joe. I would add that we're seeing from the onboardings and the interaction with firms, that there is definitely that liquidity that we're developing from the market-makers is doing exactly what we wanted it to do. It's not only attracting new players and commercial players and other types of financial trading firms that aren't market makers, it's also building open interest. Look at the gold open interest. Observationally, from all my years in the markets, I've launched many, many products, you heard us say that before, when you look at open interest now, where it's at for gold and now silver, as nascent as silver is, carbon, everybody tries to, as I mentioned at the LNG conference last week, everybody's been trying to drive nails in the carbon market casket for a long time, it's still we have open interest in those products, and they go to delivery. I think that you can't say, "Is it too high? Is it too low?" I think you have to continue to build liquidity and attract players, and that's exactly what it's doing. All those 70 firms that were commercial firms at the LNG event are all firms that are going to be customers of ours at some point in time. They don't all come in at once, but they all will come on board because they see the product that were from the conversations we've had one-on-one, they see these products, whether it's LNG or battery metals or silver or gold, as really important for the marketplace. Maybe Steve, a related question before was, do we disclose anywhere the number in terms of how much we spend on incentive programs? Yes, we do. It's in our financials, and it's in our management discussion and analysis that we file each quarter. Yes. These are on our websites. Okay. Yep. You can find all of our press releases, all of our disclosures, all of our financial filings on our investor website, which is investors.abaxx.tech. Couldn't tell if it was singular or plural. You can go there and find that as well. One thing I would just add on to the prior question, Taf, just to echo your point, people should understand the bulk of the trading now is by participants who are incentivized. Nothing to be ashamed about. That's how markets grow. That's what creates the conditions for everything to move from there. I would say, that said, we also, if you go through the press releases, you'll find that many merchant trading houses have traded on our exchange and will be trading on our exchange. We're seeing more commercials begin to connect. Even when commercials begin to connect, though, they're not going to put on large positions right away. Right? They're going to want to test the system. They're going to want to go to delivery. That takes time, and anyone who works for a large corporation, which many of these clients are, you'll realize that they're not going to move in a period of days or weeks. We've onboarded folks recently that began the process six months, a year ago, that Joe's been talking to for three to five years. These things take time, and I think if you just look to your own experience, if you've worked in a big company, you'll realize that nobody jumps on these things very quickly. We've built the momentum. Yeah. Dave, I'll add to that this is where the connectivity aspect comes in. There are still plenty of clients who can't access our markets today because they don't have maybe one of the three different ways to connect, in terms of from a clearing member perspective or an ISV perspective or data. As we add each one of these nodes, this is why we always stressed in terms of the S-curve, that you can't really think about this in a linear fashion, which is very non-intuitive, but we see progress as non-linear. We wouldn't expect to see things like the outcome metrics like OI or even ADV increase by a few basis points a day, and that's human nature. Human nature loves consistency and predictability, but that's just not how markets work. Again, as we move along this S-curve, we've never pretended to say that we could forecast exactly where we'll be a quarter from now, two quarters from now. We've always stated the destination, Chicago, in your analogy, is we've explained where we're going, and then kind of all the metrics to look for, all the markers along the way, and we're passing them and proceeding through them, at least across each of our markets. Yeah. One thing I think is important, though, and of course, we've been presenting this. It's very apparent in our quarterlies, and our record volume month press releases. We still are growing exponentially. That's from new products. Some products may launch and take six months before they start building that liquidity. Some, like silver, can be immediate, because there's a lot of similar traders that are in the gold market, which has already started. So even without new FCMs, I mean, they're absolutely coming, but even without FCMs, just new products, you know. Likely by the end of the year, new additional trading hours. We've got a whole new segment coming. We've got a whole new region, in the onboarding of FCMs of China. Even though I say look at the six month over six month, it doesn't mean that we're not gonna have, you know, spectacular growth and growing liquidity, through the rest of the year. So, you know, we have You know, there's still a lot of growth and all of that excitement, fundamentally built excitement that happened in May, none of that has changed. And that's, you know, we're still in that really major inflection of growing, you know, volume and products here. Yeah. One other question that has come in, Josh, and we addressed it in the PR. Let me just step to the side for a second. There's also been a number of questions that, you know, why don't you refute certain things point by point. If you go to our press release from yesterday, you can find it on our investors.abaxx.tech website. We went through what we saw as the most serious accusations being leveled, and responded and provided backup evidence in terms of documentation and disclosures and financials. So you can go there for that. But you know, there's Beyond the factual misstatements, there's a lot of innuendo that's constantly being spread and, you know, a lot of that has surrounded the Cboe relationship, which we have, you know, addressed in the PR. You know, maybe it'll if you could walk through it'll provide people some clarity and give them some context to what it takes to build to where we've gotten to over the past eight years. Yeah. I mean, absolutely. I mean, so the Cboe relationship started actually when we went public during COVID. you know, at the time it was called the NEO. I can't remember my timeline. I think it was NEO, and then they got acquired by the Cboe just after we listed, or maybe the deal was announced and not done, I'm not sure. Here we had, you know, new market builders, you know, a really similar DNA. Jos Schmitt, the CEO of the NEO, the Founder, the CEO, you know, obviously we were two peas in a pod as, you know, people that really believed in building markets with integrity, building new markets in a very hard, competitive environment. And absolutely, like, you know, the first time I met him, we wanted to list. It was after they were. That's right. We listed on NEO, and then after we were acquired, after they were acquired by the Cboe, you know, Jos then really moved into their corporate development team, and working on their global listings platform. It was really the relationship with Jos first and foremost. We of course then built a broader relationship with the Cboe. and, you know, even when we were going through all of us, obviously all the due diligence that checked, you know, that checked and it's a small industry. They do all the people due diligence, of course, as well. You know, you know, there's I don't think there's anyone in the industry that's not more than one degree of separation from Joe Raia. you know, ultimately, you know, it was a very deep vetting process for something as complicated as a highly regulated futures exchange, particularly one that hasn't been licensed in, you know, in decades. and, you know, ultimately Cboe was incredibly important for validating us. By the way, they invested before we had our clearing license. They did all that validation before the MAS finished their work. That is an important validation. It was not a material size of investment. Again, it was very relationship driven by Jos. After the management changes, and Jos's retirement, and then, you know, frankly I think we dealt with like 15 people at Cboe, and I think maybe there was one left of the 15 people we dealt with, you know, by the end of last year. We actually strategically wanted to buy back more of our shares from the subsidiary. You know, you can read in our filings the long history there. I won't get into all of it today. Ultimately we, you know, we own just a bit over 90%. We increased the ownership to about 95%. I'm using round numbers, obviously the details are in the press release. Ultimately that was a very good move for us, buying back that stock because the day-to-day relationship no longer existed. Again, it was sort of served its purpose at the stage pre-licensing. The team changed, and we ultimately, you know, made a very accretive deal to shareholders, and importantly we removed a bit of some of the restrictive rights that were tied to that equity. It was a strategic positive move. Nobody asked to be bought out or leave or abandon the exchange or anything like that. It was just a strategic M&A, sort of, you know, day-to-day acquisition. The Cboe was important in the early days, but not a material investment. On TSX. Yeah. It was also a very small investment. Yes. Very, very small. Yep. Of course, we had already been in the process of moving to the TSX at that point as well, which again, none of this stuff happens overnight. These are long, you know, long relationships. Josh and Jeff, I don't know how much we'd be able to say on this topic, but I do want to acknowledge that we're getting a lot of questions from investors who are angry. I think they share your anger. They, you know, feel like they've been hurt, and they're wanting to know what legal or regulatory paths we may or may not be pursuing. Well. What's the step? We're keeping all of our options open. When you look at the history of this, of this type of distortion program, you can see that it's actually very, very difficult to basically sue for damages successfully. It's very expensive, takes a very long time to do, and it's very difficult. The terms are couched in could be, would be, might be, and they're outrageous claims, but it's very difficult to sue for libel, very difficult to sue for defamation. It's a difficult process. In the end, we don't know at this point. We're going to pursue whatever opportunities we have, nothing has been decided at this point. Yeah. The most important part, again, we stated in the press release, is very clear conversation with our regulators, and very clear data to the TSX and CIRO. Again, there's nothing we've decided. The distraction. The most important, I've said it on Twitter, that at the end of the day, it's real-time that matters, not something that might happen three years from now. Right now it's about just making sure that all the right information is in the market, and an understanding, I think, including understanding the nature of their operation. Right? There's nobody can look at that, again, self-described hit squad. It's literally on their website. I believe that they say something about not being formal research and just opinion and all of this. It's asymmetric. They're going to hide behind shell companies and legalese bullshit. Ultimately, they're going to try to say whatever they want to say. They're not going to correct it. Nothing's been corrected from all of the obvious lies that have happened so far. Right now, it's just making sure that regulators are informed. Then, we'll have to decide, as time goes on, what legal options we may want to pursue. I know we're getting towards time. Want to take one last question on calendar spreads in OI. Someone's asking, "Do calendar spreads naturally lead to lower OI?" I'll just take that very quickly. Seems like it's a genuine question. First off, I've never seen so much interest in OI in my life, and so many conversations about it as I've had over the past week. I think what it comes down to is people want to use open interest as a rough proxy for how much commercial participation are you getting in the exchange with the idea that, well, if a commercial's putting on a hedge, they'd probably leave that on for some period of time. Very natural, makes sense. To your question on calendar spreads, a commercial who's trying to hedge will already have a physical position. That's what they're trying to hedge. They'll tend to put on an outright position, not a spread position, in order to make that hedge. You would see that, yeah, they might be less likely to use calendar spreads. The hedgers, commercial hedgers might be more likely to have some OI. It's not as dramatic as you think. Even a lot of commercial hedgers, they will hedge through banks. They will go and do an OTC swap because they can use their balance sheet as a way to not have to put cash up the way they would for margin on a futures position. It's more capital efficient, then the bank will be the one laying off that risk on the exchange so that you can't look at these things and think you've got a direct read. Quick answer to the question, I think we'll take one more question that Taf has. Yeah. Maybe related to that, I think there's a question in terms of what level of ADV starts to attract commercial players, and I think maybe a little more abstracted to that would be maybe Joe also talking about where they see that commercial-grade liquidity, if you will, but also tying that to our product launch strategy, as well with product surface area. Yeah. The products have to fit the need of the trading firms, right? We talked a little bit about firms like Gunvor, Mercuria, others that are involved in our markets. The volume doesn't have to be so substantial, and because the pools of liquidity can be small and don't have to be massively large like a WTI or Brent Crude oil. If you have small participants in a marketplace or desks on trading desks of some of the merchants that are engaged with us, they don't have to have a lot of volume. If you're trading a couple thousand, 2,000, 3,000, 4,000 lots a day, that's really small, but in some context terms. For some of the markets that we're in that are kind of niche markets, it fits what they want to do. When Gunvor did the first couple of trades on the weather markets, they jumped in because they see what we developed is important for them. Volume is relative, I guess, is probably the best way to answer it. It does attract and is attracting firms. We had an onboarding of a very large firm from South Korea because they saw one of our markets, a commercial firm that they saw was different than some of the other exchanges, and they onboarded very quickly. Actually, we have another one coming on board too from there. That's another new market for us, another new group of participants that hadn't really been engaged with us before. Yeah. Joe, maybe on the product surface, how does that affect onboarding, in terms of tipping points and business? Yeah. A good example of this in Europe, the PPA markets, the power markets, and tied to from the solar markets and wind markets into recharging batteries. BESS systems are big in Europe now, and we've had a lot of firms start the onboarding process with us that are utilities and not financial players, but that product is important for them, that isn't offered anywhere else. We're in the development stage of that, and that'll be coming out very soon, in probably one of our next products that we'll be launching that is attracting a lot of firms that are onboarding with us. Once onboarded with one desk, they can likely trade- Surface area. Exactly, Taf. Yeah, we talk about surface area a lot. Yeah. Sometimes it's easier to get a trader from the wind or weather or carbon desk on board, and then have the LNG guys that are sitting two rows over say, "Hey, I want to trade LNG. You guys are already onboarded with Abaxx, so let's move that forward." That does happen. It is happening with us right now, and it's just a natural progression in developments in the marketplace that we've seen over the years. I was getting a question about the sort of the Abaxx share trading side of the liquidity with these types of reports and things that are happening. Of course, full disclosure, I'm not forecasting stock prices or anything like that. What you have to understand is we have just listed on the TSX. We have not been a well-known company, because we don't have really any comps, right? Basically the two companies that do the most similar thing that we do are 100 times our size. There's no such thing as a startup clearinghouse. We're one of one in that sector. It's not like we've got a broad sector research. It's really just us and the TSX as exchanges in Canada. Obviously a TSX is a very well-established, very different business than what we do. We don't have broad coverage. We don't have broad buy-side or sell-side analysts, we've just moved over from the Cboe, which a lot of people never saw visibility on. We don't have a lot of broad fundamental liquidity in our stock. That'll grow over time as well as we're well-known, as our financial metrics change and so forth. What I'm getting at with all this is, not a lot of shares can push the price around a lot right now. That's just sort of the nature of the liquidity we're building in our investor base. The last time we were in these share price levels was March, and it happened to be at a time when over 50% of our volume were shorts trying to push it down as well. Of course, we saw with fundamental development how quickly that all changed, when they actually have to buy back on the other side of that trade. Again, I'm not forecasting anything, I just want people to understand that this is not a large cap tech company. Which by the way, even large cap tech companies can move around a lot these days. This isn't like an efficient market. This is a stock operation that's happening on the negative side right now. There's a second half of that trade, which is the covering side of that short. I think it's time for us to wrap up. Want to thank everybody for joining us today. To our investors, we thank you sincerely for your ongoing trust and your support. For me, the most gratifying aspect of this episode has been to see how well understood what we're doing is by many of our investors, how much they've understood our business, how much they've been out there shooting down false claims and accusations made against our company, how supportive the bank analysts who cover us have been in terms of asking the hard questions, making sure they have the context to understand them. We really appreciate that. We hope that we're able to address your questions and, more importantly, your concerns. As always, please feel free to reach out to us through our investor relations email address. You know where to find Josh. To Viceroy, we look forward to seeing how you're going to distort this conversation. We imagine you'll whine and cry that we didn't answer your questions or that we didn't let you into this call under your real names. That's fine. This call wasn't for you. It was for our investors who care about building smarter markets, not those who would seek to manipulate them. Thanks again to those investors. Now, we should all get back to work. Thanks, everybody. Thanks.