Okay, just a quick mic check to see if indeed we have—if people can hear. I believe we can. Waiting to get a message here to find out. We can hear. Okay, we're good to go. Good to go. Terrific. Thank you. Welcome everybody to the annual general and special meeting of the holders of common shares of Cielo Waste Solutions Corp. My name is Sheila Leggett, and I'm the Board Chair. With me is Ryan Jackson, who is our CEO. I will act as Chair for this meeting. Before we—excuse me—before we begin, I'd like to note that during today's meeting, including the presentation and question and answer period, we may make statements which are forward-looking statements for the purposes applicable to the securities law. Forward-looking statements are not assurances of future performance and are subject to risk and uncertainties. The actual results, performance, or achievements of the company and its business may be materially different from the anticipated results, performance, or achievements expressed or implied by forward-looking statements. The risks and uncertainties include, but are not limited to those listed in the slide on the screen now. It's a miracle. I don't think those risks are listed on the slide. They could be, but. Okay, all right. We have applied certain assumptions and factors in making forward-looking statements. Shareholders should consult the more detailed discussion of these and other risk factors related to the company and its business in Cielo's most recent management discussion email. Forward-looking statements are based on the officers and directors' beliefs and opinions, and undue reliance should not be placed on any forward-looking statements. The company does not undertake to update or supplement any forward-looking statements unless required to do so by applicable law. This year, we're holding the meeting in person, which is becoming an important thing to us now, and we've kind of all got into the digital habit over COVID. The formal portion of the meeting is also available in audio via live webcast using Teams. However, anyone joining us by Teams is not able to vote, add, or otherwise participate in the meeting. After the formal business of the meeting has been completed, we will continue the meeting in person as well as via Teams, during which Mr. Jackson and Ms. Jasdeep Dhaliwal, CFO of the company, will give a presentation about the company and our business. Following this, registered shareholders, proxy holders, as well as guests both in person and joining us viewing Teams webinar via Teams webinar will be able to ask questions. We will do our best to answer all the questions within the allotted time, and I'm happy to follow up outside of this meeting if we run out of time. If any shareholders have any matter of individual concern, please raise it with us after the meeting. I would now like to call the meeting to order and appoint Ryan Jackson, Corporate Secretary of the company, to act as Secretary of the meeting, and Matthew Kelly from Olympia Trust Company, transfer agent for the company, to act as scrutineer for the meeting, to report on the shareholders present in person and by proxy, and the number of shares represented in person and by proxy, and to compute the votes on all polls taken. The Secretary has an affidavit of Olympia Trust Company, the registrar and transfer agent for our common shares, as to the mailing of the notice of the meeting. Unless there is an objection, I will dispense with the reading of the notice of the meeting. I ask that the notice of the meeting, form of proxy, and financial statements of the company be kept by or as directed by the Secretary with the records of this meeting. I have a copy of the scrutineer's report, which shows a form to be present. I therefore declare this meeting to be regularly constituted, and I direct that the scrutineer's report be annexed to the minutes of this meeting. Before commencing the business of the meeting, I'd like to comment on our voting procedure. To facilitate the meeting, the company has requested one person to make the formal motions, and the Chair will call on this person at the appropriate time. Registered shareholders and duly appointed proxy holders may make comments specific to these motions prior to the vote, but I would ask that any questions or comments on general matters take place at the end of the meeting. When an item of business is before the meeting for consideration, questions and comments should be limited to that item. If anyone has a question or comment not related to a business item, an opportunity to raise other questions and comments will be provided after voting on the business described in the management information circular. We thank all of you for the votes submitted by proxy. Please keep in mind that if you wish to participate in the formal business of today's meeting, you must be a duly appointed proxy holder or a registered shareholder. That is, your shares are held in your name and not with a broker. Registered shareholders and duly appointed proxy holders will have the opportunity to make a statement about any motion pending on the floor. If you wish to make a statement, please let me know, and I will recognize you. Once you've been recognized, please state your name and whether you're a registered shareholder or a proxy holder. If you're a proxy holder, please state the name of the shareholder that gave you the proxy. Please keep your statements brief and limited to the specific item up for discussion. Unless otherwise directed, all votes will be taken by poll. All registered shareholders and duly appointed proxy holders have received ballots upon arriving and signing in at this meeting. If anyone here has not yet completed and submitted their ballots to the scrutineer, please do so now. Raise your hand. We've got the system rolling. Thank you very much, everybody. If you wish to submit your completed ballot at the time of the vote, please do so upon the motion being made. Any ballot not received when called for or spoiled will not be counted. We will announce the results as we go through each motion on a pass/fail version, and we will have the actual numbers of shares that were voted available after the meeting. Unless there's an objection, the reading of the minutes of the Annual General and Special Meeting of the Shareholders held on October 26, 2023, will be dispensed with, and the minutes will be taken as written in the [print]. Seeing no objection, all in favor. Thank you. The next item of business is the presentation of the company's financial statements and the auditor's report. They're on for the years ended April 30th, 2024, to 2023. I would suggest that matters arising related to such financial statements, copies of which have been made available to all shareholders by Cielo, be held in advance for the question and answer period, which will occur later. Per the meeting materials, may I ask, may I please have a motion to fix the board of directors at four for the ensuing year? I move that the board of directors be set at four for the ensuing year. If you are a registered shareholder or duly appointed proxy holder and have not yet submitted your ballot to the scrutineer, please raise your hand, and the scrutineer will collect your ballot. If you have any comments to make on this matter, please let me know. Sheila, do you think it's possible for us to make a statement? Sorry, what was the question? To the motions, you know, but sure, why don't you go ahead? Okay. It's a toast. Okay. My name is Gordon Crawford, President and CEO of Expander Energy. I'd like to make a statement on behalf of Expander Energy, certain directors, shareholders, and related parties, the settlement parties, as defined in the Cielo Expander Settlement Agreement of April 29th. The settlement parties are intended for the proxies to honor the stance of the provisions outlined in the settlement agreement. The settlement parties request that the AJP admits recorder attendance and the statement. Thank you very much. [I do not do.] Thank you. That's great. Sure thing. Okay. It passed. Okay. Thank you very much. That motion's passed. Thank you very much, everyone. We'll move on to the election of directors. The terms of office of all four incumbent directors are deemed to have expired today pursuant to the company's articles. The management information circular dated May 15th, 2025, contains the names of these four persons, each of whom are proposed for reelection at this meeting. They are myself, Sheila Leggett, Ryan Jackson, Larry Schafran, and the Honorable Peter MacKay. As no other nominations were received pursuant to the company's events, notice policy, or articles of the company or the Business Corporations Act, that is the complete list of nominees. I move that the four directors proposed for election be selected for the ensuing year. Any comments? comments? Anybody who still needs to provide their ballot? Okay. That motion has passed. Thank you very much, everyone. The next thing is the appointment of auditor for the ensuing year, along with the deliberation to be paid to the auditor. During the year ended April 30th, 2024, the company announced a change of auditor from KPMG LLP to MNP LLP, as previously announced and completed pursuant to the applicable laws. May I now have a motion to appoint MNP LLP as auditors for the ensuing year? That would be me. I move that MNP LLP Chartered Accountants be appointed as the auditor of the company at remuneration to be set by the directors until the company's next annual general meeting of shareholders or until such firm resigns or is removed from office as provided by law. Thank you, Ron. Yeah, Sheila. Places from prior standing. I believe that's an appointed business outside the point of this motion. I think I'd ask you to hold that for later on. We're asking ourselves if you can forward it to the directors to fix the remuneration. Right. Everything's fair. I understand to pay to the league and satisfy that they'll take on. The auditors have agreed to take on the task and the motion in front of us is to appoint them. We can deal with those other aspects other than the business part. Thank you. Okay. Any other ballots that need to be talked about? You have to vote yet, Jim. Okay. Thank you very much. That motion is passed. The next item of business is to consider and if deemed advisable to pass with or without variation an ordinary resolution of the disinterested shareholders of the company reapproving the adoption of the company's previously approved rolling stock option plan. I move that the resolutions reapproving the company's rolling stock option plan as set forth in the circular of the company dated May 15th, 2025, be approved as written. The ballot's passed. Thank you very much. That motion has also passed. Thank you very much, everyone. All the votes have been counted, and are we ready to have the reporting scrutineers or a little bit? Okay. Okay. Okay. Thank you. Okay. So just to summarize, the motion to fix the board at four directors has been approved by the shareholders. The nominated individuals, myself, Ryan Jackson, Peter MacKay, and Larry Schafran, have received the requisite number of votes cast at the meeting for their election for the ensuing year. They will hold office until the next annual meeting of the shareholders of the company unless their office is earlier vacated in accordance with the articles of the company and the Business Corporations Act, British Columbia. The resolution appointing MNP LLP as the company auditors until the next annual meeting of shareholders or until a successor is appointed and authorizing the board of directors to fix the auditor's remuneration has been approved by the shareholders. The company's rolling stock option plan as set forth in the circular of the company dated May 15th, 2025, has been approved by a majority of the minority of shareholders. I will now ask for a motion to terminate the formal portion of this meeting. This will be done by a show of hands rather than a poll. I move that the formal portion of this meeting be terminated. All in favor? Thank you very much, everyone. Thank you for attending, and we will now move on to the presentation and question and answer period, both in person and via Teams webinar. Ryan, over to you. Sounds good. I'm going to grab a bottle of water, though, because I'm going to need one. Thank you, Matthew. All right. Let's go. I forgot to ask. Never mind. Okay. No, I think we're good. Just out of that. Okay. All right. Hi, everyone here and online. Just letting the last one in here. For the benefit of everyone that's online, and I know I'm going to be speaking both ways here because I don't have the camera on yet. For those that are listening online to the corporate presentation, please wait to the end of the presentation to raise your hand for the Q&A. Obviously, in the room, we'll have the ability to answer the questions live. Same thing, though. Please wait to the end of the presentation for the Q&A. What I will be doing is I will be unmuting your microphone online. Here, I don't have to do that, clearly. That was a joke. Not even a giggle. All right. There. Thanks. Tough room. Once I call on your name, please lower your hand as well if you could, please. Thank you. Bear with me as I'm working with foreign. All right. So far, so good. Next slide. Now we're into the corporate presentation. Thanks once again, everyone. I'm assuming we're okay. Oh, I can't see the slides. We can see them in here. Hang on. I know what the problem is. I need to share. How about now? All right. We're good. I've got my critics on text here, so I'm just making sure. Now everyone can see the slides. Now we're on to the corporate presentation. We have our forward-looking statements, cautionary statements. I'm not going to read it to you. You can see it there. I don't know if I can move this. Let me minimize it. No. All right. That's all I have to do. Okay. The cautionary statement is there. Everyone has a chance. We will be posting this on the internet as well on our website once we have that completed. All right. Cielo's business model is one that's, to say the least, iterative. We have become, over time, we started as a waste solutions company and somewhere along the way morphed into a technology company to solve the waste solution we were looking to solve. Going forward, we are technology agnostic. What that is meant to say is that the waste stream is the solution we're solving for. We're not working the other way. In other words, the technology to the waste stream. What that does is it turns waste into an opportunity, and it allows us, in the case of the CPKC railway ties. Sorry, guys. Great. I'm not going to be able to let people in here now that are late. It is being recorded, though. What this allows us to do is pair the waste with a competitive technology and build scalable infrastructure. All of that is to say that we're looking at other waste streams. We'll get into that at the end of the presentation or through the presentation, but this is what we do. I'm not going to read the slides to you. However, we want to make sure that we understand that we are agnostic with respect to our technology. That's not to say that we don't source existing technologies or license existing technologies that have been made available to us in the past. If we find a solution that makes sense and it has a good ROI, we're going to, and it aligns from a regulatory standpoint, we're going to attempt to source that tech. The last, the strategic shift allows us to move into a space that we believe is the most profitable and the most beneficial for the shareholders. I should, at this time, announce or mention that Jasdeep Dhaliwal is on the call as well. Jasdeep, I don't know if you're on camera or not because I can't see you, but I'm not because I can't be. At any rate, please take it away. Thank you for that, Ryan. Good morning, everyone. I'll build on what Ryan was speaking to on Cielo's mandate. Apologies if my voice isn't clear. Just getting over a cold. Cielo's mandate is sustainability. We understand the sector we're in, environmental impact, or we can say the avoidance of or minimizing environmental impact is very key. As Ryan has mentioned, the strategic alliance of finding the right problem to solve is just as important as the output as well as the technology we're using. Previously. Jasdeep, Sheila, I'm just going to interrupt you. We're having a hard time hearing you in this room. Can you do something to be louder from your end? Is it soundbar? I I have a manual override. I'm working because I've got it maxed, the master volume, and it won't let my computer. Keep turning it on. Yeah, it is. Yeah. It may be within the room. Other individuals on the call so that they can hear us, but I have turned up the volume full. Hang on just a sec, Jess, because we really can't hear you. So we're just going to have to find someone. We're working with a little deal of sound. No, no. As they say, it's a technological difficulty. Technology. It's a soundbar at the end of the room. If it was in the middle, it would be different, but. Oh, hang on. Nope. I thought I found something there. Perceptions forward, so we'll see. I wonder if we skip ahead and go on to something else, and then. We can wait for. Someone's mic is stuck. Ryan, why don't you take it away? I'm pretty sure we're going to share the same information. Why don't you continue on from here? If the sound fixes itself, I'll jump in. Jaz, let me just, if I knew which, actually, I do know which one it is. I'm going to try something here. Can you say something now? Cielo Waste Solutions. Oh, that's no different. Yeah. Okay. Let me try this one. No, I'm going to lose the screen. You'll lose everything. Yeah. Yeah. All right. Over to you, Ryan. Okay. What she said. What Cielo's mandate, as Jasdeep was mentioning, is certainly four-fold, but it is essentially centered around feedstock-driven waste solutions. As we go back again, and not to beat a dead horse, we are using CPKC railway feedstock as the feedstock that will drive our project into British Columbia, which is both strategic. It provides a significant environmental impact, and it is also sustainable given the feedstock availability and the ongoing replicable nature of the agreement that we have. I just said that. What the B C facility is, and keep in mind that the reason for the movement to B C is almost entirely around the market structure that has been set up there. Notwithstanding the output, which is hydrogen, the ability to access grant funding, non-dilutive capital is significant. In fact, Cielo has already started with that process and has been in touch and has already an intake on more than one grant opportunity within the BC government and also the federal government. The BC project, it's not just a pipe dream. It's real. The selection process, the site selection process that we have, and come on in. Just struggling with the audio. Sure. Sounds good. Yeah. You're good. Were you able to hear it before, and then it kind of cut off? Yeah. No, it's just very, very quiet. There's someone trying to talk remotely, and we can't hear them. Yeah. I see. Okay. Sounds good. Yeah. Jas, would you like to say a few words again? Cielo Waste Solutions? Oh, yeah. Okay. I see. I see. I see. All right. Do you mind if I just knock down the presentation? Sure. Thank you, everyone, for your patience. Are you looking to? Just looking to see where your sound is coming from here. Oh, yeah. I think it's. Because it might just be a volume level. It's a little low. It was actually set up with that. Set up with that guy there. Okay. Let's see if we can bring it in that way. I think that or maybe we could just. Oh, is that connected to this? If it was set up with this maybe. Yeah, it was. Yeah. Master Master volume's all the way up. Yeah, it's all the way up. So we're okay to, I'll just do the monologue, but. Yeah. I mean, just grab Sam as well. Yeah. Yeah. He was. Yeah. We were doing this earlier. Okay. Okay. All right. Sounds good. Do the comments. I need to go to the slide. There we go. Okay. All right. Sorry, everyone. As we discussed, the BC project is and is being progressed through the site selection process right now. We do and are in consultation with our feedstock provider as it relates to the appropriate location to offload the railway ties. Secondary to that, we're also looking at and have sourced a number of other feedstocks in three areas that we've narrowed it down to as it relates to the feedstock. The reason for that is for interruptions in supply, obviously, relating to whether or not we are able to amass enough of an inventory of feedstock in the way of railway ties, or also a blend of something that might be in addition to or instead of, depending on the economics of it. We have and are in the site selection process. We have already sourced the commercialized technology that is under NDA. Hey, Sam. Sorry. Once again, we're just stopping here for a quick—I want to hear, get the volume all the way up there. Hang on. Let me—oh, that sounds—okay. That's better. Jaz, can you say something again, please? Cielo Waste Solutions. There we go. We got a winner. Wonderful. Okay. All right. Jas. Oh, no. She's saying to keep going. All right. Let me go back because Sam messed with my. All right. Why or what with respect to technology, I've covered that. The other thing is, as it relates to the environmental impact, obviously, that drives a lot of the regulatory impact that we had and we are desirous of pursuing. And quite frankly, there's a ton of there's a lot of regulatory tailwinds with respect to funding that's driving almost the entirety of our decision to locate in B C. The happy accident is that we're a BC company, interestingly enough. That was also something that was important as we move forward. The estimated CapEx for our project and through feasibility is approximately CAD 250 million. There is and has, we have access to funding, non-dilutive funding that would support a significant portion of that being covered either through non-dilutive financing or debt through the [Business Development Bank of Canada]. As it relates to ongoing ability to fund this project, even in its early stages, as it relates to feasibility and front-end engineering work, all of that can be covered and could be applied for through the grant process. That is something that we are already underway in doing. How does this benefit the investors? Obviously, it is the cap table protection that it affords, the fact that we are able to bring in additional funding through those means. Also, of course, once you do that, you have a larger return on investment, not to say the least of which is a CAD 70 million loss carry forwards that Cielo has in its quiver as well. If you were to go on Google or ChatGPT, you'd see it's a trillion-dollar hydrogen market by 2030. Take that for what it is. Someone can poke holes in the global market as it relates to the adoption of hydrogen. What we're focusing on is, quite frankly, the BC market, and it has a significant upside. Our targeted first gas in 2028 is going to line up right in the sweet spot as it relates to the hydrogen market adoption that the Government of BC is also projecting, and it also aligns with their mandate. It is safe to say that the hydrogen market in and of itself in that market is something that we're quite bullish about. In fact, as first-time CEO, I'm actually excited about the future of the company's prospects as it relates to this hydrogen market. The sectors are multiple. Quite frankly, transportation is still early adopters. There are a number of things you might have noticed in searches that CPKC actually has some hydrogen locomotives in Golden, British Columbia. Also, fertilizer market, actually, it's used in refining as well as power generation. Even as it relates to FortisBC, starting to do hydrogen projects in their market as well, which is something that we're keenly interested in taking part in with them. The regulatory environment is you saw Mr. Prime Minister Carney talk about the fast tracking of projects as it relates to the Canadian economy. I'm not suggesting that this would be one of them. However, it's not just federally. It's also provincially. There is a significant component to this that certainly lines up with where we're at in our project lifecycle and the milestones that we're achieving. On the supply side, obviously, we're looking at a rapid growth, certainly, and call it green, call it renewable, whichever hydrogen you want to refer to it as. As long as there's carbon capture, even blue hydrogen has a market. The positioning that we're putting forward with respect to Cielo is one of taking advantage of all of those opportunities. Honestly, there isn't a market that we can't touch in the British Columbia market specifically and down into the West Coast in California as well. This is a tried and tested picture and slide, but it suffices to say that the circular story that this presents as it relates to, again, the good old-fashioned scrap railway tie opportunity is still very much alive and well. What we aren't necessarily, though, stuck on is just railway ties in and of itself. There are other feedstocks that we're starting to be made aware of that will also allow us to scale this story. We're going to be pursuing all of them, not the least of which is for the reason of diversification of our feedstock input. Some of the future initiatives that we're working on, it's primarily waste solutions and other bio-wastes, but there's also business cases that we're looking at in the way of carbon capture, again, in the British Columbia market. That's not to discount that there isn't something in Alberta or Eastern Canada as well. Quite frankly, we have a holistic view of the entire North American market. It's not just British Columbia, but we have to be able to deliver on a project. British Columbia is the one that we're going to deliver on. That's too loud. First and foremost. There's us. Jasdeep did mention that she is not feeling well, and she's not. I've been witnessing that for the better part of the last week. Hope you're feeling better. The newly elected Board of Directors, I should mention too, and I don't know if it was in the script, Sheila, on the formal portion, but this was actually the board meeting that was to be held last year. Another board meeting will be upcoming here later this year for the 2025 year-end. Sure. Shareholder meeting. Annual general meeting. Thank you. All right. We're going to go to questions. I am going to end the show just so I can see the other screen. Actually, no, I do not have to do that. Okay. That is the presentation. I open the floor up for questions. If I can find my camera to turn it on, I will. All right. There I am. Okay. Sheila. Yeah. Yeah. You Yeah. You bet. Yeah. Jim, thanks for the question. I understand that it's born from your time probably on the board of directors, which in and of itself is a little bit of a thing. What I can tell you is that we have engaged MNP has engaged us as it relates to the next year-end and that our account through to that period of time when they come and visit and audit will be paid in full. Jasdeep, did you have anything you wanted to add to that? You're muted in case you didn't know. Thank you, Ryan. I just want to add we expect a proposal coming to the audit committee in the coming months. Financial statements for the fiscal year-end will be filed prior to the deadline of tail end of August. Okay. Once again, for anyone who, and I am looking for a show of hands. If you want to raise your hand, if you have a question online, feel free to ask. We will wait for a few more minutes to receive any questions. You should be able to raise your hand on Teams. If you are not, I believe that the chat also has been turned on. No, it is off. Again, raise your hand, and I will unmute your microphone. There we go. Mr. Shaw. Okay, Michael, I have unmuted you. Yes. Thank you. Thank you, Ryan. You're welcome. I had a question about the gasifier that Expander was supposed to be delivering around this time of year. What's going on with it? There is no gasifier that Expander is meant to be delivering to Cielo. Oh. What about the order that was placed for it? You might be referring to a deposit or limited notice to proceed. That was completed, and Cielo and Expander have come to a settlement agreement to disengage so that gasifier deposit has a sunk cost. I don't know why I'm looking at this speaker, but does that make sense? In other words, are they not on our team anymore? They're not. Where have you been? I've been here. Okay. Yeah. All right. All right. That's unfortunate. Okay. Thank you. Thank you, sir. It is. Thank you. Any other questions? Do you have a bursar or something for these evaluating that? Are they familiar with the sector? Yeah. You're right. I can't say. Can you repeat the question? Oh. Because it's hard for people to hear. We'll just say maybe repeat. So, Michael or not Michael. Sorry. Not Michael. Kyle Dobson asked a question about, "Have we had any conversations with off-takers for hydrogen in the BC market?" The short answer, yes. We're under non-disclosure. They're early times as far as it relates to off-takes. There is one off-taker in particular that is looking to actually be more than just an off-taker as well, right? That is early days, again, on being able to get to a point where we can make a final investment decision through the engineering and everything else. We have a number of conversations happening in that space. You're right. The transportation of hydrogen alone is one that we're also working with some folks on that are in the space. Hopefully, everybody heard that okay. Jim did you have a question? Yeah. Sheila, I wanted to follow up on some change of direction, if you will, as to success or lack of success. Good question, Jim. Yeah. The question was asked that we had how this financing is going. The private placement is assuming what you're referring to. Yeah. Yeah. The one that was announced a few weeks ago. The private placement hasn't, we haven't closed a round yet for a number of reasons, not the least of which is due diligence related to the very hydrogen story you referred to. That, along with the annual general meeting being completed and fulfilling the obligations of that, reading between the lines, basically, is management going to be around or not? Is the board going to be around or not? Those questions needed to be answered today, which thankfully and appreciated Mr. Crawford's statement that he read earlier. With all of that said, we're very confident that we close this summer the full amount. Also, we expect some grants to be brought into Cielo as well on a non-diluted basis to forward the projects as well. Those will be fenced off for the project specifically and not allocated to G&A. We have a fairly small burn as it relates to G&A. We have some obligations we need to fulfill, clearly. That is at the top of the list. Once we complete that, we do not see much in the way of headwinds. Any supplemental reason why you're not using it as an agent level financing? A few reasons. It's a size thing. CAD 3 million, just quite frankly, doesn't get too many institutions that excited. It's too small. The private placement, given the time period that we had and the fact that it is a private placement, not a prospectus offering, was a good reason for that. The question was asked supplemental to the earlier one, why an institution wasn't involved. There are some family offices and some other private investors, high-net-worth individuals that want to take part. Again, back to looking at the management team and that sort of thing, we can move forward expeditiously now on that front. That's why the institutions weren't interested. They didn't make enough money, Jim. Not a big enough commission. Not that you'd know anything about that. We do have a question online from Mr. Alexander. I'm going to Chad. I'm going to just enable your mic. You are muted still, just in case you did not know. You can go ahead with your question. Thank you. During the AGM of 2023, you had identified that your contract for rail ties was expiring in two years. That comes up Q4 of this year. Has that renegotiation happened, or are you under a new contract for supply of ties? If we did have an extension or a new contract, we would have press released that for sure. So Chad, we are in active discussions. I mentioned in my presentation earlier that we are working with CPKC on a suitable location that they'll approve because the initial agreement did contemplate a Southern Alberta location. So we do have an active ongoing discussion with CPKC at all levels with the goal of extending the contract, the agreement. All right. Thanks for your question. Any other questions? No, no. Just wondering what changed the hydrogen, what Cielo's competitive edge is against the hydrogen, or why a company like Tidewater who has a smaller energy speed rail, who's got their hydrogen engine now, FortisBC app, they're all in the big hydrogen. What Cielo's competitive advantage is over any of those companies bigger? I can only speak for the ones that I've spoken to directly. In the case of Fortis, they send it. They don't necessarily, they do develop, but they're a natural gas and electricity, what have you. There's an interest in their core business, not in starting a new one. CPKC is an example. We've been told numerous times that they're in the transportation business. They're not in any other business, right? A lot of it goes back to their core. I can't speak for Tidewater, but one can only surmise that a CAD 500 million facility that makes diesel would not easily be retrofitted to do that. Who knows? Maybe they have decided or considered it in the past. It comes back to a feedstock-driven narrative for us in that we do have that biogenic content feedstock that allows us to be renewable hydrogen, not just blue. That is a lot of the drivers around that. Our competitive advantage, quite frankly, is that we have got a company that has decided that they want to dispose of something and pay us to take it. We are going to leverage that. That is our competitive advantage. You are welcome. Thanks for the question. We have got a little bit more time, but I do not want to make everybody sit and stare awkwardly at their phones. Jim, go ahead. Yeah. In light of the fact that you don't possess any technology, what makes you believe that you can get from here to there? The question was asked in light of the fact that we do not own any technology, how is it that we believe we can get from here to there? I will turn it around and say it is because we do not have to reverse engineer a technology into a feedstock that allows us to do exactly that. We have the ability to source a commercially available and commercially proven technology that is ready for deployment into the commercial market. We do not have to continue to do R&D and move out a pilot plant in order for us to then take the next step. It is really about removing barriers to the technology by sourcing existing technology that is commercially proven. That is how we get there. Also, how we get there is through a very market-friendly environment in British Columbia. We could not do this in Alberta, even if we tried. We just could not. The money is not there. Yes, sir. Would you say there's anything novel or proprietary about your business model? It seems generic in terms of the way that you're sourcing a feedstock, running it through a third-party technology, and it's engineering funding projects. Looking at it from a competitive stance, what's the barrier to entry to stop other competitors from doing this? There would be a barrier to entry of about CAD 250 million as it relates to the investment, the headache that they go through with that, and the fact that we are not any different than any other competitive business. We want to be in a competitive space, and we welcome competition. I do not think that we want to be novel to the point where we have a waste. We have a technology to fix that waste problem that our customer is providing us, and we are selling it for a profit, right? Yeah. Good question, though. Michael Shaw, give me a second, Michael. Okay, Michael, you are unmuted, but you are still muted on your end, just in case you did not know. There you go. All right, Ryan. Thank you. I'm just wondering in regards to when the first facility is built, after that point in time, once we have the blueprint, will it just be copy and paste into other markets? And then it just grows on from there like a snowball? It could. If the business model is the same as it relates to the waste stream, we could certainly replicate this in other markets. That's certainly something we're going to try and do, but it's not something we have to do. As I blew past a slide that talked about methane incineration or methane emissions, we're looking very closely at that, which is completely a different business model, yet a technology that has been made available in that space. If we source the appropriate methane emissions problem, we might deploy that. As it relates to specifically railway ties and its conversion into hydrogen, we could do biomethanol. We could do renewable natural gas. The premise is that we find the appropriate return on investment for whatever it is that we're trying to do. Yes, that's a long answer to that, but that's essentially what the plan is. We're going to take the lowest hanging fruit we can, obviously, but we don't rely on it as it relates to our business. Okay. So is thermal catalytic depolymerization, is that a word that's still being used or in regards to the technology we're using? That is not a tech—that's a word that's used, but it's not a word we use. Let's put it that way. Yeah. Is it possible to say at this time how many products we'll be able to sell? When you say how many products, are you talking about the tonnage or the different types of outputs? Yes, outputs. I just rattled off three. That would be off of this particular technology that we're aware of currently, but that might change. It might evolve. I think the kicker to this is that we're going to stay gas as an output unless it was biomethanol, which is still in development. It will either be hydrogen or renewable natural gas, for example, in BC. That much we do know, so. This kind of leads me to very long term, though. This technology, is it possible to operate in zero gravity? In other words, outer space? Can you run that one by me again, please? This technology—not the technology because I guess it's not owned by us—but can this operate in outer space in zero gravity? We can way down the line here. I'll have to get back to you on that one. That's a great question. I honestly don't know the answer to that. I really don't. Great question. Yeah. I'll look into it. I'll see if I can get an answer for you. Okay? Okay. All right. Thank you. Because I'm sorry, I'm kind of going off on a bit of a rant, though, but reading about cellulosic material and if that's what's derived from the railway ties, the possibilities could be endless with the feedstock. Yes, it is. The only thing limiting us is chemistry, I guess, to a degree. Okay. All right. Thank you, Ryan. All right. Thank you. Okay. We're just approaching the two-hour mark for the entirety of the meeting. Again, if we have any questions for either Jasdeep or myself, we'll maybe stay online here for another few minutes, and then we'll mercifully let our audience go that have been stuck to their chairs here for the better part of two hours. What's that? It's only one hour. Started at 11:00. Oh, it's got—I've got— You're in a different time, so. Oh, my computer's—it's showing an hour 55. Sorry, it's an hour, yeah. I couldn't— Yeah. The peanut gallery has corrected me. I'm looking at my clock on my Teams. I could show you guys just to prove you. No, no. I think we're— No, no, no. Nope. Oh, no. No, I can't show it now. Damn it. Here. This is what I was looking at here. I do not know how that happened, but anyways. Thanks, John. Anything else? Hearing no other questions or seeing no other hands, we will be posting the recording, the live recording with all of its mistakes and delays as it relates to the technological challenges we had. I appreciate everybody attending, both in person—first time for me, actually—doing an in-person meeting and online as well. We were able to pull it off thanks to who is no longer here, Sam from Olympia Trust Company, who set this up for us. Thanks, everyone. Appreciate your attendance. And Jasdeep, thank you for logging in and soldiering through even though you're sick. Thank you for that. All right. Thanks, everyone. We will conclude the meeting.