All right. Thank you, everyone, for joining us today. Welcome to the MustGrow Biologics Q3 2025 earnings call with CEO Corey Giasson and COO Colin Bletsky. The financial statements and management discussion and analysis are available on SEDAR+. Today is Wednesday, November the 26th, 2025. After management's remarks, we will open the call for questions. Participants may submit questions in the question and answer window. Please note that today's remarks may contain forward-looking statements. These statements involve known and unknown risks and uncertainties. Please refer to MustGrow's filings on SEDAR+ for more information. With that, I'll pass it over to Corey and Colin. Great. Thanks, Martin. Good afternoon, everyone, and welcome to our Q3 2025 earnings call. Before I begin, I'd like to draw your attention to our disclaimer. It's your typical forward-looking statement disclaimer. Forward-looking statements are going to be made in this presentation, and they can be read in detail on our website at mustgrow.ca. Q3 2025 was a lighter quarter, but we were expecting that. We did indicate in our Q2 earnings call that the shoulder season for Canadian agriculture is Q2, Q3. Farmers are in the field seeding in Q2 and then in the field harvesting their crops in Q3. Not a lot of inputs are being purchased as they're harvesting their crop and, you know, starting to look into a 2026 crop year. Sales for Q3 were about CAD 800,000. Our gross margin was up to 22%, which is up from 15.9% in the first half of the year. That is a positive. We had a net loss of CAD 2.4 million, which is down from the CAD 2.7 million we had in the first half of the year. Year to date, CAD 7.4 million of sales revenue, gross profit of CAD 1.3 million, and a gross margin of 17.7%. The net loss to date is CAD 5.2 million. For 2020, or sorry, for Q3 2025, our gross margin improved, and that's because in Q1 we had foreign exchange volatility due to the tariffs. We had, you know, about 14% margin at that time, which was, we weren't expecting. In addition, we've switched to a higher margin product mix with the Nexus BioAg. You know, the 22% we're excited about, and hopefully that continues to grow as we go forward. Terra Sate sales for Q3 were zero. We didn't, we ran out of product in Q2. We were able to produce product and, you know, we will see sales in Q4 of 2025. All of the revenue that you see in Q3 comes from the Nexus BioAg sales division here in Canada. Going forward, we expect Q4 to be the strongest quarter of all of them this year, but we are facing some headwinds with Canadian agriculture. You know, farmers' incomes are down. They were down about 11% in 2024, and they're projected to be even lower in 2025. This is due to the fact that they're facing significant tariffs: 100% tariff on Canadian canola going into China, and then a 50% tariff on peas going into India. Input costs are also a factor that farmers are facing, that they're up, and they're expected to be even higher again in 2025. On-farm margins are going to be squeezed. There is potential that they will apply less inputs, but we believe it will be just on the margins and that. We're expecting a good Q4 and Q1 next year. Terra Sate sales have ramped up. As we mentioned, we've seen some significant demand. Unfortunately, we weren't able to meet that demand in Q3, but Q4, we have produced product for Q4, and we're now changing our focus to 2026. Our product pipeline, as I mentioned, you know, we've had excellent testing of Terra Sate. Colin can go into that in a little bit more detail, but we are in the sales ramp-up, the beginning of the sales ramp-up. We're expecting 2026 to be an excellent year. We're still waiting on our registrations for Terra MG in the U.S. and Canada. We have seen some progressions there. Unfortunately, the U.S. was shut down for a time period, so there wasn't a lot happening. You know, we're excited about getting our registrations specifically in Canada because we've done two years of farm trials, and Colin will go over some of those numbers. You know, we've seen some excellent results specifically in canola, and once the product is registered, we believe that the demand will be there right away because we have been doing, you know, on-farm testing for two years. We look forward to doing that again next year and at the beginning of the year. For Bayer, we had great meetings in October with Bayer. They continue to push this forward. We're excited about what they see. We're one of the only biologics that they have that has efficacy. You know, that's great news. There is potential for a milestone payment at the end of the year here. You know, we look forward to the work that they continue to do in Europe, Middle East, Africa, an area that we wouldn't be able to focus in without their help. With Nexus BioAg, again, it's been a good year for us getting sales, you know, some significant sales that we've never had in the past. We've got five new product lines that we were brought to the table, and we're looking forward to Q4 and Q1 of next year and really getting farmers the inputs that they need to grow the 2026 crop. Here's an example of Terra Sate being applied in Washington State. This happened this spring. It went on at about 10lbs per acre. This is a mixing applicator. I just wanted to give you guys an example of what's happening in the field with Terra Sate in the U.S. Once it's applied in the mix or mixed in the mixer, it goes into the sprayer, and you can see it's being sprayed out just like they would any other chemical. That's really the value of our technology. A farmer didn't have to grow a mustard cover crop. They didn't have to apply mustard meals at 1,000lbs or 2,000lbs per acre. They're applying this at 10lbs per acre. That's really the value that we see in this. We're getting a lot of great responses back from the farmers in the U.S. that applied Terra Sate to date. With Terra Sate, as Corey mentioned, we've had a good ramp-up and a good run on this product already. Just to give the background on it, just in case you don't know, we are registered across many different states, specifically the key states in California, Washington, Oregon, getting down to Arizona now. This production that we're doing right now is produced specifically now both in Canada and Asia. When we look at this technology, we're seeing that good ramp-up and good applicability in the farms. Who we work with right now, we do have individuals on the ground across the U.S., across the West Coast, working with the key retails. We're not just selling this direct to farm. We are selling this through the key retails such as Nutrient, Integrated Crop. We are working with different groups right across the entire channel. We are seeing this ramp-up. This is where, when you look at the marketplace in the U.S., there are roughly about 5.6 million acres of fruit and vegetables, tree nut and vine, and really root and tuber and potatoes. There are about 200,000 acres of organic production that do not have things that you can use or products you can use in that scope. This is where we have a very big, I guess, early entry point. In 2024, unlike in Canada where we have large-scale field trials, we have to sell the product in and do those trials on farm. It's a different scope than in Canada where you're working with smaller fruit and vegetable growers who instead of working on 2,000 or 3,000 acres of canola are looking at five to ten acres of strawberries or in some cases working with some of the large fruit and vegetable companies who have 20,000 acres of strawberries. We launched in 2024. In 2025, we did sell out early. We over 10xed our sales in these markets on application and yield. The main crops that we've been focusing on have been strawberries, potatoes, leafy greens, and tomatoes. Looking at these areas, what gets me so excited about it is, one, the product was sold out. Number two, we had repeat sales. Number three, we had some considerable, I would say, increases with some of the very large fruit companies coming into our distribution partners and buying product based on the product performance in field. When we were looking at some of the trials and that one specific trial that Corey showed you with the farmers up in Washington, they were seeing over a two-ton per acre yield increase in potatoes. They were seeing also a size increase on the A's and B's. What that means is they had a larger size, about 38% bigger, higher quality potatoes as well. This was on 240 acres. Not a small trial. This was on large-scale field trials. Overall, that farmer has seen close to a $5,000 per acre increase in value. We're seeing very similar types of things when you come into strawberries, into lettuce, and now starting into tomatoes. When I look at 2026, we have a very good, strong baseline for the product. The word is getting out through the key retails, through large farmers. There's been a lot of, I would say, excitement around us moving into that market and really ramping up for 2026 and helping these farmers produce more product. When you look at Terra MG, as Corey mentioned, we are still going through the registration processes in Canada and U.S., but we still see a continued effort in field trials here in Canada with Bayer in Europe, Africa, and Middle East. Now we're also expanding and looking at trials and working across many different regions in Latin America and in Asia. This is the same type of process where we're producing this through our manufacturers and seeing the same results that we are seeing, what we've been talking about for many years. I would really point to what we're doing here in Western Canada through the Nexus team. Through 2024 and 2025, there's been a significant amount of trials done in Canada. We've seen canola yields move up to roughly a seven-bushel increase, which when you look at revenue increase in canola, it's almost CAD 100 an acre. We've also seen reductions in clubroot spores. This is something we've seen now for two years running. There have been multiple trials done, replicated with large farmers and seeing these key results. When you start looking at the value in canola where you have a disease that right now has no true chemical control, it has a lot of value for us, a lot of opportunity. We also did some potato trials. There are potato trials here in Canada, and we'll expand on this in the upcoming years, but we are seeing very similar results to what we've seen in the U.S. Two-ton per acre increase. We are seeing average increase in size, and we've seen revenue increases across the board. When we look at the Canadian market, we see a lot of opportunity as well for Terra MG combined with what we're doing across many different regions of the world, looking at nematode control, disease control, and other areas, working with some large partners in other regions. To reiterate why in looking at Nexus BioAg and the power of the Nexus BioAg team, over the last number of years, since 2020, they've done over 700 large-scale trials looking at different products to put into the portfolio and continue to look at them and continue to research, prove them out in field, and then bring those products to farm. I think this is something that we see a lot of great potential and opportunity moving forward into 2026 as well and expanding on it, but also utilizing this to really prove out and continue to prove out Terra MG. We have that baseline, we have those farmer data points, and we have that acceptance already when we do get that registration here in Canada. Our capital structure remains tight, as you see. We're fortunate to have raised a couple of million dollars in the late summer, early fall of this year, but it remains tight. Our share price, as you know, hasn't seen appreciation. You know, we are facing a cyclical downturn we have for the last three years or so in agriculture. At the end of the day, farmers are going to need to grow crops. You know, we believe agriculture is cyclical, and we will be coming out of this. Our objective, though, you know, as management, is to continue to drive operations, continue to drive revenues, specifically with Nexus BioAg and Terra Sate in the U.S. and eventually Terra MG in Canada, U.S., and through Bayer in Middle East, Africa. When we start driving revenues and moving to positive cash flows, you know, our share price will reflect that. We believe specifically when we start to see a turn in this agriculture market. With that, I'd like to open it up to question and answers, Martin. All right, Corey and Colin, thank you very much. As you were out of Terra Sate inventory in Q3, was this due to higher than expected demand, or was this due to manufacturing and/or supply chain issues? Martin, for that one, to me, it was just greater demand. This is something that with a new product, we did not have the luxury like we did in Canada having the large-scale field trials. Like I said, we had to go in. Once we got registration, we actively started selling into the channel and to those large-scale farmers. To me, it was one where I did not want to take the risk until we have seen the level of efficacy and proving it out in those U.S. soils with those farmers. It was just, in my mind, you know, greater demand. There was essentially a few large customers came in and took a lot of product, which essentially emptied the channel. You know, very pleased about that because we have not really started marketing Terra Sate in the U.S. We want to wait till we build up that inventory. Then we can take more of an aggressive marketing approach as well. We are moving forward with more partners, more retail channel partners, and in a broader scale, specifically looking into California. It is really about now that we've seen the product work, we've seen it work consistently. We have that repeat sales. We are looking at how do we build up that inventory and drive that U.S. I think on the other side, you know, we're taking that success, and that success is essentially pulling it into other areas. We've had quite a bit of interest coming out of the Netherlands, quite a bit of interest coming out of Mexico now, and even into parts of Brazil, looking at how we could take that technology and really move it forward in some of those other regions. Are you able to quantify how impactful the inventory shortage was, how much you could have sold had you had the inventory on hand? Yeah, we left about, there's probably about 1,500 bags or so, you know, about CAD 1 million-CAD 1.5 million worth of sales that we weren't able to fill. Okay. How many countries have Bayer-made registration requests for MustGrow products, either Terra Sate or MG? Yeah, so Bayer is working with Terra MG in Europe, Africa, Middle East. Their first focus is into the European Union. To clarify that question, on the European Union, it is the EU27. There are 27 different countries that you work towards getting registration with, all essentially at the same time. The process works through having to pick a member state, that one country that's going to support your registration. Bayer has done that, and that country is working with them and us to now satisfy the European Union. If you think of it, it's not just one country. It is essentially the list of 27 countries right across the EU. Once that gets set, they will start expanding that list into the African countries and into Middle East. Is Bayer working at all with Terra Sate? At this time, right now, no, Martin. Looking at what they need and their direct needs, Terra MG for the European Union is something that they want to focus on, specifically around the nematode and disease control. If you look at what is happening in the European Union, essentially by 2030, that area does not want to register any more new chemical synthetic AIs or active ingredients, sorry. This is an area of opportunity for Bayer to really focus on that Terra MG and the nematode and disease control. What were Terra Sate sales in Q3? There was no Terra Sate sales in Q3. All right. Are any more states lined up for approval of Terra Sate? At this time, we're not looking to expand into the states. The key states that we have are all moving forward and driving sales. The one area that we will put a bit more focus on is into Florida, specifically looking at the strawberry market in the Florida area, potentially some other crops. For right now, we want to focus on driving our sales, specifically, I'm going to say this in California and into Washington and Idaho. My personal opinion is the two biggest crops that are going to have impact for us are strawberries and potatoes. Those are the two crops we are seeing the most amount of data around and the most amount of uptake. I want to focus on those first with enough product and supply and then potentially move out from there. Beyond the strawberries and potatoes where you're seeing, let's say, the biggest traction, is it in certain geographic regions where it seems to work best or certain types of soil where it has especially good applicability? We have done trials right across, and this is with essentially Terra MG as well as some parts of Terra Sate. We do know what soil types, what PHS, what areas, organic matters that you need to be able to be successful with our technology. It is very broad. I would say the one area we maybe had a challenge was a number of years ago in Japan, high, it was very volcanic ash soil that was really low in pH. We overcame that with some different additives. In the U.S., the key region for us is if you look at around the Santa Maria, Oxnard, and into the Watsonville area, specifically where strawberries are, that is a key growth area for us. That's where Dole, Driscolls, if you think of some of the large fruit and vegetable customers that we're working with, Cal Giant, they have a significant amount of acres of strawberries in those regions. If I remember right, I believe Dole has close to about 22,000 acres of strawberries just in that region alone. We are really focused in that area for strawberries. When it comes to potatoes, it is around in Idaho, specifically around Moscow, Idaho, where there's a lot of issues with what's being used. Into the Washington area, just right around Portland, Oregon, and north. Where do we stand on the repayment of Ag-West loan and royalty payments? Yeah, we'll be paying Ag-West out fully by the end of the year. 8 million of minimum product purchases. How much has the company purchased? Do you expect to do all the 8 million in 2025? How will you finance the purchases? Maybe you can add a bit of background for people who have not read the MD&A regarding that. Yeah, so that's the Rise Resort product. We're receiving purchase orders here now. We're collecting more. That'll be for the 2026 crop year, so for application this coming spring. How has been the reception for the products added in 2025 to the NexuBioAg product line? Yeah, a lot of those products, so we went through the batch trials and have done large-scale trials. I would say for some of them, there was some very good response. In others, it was a little bit lukewarm. I think, Martin, the key thing was with the environmental conditions we had last year, biologicals typically did not work as consistently as they have in the past, from my opinion and looking at it. We'll continue to assess the pipeline and continue to look at things that have an addition to our pipeline and improve it. At this time, I would say those five product lines, some goods, some bads, and that comes with agriculture. We just have to reassess, relook at the pipeline and see what the best route is forward for the Nexus pipeline in Canada. What does the pipeline look like for Terra Sate sales in 2026? It looks excellent. I mean, we're quite excited about it. We can't give any details on numbers or whatever, but it's a significant factor above what we did in 2025, and we hope to be able to deliver. Can you make any comments on Terra MG approval in the U.S. or Canada or other markets? Yeah, we continue to work on it. Unfortunately, in the U.S., as I mentioned, there was a shutdown with the government. The EPA was off for about two months there. Things continued to progress. In Canada, it's the same. Things continue to progress. As I mentioned, we met with Bayer. They continue to push forward on their dossier and preparing that for submission. With the, I'll call it the Maha movement in the U.S. for more natural, less synthetic things, has that impacted the EPA at all or given them any more sort of interest in products like yours? Or have you seen any change in how the market is responding to bio-type products? I don't believe we have. You can also look at Europe. They've got a mandate to go to 25% organic acres. They want to push more natural products, but it takes a long time to get registrations in Europe and that. You'd think, given that mandate, that these jurisdictions would want to start really pushing forward quicker on registrations. That being said, I mean, it just takes a long time, and we're seeing delays. We're not the only ones seeing the delay. We talked to some other companies in that, and they're seeing the same thing. Colin, I'm not sure if you want to add any more to that because you've been talking to quite a few different groups. Yeah, and I think, Martin, I think where the key thing is, is yeah, you still have to go through those registration processes, which take time, and that's bureaucracy we just have to deal with. With Soldo, you are seeing a level of increase on the biofertility and bio-stimulant products and actually seeing some good adoption right across the Americas, not only in North America, but also down to Latin America. That's an area that with Terra Sate we'll focus on. That's an area with looking at continual pipeline additions we'll focus on. You know what? We have a sales product now with Terra Sate to go and drive hard in the U.S. and waiting until that registration comes. I'm excited for all of them to come. Specifically, as a canola grower myself, I really want to get Terra MG registered in Canada. I've seen how it works. I've seen the opportunity. We just have to wait for that. I hate to say it, it's a frustrating process to work through, but it also adds another level of essentially IP to your portfolio when you do get those registrations. It's challenging. It's time-consuming, but it also adds a lot of value in the long run. I believe in your opening comments, one of you made comments about, I believe it was Terra Sate pushing distribution to Latin America, possibly Asia. Are you going through any registration processes in other markets and looking to expand in other markets? Tell us that process, please. Yeah, so there's been some meetings happening with a number of different organizations in other parts of the world, not in Asia right now, Martin. It was actually South America, specifically Brazil and Mexico, and then into the Netherlands, to be specific, so where you're sitting right now. Essentially, those two regions have a lot of opportunity for us. If you look at the data that we're having and what we're getting right now in the US, specifically with Terra Sate in strawberries, looking out into potatoes, which is a big crop when you look at the European Union, and even down into other crops into Brazil, there's a lot of opportunity. We have not started a registration process right now. It is in discussion with those teams as, one, we don't speak the language. Number two, you need to have those local teams like a NexusBioAg team on the ground supporting that technology. And that's what we're working through right now in those areas. I guess the structure of how that would be done in different regions through partnerships or licensing, that's still in discussion. That's still in discussion, yes. Until we get past and looking at it, working with these organizations, I can envision multiple different types of partnerships or distribution agreements or potentially even licensing. It depends on where you are, who you're dealing with, and what area. All right. How are tariffs affecting growth in the U.S.A? They're negatively affecting growth. I mean, we've seen tariffs. We're currently facing some tariffs on Terra Sate coming in, being produced in Asia, going into the US. We're assessing how we can get around those tariffs. At the end of the day, it provides uncertainty in the market. I think it opens up other countries for implementing their own tariffs. Canadian agriculture is seeing that in China. They're seeing that in India on some of their products that the farmers are selling here. Tariffs aren't good for anybody, I believe. We just have to find a way to live with them. Regarding your capital needs going forward, when do you expect to see cash flow break even? Yeah, as I mentioned, we were fortunate to raise the CAD 2 million here in Q3. I'm still targeting cash flow break even for next year in that. I mean, there's a lot of external factors that could apply to this. As I mentioned, there are some headwinds that we're facing in Canadian agriculture. On the positive side, I mean, Terra Sate, the demand, it surpassed our expectations for what we're seeing here for initial demands. We haven't even really started even marketing this yet. We want to build up some inventory and then start hitting it hard and moving it. I think we're still targeting positive cash flows for next year, which would be super exciting for MustGrow. Given the substantial increase in revenue following the Nexus BioAg acquisition, but the ongoing losses, what specific steps is management taking to achieve profitability in the coming year? Yeah, I mean, I think with Nexus BioAg, we had some headwinds at the start given the tariff situation. Farmers are going to have to grow a crop. We think Q4 is going to be an excellent quarter for us. We think Q1 next year is going to be an excellent quarter for us as they start to really buy inputs for the 2026 crop year. We believe with Nexus BioAg, that will be cash flow neutral or positive on that sales division. Then we have Terra Sate sales. If we're able to hit our targets next year, we're looking forward to quite a healthy margin going towards our profitability. Can you say what the user cost of Terra MG is per acre? It varies per acre. It is based on the application rate. What we are seeing here in Canada for canola growers, they are putting it on at about 2 L per acre. In the U.S., they will be putting it on at about 15L-20 L per acre and that. It is the same price per liter. It depends on the application rate. Are you able to say what level of sales you need to achieve to hit break even and how much more money will need to be raised before being cash flow positive? Yeah, in terms of the number of sales, I think you're looking at about CAD 20 million-CAD 30 million of sales and that. But that depends on the product mix. If more of those sales are Terra Sate, obviously, that's a higher margin product for us. We own that. We're manufacturing margin on that. It's not just distribution margin and that. So it all depends on the product mix. How much inventory of Terra Sate are you planning to have available for sale for the 2026 growing season? We're targeting between 5,000 and 10,000 bags of Terra Sate. Could you give a dollar value per bag or for that approximately? We do not want to give any guidance in terms of the revenue. We cannot do that at this time. It is a significant step up of what we have sold this year. All right. Are you using shares to pay executives? Yes. For our board of directors, they get paid with deferred share units, DSUs. For executive bonuses, that's with DSUs as well. The reason why we do that is because we need to conserve cash within the company. Bonuses or our board of directors, they do not get paid with cash. What steps are being considered to balance employee incentives with share incentives and protecting shareholder value by limiting dilution? Yeah. I mean, we pay performance share units to our employees. That would be the sales team within the market. We want them to be invested in our company and obviously working towards increasing their sales and cutting costs. We have an omnibus plan, which is our plan, which is voted upon by shareholders to pay those employees and then also our management and board of directors. We think it's important that these groups are vested in the company. It's a limited amount of shares that are available for these plans and that. That protects on the dilution side. There are several questions here just of people concerned with the declining share price over the last while. You did make some comment to that earlier. Any additional comments you'd like to make for viewers here? Yeah. No, I think our focus is on driving our revenues and moving towards positive cash flows. That's what we can control. We can't control what the market does. We are seeing a decline in the share price, but we believe that by driving revenues and with a turn in this agriculture market, which will happen eventually, I mean, we are about three years into this downturn, with having revenues, that's really going to bode very well for our company and its share price. The BioAg Advantage trials, that network you have across Canada, can you explain how you're leveraging that to grow your business and to drive revenues? Yeah. Martin, as we've said before, that's essentially a platform to Spring Bank and to, one, validate technologies in field. It's not only validating the technology for the farmers, it's also validating those technologies with the retails as well as our sales team. You need a cohesive group all agreeing on what that product has brought and how it's worked. Yes, I would say, listen, those trials are a significant amount of value. The work that Nexus did previous to us acquiring them at the end of last year, the work that the team has done over the past two years, and remember, we were working with Nexus before we bought them, we've seen the value and the power of that. Having those channels, having access to growers, being able to show the growers new technologies and how it could fit on their farm is tremendously powerful. I would say when I go to conferences, when I talk to other organizations, there's a lot of envy around what we have and the ability we can take products into market, validate them, show them, build things around them, and then go to launch them. Listen, even with Nexus BioAg and the sales team, new products are new products. If you have a couple of good years of data, you have to still build it up. That's what we're seeing now, two years of good data with Terra Sate in the U.S., which were, in essence, kind of BioAg Advantage trials. Now we're seeing that ramp up and hopefully seeing that significant growth in 2026. The BioAg Advantage allows you to bring new products into Canada, establish them, and then grow new business. Yes. That's essentially what it is. It's a platform to help bring in, validate, and leapfrog new products into the channel. All right. We have finished all the questions from the audience here. Thank you. Any final comments before we wrap things up? No, there's nothing on my end. Look forward to our Q4 call at the beginning of next year. Thank you very much, gentlemen. Have a great day. Cheers. Thanks, Martin.