With the Paragon Advanced Labs. Here he is. Thanks so much. Thanks, everyone. Good to see some familiar faces. Thanks very much. I'm here to talk to you today about Paragon Advanced Labs. We've been public since December 2025. We trade on the TSX Venture under the ticker symbol P-A-L-S, PALS. We're currently in process on an OTC listing. What I'd like to leave you with today is at least the impression or the knowledge that we believe we're a picks and shovels investment with an institutional-grade investment for exposure to the mining cycle. Right now, you're seeing a lot of commodities trade towards all-time highs, which is creating a lot of financing activity in the industry. Our model is asset- light. The key technology that we utilize is a technology called PhotonA ssay. Right now, what we're really focused on is optimizing our current footprint while providing significant opportunities for growth. We're looking at sequential quarterly growth for the foreseeable future. We're backed by a broad group of investors, which includes a strategic investment from McEwen Inc. at 27% of our common shares. There's been a tremendous amount of financing activity over the last couple of years. While this is still below some of the years that we've had back in the early 2010s, 2012, it is very significant, very exciting to see, because what this does is it translates directly into business for our company. What it also does is it creates a tremendous amount of stress and bottlenecks for the industry that we're in, which is a mining assay lab. Typically, a company will go out, they will raise money, they will take that money and invest it in their properties to try and expand the resource that they have or develop it into a mine itself. With each dollar that they raise, that translates directly into assays for labs such as ourselves. Why I founded this business is because I really believe that delays in assay turnaround time is a real capital destroyer for companies, and particularly for smaller businesses, smaller exploration companies. It can actually be an existential risk to the business itself. I'll give you an example. We had a company approach us recently that is doing a very large program in British Columbia. One of the incumbent lab groups said for their program, that's starting right now that they can expect turnaround times of about 70 days. What you can learn sometimes is when someone promises you 70 days, it can actually be a heck of a lot longer. In practical terms, what that means for someone in an area like British Columbia is if you're starting to drill today, which is right around the time that the season opens up for drilling in northern B.C., you're not getting your results until the end of the drilling season. The practical implication of that is that you're spending a lot of time pointing your rigs in a direction where you're hopeful that you're going to find ore, you're hopeful that you're going to find more grade. You're really doing it based on looking at rock and basing your drilling, which is a very expensive undertaking, on the experience of your geologist. With the limited experience I have in exploration companies, sometimes rock can look really exceptional, but there's nothing in it at the end of the day. What we've done to try and address this is we founded a business that's focused on providing new technologies into the mining assay space. The technology that I call the tip of the spear for our marketing and for onboarding customers is a technology called PhotonAssay. Historically, companies have used a technique called fire assay for getting their results out of that rock. When you read a press release, and you see a notation like, "This company drilled, got eight grams per ton over five meters," that's typically done through a process called fire assay. That's a technology that's been used, call it a technology. It's been used for, let's call it 2,000 years, maybe more. In about 2017, a company called Chrysos Corporation out of Australia commercialized a technology called PhotonAssay. What PhotonAssay does is a number of things. It takes a 16-step process that is fire assay and turns it into a very simple process in a big, call it an X-ray machine, that takes a multi-hour, 16-step process and turns it into a two or three-minute scan that's akin to almost like an MRI for your mining sample. What also it does is it provides a much larger sample size. One of the issues that you'll see in mining is that there's a relative skewness and bias in samples, but by using a much larger sample size, you're capturing the full content of gold in that sample. The other key thing that the mining community loves about this is it's non-destructive. One of the things about fire assay is you're taking your sample, you're destroying it. You can never go back and see what was in that rock again. With PhotonAssay, you're sending it through a machine, you're getting your results in three minutes, and you have that sample to put on a shelf. In future, you can go back, revisit it, you can do metallurgical testing on it, and it's really a game changer. One of the mining engineers that is a significant shareholder in our business told me that over the years of him buying assets in the mining industry, you're going through the woods, you're finding the old core shed, you're going through finding rotten boxes and finding old rocks, and you're trying to correlate that with a press release that was done 20 years ago. This is really a paradigm shift for a junior that wants to sell their business. They can turn around and just pull some samples off the shelf and say, "Look, this correlates 100% with what we said this sample was five years ago, 10 years ago." We think that this is a quantum leap in assay testing. It's proving out. What you've seen is Barrick come out. Barrick's one of the largest, if not the largest, gold company in the world. They're shifting all of their global testing to this technique. We've seen significant adoption. Newmont Corporation is deploying. They're either the largest or second largest. For us, we've been working with a company called Kinross, which is also a large miner who are using us for a number of their samples. One of the things that's really interesting about PhotonAssay, and one of the reasons why I'm really excited for our business, is that we saw a couple things. One, that there was going to be a real shift in testing techniques to things that are more technologically advanced. The mining industry has been poor at accepting or adopting new technologies, and we thought PhotonAssay was this real paradigm shift that was going to be able to change the industry and also provide us an opportunity to compete against the incumbent assay labs. We went out and signed contracts with Chrysos Corporation out of Australia that provided us access to 12 PhotonAssay machines. We've currently deployed three of them in Ontario, B.C., and Nevada. We've also set up a number of satellite, call it a hub-and-spoke system, to get samples from the field into our labs. One of the reasons why I'm really bullish on our business is that the adoption curve for PhotonAssay, I think, is steepening, but the supply of the machines is actually capital- constrained. The fact that we've signed these contracts, the fact that we can deploy these contracted units into the field in an asset-light manner, I think, gives us a real opportunity to scale our business in the coming quarters and years. I touched on our current infrastructure in North America. As I said, we're seeing the adoption curve grow. With us right now, while our company is growing, we still have capacity at a time where the industry is seeing quite a lot of constraints in terms of turnaround time. We're using that capacity that we currently have, the rapid turnaround time that we can offer new clients to onboard new clients, and we're attracting some significant number of clients, ranging from tier 1 customers right through to junior exploration companies, where turnaround time and getting quick results is really the lifeblood of them surviving and thriving as a company. As I said, in addition to having McEwen Mining as a great shareholder, they're also a partner and a key customer of ours. We've done a number of work for Kinross. Sometimes we get a call, sometimes we call a customer, they come through the door. Other times, it's a much more formal RFP process. I can say right now that we're having more than our fair share of success in both of those categories. I think what you can continue to see from us is sequential quarterly growth as we grow and start to continue to utilize our capacity. The other thing I think I would say is that we are one of two companies in the U.S. that have access to PhotonAssay. We're one of three in Canada. One of our key market segments, and it kind of speaks to the real adoption of this technology, is that other lab groups that don't have PhotonAssay deployed are becoming a key customer segment for us. Their customers are asking for this technology. They're wanting to use it. They see the benefits irrespective of turnaround time. They're seeing the benefits of larger sample size and non-destructive, and they're coming to us, and we're almost like a white- label supplier to a number of other lab groups. The economics, I touched on, kind of the asset-light nature of our business. What makes our business, this model work so well is the machines that we deploy, these PhotonAssay machines are massive machines. The picture here they're the size of three shipping containers. They weigh about 54 tons. We take our rocks, we grind them down into those jars. The jars go into the machine. It's a closed circuit. The machines themselves to buy would likely cost in the millions of CAD. The model that we have with Chrysos Corporation is one of a lease where we pay away a dollar figure that approximates CAD 7 or CAD 8 per sample for every sample that we run. If we charge a customer CAD 20, whether we charge a customer CAD 30 for that sample, we are paying away a fixed amount. When you run those numbers on a machine that can do 40,000 samples a month at 80% capacity, each machine can generate between CAD 5 million and CAD 6 million per month. We've got contracts for 12 of these machines. We've deployed three of them. We will be updating the market soon on our planned future deployments. I think one of the key differences with our model of deploying these units is where an assay lab traditionally would cost millions of CAD to build and to commission. With us, we look at sub CAD 1 million to build the lab, to get it ready for PhotonAssay, and also have the crushing capacity to be able to fill the machine. It's a bit of a different model for us, and it's powered by this technology. When you look at our business today, just the last few weeks in terms of poor mining markets, we've seen our share price come off a little bit. There's also been a very specific issue where we had a seller, kind of a forced seller, that had a couple hundred thousand shares. What we think that this does is it presents a short-term opportunity where perhaps our share price isn't reflecting the current fundamentals of our business, and certainly doesn't reflect the blue sky opportunity that our business presents in terms of deploying more units and continuing to optimize our current footprint with more and more customers. In addition to the McEwen investment, along the way, we've been able to attract a number of very keen mining investors. Eric Sprott is a 6% holder of our business. In addition, we've got a number of funds that rank, a European fund, a U.S. fund, a large Canadian resource fund that amount to about 25% of our stock as well. We have really good long-term holders in our company, many of whom invested because they understand the pain point that we were looking to address in this kind of bottlenecks, solving for bottlenecks in the industry. What I would highlight is the customer acquisition thing I've been really encouraged by, but the thing that is also happening is that our current customers are increasing their programs significantly. We're seeing companies like McEwen and many others are going from one drill rig to two drill rigs to four drill rigs, to the extent that drilling companies are also having trouble finding rigs, whereas a few years ago, when I was talking to people, they would say, "Yeah, find me some money, and I'll give you my assays." Now people are saying, "Find me a rig and I'll give you my assays." The industry is really at a really great spot. I think we ourselves are at a really interesting inflection point in our business where we've done a lot of hard yards. We've done the optimization of our current network, we're really in the area where we're trying to sow our current client relationships and grow through new customer acquisitions. Last Friday, we had an announcement that came out where one of our key stakeholders, the lab we have in Reno, Nevada, was an acquisition we made, and the vendor of that lab is a well-known mining investor. We'll update the market on that shortly. On Friday, we announced that investor was willing to convert the entirety of their vendor note into equity at current market prices. They're actually slightly ahead of where we are today in the market. To me, again, CEO of a large mining company, one of the larger mining operations in the U.S., decided to convert their debt into our business, helped us immensely with reducing the debt on our balance sheet, and at the same time, we were able to monetize about CAD 6 million, $4.3 million of on-balance sheet assets. That puts us in a very strong position to continue to execute our strategy. We continue to grow out the team. It's a very important thing, especially as we look to expand our locations. One person I would highlight is the gentleman to the top right. We hired top talent, knowing that to build this business, we need to attract and retain some really good people that have deep roots both on the customer side but also on the operational side of the mining assay business. I think our business today is a relatively scarce asset. We have direct exposure to the mining investment cycle. We are as I said, trading on the TSX Venture with an asset-light technology-enabled model. With our current client acquisitions, our current client growth, and our existing and supportive cap table, I think we're really well-positioned to capture more than our fair share and grow our footprint over the coming quarters. With that, I think I flew through that relatively quickly, but I'm happy to take any questions if there's any out there. Hey. Yeah. You spoke to the quarter-over-quarter sequential growth expected. I can't remember exactly because I did remember seeing it within your recent financials when you were sort of talking about that. Can you just run through it again? I think there was like a 40% metric in there on the current install base. Can you also talk a little bit about as this scales up into what you currently have from a 12- unit standpoint, where that stands as far as a competitive advantage with the rest of the market going forward? Sure. Thanks for that. I guess in our Q1 results, we wanted to let people know that the trend was continuing into Q2. We saw April with some strong follow- through from Q1. As I've said, what we're looking to do is show some really meaningful quarter-over-quarter sequential growth for the foreseeable future. I think that while I can't predict obviously what client behavior or what clients are going to do, we have capacity to grow our revenue significantly and our client base significantly. The April number we announced was essentially 40% higher than our previous best month we've had in our history. While I would say month-to-month, there's opportunities for us to be lumpy as different contracts and different invoices fall into different months. The trend is certainly really positive. I'm pretty excited about kind of the direction of the business and even just as I've said a couple of times, just the client behavior and that clients are actually accelerating their efforts. Where our business model differs slightly, I think, than most others is we're building commercial labs here. A number of the people that are using PhotonAssay are very much partnering with larger mining companies and going on-site and having an individual customer. What we're looking to do, certainly as we deploy further units, is deploying into an area where we can be first. When we go into a new jurisdiction, we benefit from a level of exclusivity around a unit that goes in. We know that for a period of two to three years, a new PhotonAssay unit can't come in to compete with us. We also know that we have a generous amount of time to be able to scale up our use of that machine so that we can hit our contractual minimums on the machine. There's some real benefits to being out there and being first. We also want to make sure that we have client coverage to be able to hit profitability much earlier in our kind of life cycle of a machine. Right now, the 12 machines that we've signed in terms of where that puts us, we think will be the largest or we're planning to be the largest commercial lab business using PhotonAssay as a core differentiator relative to some of the other competitors out there. One in particular who's very much focused on PhotonAssay, like we are. They've got more machines in total than we do under contract, but let's call two-thirds of their footprint is going to Barrick. They're going on-site. I would just say that that's a key differentiator for us, that while the effort to build our capacity and to get customers might be a little bit longer than picking up a single customer for one unit. We have the ability to really benefit from much higher margins and expanding margins as our capacity fills to be able to charge a higher price for what is, I think, going to become kind of the gold standard, but also a premium product in the industry, where we can extract premium margins and premium pricing for faster turnaround times. Yeah. I think you said you have three machines deployed already. You have 12 under contract. Can you talk a little bit about the timing and what expectations are for the remaining nine? Sure. I think we made a conscious decision to make sure that what we had currently was a very strong network that we could build upon. We tapped the brakes a little bit in terms of aggressive expansion to make sure that what we had was optimized and could be built upon. We've already announced that our fourth unit's going to Mexico. We'll update the market on that shortly. My hope is that in the not-too-distant future, we'll be able to outline a renewed focus on machine deployment in a rapid fashion, but building off of what is a much stronger base and a growing revenue base. With that, my time's up. I'm happy to stick around and answer any other questions you guys have. Thank you very much for your attention.