Now presenting Peter Shippen, Paragon Advanced. Hey, everyone. Thank you very much for joining the dreaded after-lunch slot. Hopefully I have got some energy to keep you guys awake after the sandwiches. My buddy's company runs this place, so I know they put on a pretty good show. Hopefully it was to everyone's liking. My name is Peter Shippen. I am here as CEO of a company called Paragon Advanced Labs. We trade on the TSX Venture under the ticker symbol PALS. We have approximately a CAD 100 million market cap. We are, in very simple terms, a mining services company. We are bringing new technology into the mining space to really cut down on the bottlenecks around testing and getting results. For any of you who are investors in mining companies, you will note many times that you are investing on a great thesis, and then there is a lot of sitting around and waiting. Waiting for results, waiting for these amazing holes that came out of the ground to be tested, and the press release to come out to build more excitement. What we have been trying to do as a business is design, with new technology and, I think a better service model, a way to really reduce the amount of time that investors are waiting and companies are waiting for their results. Forward-looking statements-, I think we are all familiar with these. The business has been public since December. I think what is actually really exciting is, from the beginning of 2026, we have really seen an incredible inflection point in our business. You could look at us in a way as being a bit of a pick-and-shovel approach to investing in mining. You are getting exposure to the mining industry without having to take the exploration risk that many of the other companies are taking. Paragon, we are an ISO 17025 accredited lab. That is part of our moat, you cannot just throw up a lab and call it accredited. We are using new technology. The technology we are best known for is using a technology out of Australia called PhotonAssay, which is a new way of assaying for gold and silver and copper that provides incredibly fast turnaround time. We will talk about that technology and why that is a key part of our client acquisition strategy. But really, what has been exciting for us is from Q1 to Q2, we have really seen business pick up in a large way. Our revenue for Q2 was CAD 4.1 million, which was sequentially up 85% quarter-over-quarter, and five times over what we did last year. Because of the way our business is structured, we have an asset-light structure, but we also have a little bit of wonkiness with the way our contracts are structured. The other important thing that happened to us in Q2 is that our gross margins went from negative to positive, and I will walk through why that is really important. But from here, what I like to tell investors is we have done a lot of the hard work to get through this base. Now we are into much more of a position of being able to expand these margins and push towards EBITDA positivity and cash flow positivity in the near term. I think we can all see from what's going on in the industry that mining financing is continuing. You are starting to see stress in the lab space, and as a relatively new entrant, that is very good for us with new technology, capacity, and clients that are well-funded and looking to spend that money. I think one of the key things that differentiates us is this technology we have called PhotonAssay. For those who follow the space closely, you will be aware that a couple of years ago, when we first started, PhotonAssay was still in the early adoption phase, particularly in North America. What we have seen, and we see it in the numbers of our partners that actually created this technology, is a significant move from early adoption to a mass adoption. We have seen, I think, seven or eight of the top 10 mining companies are actively using PhotonAssay. It has trickled all the way down to the mid-cap companies and even the exploration companies. The other thing that a busy lab does for us is it gives us a bit of pricing power. When we were throwing out proposals last year and even in the earliest part of this year, what we were trying to sell, this faster turnaround time and the speed of getting your results back, it was a unique selling proposition where the pain points had not really been felt yet in the industry. That really flipped in Q1, and we are seeing that every day in the proposals we can put through. We have got better pricing power, and we are getting busier and busier by the day. Just repeating some of these metrics. Again, Q1 to Q2 was very much an inflection point for our business, both from just the amount of business that we are doing, optimizing operations, ensuring that we are getting our client services models right. I think really the numbers what you are seeing is just a bunch of things coming together. A, making some really key hires, doing things optimally, getting samples across from clients to our labs in a better way, and clients being happy with us and growing their businesses with us as we are acquiring new customers as well. The story is pretty simple. There has been an immense amount of money raised by mining companies, and typically these companies are raising that money to expand their resources, to find new resources, and what they need to be able to prove that to investors, such as all of you, is independently verified, accredited results. Obviously they want to do it in a way that is relatively quickly and gets that information to you quickly. Because when you think about it, and really the core thesis on which this business was built and founded was that if you have to wait three months, four months, for your test results, that time is not just time sitting idle. That is time where investors are getting disinterested. It is time where your rent still needs to be paid, your salaries still need to be paid. So time is not just time. In our view, time is the destroyer of capital, and the longer that time goes, the more capital that you destroy waiting. So, one of the things I have joked with some of our investors about is, if these mining companies have an option to get quicker results, it is something that they should very much be looking at. Because even if they do pay, and this might not even be the case, CAD 1 more for an assay, what are you saving and what are you gaining by having a faster turnaround time for your company's results? The interesting thing about it is, the traditional fire assay, it is not broken. It is actually a valid and good testing technique. We actually perform these tests ourselves in our lab in Reno, Nevada. We have a very good lab there that does fire assay. I think the challenge is that fire assay works, but it is a 16-step process that invariably, at different times in the cycle, especially when things are busy, someone gets sick, something happens, it ends up taking a long time to get your results. I think if you were to look today or ask any of your mining customers, you would be lucky to be getting your fire assay results within six weeks. A lot of that has to do with the multiple steps and also how busy these labs are. PhotonAssay turns a fire assay, which is taking a rock sample, pulverizing it, scooping out 25 g of it, and replaces it with a simple test where you crush your rocks, put them into a jar like this, we put it into our machine, and about three minutes later, your results come out, and you get your gold, silver, copper, in a matter of minutes. The other thing that this is non-destructive, so you get to keep your sample, and it is a much larger sample size. If you are testing 500 g versus a 25 g aliquot, you are going to get a much better representation of what is actually in the ground versus something that you are scooping up. For us, this has been a really important part of our business in terms of getting customers through the door. Because as a newer entrant into the space, our competitors are large, they are multinationals and are entrenched. But with new technology and a new way of servicing these customers, simpler pricing, these things, we have had some good results in terms of getting customers on board. But also, we are just hitting this spot where we are continuing to scale and bring on more and more customers and making a name for ourselves in the industry. Right now we operate out of three significant hub labs where we have a PhotonAssay machine. I will show you a photo of this thing, but it is the size of three shipping containers. We have wanted to centralize these labs. What we have also done is reached into various mining districts with other sample prep labs, where we take on the client's samples, we crush them, we send them into the central lab for testing. So we have got a number of spoke labs, Timmins, Thunder Bay, Coeur d'Alene in Idaho, and also a lot more that we think along the way. One of the great ways that we are able to differentiate ourselves as well is by having conversations with customers about what is it that you need, what are your pain points? Let us work with you, and let us move quickly to address those things. We have a number of those relationships and conversations that are ongoing. I think one of the interesting things about PhotonAssay is we moved quickly, early days, to sign contracts with Chrysos Corporation to get access to this tech. We have 12 signed contracts. We have three units deployed. What's interesting about it is the technology itself is not owned by us. But with these contracts, we think it's a defensible moat because the number of machines it will take to replace fire assay in the coming years is about 600 machines. There's only 46 now deployed globally, and they only make about 18 per year. So, the ability for this technology to replace fire assay is many, many years away. What we're seeing right now with all the benefits of this tech is that mining companies favoring it are switching over, and there's a scarcity of supply of this technology, which is certainly good for us as it's a core for our business. W e announced recently some additional client wins that will take us. Our utilization rates, it's something that we look at every day, but how much of these machines, they can do about 40,000 samples a month. How many of those 40,000 samples a month are we doing per machine. We've just signed contracts with a variety of mining companies that adds about 200,000 samples to our labs over the coming year, and that will push us towards a 50% utilization rate. It's not certainly where we want to be, but it shows that as we're hitting this point of breakeven and cash flow positivity, we've also got a lot of capacity to be able to address these pain points in the industry, take on new customers, and continue to grow within our current footprint without actually having to build additional labs, which is certainly in our plans. Additionally, what we've heard a lot of is, we came out of the gates as, "Hey, we've got this PhotonAssay technology. This is going to be our differentiator, but that's what we're going to focus on." What we've been hearing more and more from our customers is that "That's great. We love our turnaround time. We love what we're getting from you guys, but we want more. We want you to test the rest of the periodic table of elements for us. We want you to do things like mercury testing and specific gravity testing." These kind of things that our clients are demanding just allow us to take this one sample, and instead of charging them for one test, we're charging them for multiple tests. So that's been our audacious goal as a company is how do we get this one sample that you might charge CAD 20 or CAD 30 for, and how do we come up with an idea where this same sample we could charge CAD 100 for. We think we're getting there with a combination of other technology, where you will be able to test the rest of the multi-element suite, all the other elements, with another technology that's complementary and can do this in almost real time as well. Because we don't have this incumbent legacy of assets in fire assay, in a bunch of other stuff, we're able to really listen to our customers, rethink what they need, and introduce new technologies to be able to address their needs. The interesting thing about these machines, and I think hopefully this will explain to you where we are and why the whole gross margin comment I made earlier was that under a certain amount, these machines are not super profitable to have. But once you get over a certain level, certainly around 33% towards 50% and beyond, that's where each of these individual machines start to generate significant cash flow for us as a business. What I'm really pleased with, and pleased with our team about now is that we've actually crossed that chasm. We've gone from low utilization rates to mid-utilization rates, towards higher utilization in the coming weeks, months, and our team's gearing up for another busy season ahead. What it comes down to is if you're just looking at the PhotonAssay business at 80% utilization, our current infrastructure can generate CAD 15 million, CAD 16 million, CAD 17 million of EBITDA just on the machines we have. When we deploy 12 machines, it becomes a much bigger number. I think what we haven't really even taken into account here is the incremental testing, the other things that we can bring to bear and bring to our customers to be able to, as I say, go from a CAD 20 or CAD 30 test towards CAD 100 worth of testing for a single sample. The other thing that has been a great boon for us is the strategic backing and partnership of McEwen Inc. McEwen is founded by Rob McEwen, a very well-known and respected mining investor. He's known as well for his embracing of technology. He tends to be really thinking outside of the box when it comes to technology and mining and how mining can be different. They came in and took a strategic interest in Paragon right before we went public, 27% of the company. Their Vice Chairman, Ian Ball, is on our Board of Directors. In addition to being a current customer, we've actually had the opportunity to sign an MoU with them to expand our lab footprint near or on their mine sites with them as an anchor customer. That gives some visibility over where our next labs are going into great mining districts with a key customer that will ensure that now that we've gone through this lower utilization rates into higher utilization rates and gross profitability and hopefully very soon, net profitability, that we don't take a step back. When we deploy these new machines, we're looking to do it with a core customer so that we're ensuring that we make sure that we are profitable from day one on these new deployments. Relatively tight capital structure, 34 million shares outstanding, a small amount of debt related to our acquisition of the lab in Reno, Nevada, where we have, I mentioned before, a PhotonAssay unit, but also fire assay and the full geochemical suite that we're adding. We've also added very recently there a Veracio Core Scanner, which is this other technology that I think is incredibly complementary. We'll be talking a lot more about Veracio and our plans to partner with them further in the coming weeks and months. We had our first core Veracio customer come into us recently in B.C. for, I think it's about 70,000, 75,000 samples over the coming year. These additional technologies are also leading to customers seeking us out. We've got some great shareholders. McEwen I've mentioned. Eric Sprott is a key shareholder. Michael Gentile has written about us extensively in his weekly newsletter about being a shareholder, as well as Aegis, a U.S. fund, Ixios, a European fund, US Global out of San Francisco, and Delbrook, a resource company, investment company, and fund based in Vancouver, B.C. One thing I'm really happy with is our team and how we've strengthened our team in the recent months. John Pizimolas joined us and would've been here today, but he's on a site visit for us. He was the sales guy at Chrysos Corporation when we first signed our deals with them. He worked at Chrysos, which is the creator of this technology, for five years. He's got incredible knowledge and depth in the lab industry, but also has been at the forefront of new mining technology for the last 15 years. I also want to just point out that Alan Koenig has joined us as Technical Advisor. Alan is the former head of laboratories for Newmont Mining. He is a self-professed lab nerd and has done an incredible job with us in providing just in-depth consulting with our clients to really come up with better solutions for customers, and sometimes ones that they hadn't even thought about. I think what's interesting is that at this time, we're in a robust mining market. Some days it doesn't feel like it, but mining commodity prices are high. The way that we've built our business is as an asset-light model. Even though we talked about our gross profitability and how all that works, we're able to deploy these labs relatively cheaply, so we don't have a multimillion-dollar investment to set up a lab. We're in this really nice inflection point where we've gone from into gross profitability. I think we'll be talking about EBITDA positivity and cash flow positivity in the very near term. I think just to wrap up, we've talked a lot about PhotonAssay in the recent years as a business. Really what's been driving us lately has been customer demands and opportunities from other testing methods, and looking at other technologies that complement that. We have some really significant and exciting growth drivers in this business. I think you'll see if we're approaching 50% utilization, we can double our business just in PhotonAssay. Along with that, because our customers keep telling us, "Hey, it's great that you do our PhotonAssay for us, but we want a one-stop shop. We want you to do our multi-element. We want you to do this testing for us." There's a huge amount of opportunity beyond what we're really talking about today. To look at a doubling of our current PhotonAssay revenue, along with that comes a lot of other opportunities and a lot of other revenue to be able to, as I say, take a jar, and instead of charging CAD 30 for it, to get it to CAD 50, CAD 75, or CAD 100 per sample. With that, I think I will pause there. We are approaching time, but I have a few minutes if anybody has any questions. Hi. How are you? Hello. Thanks. Can you talk about the cost of the Chrysos machine? You have three now. You hope to get to 12. How long until you get to the 12 as well? The cost, it is a very different model that they operate under. It would be millions of CAD to acquire one of these machines. The way that their model is set up is that we commit to use the machine, and they charge us a per-sample royalty, call it. Every time we run a sample through the machine, whether we charge CAD 20, CAD 30, CAD 40 for the test, they charge us somewhere between CAD 6 and CAD 8, depending on what the contract says. That is where we get this asset-light model from, is that we do not have a big upfront expense on these machines. It is a kind of a per sample use. [audio distortion] After the first six months. The way the contracts are structured is we get regional exclusivity, so that is defined as a 200 km radius around the machine. We get six months to get up to about, call it 50% capacity in terms of our take-or-pay. The interesting thing about 50% capacity is that our break-even on that is right around 18% utilization. What I have talked about in the past is that if you get to 20% utilization, you have essentially covered your cost of having the unit there, and then the number of samples that you process from 20% to 50%, I guess you have already paid in a way for those samples, so your gross margin on that incremental 20% to 50% is significant. Is the Veracio machine on a similar cost- per- use basis? It is, yeah. We do not have a huge upfront. We have no upfront there, and it is a revenue share arrangement. Let us call it somewhere around 50/50. Jeff. Hey, Peter. That was great, thanks. More of a statement than a question, just for everybody here that is not familiar with the story. Chrysos is a public company listed on the ASX. Last time I checked, I think it was trading at 40x EV to EBITDA. If you are looking for some disclosure sort of along the process and whatnot, when you report, I think the requirement there is every six months. It is worthwhile to check it out. One last thing. They disclose a global average of 45 machines at 60% 63% to 67% capacity, just to give you an idea of-[audio distortion] Yeah. [audio distortion] Thanks for that. It is approximately an AUD 800 million-AUD 900 million market cap company, listed in Australia. Where do you see opportunities to expand? T hanks. There are some really cool opportunities out there. It is a big world, as we are learning. We have outlined our three new labs with McEwen, with their site or near- mine site deployments. One of the other really interesting things that we have worked on, and we have not press released it, but it has been on our LinkedIn, and we recently visited Saudi Arabia, when we were able to get in and get out, John and I, in between attacks on the various infrastructure there. We had a really cool partnership with a company called SLB Inc. SLB Inc. is formerly known as Schlumberger. If you are not familiar with them, they are the largest energy contractor in the world. We have signed an agreement with them, to be their partner in mining, for mining testing across the Middle East and North Africa. We met a couple of their key clients. We have had some subsequent calls with them. One of the reasons I highlight SLB and Saudi Arabia and these things is that, as a new entrant into the market, especially at a time where things are quite busy, you could understand that our competitors are really focused right now on ensuring that their clients in Chile are well looked after, are growing in their Vancouver operations, where a lot of their samples come in. What it does is it leaves opportunities for a company like us to move quickly and move decisively into other areas that may be less well-serviced. I think for anyone who has followed the mining or the evolution of the mining space in Saudi, as an example, they are very well organized. I think at last count, there were somewhere around 200 exploration companies. Their state-owned mining company, Ma'aden, has declared that they are going to do over 1 million meters of drilling in the next 12 months. To put that into context, a massive program here would be 100,000 or 200,000 meters, and they are doing five times that as one company. Then you have got a couple of other larger companies, some big JVs with Ivanhoe and McEwen has some land there too, and 200 exploration companies. We look at a place like that as a potential opportunity, especially when we can enter a market with a partner like that. It seems like that could make a lot of sense for us. Would you be setting up a dedicated office and machine for that location? It is certainly something we would consider, especially with the right customer. Again, for us, we are looking for opportunity to go in with a customer to be able to start at 30%, 40%, 50% utilization out of the gate, and to build from there. It is a lot easier than from building from zero. We know that at 20%, 30% utilization, we are actually into cash flow at that stage already, and we do not have to fund any of the OPEX at any point. Okay, I am around at table 60. I have got a couple of slots, too, if anyone wants to dive a bit deeper. Or my contact information, a couple of my colleagues, Julian and Riley, are here, so if anyone has any questions, please feel free to pull us aside, and yeah. Thanks very much for your time.