Morning, everyone, and welcome to the second quarter conference call for Quinsam. I am going to assume that everybody has seen and read the press release, so I am not going to reiterate what is in the press release. We had an okay second quarter. We made some money. We retired a few more shares, which helps to tighten up the float. Not a great deal of activity on the buy side or the sell side. We have some cash ready to deploy. We have an increasing proportion of assets in the liquid portfolio, which is the goal. We expect to see some nice moves there in the coming quarter with the expected listing of Peninsula Capital. The third quarter, I would say, is off to a modestly positive start. We have seen some improvements in EDM Resources again, in BluMetric, in Reflex. Reflex has actually had a very nice move. It is not a big position, but it has had a very nice move. With nothing in particular on the negative side. If I were to guess today, I would guess we are up another CAD 0.2 or CAD 0.3 as of today. The key factor for Q3 is going to be the listing of Peninsula Capital. It is something we have been in for quite a long time. We have a very low-cost base relative to asset value and recent financings. This is the United States single-family home rental business. They own a very large portfolio of single-family homes, mostly in the U.S. Northwest, Buffalo, Rochester, Cleveland, places like this. The typical kind of former Rust Belt-type communities where houses were available very cheaply with very nice rental economics. That is looking to list. We thought it was going to be August. It looks like maybe it is going to be pushed to September. We expect them to come out with a dividend and an NAV of around CAD 2. The key question is going to be where it trades. That is, I think, quite unpredictable. We are carrying it at CAD 1.45. The thing to watch is going to be where that quote ends up relative to the CAD 1.45. I am hoping that it can do that or better, but it is definitely potentially going to trade below NAV because it is a situation where it has been private for a long time, and there are probably sellers. The key question is, what the buying side of the equation looks like. However, the asset value is strong. It is a great business. It has a yield coming out of the gate, we are led to believe. So, we are quite confident in it as a holding. It will move close to CAD 0.02 from the private portfolio to the public portfolio, so it is quite a big factor in that. Otherwise, we have got a few other much less important privates looking to list. A company called Pelican AI, which we have been in for quite a while. It was supposed to have listed some time ago. I think it is finally going to trade in Q3. That one was not a big investment. It should be a win. We have another one that is announced, Longview Gold. Again, it is not a big investment, so it is not going to move the needle very much. That is probably Q4. A company called Bond Intelligence, which was a little bit bigger investment at around CAD 250,000. That one, hoping for Q4. I would say it is not certain it is Q4, but hopefully Q4. Those three we expect all to be on the positive side as far as impact on NAV is concerned. That is, in a nutshell, the Q3 outlook. I would say in terms of significant transaction, I would not say at this point that anything is imminent. One company that we had been having some discussions with is Bond Intelligence that has decided to go with a conventional shell with very few assets. That one didn't work out. We didn't really get terribly far with them, but it was a business that we feel quite good about. Its go public, just as an aside, its go public has been announced at twice the valuation that we paid on that CAD 250,000. Assuming it successfully does that raise, we would expect it to trade there or better. It has been doing quite nicely. So, I would say that is the Q3 outlook. Q2, there weren't too many developments. Happy to take questions on Q2 or where we stand at this point. Any questions? Hey, Roger. It is John Lewis. How are you? John, how are you? Excellent. Thank you. As a longtime holder, it is nice to see what appears to be a turn in the portfolio, so well done there. One of the ones that maybe people have a little bit of familiar area with or not is the California Nanotechnologies. Yeah. Is there an update there that you could share with us? Well, California Nano, I'm a director there, so I'm quite familiar with the situation. We're quite optimistic that we will be, in the near term, securing commercial contracts. We're quite optimistic about the prospects in the small modular reactor space. We think we are probably the only viable source of supply for boron carbide control rods, and boron carbide heat shielding. We're in discussion with more than one of the companies that are in the United States behind these small nuclear reactors, which are a pretty exciting area and a big target for growth for Trump and for the U.S. Department of Energy. We've made submissions for U.S. government funding. Basically, the U.S. government is very keen on domestic secure supply chains for critical industries, and obviously the small modular reactor industry is a critical industry. We have been pursuing government funding opportunities. It's very hard for us to assess our probability of getting it because, it's a whole new area. That being said, there's a great deal of U.S. money and focus being put in this area, and we think we have an extremely sound case. We're optimistic on government funding, we're optimistic on contracts. But as of now, we have not got those. I'd say we're very hopeful. We think these things are coming, but they're not in our control, so we don't know that they're coming with certainty. Just to flesh that out a little bit further. Canadian listing, but the company solely operates in the U.S.? Is that the- The entity that is pursuing all this business is a California company. Okay. It is a subsidiary of the listed company. You also said something that piqued my curiosity, because as I remember, CNO has always been looking for. They have worked with a lot of companies on a research test basis. But you used the word commercial, as in ongoing or? Yes. As of this moment, there are zero small nuclear commercial reactors in operation. However, it's a major target, and there's a very large number of companies getting behind these, and they're targeting them for uses in things like data centers. It's this exploding demand for electricity, across the economy, but in certain critical areas like data centers. We did R&D work, basically about, I guess almost a year ago, about 10 months ago. We were approached by Valar, which is one of the leading small nuclear reactor companies. They found us basically through an internet search. They were trying to get boron control rods. They needed them urgently because the DOE had given them a window to do a test at one of the national labs where they could actually run their reactor. They came to the conclusion that the only way to make them was spark plasma sintering. So they gave us a call as the only commercial spark plasma sintering service provider in the United States. In the space of three or four weeks, we actually delivered them boron carbide control rods. So from their perspective, it was a life-saving situation. If they didn't get them, they would've missed their DOE experimental window. Also to deliver them, having never even heard of them, a month before, was pretty extraordinary. Anyway, we delivered them, they worked just fine. The test was a success. It was a great win. So obviously we've been in discussion with Valar ever since. We've been in discussion with others in the space because everybody needs them, basically. They're consumable. If you are running a reactor on an ongoing basis, these things wear out. That's basically the opportunity. As far as we know, our technology remains the only viable way to make them. Again, we're dealing here with customers who are, in the grand scheme of things, not very price sensitive and extremely focused on domestic supply, security of supply, security of intellectual property, all these sorts of things. So, we think we're a very good fit, and it's a question of when these companies start to actually place orders for nuclear reactors. Well, that sounds exciting. It's all imminent, but it's not quite here yet. But it's getting very close. Excellent. One other thing. I noticed the issuer bid got active over that last quarter. Is that an indication, I suppose, you guys are- Yeah, it's an indication that we see great value, right? Buying our own stock at CAD 0.50 on the dollar, we're buying our own portfolio, so it's like, why wouldn't we buy it at half price? Yeah. These days, I would just say it's very difficult to actually execute on an issuer bid. The rules are getting tougher. It makes it actually quite hard to get stock when you deal with the current CSE rules. When you're dealing with an illiquid stock like us, if we were liquid and trading all the time in a predefined range, it would be easy. But we're not that kind of stock. So it actually is quite difficult. But we are interested in buying more. Excellent. I think that's it for me. Well done. Appreciate it. Thanks, Roger. Yeah. Other questions? I'm good. No? Well, if not, have a good end of the summer, everyone, and we will talk to people later in the fall. Thanks very much. Thanks, Roger. Okay. Bye bye. Thank you. Bye.