Okay. Go ahead. Okay. Go ahead. Hello, hello. Good afternoon, everybody. Hello, hello. Good afternoon, everybody. Now presenting Aidan Mills with Northstar Clean Technologies. Hey, everybody. My name's Aidan Mills. I'm the CEO of Northstar. Great to be here. Thanks for the introduction. One of the things that's really interesting for us is we're a Canadian clean tech company, but the market that is biggest for us is the U.S. We're spending a lot more time kind of talking to investors in the U.S. space. This is just an example of this, and this is why we're here today. What I'll talk about in the presentation is really kind of step through the three big objectives we have for 2025. The first is the commissioning of our first commercial facility in Calgary, which is due to commission by the middle of this year. The second is to talk about what we're doing for 2026, and that's the next Canadian plant, but also the first U.S. plant. The third thing is to talk about the portfolio of growth that we've got with respect to this market. This is an absolute tipping point for the stock as well. I'll kind of lay out our thesis and where the stock could go as we build the facilities for what we're going to do. We're a waste-to-value clean technology company, and we basically take asphalt shingles that come off roofs or come from manufacturing businesses and split them up into their individual component parts. Our shingle tile is made up of about 50% sand, 25% fiberglass fiber, and 25% asphalt. Asphalt's the most valuable, and I'll talk a little bit about that later. The real benefit of this is it's completely circular. As we talk about some of our partners later and some of the R&D that's done, the asphalt that comes out of this can actually go back into manufacturing shingles again, can go into paving, and can go into flat roofs, but it's a completely circular product. That's the real advantage from it. Even though this is a clean tech company, the economics for this are not based on carbon credits or other arm-wavy ESG- type stuff. This is literally based on a manufacturing business. That's what we do. The problem for shingles is huge. 16.5 million tons of these go into landfill every year across North America. It's split about 1.5 million for Canada and 15 million for the U.S. This is really critical because this is why, as I say, we're here today is all about starting to engage the U.S. market as we prepare for the first plant going into the U.S. About 85% of all new roofs are shingle because it's cheapest, longest lasting, etc. That 16.5 million, that is equivalent to more than 20 million barrels of oil a year that is literally going into landfill. It's not a risk because they don't decompose, etc., but the real advantage of it is if you can extract that oil, of course, it's very valuable. We've proven with the technology that it's totally circular. The real advantage for us, of course, is we have users on the back end. The industry itself, so ARMA is the Asphalt Roofing Manufacturers Association. That's got all the big guys in it. That's got TAMKO, Owens Corning, etc. What they've come out, they came out with a strategy that said they want to divert 50% of this 16.5 million tons away from landfill by 2035 and 100% by 2050. In theory, it's a bit like a carbon neutral statement from an oil company that basically says, "The biggest problem we have is shingles going into landfill, so how do we fix that?" We believe we have the only technology that is commercially available to do that today. Now, people are looking at it's going to take more than one technology to solve this problem because it's absolutely massive, but we believe we've got the only solution that's available today. We have a five-stream revenue model. Basically, we get paid for the feedstock in the front end. Generally, our plants are quite close to landfills. We say to the roofing companies or the manufacturers, "Hey, come and drop it off at us. You'll get a discount versus the landfill," and we get paid the tipping fee. It's worth probably about 35% of the overall economics. The outputs are dominated by asphalt. In actual fact, after, we're in Booth 616. If people want to come and see the products that we're actually producing that have come out of the pilot plant, come over and have a chat. We can show you the aggregate we're producing, the fiber, and the liquid asphalt. Maybe not the liquid asphalt. It's in pellet form, so it's not quite liquid, of course. Asphalt is the most valuable product, and then fiber and aggregate also can go into industrial markets. One of the most important things that we've done in the company, and I've been the CEO for about nearly 4 years now, is actually establish the partnerships with some major industry partners. As I said, TAMKO not only invested $10 million and own about 20% of the company. Of course, they're a major shingle manufacturer. They've also been doing the R&D to prove that the asphalt could go back into shingles. That's one of the most important things that we've been able to do. Colas, or McAsphalt, are the Canadian sub of Colas, which is the global asphalt company. They have got 100% of the offtake from the Calgary facility for 5 years when it starts up. Obviously, feedstock's important, and we know that not only have done that with manufacturers like IKO, so they send us all of their tiles that are coming out of Calgary, but also local suppliers such as Ecco Recycling. They're essentially a Calgary equivalent like a GFL or a Waste Management. These are the three things that we do as we establish the footprint in each one of the locations we go to. We establish feedstock supply, and we establish an offtake as well. Our financial partners, we've got kind of the strategic equity that came from TAMKO. We have a royalty agreement, that's a convertible royalty, which converts into the next two facilities with CVW for CAD 14 million. We got a government grant from Emissions Reduction Alberta for CAD 7.1 million. Obviously, that's infinitely non-dilutive, which is great. We have debt on the Calgary facility, which came from BDC. Lots of non-dilutive things that we've managed to do. We've raised about CAD 55 million since I joined, and of that, CAD 30 million is non-dilutive. IP is protected as well. We've got two patents in the U.S. with two follow-ons as well. Similarly, in Canada, two patents. One was just recently granted. We've applied for it internationally as well with PCT for international. As we think about facilities, the construction for one of these facilities is in the kind of CAD 20 million range. There are associated costs as well of about CAD 5 million, so a CAD 20 million-25 million range to deliver one of these facilities. The real advantage about them is you can run them 24/7. The base economics that we've always used is based on running the plant just with day shift. There is no incremental capital that is needed to run it 24/7 if there are enough shingles available. The base case is 40,000 tons a year of shingles diverted from landfill and into our plant. If we have shingles, if there are enough shingles available from the location, we can run 80,000 tons a year. 40,000 tons a year kicks out, hand grenade math, roughly CAD 10 million worth of revenue and CAD 5 million of EBITDA. It is essentially just double if we have the double shift. It does not need to have incremental capital. It is just running the shift. In theory, this EBITDA should be quite higher from an efficiency perspective, but we've been pretty conservative as we've kind of run through the numbers. If you think about a kind of CAD 20-25 million capital, and you can go to a facility or an area that provides 80,000 tons, you've got a CAD 10 million EBITDA from running 24/7. The economics of the deployed plants look really good. Really, the decision is, does a city have between 1-2 million people? A city of 1-2 million people will support a Northstar facility. I mean, I got laughed at when I said publicly before the end of last year that I wanted to be the, and this is obviously a Canadian quote, not a U.S. one, I wanted to be the Tim Hortons of asphalt shingle reprocessing. Clearly, we'd need to be the Dunkin' Donuts of asphalt shingle reprocessing. You can literally place these all the way through North America if the city's got between 1- 2 million. Here's where we are with Calgary. Feedstock came in prior to construction of the facility, so we had feedstock to run, obviously, in commission. We constructed the facility, started in October, and it is now completely built. Construction is completed, and we've started commissioning. If you come to our booth, we have some commissioning videos showing what's actually going on at the facility. The way that this process works, it's kind of got three steps. The first step separates the aggregate, takes the aggregate off the tile. The second step takes out the fiberglass, and the third step takes out the asphalt. The most important thing for this presentation is that this commissioning is done. The first stage commissioning is done, and the commissioning team have actually handed it to the operations guys. We are very confident that this will be up and running by the middle of the year. When I said earlier that this is like a tipping point for the stock and a tipping point for the story, we think by the middle of this year, we will have moved this from a stock that has technology risk, because of course it does, it's a new technology, never been built before, etc., to a stock that's all about how fast can we roll these out. There is a massive transition. It's a massive tipping point. A lot of investors, of course, are watching to say, "Well, is this actually going to operate? How much is it going to operate when it gets turned on? We're right at that tipping point. We do not need to worry about any more construction. We're now commissioning the facility. The expansion plan, I did not mention at the beginning, but our pilot plant was in Delta, just outside Vancouver. That is where we did all of the de-risking of the technology before we did the full engineering for the Calgary facility. We have kind of three immediate options moving forward. Number one would be the retrofit of the pilot plant, taking what we built in Calgary and retrofitting it in Vancouver. Recently, we just PR'd that we extended the land lease there. We had a 5-year lease extension, but we extended that to 15. Obviously, the economic life of the plant. We have already, and so recent press release as well, so we've secured some supply for the facility in Hamilton. As you guys know, just outside the GTA, huge collection area, of course, around the GTA in southern Ontario. That is on land owned by the Hamilton Port Authority, between the two big steel plants in Hamilton. Again, 40,000-ton facility to start with, likely to be able to move to 80,000 tons given the supply from the GTA, with the target to have that constructed by the end of 2026. Similarly, US#1. TAMKO, the deal with TAMKO came with not only the equity investment, but they are going to take the product from the first four facilities we build in the U.S. That is the MOU that went alongside the investment. You can see some potential locations. US#1 is close to TAMKO's plant in Maryland and Frederick. We have been looking at site selection essentially from Philly down to Baltimore, down this eastern seaboard. That has been going well, and we are closing in on a site. Once we have the site, of course, then we can start to permit, etc., etc., etc. That will supply the TAMKO facility here. As you can see, and as we think about the portfolio, what are we doing in 2027? What are we doing in 2028? What are we doing in 2029? Etc. You can see the TAMKO locations that could be good fits, and that could be the likes of Atlanta, the likes of St. Louis, etc., close to TAMKO facilities. This year, as well as delivering Calgary, ensuring that as we leave the year, we've got all the funding in place, we've got all the permitting well underway for these two facilities is a critical point because we want those to at least be constructing, if not completely built by the end of 2026. This is a little bit of detail about the Mid-Atlantic region. It's in the pack. No need to go into this in too much detail. I mean, every single CEO stands up and shows you a hockey stick, right? This is not unsurprising that this is actually going from going up. The thing to really look at here is, if you think about the industry figure to take 16.5 million tons and take half of that away from landfill by 2035, that means it needs to be 8 million tons. If you take a Northstar facility, we would need to build 200 by 2035 to reach that goal. The point of this slide is not the classic CEO hockey stick, but it is actually saying this is the size of this market. It is absolutely huge. When I get asked the question about other competitors who are developing technologies, etc., I am like, there needs to be more than one competitor, more than one solution to solve this overall problem. Two hundred facilities, us building 200 facilities, like we are a good team, but we are not going to be building 200 facilities by 2035. The market is just absolutely astronomical. We think this is really good because it gives us really good upward trajectory with some jurisdictions. Of course, the pitch to your jurisdiction from our perspective is we can come in and we can divert 80,000 tons away from your landfills and basically turn it into a circular economy product that can be used in your marketplace. It is a huge advantage. It is a manufacturing business, not relying on ESG. Oh, the other thing I should actually say is the fifth revenue stream that we talked about earlier is carbon credits, but all our economics have those valued at zero. That is just upside for the business. It is not baked into the base case at all. Our corporate profile, the one thing that's really interesting if you think about it from a market perspective, roughly CAD 50 million today, pretty good stock moving, over 200,000 a day, so pretty good liquidity. This is where I kind of talk about the potential upside to the business. If you imagine an 80,000-ton facility operating, kicking out an EBITDA of about $10 million, the waste-to-value mid-level for EV/ EBITDA is up by 10. That's kind of an average multiple for the space. If you think about us leaving 2026 with three operating plants and you think about this growth curve, if you think about every one of these in theory adds about CAD 100 million to the business, you can see why we think there's significant upside between this CAD 50 million market cap that we are today and where we're going to be once we've proven this technology works, once we've demonstrated that Calgary is actually commercial and we demonstrate the next facilities that we're going to build. That's my argument for significant upside from the stock because ultimately it's all based on this growth trajectory. I think that's it from the corporate perspective. I think the key messages are, look, we're tackling a huge environmental problem, but this has a massive market size. We've got a unique kind of proprietary solution to the problem. First commercial facility is now constructed and now we're commissioning. We've got compelling economics, especially for the 80,000-ton case. Doesn't need any additional CapEx, just needs more shingles. Plan to deliver four operating facilities as we kind of think about moving through one this year and two to possibly three next year. The environmental case is that the asphalt that comes from this is 60% lower than the base case asphalt that we've got. This year, three things to concentrate on. Number one, building Calgary. Number two, getting the next facilities ready. Number three, delivering the portfolio, which is focused on the U.S. to be able to step the business forward. That's it. It's actually sort of city by city, to be perfectly honest. For example, you might go to a city and it could be a GFL or a Waste Management or whatever that control most of the collections in the landfills. You have to talk to the landfill owners and you have to talk to the local collection companies. We find that it's very diverse. Some cities, for example, Calgary, not a whole lot of collection, lots of roofers though. We would talk to the big roofing companies as well. There are lots of different kind of pockets that you have to go and talk to when you go to a city. Once you go to a city, they often, the landfills, if they're municipal, they'll tell you, "Go and talk to all these guys because they're doing all the collection." The real good advantage about it is it's not like some of the renewable products where you're competing for used motor oil or canola or whatever. Literally, these are going to landfill. I mean, we've not really done, I mean, we've done that internally, but we've never released our kind of break-even or our economics. I will tell you, the offtake agreement that we've done with McAsphalt in Calgary has a price floor set at it, which is above our break-even. That's what we try to do with all of our contracts. The offtake agreements that we have, which of course the debt providers really love because there's a price floor in it, we try to set the price floor above break-even for all the facilities. That's what we try to do when we're negotiating the offtake agreements. Yeah. We expect to be announcing in the kind of near-term follow-on debt for facilities. We're also, when we go to a new jurisdiction, we talk to the state, we talk to the federal government, etc., about incentive funding a bit like we did in Alberta. We're doing the same in Ontario. We're doing the same in the eastern U.S. states. Once that goal seek is done by the end of the year, we'll understand at that point in time, do we need to raise equity? What does that kind of number look like? We're completely funded right the way through the capital now and to the end of the year with all the development costs for the new sites. Oh, one at the back. Yeah. If you look at this slide, the way that we think about it is we think we could realistically build probably three to four facilities per year ourselves. Sorry, I'm not at the mic. This bar up here is licensing. We do think this market's so big that we could license the technology. Now, the thing that we really need to do about licensing, though, is you can't license straight after you've built the first one. We need to build five or six of these to make sure that the model looks like a Tim Hortons or a Dunkin' Donuts. Literally, you get, "Here's the drawings. Here's what you build. Here's what you send us. Here's how one of these things operates. It always takes a little while to get there. We kind of think probably 2028 nominally that we would add licensing to the business. Yeah, we think that's a great business model because it's such a wide, such a big market. The base, if you Google recycling asphalt shingles or RAS, there are states that allow you to take the shingle tile and literally grind it up and put it into roads. It's a restricted amount because when you pick up a handful of that, it's kind of difficult to tell how much is asphalt, how much is fiberglass, how much is sand. It's kind of restricted. That's probably about 1 million to 1.5 million of that 16 million tons. The shingle manufacturers themselves, some of them are looking at developing technologies to do what we've done, but they aren't ready yet. There's a company called Sky Quarry who also have the same idea, but we're not sure where they are in terms of their facilities coming online. Yep. It's a fantastic product, so it should never be at a discount in the market. Yes, we try to keep it as flat to market as possible. Sometimes there'll be a quality discount, but also sometimes we can get an environmental premium as well. If you just look at the asphalt price, we're kind of very close to index price. Obviously the price floor kicks in if oil price goes down to $40 a bar. Yeah, close to asphalt index pricing. If we built 10 facilities and we built 40,000-ton facilities, that would be 400,000 tons. If we manage to get them to do 80,000 tons, then that would be 800,000 tons. 800,000 of 16.5 million. Yeah. This market is absolutely huge. Again, it's diversified by location too, right? It's not like it's all in one place. It's not like you can build in and suck all the shingles in from everywhere. You have to build a plant in LA and you have to build eight in LA. You have to build five in New York State, three in New Jersey, two in Philly, right? Because roofers aren't driving 300 km to drop shingles off to be. I think we've only got one. Are you going to tell me to stop? Okay. Sorry. Not at all. The TAMKO agreement is a, so we can get funding from them. The only agreement with TAMKO is the first four plants in the U.S. have to go to them. From Plant Five on, we can sell to anybody, any roofing manufacturer. The other thing is the TAMKO investment has a standstill agreement. If somebody took a run at us to buy us, they get released from their standstill agreement and they could bid too if somebody was trying to take the company out. Okay. No. It's a discount. The way that we work out the economics is, we'll say, "Hey, listen, we're going to New Jersey. What is the tipping fee in those landfills?" Then we'll say to roofers, "Hey, we'll reduce that by 20% to commercially incent you to come to us." The other thing is the location. You can't have, they're not going to drive 20K. If you're literally next to, I mean, my kind of discussion with roofers is always like, "I want you to turn left to us and not right to the landfill." We want to be as, like the Calgary one is 5 km away from the landfill. The roofers are like, "Yeah, that's fine." There's a discount. I want to make it worth their while. The other thing that's really good about us from a roofer perspective is you don't have to queue. You're not waiting with everybody else. You're literally straight in, straight out, and you're done. Okay. All right. Thank you. We're in, we're just going to say we're in 616. We've got shingles and all the stuff that we're producing as well from the commissioning. Please come along and see.