Hello, and welcome to Virtual Investor Conferences. On behalf of OTC Markets, we're very pleased you joined us for the Small Cap Growth Conference. The first presentation today is from Northstar Clean Technologies. Please note you may submit questions for the presenter in the box to the left of the slides, and you can view a company's availability for one-on-one meetings by clicking "Book a Meeting" in the top toolbar. At this point, I'm very pleased to welcome Aidan Mills. He's the President and Chief Executive Officer of Northstar Clean Technologies, which trades on the OTC QB venture market under the symbol ROOOF, and on the TSXV under the symbol ROOOF. Welcome back, Aidan. Hey, great to see you, John. How are you? Very good. Thanks. I always say it's easy to remember the ticker symbol because ROOOF is the Canadian spelling, obviously, and just ROOOF. But for the US markets, with the three O's, it's actually a Scooby-Doo roof. So it's ROOOF for the US markets. So listen, great to be here. Thank you to the OTC for hosting us. Thanks for the intro, John. Good to be here. So as John said, my name is Aidan Mills. I'm the CEO and President of Northstar. And I'm going to talk today about waste value. So what Northstar does, essentially, and I have some props here, is take asphalt shingle tiles and split them up into their individual component parts. So we're at the absolute tipping point of the company because rather than, and I've been in the role about four years now, and so rather than me kind of be two years ago or last year where I was talking about what we are actually going to build, actually, we've built it. So the first commercial facility, first commercial facility ever to take shingle tiles and split them up into the individual component parts is now being constructed in Calgary. So it's been engineered, constructed, commissioned, and is now ramping up operation. And we expect to see, we expect to see now cash flow coming in from the operation. So a shingle tile is made up of a number of different component parts. So about 50% of it is sand. So that's like washed sand aggregate. That's from the plant. About 25% of it is fiber. So I'm going to tilt my computer here. So fiber is the older tiles, the fiber is paper. And the newer tiles, it's fiberglass. And then absolutely the most important thing coming out of the facility and the most valuable is asphalt, about 25%. And so the Northstar facility produces two types. So firstly, it produces hot oil. So all the Northstar facilities will produce hot oil. And this is a cool tin of hot oil that came out of the Calgary facility. And in the Calgary facility, we've done a second step, which is the ability to turn that hot oil into pellets. So rather than having to transport the hot oil in an oil tanker or the hot asphalt in an oil tanker, what you can do is turn that hot oil into pellets. Those pellets can go in Super Sacks and then be transported essentially as a bulk commodity. So in a number of different Northstar facilities, that's the intention would be to install pelletization. But the base production for every single plant will be hot oil. So we're a waste value company. We've got patented commercial process, et cetera. One of the reasons that I joined the company and one of the reasons why we're at this massive tipping point to access a huge market. If you look at the amount of shingles destined for landfill, it's 16 and a half million tons per year, which is more than 20 million barrels of oil per year. So a phenomenal market size. We are the first mover into that market with a commercial facility now built in Calgary. The industry association, the Asphalt Roofing Manufacturers Association, or ARMA, has a goal to reduce the amount of shingles going to landfill by 50%, excuse me, by 2035, and 100% by 2050. Nothing going to landfill by 2050. Just to kind of orientate everybody, the base case Northstar facility enables the diversion of about 40,000 tons of shingles a year. If there's enough shingles in the region, we can have a case where we run 24/7, and that would divert 80,000 tons a year. At the 40,000 tons a year case, as an example, that means that we would have to build 400 Northstar facilities to be able to address this problem. Now, what's the value that we bring? OK, so if you think about a Northstar facility, there's two elements of value to come: firstly, the revenue from the tipping fee at the front end, and secondly, the revenue from the product at the back end, and I'll describe that in a little bit more detail, so if you have a ton of shingles that come off your roof and go to your local landfill, the contractor, and charge the consumer, but the contractor has to pay a tipping fee to that landfill, and so let's assume Calgary's tipping fee is CAD 113 per ton, as an example. So what we do is we say to the providers for Northstar, "Hey, we'll give you a reduced figure versus the landfill to come to our facility." And so our objective is to divert the roofer or the waste company or whomever is bringing that shingle to the landfill to divert them to our facility. So the real advantage we have would be if we're close to the landfill where you're not expecting a roofer to drive another 30 km or 40 km. So close to the landfill, and then we discount it to enable that to switch. And then on the back end, the product revenue, so aggregate, limestone, fiber, all of which come out, all of which we extract through our process, nominal value, so kind of $10-$20 per ton from a revenue perspective. The highest value product we produce, obviously, is the asphalt. Now, our technology is excellent, and the asphalt quality is really high. So that's one of the things that's been very good about ramping the Calgary facility up has been the quality of the asphalt that's come out the back of it. And so this sells anywhere from kind of CAD 500-CAD 1,000 a ton. So if you think about that versus the other products, absolutely, it's the asphalt that is the most valuable. And that's how we split up as we look at the commercial model. So tipping fee in the front end, about 35% of the revenue, 65% coming from the product in the back end. And sorry, so let me just go back to these slides. So let's think about these two, as you think about these two markets and you think about the fundamentals that underpin the business. The first fundamental is the fundamental around feedstock supply. So tipping fees have been rising. So as you can see from the graph and the bars in the middle, that shows you the tipping fee rising rates across in the last five years. But landfills are filling. They are not emptying. And so the space is becoming more concentrated and filling up. And so the ability for us to go to a municipality and say, "Hey, listen, let's divert 40,000-80,000 tons away from your landfill," is a significant benefit. And so landfill fees we see underpinning the 35% on the left-hand side of our revenue really is underpinned and actually is a bit of an inflation hedge because actually, often landfill fees will go up by inflation. And then secondly, think about the asphalt coming out the back end. So as refineries close in kind of in Europe or idle in the U.S., and as refineries switch to biofuels, the actual supply of asphalt is dropping. So over the last five years in the U.S., it's dropped two million tons. In Europe, it's dropped three million tons. And so the demand for asphalt continues. And so that's one of the real advantages of the actual product we're making at the back end from a refining or from a feedstock perspective and from a hydrocarbon perspective is well supported. One of the things that investors always ask me is kind of like, "Well, you've done it, it's a great idea, and you're building this, but kind of where does your industry valuation come from?" This technology. Number one is the feedstock, and where's that coming from? Number two is the offtake in kind of A, to roof paving, and B, to kind of shingle manufacturing. On the right-hand side, we're about 20% owned by TAMKO, the U.S. shingle manufacturer. TAMKO have done the R&D to prove that this oil can go back in to make shingles. It's completely circular. The real advantage about that is, again, when we go to municipalities, we can talk about the circular economy that this supports. From a technical perspective, it means that the asphalt quality we're delivering can be reused in shingle manufacturing. Now, it can also go into roads, and it can go into flat roofing. There are three markets that we can see. You need to think about feedstock supply. Calgary is a great example of how we think about feedstock supply. So if you look at the three boxes there, so the first one on the feedstock supply side, so the first box is I. There are shingles in Calgary. And we can take waste either from a shingle manufacturer, or we can take it from roofs. So we can take two types of feedstock. So ECCO Recycling supplies between 10,000 and 15,000 tons a year. And the Calgary facility currently has got greater than 40,000-ton capacity or sorry, greater than 40,000-ton collection if you add all of these three up. But that's the base case kind of running day shift only. And I'll talk a little bit about that later. And then if you look at the middle box, that's Calgary municipality. A couple of weeks ago, we press released that we had secured a feedstock supply agreement with Calgary municipality where Calgary will collect shingles coming to their landfill, segregate them for the next five years. We then come and we go to the landfill and pick them up. But ultimately, that's a deal with the municipality where they're saying, "OK, we're stopping all shingles going into landfill. We're storing them at our facility. And we're paying you a tipping fee, Northstar, to take those away." The last one is our relationship with ECCO Recycling. It is a very good economic partner for us in Calgary. They'd be the equivalent of a kind of a GFL or a Waste Management. They do collection with industrial. They've got great relationships with the roofing manufacturers who bring their waste into ECCO Recycling. Eco then sorts it and then brings it to us, so a really good example across Calgary of a manufacturer, a municipality, and a kind of a commercial collector. That kind of demonstrates how important feedstock supply is, but also how important the kind of relationships we've delivered have been. I can talk a little bit about financial partners, but TAMKO came in. One thing that's interesting on the TAMKO investment is not only did they invest the money in Northstar, but also for the first four U.S. facilities, we have an MOU in place, but there'll be guaranteed offtake agreements for each one of those four facilities. We have exclusivity. We're exclusive to them. They have the offtake. Then on the right-hand side is kind of a government grant. So we were successful with Emissions Reduction Alberta, who are a provincial government organization, in securing CAD 7.1 million worth of completely non-dilutive funding, obviously, in terms of a grant. Four stages within the milestones. And we've literally just hit milestone three, so six weeks ago. And that was the milestone three to get us all the way from commissioning in the facility as we'd constructed and then moving into operation. And that demonstrated that the facility could run 80 tons a day. And payment for that was just press release this morning. And then so let's think about the economics. So if you step back and you kind of look at the 35% and the 35% from tipping fees and the 65% from revenue, if we build a facility that just runs day shift, so the 40,000-ton facility, it costs about CAD 25 million to build one of these, so 20 of CapEx, 5 of associated costs. And then the economics that kicks out is about CAD $10 million bucks worth of revenue and CAD $5 million bucks worth of EBITDA, roughly, roughly, for a 40,000-ton facility. If there's enough feedstock to build an 80,000-ton facility, then it doubles the economics. So CAD $20 million roughly for the revenue and a little bit more efficient, so CAD $11 million for the EBITDA, which is really important as we talk about what we need to do to bring this company to a CAD $1 billion bucks. And really, the key thing for my message today, I kind of said at the beginning, is we are absolutely at the tipping point for the company. So number one, we have the facility ramping up operation in Calgary. And then the second two facilities, the first one identified in Ontario and then the second one, our first U.S. plant. And actually, let me show the framework for expansion. So Calgary, of course, is where we are today. We have a pilot plant in Vancouver, which we've got retrofit capability at. But the next Canadian facility would be in Hamilton. And the first U.S. facility will be close to TAMKO's facility in Maryland. And if you think about that and you think about where we are, so we've selected the state. We've selected the city. And we're in the final stages for the LOI for the lease. So we're expecting that to be, actually, within the coming weeks, secured. And then we can kick off the permitting process to supply the TAMKO facility. But if you look at this map and you look at where TAMKO are, so close to Atlanta, close to St. Louis, Kansas City, close to Dallas, et cetera, we have a clear path of what the next three Canadian facilities could look like in terms of Calgary, Hamilton, and Vancouver, and the next four US facilities to supply TAMKO. And so that's seven facilities. And then if you think about how we get to a billion dollars, look, there's going to be a lot of people on the calls that tell you today the talk about, "Here's how we're a billion-dollar company. And here's how that might work." We're super, super clear on how to do that. 25 million worth of CapEx, build a facility, make sure it's in a region where we can secure 80,000 tons a year. 80,000 tons a year then kicks out, as we've said in the commercial model, an EBITDA of CAD 10 million-CAD 11 million bucks. And if you look at the waste-to-value multiples, and now, much bigger companies, but generally in the range of kind of 12-15 of the EV to EBITDA. And if we then build 10, so assuming a conservative multiple of 10, so CAD 10 million EBITDA, CAD 100 million EV, in theory, to hit CAD 1 billion from our market cap today of about CAD 50 million, we need to build 10 facilities. And if you look at the map, as we've said, the key as we look at this is all about where those 10 facilities could be. You can see three in Canada, very straightforwardly, four with TAMKO in the U.S. Then that's not even we're touching the areas of the country that have very high tipping fees, such as Seattle and Portland. Then, obviously, on the West Coast to LA. If we think about the growth rate, we believe that we can pretty confidently build three plants. That's what the organizational capability, when we get into as we build it, but as we get into 2026, that will be one of the targets, is to build the organizational capability to build three plants. If you think about Calgary built, you think about 2027, Calgary built operating through 2026 and ramping up, Hamilton built and US1 built in 2027 to exit 2027 with three plants, then that's when we should be expecting to add three more. And then once we've built kind of five to six, given the size of this market, we may consider licensing. Because obviously, to build two to four hundred facilities across North America, licensing could be an interesting tool for us. The cap table, so listen, we've raised so when I joined four years ago, that was just after an IPO of CAD 12.2 million. We've raised CAD 58 million over that period of time, of which CAD 30 million has been non-dilutive. So we've worked really hard for shareholders to make sure that we could minimize the dilutions as best we can. So therefore, there's a fairly complicated balance sheet with some non-dilutives, some royalty to ventures, and some converts in there. So kind of fully diluted would be fully diluted 300. But if the warrants that are outlined there all got converted and came in, it would add another CAD 20 million worth of cash to the balance sheet. And then really, that's kind of the story. We're turning waste into value. We have a high budget. We've got a high-margin model. We've got patented technology, so patents in place in the U.S. and in Canada. And we believe we have a clear roadmap to CAD 1 billion, which is 10 facilities kind of processing 80,000 tons. Our upcoming catalyst, that's one of the questions, actually. Upcoming catalysts, ramping up the Calgary facility and demonstrating to market, cash flow break even, et cetera. Continuing development of Hamilton. As I said, we've selected the state and the city and our negotiation for the lease and the LOI for the U.S. And so we're landing that. Yeah. And kind of getting ourselves positioned for the construction of those two facilities. Okay. I'll turn to questions now, which hands me over to my next question listener. So actually, a quick question about can ROOOF recycle any other materials, such as, and actually, this was a question about tires or sorry, about tires. Completely focused on shingles. Even flat roofing would need some degree of modification to the process. And this is all about literally developing a technology that can be just rolled out city after city after city. So exactly the same size, four- to five-acre plot, 30,000 sq ft building, either existing or rebuild one. And all of that is just we just literally want to win some people. I've been quoted in Canada saying I want to be the Tim Hortons of asphalt shingle reprocessing. Maybe it needs to be the Dunkin' Donuts in the US. But if the city is more than two million people, that's exactly what we should be doing, is literally just kind of rinse and repeating where we are. So good question. So, capital. If you think about, is there any additional capital for a 40,000-ton facility versus an 80,000-ton facility? And the answer is no. So CAD 25 million gets you a facility that can either run 40,000 tons or 80,000 tons. The only difference is the cost for the night shift. So we would just add extra shifts. Now, we haven't run these. Calgary has only been built. So it could be that there'll be additional maintenance costs. But we think that's sort of at the margin given the benefit of running 24/7. Also, the way that the facility works is the front end of the facility sort of is a mining-based facility. The back end of the facility is a hydrocarbon facility. So that's where the asphalt is produced. All of that to say that my background is in mining gas. Hydrocarbon facilities love running 24/7. They actually don't like being drilled back up again. So we do think the efficiency and the best way to run these is 24/7. So, another question: top three hurdles for getting a facility construction approved. This is a light industrial process. So that's the zoning that we have. When you look at a waste facility like this, there's probably kind of two big things that we have to do from a permitting perspective. One is a waste collection permit. So that's literally just to bring shingles in and store them on your site for your processing. Not really, I mean, not really that difficult to get, but actually something you have to manage. In some areas, there'll be like, well, some jurisdictions will be, "Well, actually, your shingles need to be under cover." So that's kind of one of the things. Then the second thing is, because we have a hydrocarbon process, the only thing that we have to do with respect to that is always get an air permit. That's just because we use natural gas in the process. Those are the two things. I mean, in terms of timing, that's generally a year of permitting. And so when we think about how quickly can we roll one of these out, I mean, once we've selected the city, selected the site, worked with kind of local government to kind of say, "Yep, this is where we're going," it's about a year of permitting and then six months of construction and kind of two to three months of commissioning. So really, front to back until you're kind of up and running is sort of a two-year kind of like a two-year process. And yeah, so question about how long does a permitting site take and that's it. So let's see. So actually, interesting about the kind of technical risks. I mean, I think we've de-risked this process significantly. We're producing high asphalt oil at the back end of the plant. And now it's just about ramping up. So I think the. Is the pump big enough or is the level switch tripping too much? And just as literally as you run it up. Now, we ran 80 tons a day to hit the government target, and that taught us a lot about kind of what was going on. And so now it's all about steadily increasing the hours and increasing the throughput, such as making the high-quality asphalt coming out the back end, but this is the first plant. So we learned a lot in engineering. We learned a lot in construction. We learned a lot in commissioning, and we will learn a lot in operations. And then the important thing is to take all of that and incorporate it into the design for the next few years. So somebody asked, "What's the cadence as we build plants?" I mean, again, we believe we can build three plants a year. Calgary up and operating as we kind of go through 2026 up to full capacity, construction of US1 and Hamilton in 2027. And as we leave 2027, we should have the ability to build three years. So obviously, during next year, we'll be identifying the next three sites and starting the whole permitting process such that we're early in 2027 as we're building the next two that we're starting the whole process for the next three sites. Sorry. So end of 2027 for three running plants, yes. So what is the addressable market in the US? So I think the addressable market in the US is 16.5 million tons. So if you think about a Northstar facility, that's between 200 and 400 Northstar facilities. So if you think we build, if we can service 50% of that addressable market, I mean, that's potentially 80,000 tons, that's potentially 100 sites. Now, if you look at our growth curve, and just be clear about what arm of the industry you want to do. If you look at that growth curve and you say 23 facilities by 2030, to solve the industry's problem in 2035, we would need to build 200 Northstar facilities. So that's really the size of the market. Okay. I think that's pretty much all of our questions. With only kind of 30 seconds left to go, I think I need to hand it back to the.