Okay. Good morning, everyone, and thank you for joining us for Northstar Clean Technologies' Second Quarter 2026 Results Webcast. I am Josh from Kin Communications, and I will be hosting today's call. Joining me today are Aidan Mills, Northstar's president and CEO, and Lynda Paananen, Northstar's CFO. During today's call, management will review Northstar's second quarter results, provide an update on operations at Empower Calgary, and discuss the company's priorities for the balance of 2026. This will be followed by an audience Q&A period. Attendees can ask a question at any time by using the Q&A button at the bottom of their screen. A recording of today's event will be available shortly after the conclusion of this call. Before we begin, I would like to remind everybody that today's discussion may include forward-looking information and statements that are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. Please refer to the company's public disclosure filings for a more complete discussion of these risks and other factors. With that, I will turn it over to Aidan. Thanks, Josh, and thanks for the intro. All great to be on, and welcome to the call. Today's call is all about Calgary. As you have seen from the PR, which has just been released. As we talked about in the last couple of quarters, the focus for 2026 for Northstar is to deliver an operating facility in Calgary. Today, that is exactly what we are going to talk about. We are going to cover four things. We are going to talk about the Q2 financials. Lynda, who is here in the office with me, will talk about that. The 10,000-foot summary with respect to that is, it is pretty much the same as Q1 with one huge difference, and that is that we have first product sales revenue. Secondly, we will talk about the Calgary operation to show the huge progress that we have made there. As you have seen from the PR, we have hit the operational targets as set up by ERA for Milestone 4. We produced a record of over 160 tons a day at the facility, and we have had consistent production through June and July. The third thing I will talk about is the path forward for Calgary, the maintenance that we did in August, and the path forward over the next couple of months. Lastly, I will do a quick update on the patent PR that we issued last week. We have not really talked about technology development or patents for a long time, so wanted to give you guys an update on that. As Josh mentioned, forward-looking statements as always. We have now got the Q2 financials, and I will hand over to Lynda to take us through those. Okay. Thanks, Aidan. Second quarter financial results continue to reflect Northstar's transition from commissioning and ramp-up towards commercial operations at Empower Calgary. Starting with revenue. The first chart on the top left-hand side. Total revenue was approximately CAD 209,000 in the quarter, relatively consistent with the first quarter. Importantly, Q2 included approximately CAD 35,000 of product revenue. This is revenue from asphalt sales, representing the first product revenue under our agreement with McAsphalt. Tipping fee revenue remained the primary component of revenue during the quarter. As production volumes increase, we expect product sales or asphalt sales to become a more meaningful component of the company's revenue mix alongside tipping fees. Gross profit was approximately CAD 54,000 in the second quarter, compared with approximately CAD 84,000 last quarter. The decrease primarily reflects lower tipping fee revenue, which is higher margin, together with the introduction of cost of sales associated with our product revenue that we disclosed. During the current stage of the Calgary facility ramp-up, a significant portion of facility operating expenditures continue to be recorded as what we call pre-commercial operating costs rather than cost of sales. As the facility progresses towards commercial production, the composition of both revenue and cost of sales will continue to evolve. Turning to the bottom line, comprehensive loss. The company recorded approximately $3 million loss during the quarter. The reported results include both cash and non-cash items. In particular, the company recorded a non-cash fair value gain of approximately $2 million related to the derivative liability associated with US dollar-denominated convertible debenture. That's a mouthful. Because this liability is remeasured each period, changes in its fair value may result in meaningful period-over-period volatility in reported earnings. Lastly, Northstar ended the second quarter with approximately CAD 6.2 million in cash and cash equivalents, and this compares with approximately CAD 12.7 million at the end of Q1. The approximately CAD 6.5 million decrease in cash during the quarter reflects several factors, including a meaningful normalization of working capital following the March financing. Approximately CAD 3.5 million was used to reduce accounts payable that had accumulated through the preceding quarters. Cash was also used to support operations at Empower Calgary, as well as ongoing corporate costs, CAD 800,000 of capital expenditures and approximately CAD 1.3 million of interest and debt-related payments during the quarter. It's important to note that interest related to convertible debentures is heavily weighted to the second and the fourth quarters. Cash use for financing to activities will obviously be higher in those two quarters. These uses of cash were partially offset by CAD 1.4 million received on the second tranche of the US convertible debenture financing and CAD 800,000 of warrant exercise proceeds that were received in the quarter. It's important to note that Q2 included a greater than normal working capital outflow as the company reduced outstanding payables following the financing completed late in the first quarter. The cash usage in Q2 was not representative of the typical quarter. As Empower continues through its ramp-up, the company expects to continue allocating capital towards facility operations, reliability improvements, and corporate requirements as it works towards sustained commercial production. The financial results, therefore, continue to reflect a business in transition. We are beginning to see product revenue enter the income statement while the near-term financial profile continues to reflect the investment required to bring Empower Calgary to sustained operating levels. Turn it back to Aidan to discuss the operating progress. Perfect. Thanks, Lynda. The operating update. Let us focus in on June and July. We had during late June and through July consistent front-to-back production that enabled us to hit the ERA Milestone 4 target. We had record production of over 160 tons per day on the peak day, and most importantly, and reflected in Q2, and you will obviously see reflected more in Q3, we had regular asphalt deliveries, and therefore product revenue coming in the door. If people had been near the site, we had drawdown of shingle inventory at site, obviously to maintain those production levels. At the end of July and August, we were able to fast-track one of the updates that we had identified, or sorry, upgrades that we had identified for material handling. As you know, when we chatted in the last quarter, that is the key thing that we had identified was the material handling at the site on the front end. This is one of the system elements that we had identified earlier in the year, and we were able to carry that out in late July and early August. Then for the balance of August, we carried out the first maintenance on the hydrocarbon system, which, as you know, produced first oil last year. We carried out maintenance on that, which took us through the balance of August. The whole system from front to back is now restarting this week. Let us just talk a little bit about ERA. As you can see, the technical ERA technical team has signed off the delivery of the milestone. It has gone forward now for funding. We expect the grant funding to be coming in the near term. The award for that is, or the request for that is CAD 488K. Once they take the project holdback of 10%, that will mean a delivery to Northstar of about CAD 440K. The project holdback has been the same at every single stage through the project. When the milestone payment comes out, ERA hold back 10%, and that is paid in a holdback payment at the very end of the project. That will come after the facility upgrade, which is planned at the end of the year, and then when we deliver the final project report in Q1. That holdback of CAD 708,000 across the whole of the project will be delivered in Q1. We pointed out the holdback just to be able to be clear about how the ERA process worked. We also expect the second TAMKO debenture at the same time as that payment. As you guys know, that is a $2.8 million payment, which should follow alongside that Milestone 4 payment. Let us talk about moving forward. We have got the interim processing as we chatted about through July, the reliability upgrade and maintenance in August, and now we move into the next phase, which is again, interim processing, through to the upgrade in Q4. Just to be super clear about this, now we have done the reliability upgrade and the maintenance that was carried out in August. We expect increased reliability, increased yield, increased throughput, increased operating hours, and increased product delivery all the way through now to the upgrade at the end of the year. The target, as we have said before, is over 100 tons a day, and we are very confident with the ability of the facility to produce exactly that. We have done it for the delivery of ERA through late June and into late July, and we expect exactly the same thing now with the operations team as we move into September. All the way to the full upgrade at the end of Q4, that is what we expect. The Q4 upgrade, as we have talked about before, is the final step for the Calgary facility. The equipment is ordered, the work is scheduled, and in my opinion, it is the last step towards profitability for the facility as we move into 2027. We expect to see the September performance reflected in the Q3 results, and also as we move through Q4, we expect to see additional revenues arising from a financial performance perspective to deliver as we go into profitability in 2027. The intellectual property update. You saw the PR that we popped out last week, which was the addition of the fourth U.S. patent. We have updated this slide as well to kind of give a bit of a status, as we are with all of the patents. In Canada, as you know, two patents have been awarded. We have one additional follow-on and one new patent filed in Canada that are under review. In the U.S., we have one additional follow-on that is under review. For internationally, we originally filed the PCT, as you know, in 2023, so a while ago. Now we are progressing country-specific payments or patents. They are divided into a couple of different countries that we have applied for internationally. A couple of those are just in progress, and that is the fact they have just been filed. One of them, we actually have had the feedback from the examiners in the country and are now answering that. We may have an international patent hopefully awarded as we come out of the year. In summary, for Q2, we believe we have made huge progress for the facility and the technology. This is the first quarter I have sat here or, and Lynda as well, to talk about product revenue and our results. That is a kind of a landmark timing for that to be delivered. We have enabled full front-to-back processing. All the things that we have talked about in the last six months to the year where we had bottlenecks or we had material handling issues, we believe we have solved. The last step of that is the final upgrade, which is scheduled for Q4. We have delivered the Emissions Reduction Alberta Milestone 4 production objectives. That is a third-party validation that the facility is actually doing what we hoped and expected it to do. Now we have carried out accelerated upgrade maintenance for us to, as we believe, to really drive through with operational performance through to the upgrade. We have huge confidence moving into Q4 here. We have got huge confidence in the facility upgrade, and we have got huge confidence in moving into profitability as we head into 2027. Great. Josh, I think that is the summary. Excellent. Just a reminder again, you can use the Q&A button at the bottom of the screen to submit any questions you may have. With that, we will just jump to our first question. The first question is, it is great that you are focusing on Calgary. Still curious if there is any updates or anything to look out for with respect to Baltimore and Hamilton expansion. There is. Sorry, somebody just pulled me up. I did make a mistake with respect to the TAMKO follow-on payment. I actually said $2.8 million, not $1.8 million. Sorry. Just to be absolutely clear, along with the Emissions Reduction Alberta payment, we would expect the associated TAMKO payment for Milestone 4 to come in at the same time, and that is $1.8 million, not $2.8 million. So apologies. Misread that. Yes, Josh, great question. Obviously with the production of Calgary and the ERA Milestone 4, we focused this call completely on the Calgary operation. But yes, both Baltimore and Hamilton continue to develop. Site development and ready for next steps once the sites are completely signed up and leased to start farming. Yes, both progressing in parallel with the work that is being done at Calgary, and both progressing to a point whereby construction of the second half of 2027, as we have kind of signaled before, we still think will be achievable. Great. Thank you for that. We've got a question about the upgrades here. I guess two-part question. Can you speak a bit to what the benefit was of getting some of the winter upgrades done earlier in August? Also, will those upgrades allow the plant to continue processing during the final upgrade in winter? Let's answer the second one first. We think it'll be minimum disruption. The way that we've planned the upgrade is that the upgrade is likely to come in on a separate skid. It will not require significant kind of retrofit work or kind of squeezing it. For anybody who's done any of the investors who have done the site walk about, they know that inside the building is pretty tight with respect to equipment. The upgrade is going to be delivered on a skid, which will then be connected into the facility, so pipes coming in and coming out. That's relatively straightforward to do. Now, it always does need safety-wise shutdown, et cetera, or a bit of time to be able to tie pipework in and tie electrics in, et cetera. It's not going to be a material time to have to shut the process down. We should be able to minimize the disruption to production as the overall goal that we see. Not a significant shutdown to the plant. As we step on back and look at it, the 10,000-foot view, we identified a number of different sections as we looked at with respect to the material handling. A couple of those sections have been in the plant and have already been addressed. One of the sections that was in the plant, we were able to almost fast-track procure the equipment. That was ready and available to install at the end of July there. That was how we took the advantage of the acceleration, and it was really due to the speedy delivery of the equipment enabled us to address it straight away. That was the advantage. Now the upgrade that's coming towards the end of the year, that involves more complicated equipment and therefore just longer lead time for delivery. That's really the thing that's driven this—no other constraint, just about equipment delivery lead time. When we were able to get stuff that was quicker, we were able to install it almost straight away. Perfect. The next question is with respect to the ERA milestone. Can you confirm the requirements to meet that milestone in terms of how many days of operation and also what the tonnage per day requirement was? The tonnage per day was in the order of 100 tons a day. What we had to demonstrate was, and obviously when you are running a facility, sometimes you will have 9 tons a day, sometimes you will have 120, sometimes you will have 75, et cetera. So it was more around consistent, steady production day after day in the area of 100 tons a day. That is what we had. Also, as you saw, the record production day was 162, I think. Again, that demonstrated the front end capability of the facility. So that was the production target for ERA for Milestone 4 was more of a sustained, repeatable production, which is what we delivered. Which is actually key in terms of moving forward as well, because we have now demonstrated the plant can run day after day after day. Look, a number of people, we have had feedback whereby if we just announce a production target, that is fine if you hit a good production number, but then you are gone for the next four weeks. That is irrelevant from an operation and sustainable delivery performance. As we move into start the plant up actually tomorrow, that post-maintenance, that is the target. So it is really important to have a realistic target of 100 tons a day. But it is also really important to continue to extend operating hours and therefore deliver sustained operational delivery as we go through. So that is the target now as we move forward. I mean, was obviously for ERA and will be moving forward. Great. Then just one follow-on to that. Was there a specific number of days the 100 tons per day needed to be achieved? Twenty. Twenty? Yeah. Perfect. The next question, I think you answered on previous presentations, but for our new listeners, are asphalt sales tied to the price of crude, or is it a contracted sales price? Both. It's a contracted sales price that has both exposure to the asphalt price and has exposure to the crude oil price. As crude oil moves, the asphalt price in our contract will move. The contract is combined and made up of those main elements. Great. Thank you. That is actually all the questions from today's presentation, so I'll hand it back to you for any closing remarks. Just to remind everybody, a replay will be available shortly after this call through the link you joined by and will be up on our YouTube channel sometime tomorrow morning. Well, listen, thanks, Josh, for hosting and running through the questions, and thanks everybody for joining. Great to be able to have a quarter that although all intents and purposes looks exactly like Q1, but with a huge difference of asphalt product revenue in there. Great to have demonstrated continue to move the technology forward, continue to move the facility forward, and continue to demonstrate the realization of moving this business towards profitability with fruit. We're hoping as we jump on the next investor call to be able to describe the financial performance of that in Q3 and also how the production has gone through from now to the upgrade at the end of the year. Okay, thank you.
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