Good morning, ladies and gentlemen. Thank you for standing by, and welcome to 5N Plus fourth quarter 2025 results conference call. At this time, note that all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, please press Star, then one on your telephone keypad. If you require immediate assistance for the operator, please press star zero. Richard Perron, President and Chief Financial Officer. I would now like to turn the conference over to your speaker today, Richard Perron, President and Chief Financial Officer. Please go ahead. Bonjour, à toutes et à tous. Good morning, everyone. Thank you for joining us for our Q4 and full year 2025 results conference call and webcast. We'll begin with a short presentation, followed by a question period with financial analysts. Joining me this morning is Gervais Jacques, our CEO. We issued our financial results yesterday and posted a short presentation on the investor section of our website. I would like to draw your attention to slide 2 of this presentation. Information in this presentation and any remarks made by the speakers today will contain statements about expected future events and financial results that are forward-looking and therefore subject to risk and uncertainties. A detailed description of the risk factors that may affect future results is contained in our management's discussion and analysis of 2025, dated February 24th, 2026, available on our website in our public filings. In the analysis of our quarterly results, you will note that we use and discuss certain non-IFRS measures, which definitions may differ from those used by other companies. For information, please refer to our management's discussion and analysis. I would now turn the conference over to Gervais. Thank you, Richard. Thank you all for joining us today. 2025 was truly record-setting year for 5N Plus. By leaning on our strengths, we navigated a complex macroeconomic and geopolitical environment with agility and delivered phenomenal growth. This was driven by our strategic focus on value-added products in key end markets, our flexible global sourcing and manufacturing capabilities, and strong customer relationships. Customers recognize our expertise. They trust us to deliver reliability and quality in demanding advanced material applications. In 2025, we also reached new heights in our financial performance, far exceeding the objectives we set for ourselves when we started the year. This includes accelerated revenue growth, record Adjusted EBITDA, and significant margin expansion. It was made possible by contributions from both of our segments. In Specialty Semiconductors, our strong performance across the board once again confirmed our status as a supplier of choice in the high-growth, renewable energy and space solar power sectors. Starting with renewable energy, the new and expanded agreement for the supply of thin-film semiconductor materials with our strategic customer, announced last August, was an important milestone, providing visibility on a multi-year growth path. Under the new agreement, we increased volumes by 33% for the 2025 and 2026 period underway. By another 25% for the subsequent term, taking us to the end of 2028. This agreement supports our customers' U.S. manufacturing growth plans as the leading American solar technology company. It also reinforces our critical supplier role within this value chain. Space solar power is another key end market with a clear and multi-year path for growth. After a strong year, our project pipeline at AZUR SPACE is very robust, extending beyond 2028. By the end of 2025, we successfully increased solar cell production capacity by 30% as planned. We are also now working towards an additional 25% capacity increase, which we expect to start gradually coming online in the second half of 2026, in line with customer demand. Whether in Montreal or in Germany, our sites are focused on scaling production and pursuing capacity expansion with discipline, unlocking productivity improvements and operational efficiencies along the way. Earlier this year, we also announced that we received a $18.1 million award from the U.S. Government to expand germanium recycling and refining capacity at our St. George, Utah facility. This investment aims to strengthen domestic supply chains for optics and space solar applications. Once again, it is a recognition of our expertise and reliability in a strategic sector. In Performance Materials, our intentional focus on key products in the health, pharmaceuticals, and technical material sectors has been the right one. In 2025, we capitalized on favorable pricing conditions and delivered strong results, despite lower volumes, and this was no accident. As the leading supplier of bismuth-based chemicals and compound, we took full advantage of our flexible sourcing and manufacturing capabilities to realize improved margins. Looking ahead, while the operating environment is expected to remain complex, the underlying growth trends across our key end markets remain clear. Strategically, 5N Plus sits at the intersection of utility scale and space-based renewable energy infrastructure. We supply advanced materials that enable critical, sought-after technologies. As we previously discussed, solar energy remains a key component of the U.S. energy mix, despite policy shifts. One of the driver is the fast adoption of AI technology, which required large data centers with significant power needs. At the same time, structural expansion in the space industry continues at elevated levels, where we are the go-to partner to the main players in this sector, thanks to our leadership in solar cell technology. Medium term, we also anticipate growth opportunities in imaging and sensing, both on the security and the medical imaging front. In Performance Materials, we remain a key partner for health and technical materials, with growth expected to remain broadly in line with GDP, consistent with historical trends. With strong foundations, a clear growth path, and a proven strategy, we are well-positioned to level up our performance in 2026 and deliver long-term value for our shareholders. I will now turn it over to Richard for a detailed review of our financial results and outlook. Thank you, Gervais. Good morning, everyone. We are very pleased with our record financial performance of 2025. What you're seeing today is the result of strategic choices. Over the past several years, we have made a concerted effort to grow our Specialty Semiconductor business and to increase the proportion of revenue and earnings coming from high-end and high-growth sectors. At the same time, we have streamlined our Performance Materials activities, increasing the resilience of our highly complementary business. We have accomplished this by adjusting our footprint and investing in operations over the years, streamlining our product portfolio with a focus on growing or solidifying our position in key end markets, and prioritizing client partnerships built over the long term. Our results speak for themselves and validate our strategy. In full year 2025, total revenue increased by 35% year-over-year, reaching $391.1 million, with $285.4 million of those revenues coming from Specialty Semiconductors. Adjusted gross margin increased 44% year-over-year to reach $131.8 million in full year 2025. This translated into a robust Adjusted gross margin as a percentage of sales of 33.7% for the year. This was boosted by an exceptional Adjusted gross margin of 42.4% of sales for full year 2025 in Performance Materials. Finally, full year 2025, Adjusted EBITDA increased by 73% over last year to a record $92.4 million. This includes a $70.1 million contribution from Specialty Semiconductors, helping us exceed the high end of our twice increased annual guidance range of between $85 million and $90 million. With our increased cash flow generation and prudent balance sheet management, we have significantly reduced net debt from $100.1 million at the end of 2024 to $50.3 million at the end of 2025. This brings our net debt to EBITDA ratio at year-end to 0.54, 0.5 times. Let's now take a closer look at our segments. Starting with our Q4 performance in Specialty Semiconductors, revenue increased by 47% compared to Q4 last year to reach $76.2 million, supported by our volumes in renewable energy and space solar. Adjusted gross margin increased by 27% in dollar terms. As a percentage of sales, Adjusted gross margin was lower year-over-year, coming in at 25.5% because of a less favorable product mix and our planned maintenance expenses. As discussed on our last conference calls, we completed incremental preventive maintenance in full year 2025 to support our operational objectives for the full year 2026. Adjusted EBITDA in Q4 2025 increased by 12% to reach $14.2 million, supported by our volumes, partially offset by the same factors mentioned before. Quarterly variations aside, the segment's performance for the year was excellent, with a 41% increase in revenue to $285.4 million and a 59% increase in Adjusted EBITDA to $70.1 million, while maintaining a robust annual Adjusted gross margin of 30.8% of sales. Backlog also continues to be maxed out at 265 days, as per our definition, with strong demand and orders in our strategic sectors booked several years out. Turning now to Performance Materials, with the story in Q4, consistent with what we've delivered all year. Revenue increased by 36% in a quarter, to $25.8 million over Q4 2024. This brought full year segment revenue to $105.7 million, up 22% over 2024. Q4 Adjusted gross margin was 40.9% of sales, compared to 33.5% in Q4 of last year. As mentioned, the segment's full year Adjusted gross margin came in at an impressive 42.4% of sales. Adjusted EBITDA in Q4 increased by 108% to reach $7.8 million. For the full year, Adjusted EBITDA increased by 59% to $35.1 million. The segment's overall performance was driven by a favorable inventory position coming into the year and improved product mix, higher prices, net of inflation and higher metal input costs. Turning now to outlook. As the geopolitical and economic backdrop continues to evolve, we expect our operating environment in 2026 to remain complex. The underlying growth fundamentals and structural expansions in our key end markets remain very strong, providing a long runway for growth. However, we must also contend with rising input and operating costs that will pressure our margins, especially after the exceptional performance of 2025. From an operational perspective, we are laser focused on the execution of our growth plans. This includes scaling production and increasing capacity in strategic sectors in order to meet customer demand. Gervais called all of those key projects. Driving productivity and operational efficiency in 2026 is also key to help mitigate anticipated margin pressures. With our strong balance sheet, we will continue to invest in our operations while also pursuing external growth opportunities to further strengthen our advanced materials leadership in key markets. Taking into account this environment and what we have in the pipeline, we anticipate generating Adjusted EBITDA of between $100 million and $105 million in full year 2026, with a higher contribution in the second half of the year. This reflects a measured and disciplined approach to build on what we have achieved last year. Our focus is on solidifying our expanded earnings base and investing selectively in capacity to generate a sustainable performance. This approach positions us to further strengthen our standing as a supplier of choice in strategic sectors, and to deliver continued value creation for our shareholders. That concludes our formal remarks. I will now turn the call back over to the operator for the Q&A with our financial analyst. Thank you, ladies and gentlemen. If you'd like to ask a question, please press star one, star one on your telephone keypad. If you'd like to withdraw your question, press star two. One moment, please, for your first question. Your first question comes from Baltej Sidhu from National Bank. Please go ahead. Hey, good morning, and, congratulations on the quarter. Thanks. Yeah. The first one for me is on the back of the results of America's largest solar technology manufacturer, which saw its guidance coming in below expectations and some strategic underutilization of international facilities. Just given the Trump administration's new countervailing duties for Southeast Asian imports on solar cells and panels, and if this stick, we think that its U.S. operations should be a benefactor. Any comment you can provide as it relates to that, but also the pressure on international sales and any impact to VNTE, if you're looking to gain more market share in that realm? Well, thanks for the question. I believe that the emphasis that they're doing on reshoring and supply chain resilience that they've been talking about, I think it's all favorable for 5N Plus, and it's positioning us as the supplier of choice for them. Fantastic. Now turning to your 2026 guidance, the midpoint currently aligns with consensus and applies roughly 11% year-on-year growth. Just given the underlying momentum in the business, along with the recently announced capacity expansions for CdTe and AZUR SPACE, can you walk us through the key drivers underpinning that 11% growth at the midpoint? If there's any details that you could shed on cuts and takes that are embedded in the guidance. Essentially, behind the guidance in terms of growth, in the case of our renewable energy, I think we've been it's all out there, and following our press release of last year, we have confirmed volume for 2026 and further increase in volumes to 2027 and 2028. That's essentially. This is locked in, and that's a, by default, a solid assumptions used in our guidance. As for space, it follows also our most recent press releases in terms of capacity expansion. More recently, we announced capacity expansions in 2026, with benefits in 2027. If you go back to the previous announcements of last year, all of that extra capacity on a full year basis is also embedded in our guidance numbers for this year. That's for the space business. Everything else, we from a guidance perspective, we keep our assumptions as I'm gonna use the term with conservatism, like, and small growth, and obviously we're applying ourselves to do always better in time. First two sectors is backed up by orders and capacity expansions projects, and the rest we remain prudent. Okay, that's great detail. Another one for me is just on the Performance Materials outperformance and the margin normalization that you noted, just given the anticipated cost pressures that was noted. Could you provide more detail on your assumptions around bismuth pricing? Margins have continued to remain elevated. What, what visibility are you seeing on pricing trends, and what are you hearing in conversations with your suppliers and off-takers? The metals we play with, it's always extremely hard to forecast any movement in prices. We essentially, the way we work is through our commercial contracts. That's how we protect ourselves forward. By default, because we hold a certain inventory on hand, we have to be more prudent than less. Again, from a guidance perspective, we tend to use either stable or decreasing prices, in order to face any, in order to plan for any, let's say, unfavorable movement from foreign exchange. If you recall, we've made so many changes to our product portfolio and footprint, that actual variations in foreign exchange, they don't have as much impact as they had in the past. We commercially hedge ourselves to protect us against any variations, rather than then guess where foreign exchange will go in time. We don't have a public opinion as to where bismuth prices will go in the future. We tend to manage any variations in foreign exchange through commercial hedging and making sure that we hold on to products that have the smallest percentage of metal as possible, so value, deliver value-added products. Great! That's, that's it for me, and congratulations once again. I'll get back into the queue. Thank you. Good. Your next question comes from Amr Ezzat from Ventum Capital Markets. Please go ahead. Xavier Richard, congrats to you and the 5N Plus team on an incredible year. Maybe I should start with the margins on specialty semi. They stepped down meaningfully in Q4, which I think we all expected, given your comments in Q3. I'm just wondering, how much of that step down is structural or product mix versus, you know, like the maintenance that you guys sort of spoke to? What should we treat as the right sort of normalized margin range heading into 2026 for specialty semi? Okay. Most of the key factors behind this lower margin expressed as a percentage of revenue, is essentially from accelerated or definitely us applying ourselves at getting ready, accelerated and preventive maintenance expenses, and us getting ready to start 2026 on solid grounds, okay? The vast majority of that lower margin, again, expressed as a percentage of revenues due to that. There's a little bit of product mix, and there's a little bit by default of the usual slowdown that comes in in December. Going forward, I think you can hold on to the full year gross margin in order to modelize your the business. Fantastic. no, that's helpful. just another one on your EBITDA guide for fiscal 2026. appreciate your remarks in the in your prepared commentary on the gating factors there, and the inflation of input co-costs. Can you speak to what assumptions you guys are using or are embedded in your model, for inflation, for the different input costs, like just at a very high level? you did mention that you're being conservative as well, which is always good, so should we be expecting another two increases in 2026? Yeah. Look, it's not a perfect science. Obviously, labor costs, we come up with assumptions that are based on external data. When it comes to energy and consumables, we tend to anticipate a bit more than what is the market consensus, right from the start. The tough part remains the input, the input metal that we use, okay? Obviously, we're using much less metal in everything we're manufacturing and selling today, but it starts with a piece of metal. There are two, we tend to look back and assume that similar increase will happen in the following year. Okay? That's, that's our approach, which is an approach that is more, that was more conservative compared to them than less. Again, the best way for us to protect us against input metal increases is through our commercial hedging practices and everything else. Okay, I appreciate that. Maybe if we could dig into space a little bit. Can you speak to the pricing dynamics you're seeing? Should investors expect any erosion whatsoever once competitor capacity arrives? From your vantage point, demand, absorption is strong enough to keep pricing rational? If you remember, the way this business works, you earn contracts today to be delivered later on. The backlog that we have for 2026, 2027 and 2028, all of that is based on the most recent favorable pricing environment. Okay. Everything that you're describing is more on a way forward-looking basis, but have in mind that we're producing more and more, and we have economies of scale going forward, that allow us to maintain margins independent of where pricing will go in time. Fantastic. That's always good to hear. Maybe one last one, Richard. It will be your first year as CEO, then Gervais, as Executive Chairman. What changes, if any, should we expect in strategic priorities? Look, it's a transition where we're making sure that there's continuity in our strategy. Don't expect anything more than us applying ourselves to go further the business on everything that we've built so far. Fantastic. Congratulations again. I'll pass the line. Thanks. Your next question comes from Yuri Lynk from Canaccord Genuity. Please go ahead. Good morning, guys. Good morning. You called out in your outlook section, I think for the first time, some medium-term opportunities in security and defense. I'm just wondering if you can provide a little more detail on that, on that line. Well, as you may know, we've been working really hard in developing new products for this product line, and we know we need all these. The shift to a photon counting detector is starting to happen, and we can feel it, we can see it, and this will have an impact going forward. This year, quite limited, but, in 2027 and 2028, you know, that's gonna start to be something significant. We also, you know, we're developing all sorts of detectors that are being used both for medical and defense application. Today, you know, being a Western world producer, being able to do that is now definitely a key attribute that position 5N Plus favorably. Over the past few months, many of the big names associated with the defense industry have come up to us, and they're pretty impressed and interested in our capabilities to grow crystals, make substrates, lenses, recycle and refine strategic minerals, and else. All of that is giving us a lot of comfort that the whole topic of defense will play favorably for us in time. Does that defense reference in the outlook, does that specifically tie back to the upstream expansions at St. George? It's one of the factor, but it's the equation. Yeah. What is playing favorably for us is the equation of us starting from piece of metal all the way to fancy semiconductor products. That's really the full integration that we can offer to the industry, obviously, based out of China, which is a definite, it's a prerequisite now. Okay. It reads to me that, you know, those security and defense applications might show up in your revenue line before the sensing and imaging opportunity that you've talked about previously. Is that the correct way to read that? No. We, as you know, the way, like, we have this segment and we have those sectors that we serve under those segments, defense is actually kind of spread out in between, in between space and sensing and imaging today, and to some extent, technical materials as well. Okay. switching gears, really nice cash generation in the quarter balance sheet, in fantastic shape. Can you talk a little bit about, the M&A pipeline, if we wanna call it that, and how that might have evolved over the last, say, six to nine months? We continue to look at many different files. Yeah, we have what you call, what you refer to as a pipeline, but it still requires fair bit of work on our side before coming out to the market and say, "Here's the target, and here's why it's a good target." We're actively reviewing many different files, meeting peoples, making walkthroughs, and else. We're very serious about completing a transaction this year, highly motivated, as we say. Can we give you more details this morning as to the exact materials and/or markets that it's aimed for? It's a bit hurry. Yeah. No, I understand that. I mean, you say you expect to do something this year. I mean, sometimes these things aren't in your control. Exactly, yeah. Are you okay if nothing, if you can't do an acquisition this year, you're okay with that? I mean, how do we think about other ways to put the balance sheet to use? You know, we have lots of internal growth to manage. This year, we're focusing on execution and deliver the strong pipeline of order that we have. We have a, the backlog is, more than 365 days, but if you look at it. segmented by sectors. In renewable, it's more than three years. What we're doing now is looking at M&A, without pressure, because we want the right deal. We don't want to do any acquisition. We want to do the right one, like we did successfully with AZUR SPACE three years and a half ago. Yeah, no, that's what I want to hear. Okay, guys, I'll let it go there. Thanks for the time. Your next question comes from Michael Glen from Raymond James. Please go ahead. Hey, good morning. Maybe just to start, CapEx in 2025, including intangibles, was just below $21 million for the full year. Can you provide an outlook for 2026 on CapEx? It's gonna be in a similar range. Similar range? Okay. Yeah. Then working back to the germanium investment, or alignment with the U.S. Department of Defense, what should we think about in terms of revenue impact in 2026 and 2027 from that specific agreement? For 2026, very little. 2027, we will start to realize some benefit out of it, but it's more a 2028, 2029 perspective. Okay. Because it takes some time to install it all and get going. We expect it's gonna take at least a year. Like, we have already a plan with a short list of equipment and feeds to treat, all of that will take most likely all of this year to at least get the initial stuff in place and get going. It's more of an horizon 2028, 2029, but there'll be some benefit this year, next year, associated with recycling and refining complex feeds that contain germanium, and from that germanium, additional businesses associated with lenses, detectors, and else. Then just circling back to the First Solar related business. I get that a lot of what they're speaking about during their conference call is related to low capacity utilization internationally. Can you remind us or speak to your, what level of capacity increases you've put in Canada and Germany, maybe since the end of 2024? Like, how much has capacity increased for you? And speak to or remind us of the, some of the higher level contract terms associated with First Solar volumes. essentially, since the end or close to the end of 2024, we must have at least double our capacity. This year, we continue to add a bit capacity, we're adding new equipment, brand-new capacity associated with this additional thin film PV materials that we're gonna be supplying for solar cadmium selenide, as we presented in our press release last August. Okay. Are you able to remind us just the contract, like pricing or volume commitments? Like, how do we think about those? The volume for 2025 and 2026 is 33% higher than 2024, and for 2027 and 2028, it's an additional 25%. Over 25, 26. Yeah. We can characterize that as take or pay in nature? It is. It is. It is. Yes, yes, it is. It is back with their capacity, and most of their growth has been happening in the U.S. with their Louisiana and Alabama facility. As you know, Perrysburg has been also optimizing their production. What they said and what they continue to do is trying to refocus, recenter their production in North America. Okay. Just final one, I know you guide on EBITDA, but not on revenue, are you able to give us any indication, should we expect that revenue will meaningfully outpace EBITDA growth next year? Yes, based on our current assumptions, and again, being prudent, we're very prudent as to the actual gross margin expressed as a percentage of revenue. You see where our guidance goes from our current 2025 EBITDA. Yes, revenue should, as a percentage increase, should outpace a little bit the growth in EBITDA. Okay. Okay. that's-. Thanks, guys. Thanks for the questions. Your next question comes from Frederic Tremblay from Desjardins. Please go ahead. Thanks. Good morning. Good morning. Just wanted to dig a bit deeper on the 2026 guidance. In your comments, you did mention that you expect a higher contribution in the second half of 2026. Wondering if you can maybe provide a bit more color on the factors that are driving that. Is it just business seasonality or some of the capacity increases? It's the. -coming online? Yeah. It's, as you know, as I explained, in order to build or compile our guidance, we have renewable energy and our space solar business essentially, all under contract. It's just the actual anticipated release dates of those contracts that makes it that makes the second half anticipated to be a bit stronger than the first half. Okay, obviously, releases can change from clients. We occasionally can move things around, but based on the current releases communicated by clients, assuming a stable allocation of the rest of our businesses throughout the quarter, we can anticipate the second half to be stronger. All of that I mean, it's still early stage, but the base what's behind it are communicated releases from clients. Okay. You mentioned a bit stronger, so it's, in terms of quantifying it's not. Yeah. It's not gonna be a huge difference. It's a bit stronger, exactly. As I said, the full year is always committed under contract, but it may change from one quarter to another, depending on confirmed releases from clients. We start the year with the first plan discussed with clients, and that's what we have modelized and built up from a bottom-up forecast perspective. Yeah, understood. Okay. You did mention your intention to drive productivity and operational efficiencies across the business. Wondering if you could provide some high-level, you know, examples of what you guys are working on that front? Well, as you know, we've been adding capacity. Normally, when you're adding capacity, you're hiring new employees, you're training them, you're developing new, you know, methods of working. Second wave is you're doing optimization, and this is what we will be focusing on doing, is trying to optimize, also bring more automation on board in both at AZUR SPACE, but also into our renewable energy. You know, we've been successfully able to start this equipment, deliver products. Now, we're now starting the wave of improvement. Perfect. Then last question for me, just on the preventive maintenance that happened in Q4, did you complete everything you wanted to complete there, or are we expecting an impact in Q1 as well? Well, it's not gonna be. We did not complete everything we wanted to complete, but it's not an impact per se, because if you recall, what we've done is accelerating stuff that we typically do every year. Yeah. Okay, that's great. Whatever is not done in 25 is not incremental to 26, it's rather the other way around. It's emergent to 25, not 26, okay? Yeah. Yeah, that makes sense. Thanks a lot. That's all I have. Thank you. Thanks. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Your next question comes from MacMurray Whale from Cormark. Please go ahead. Hey, Richard, Gervais, MacMurray Whale here filling in for Nick. Great clarity there on the maintenance strategy. Could you also maybe just speak to the pipeline for AZUR SPACE, given the incremental capacity at Heilbronn? Has the uptick in capacity come with any new contracts, both commercially and on behalf of government? If you recall, our approach to capacity expansion, more specifically to our space solar business, is that as soon as comes a point in time when the backlog for the following reaches the previous year's capacity level, that's when we trigger capacity expansion. What we have announced, a month or so ago, is aligned with that approach, meaning that we see 2027 at level, confirmed contracts at level of our most recent capacity, and it goes on, then we trigger those investments. The same assessment will likely be done, late 2026, early 2027 for 2028, and so on and so forth. To answer your questions, when we increase capacity, it's because we have the contracts. Okay. Understood. Nothing in terms of significant pipeline without the contracts? Well, the pipeline is by itself significant. Yeah because the sole satellite industry continues to grow and there are more and more opportunities. It's still on a fast-growing mode today. Again, the key for us is not to bring too much capacity too early in time. That's where comes the discipline that we have. You know, every other week, we're bidding on projects, and, the, when we are winning a contract, then we need to question ourselves, do we have the right capacity for in two years' time? It's triggering decision. This is why we've been announcing the third expansion of AZUR, might not be the last one. Great. Understood. One last one for me. Previously identified that medical imaging is a pretty promising catalyst, and I think we chatted about it in the call a bit earlier here. Can you just maybe provide a quick update on the commercialization timeline for the detectors? Is it still 2027? Yeah. Well, we have now one customer who is, you know, manufacturing PCDs at industrial scale. What we expect is that later this year and starting next year, you will have more than one customer doing it. The demand will be increasing. We will play an important role. We're not the only one, we're competing against China, but we will play an important role in securing the supply chain for these new products. That's something we've been developing for many, many years. I think the change is happening. We see the industry moving from scintillators to photon counting detectors. It takes time, but when it's done, it's gonna be there for a long period of time. Great. That's all for me, gentlemen. Thanks. Congratulations on the quarter. Thank you. Your next question comes from Baltej Sidhu from National Bank. Please go ahead. Just a quick one for me. Just given we've spoken about the cadence of contribution from the recent U.S. Government investment to expand domestic germanium refining, and appreciating that it's still early days, could you share any details how we should think about the CapEx deployment cadence? Okay. The CapEx deployment, essentially, that grant pays for a CapEx. That's, that's the, that's, that's what's behind it, ultimately. It covers also some of our own development costs, our engineer's time and else into that. The actual deployment, if it's for modelizing it, again, keep in mind, it's all backed up by grant, if it's for your model. It's to anticipate the business that will come out of it. By default, there's a little bit of CapEx in the first year, but most of it comes in the second and third year by default. What's behind it is for us to finalize developing the processes and put the capabilities and capacity in place to treat various feeds that contain germanium, where by default, we would start with the easier feed, and then more complex feed, and even more complex feed, and keep towards the end, like, the real complex stuff, okay? The CapEx will also be linked to the complexity of the feeds and time. It's gonna be gradual with the most important CapEx to be realized somewhere in the middle of the project by default. Again, if it's Enough. If your questions are on helping you to modelize CapEx, there's a grant behind it, so. No, I was just looking at kind of how backing into the cadence of the realization. That, that's great. Perfect. Thank you. There are no further questions at this time. I will turn the call back over to Richard Perron for closing remarks. Okay. Well, we would like to thank you all for joining us this morning. We wish you a great day. Thank you. Thank you. Ladies and gentlemen, this concludes today's conference call. You may now disconnect.