Greetings. Today is October 30th, 2025, and we welcome you all to the Third Quarter 2025 Investor Call for the Consensus Mining & Seigniorage Corporation, which is quoted on the OTCQX Premier Marketplace under the ticker CMSG. CMSG's Third Quarter 2025 financial results are posted on both the OTC markets and the consensusmining.com websites. Today, we have Mark Herndon, our Chief Financial Officer, Alun Williams, President, and Kevin McRae, our Chief Technology Officer, who will provide us with an update on our financial, business, and operational results. Before I turn it over to our speakers today, we remind you that the following discussion, including responses to your questions, applies only as of today. The information on this call should not be construed to be a recommendation to purchase or sell any particular security or investment funds. The opinions referenced on this call today are not intended to be a forecast of future events or a guarantee of future results. It should not be assumed that any of the transactions referenced today have been or will prove to be profitable, or that future investment decisions will be profitable or will equal or exceed the past performance of these investments. This call is recorded, and a replay will be available. To request a replay, please email ir@consensusmining.com. With that in mind, gents, I look forward to hearing your remarks. Thank you, Augustine, and thank you, everybody, for joining us for our Third Quarter 2025 Consensus Mining & Seigniorage Investor Update. During this call, as usual, Mark Herndon, our CFO, will start with a review of the 2025 Third Quarter financial results. Following that, I will share some general comments about the company and market updates, after which our Chief Technology Officer, Kevin McRae, will provide an update on our operations. And we will finish by responding to some previously submitted questions, which were submitted via the webinar website. So, with that said, I'll hand it over to Mark to talk through our financial results. Thanks, Alun. Overall, our third quarter was a continuation of what we have seen the last several quarters, as the company has continued to accumulate Bitcoin from mining with a relatively stable cost structure. The quarterly revenues increased in comparison to 2024 due to higher revenues from our Scrypt mining activity. This resulted in approximately $0.6 million of revenue in the third quarter, as compared to about $0.3 million in the third quarter of 2024. That increase was driven primarily from higher Doge prices during the quarter. Our Bitcoin mining operation resulted in approximately $0.1 million less of revenue in 2025's third quarter as compared to 2024's third quarter. This decline was the result of a lower volume of rewards during the quarter, which was approximately five Bitcoin, as compared to 2024's third quarter of nearly 11 Bitcoin. This volume decline was partially offset by higher average prices of Bitcoin in 2025 as compared to 2024. Our year-to-date results had similar factors involved, except that the impact of lower Bitcoin volume was more pronounced due to the April 2024 halving event. We received approximately 17.5 Bitcoin rewards year-to-date, which were valued at $1.8 million, as compared to 2024's rewards of 48 Bitcoin, valued at approximately $2.8 million. The Scrypt mining rewards over the year-to-date period were higher by approximately $0.7 million, primarily due to the higher average prices of Doge. All of this mining activity, along with our continued purchases of Bitcoin, which was 0.9 of a Bitcoin this quarter, have resulted in the company accumulating 340 Bitcoin worth approximately $38.8 million and total digital assets totaling $40.2 million at September 30th. Furthermore, the company's liquidity remained strong, with $60.6 million of cash on hand. Our hosting costs to mine Bitcoin have remained consistent at approximately $0.7 million for the quarter and $2.1 million for the year-to-date period. Similarly, the company's general administrative costs have continued to be a modest $0.2 million for the quarter and $0.5 million for the year-to-date period. The company also incurred depreciation expense for our mining activities for Bitcoin, Doge, and Litecoin, which aggregated to approximately $0.6 million for the quarter, a decrease of $0.7 million from the prior year, even when including losses on certain disposals. There was also a substantial decrease in depreciation and disposals for the year-to-date period of approximately $950,000, primarily due to equipment being taken out of service in prior periods or that it reached the end of its depreciable life. We have also continued to earn interest income. This quarter was $0.6 million and $1.85 million for the year-to-date period. Both declines from 2024 were due primarily to lower investment rates. The largest financial impact to the company's financial statements for the quarter continues to be the unrealized gains resulting from the appreciation in the value of Bitcoin, which increased about 6% during the quarter and 22% year-to-date. Overall, the changes in the value of digital assets resulted in $2.6 million of unrealized gains for the quarter and $7 million for the year-to-date period. As a reminder, these fair value changes to the company's digital assets also typically result in a corresponding and offsetting change to the company's deferred tax liability, both of which are, of course, non-cash items. I also wanted to note for you the company's book value per share has increased to $44.54 per share this quarter, as compared to the $41.79 per share at December 31st, 2024. As a reminder, that book value uses a Bitcoin value at quarter-end that was approximately $114,000. With that, I'll turn it back to you, Alun or Kevin. Thank you very much, Mark. So I wanted to kind of give some general comments about the market and so on, some context to those results, and as well as to support what Kevin's going to talk about in our operations update. So, as Mark said, we've continued to accumulate additional Bitcoin in our strategy of a gradual and efficient manner. We ended the quarter, as Mark mentioned, with around 340 Bitcoin. Now, if we think about the value of those Bitcoin, during the Third Quarter of 2025, Bitcoin prices rose from around $107,000 at the beginning of the quarter to approximately $114,000, which, as Mark said, is around a 7% increase over the quarter. Since the end of the quarter, the price actually hit a new all-time high of around $125,000. In recent weeks, it was kind of oscillating around the 110,000 mark, going from slightly above, slightly below 110,000 per coin. From a mining perspective, Bitcoin hash rate, which we've talked about before, is the measure of US dollar revenues on a per-petahash basis of mining processing power. That ended the quarter at around $51 per petahash per day, falling from around $58 per petahash per day at the beginning of the quarter. This drop in hash price is reflective of the increasing network hash rate and corresponding increases to the network difficulty, both of which continued to rise over the quarter, with the network itself hitting a new threshold last month of over one zettahash for the first time in the history of the network. For context as to how fast and how big the network is becoming, the network hash rate at the inception of Consensus Mining was around 150 exahash. It is now around 1,100 exahash or 1.1 zettahash. So it's got up seven or eight times the amount of hash rate that it's processing since Consensus Mining was formed. So while our operations primarily mine and hold Bitcoin, we have also continued to grow our Scrypt mining capacity, which primarily mines both Litecoin and Dogecoin. We continue to convert a portion of the proceeds from the Dogecoin that we sell because we don't like the monetary policy of Dogecoin. We don't want to keep it on the balance sheet, so we sell the Dogecoin. So we sell the Dogecoin and convert a portion of those proceeds into Bitcoin. This is essentially a strategy whereby we can acquire or accumulate Bitcoin through mining with the Scrypt miners, essentially indirectly mining Bitcoin, but using more profitable equipment, which mines networks that have less risk to the impact of a network halving on their mining profitability. For reference, the next Bitcoin halving is expected in about two and a half years. So it's coming up on us relatively quickly. We still only feel the effects of the last Bitcoin halving in the last year or so. In contrast, as discussed on previous calls, while Litecoin itself does have a similar limited issuance policy to Bitcoin and a similar halving structure to Bitcoin, Dogecoin does not. Litecoin itself is approximately 10% of the Scrypt mining rewards we receive. So, as such, the impact of that Litecoin halving, which is coming up a little sooner than the Bitcoin halving, it's a little under two years, is significantly less than the impact of a Bitcoin halving on the company's mining rewards. As such, using Scrypt miners provides us with more stability in our mining revenue and allows us to build these Bitcoin balances without that risk that is associated with a halving event, which, in essence, would halve our rewards in the Bitcoin space, but would only reduce our rewards in the Scrypt space by about 5%. On the equipment front, prices for the current generation of both Bitcoin and Scrypt mining equipment have fallen recently. The drop in pricing is because of a few reasons. The first, and probably one of the main reasons, is that the rewards earned have fallen as a result of the increasing network difficulty. The increasing proximity to the network halvings is also a factor. As we get closer to the halvings, the ability for the equipment, when you purchase it, to be paid off in rewards before the halving becomes more challenging as the time to the halving becomes shorter. Additionally, the announcements of newer and more efficient equipment coming to the market in early 2026 is another factor. This would suggest that when this equipment becomes available and the global miners start to put this more efficient equipment to work by adding it to their fleets or maybe replacing less efficient and less powerful equipment, we would expect this to result in further increases to network hash rate and subsequently to network difficulty, which would then reduce the rewards that you get for your processing power. The equipment that's been announced is two new pieces of equipment. The first is the BITMAIN S23 Bitcoin Miner, and BITMAIN has also announced the release of their L11 Scrypt miner. Both of these new generation equipment are expected to come online in the first quarter of 2026, and each of them produces roughly 25% more processing power per kilowatt of power consumed. As such, we expect a lot of people are going to be putting these Bitcoin or Litecoin miners, Scrypt miners, into operation starting in early 2026. With all of this in mind, we continue to focus on adding hash rate at a measured rate and using the most efficient and profitable equipment on the market to position the company well for future shifts in the cycle and differences in profitability levels. In addition, by deploying equipment in a slow and measured pace, it means we're minimizing the risk of technology enhancement, where a new technology could come out, which could potentially render a miner from today's generation of equipment becoming unprofitable. And so, by deploying in a slow and measured pace, it means we're managing that risk and not putting all of our eggs in one basket, so to speak, only to be put out of operation if a new and efficient form of technology comes out that makes our equipment obsolete. Additionally, this means we continue to focus on acquiring Scrypt mining equipment at this time, but we'll continue to evaluate that strategy as the dynamics of the markets change and are ever-evolving. That's kind of an update on the market in general and what we're thinking. We'll now turn over to Kevin for a few minutes, who's going to provide some details on our current operations. Great. Thanks. Good afternoon. I hope everyone's doing well. As Alun mentioned, we've continued with our current focus on increasing our Scrypt mining hash rate in a methodical manner. The payouts of these machines are in both Litecoin and Doge, as he had mentioned, with the wide majority, around 90%, being in Doge. We continue to add the Litecoin to our balance sheet, and we're using the Doge proceeds to fund operations, buy more equipment, and to purchase Bitcoin. At the end of the quarter, we're running approximately 530 Scrypt miners for a total hash rate of approximately 6,500 gigahash or 6.5 terahash. These machines are a mix of BITMAIN Antminer L7s and L9s and a small batch of DG1s from ElphaPex. As I've mentioned on previous calls, BITMAIN equipment is the wide majority, probably 85%, 90% of all the mining equipment that's out there, mining both Bitcoin, Litecoin, and on the Doge networks. So it's a lot of centralization, more than we'd like to see around manufacture of machines, sales, equipment maintenance, and repairs. So we are seeing some new smaller manufacturers in the space, which we think is encouraging. It's good for CMSG and for the industry as a whole. The ElphaPexes have been performing well and we're pleased with the initial stability of these machines. But the DG1s are not as efficient as the current Antminer L9s, but they also have a newer, more efficient machine coming out early next year, the ElphaPex. So we hope they can continue to be a viable alternative to BITMAIN, and we're excited to see some new entrants entering the market. We will continue to invest in Scrypt mining, as Alun mentioned, but we're keeping a close eye on the market dynamics. As we expected, we've seen a meaningful increase in the network hash rates of both Litecoin and Doge over the last year with the introduction of the Antminer L9 and the increased interest in Scrypt mining in general. This increase in network hash rates has impacted profitability, and we expect this to continue with the introduction of the more efficient L11s and the ElphaPex DG2s coming out early next year. In terms of Bitcoin mining, at the end of the quarter, we had around a little over 800, about 830 machines running with a total hash rate of around 145 petahash. We did remove around 14 petahash of miners that were older machines that were end-of-life and unrepairable. The machines that we have online are a mix of BITMAIN Antminer S19j Pros. Some of those have been running well for many years. We have some S19 XPs, some S21s, and some S21 Pros, all BITMAIN equipment. This mix of models is due to the fact that we've always bought machines over time as opposed to trying to time the market and buying in larger chunks. We also have a small batch of machines from another manufacturer called Auradine. Those have been running for over a year now, and they've been running well. Again, not as efficient as the latest Antminer machines, Bitcoin miners, but they do have new, more efficient machines coming out that we're excited to see, and as I mentioned, we'd like to see more competition options in terms of manufacturers, and we're continuing to monitor the market. We're already seeing a drop in machine prices, as we've discussed, as market participants are already starting to factor in the next halving. We still have three different hosting partners that we work with that are located across two different states. We've worked with many providers over the last several years. In general terms, our fleet is pretty evenly split across the different locations. There are many different factors that could impact the hosting provider, so we like to have some diversity on our platform to be able to navigate around any issues that may come our way. We're continually monitoring the cost and the services with each partner. We've also been talking to some vendors recently to see if we have potential additions that we can add in terms of hosting capacity and options. So we'll see. We're looking to bring on more partners as we continue to grow. That's all I had in terms of operational updates, and I look forward to giving another update in a few months. Thanks. Thank you, Kevin. So at this point, I think we'll hand it over to Augustine, as I believe we have some pre-submitted questions that we'd be happy to answer. Yep. So we did receive a good number of pre-submitted questions, so thank you so much for those. Quite a few of them are of similar thread, so we took the liberty of combining them just to facilitate kind of a smoother Q&A session so we're not jumping around a bit. So first question. Well, it starts with an observation and then the question. I really appreciate the company's strong execution, particularly the debt-free balance sheet and impressive 3x Bitcoin accumulation over the past three to four years. That said, the share price is trading below book value, which appears to be a significant discount to the sector. Pure-play miners with leveraged balance sheets like RIOT and MARA trade at 1.2-1.6 book value. Miners with AI pivots like CleanSpark and Cipher trade at 2.7 book value. Given your operational metrics with zero debt, proven Bitcoin compounding operations, and clean execution, CMSG is trading at a material discount to objectively weaker operators. I realize there's currently less liquidity for CMSG in practice, but still. How does the company think about this valuation disconnect? And at what point does retiring shares at this price become more attractive than other uses of capital? And that's the end of the question. Thank you, Augustine. We certainly believe that the stock is trading below where it should be trading. Trading it below book value or NAV is really, in a company like this, doesn't really make a lot of sense, and as one of the other questions stated, other publicly traded miners are trading above book value, 1.2, 1.6 x book value. Yeah, we're trading at our slight, I believe, about 10% discount to book value right now, so the thinking behind this, the lack of liquidity is certainly a factor on why the stock is trading below where it should be. We believe there are a number of shareholders who held shares in Consensus Mining for some time, and as many of you are aware, the pre-existing mining companies, HKCCN 1 and 2, were formed in 2017 and 2018. It is understandable that maybe some of those original early investors before they merged into Consensus Mining may be looking to monetize their investment. And as a result, the lack of liquidity may be putting pressure on the stock price as they put their shares out in the market. To build interest in the stock, we have reached out to a number of the sell-side research analysts that specifically cover crypto mining companies, looking to engage with them. However, at this time, they have not been responsive to our requests for meetings or conversations. We will continue to explore and look to meet with those analysts to look to have Consensus Mining included in their research reports. We believe we have a great story and strategy to share that is different to the other cryptocurrency miners. So we would like to see them include us in their research reports, and we'll continue to work at that. On the subject of liquidity, certainly, when the trading window for insiders is open, Horizon Kinetics has been buying shares, whether Horizon Kinetics continues to do so. It's not something that we can share at this time. However, looking to promote the stock and getting more buying activity, we hope we'll bring the price of the stock more in line with where it should be trading at a premium to book value as opposed to at a discount to book value. So one of the questions as well, I think, Augustine, was related to whether now would be a good time for Consensus Mining to actually buy back shares. If it's trading at a discount, is this a good way to be accredited to shareholder value? Well, yes, on the surface, it does seem to make sense that that's an attractive opportunity, buying something at a 10%-15% discount to NAV or book value. The concern that we have and the reason why we're not looking to do that is that if Consensus Mining were to buy shares that are in the market and are available, liquidity today, it would essentially retire those shares from the company's free float. And it would actually have a negative impact because it would then reduce the company's liquidity in the marketplace, which could further increase the discount that's in place. So at this time, with the current trading volumes, we do not plan to buy back any of the shares that are out there today. But naturally, we will continue to evaluate that over time. Great. So the next set of questions are all related to our capital deployment strategy. And I think you partially addressed this already, Alun, but perhaps you can address the remaining part of this question. Could you help us understand management framework for evaluating capital allocation decisions between mining expansions, Bitcoin accumulation, and potentially share repurchases? Any thoughts in positioning CMSG as a cryptocurrency treasury company or raising funds to grow asset holdings? Yes. Our views on capital deployment really haven't changed. And I think on our last call, our Chief Strategy Officer, Murray Stahl, talked about this quite extensively. Ultimately, the goal for Consensus Mining is to grow our cryptocurrency holdings on a per-share basis while maintaining a positive cash flow and not ease into our capital reserves. So our mining expansion is somewhat driven by the positive cash flow that we create with our Scrypt mining activities that we do today. So we continue to use that positive cash flow from Scrypt mining, which adds both Bitcoin because we buy some Bitcoin with the cash we get from Dogecoin and Litecoin to the balance sheet from our Scrypt mining. The excess cash, in conjunction with the interest we receive on our cash, essentially covers all of our operating costs and then some. What we have beyond spending money on our operating costs is then used to acquire more Scrypt mining equipment. This essentially has a compounding effect on our cash flows because we're creating positive cash flow after covering all of our expenses and using some of the Scrypt mining to buy Bitcoin. We're then compounding and buying more Scrypt mining equipment, which is essentially going to increase our cash flows over time. And that compounding effect is going to continue to build both our Bitcoin and Litecoin balances, but it's not going to eat into our capital reserves. And as such, this is the way in which we're looking to grow our cryptocurrency mining holdings on a per-share basis. On the subject of buying Bitcoin or even looking to position Consensus Mining as a crypto treasury company, or even some people have compared us to owning an ETF, if you think about owning an ETF, essentially the number of Bitcoin per share that is owned when you own an ETF gets eroded over time. And the reason why is because those ETFs have to sell their Bitcoin holdings in order to cover expenses. On a daily basis, essentially, the number of Bitcoin you indirectly own in that ETF goes down every day. Similarly, for Bitcoin treasury companies, while they do grow the overall Bitcoin position, they're generally doing it using strategies such as stock or debt issuance. That stock or debt issuance essentially dilutes shareholders, and this then has the ultimate effect of reducing the number of Bitcoin owned on a per-share basis because they're increasing the number of shares that are being issued by the company, so they're really not consistent with our goal of growing our crypto holdings on a per-share basis, and so becoming a treasury company is really not something we're looking to do. With the growth of new equipment that is coming out and efficient equipment and technology advancement, we feel it's important that our cash balances are kept available to us and not put to work because if we go out and spend all the money today, potentially what could happen is a new form of technology could come out tomorrow, which could make our investment today obsolete and essentially it's wasted money. So our goal of deploying the excess cash flow on a steady basis, maintaining our cash balance, growing our cryptocurrency holdings, and growing our positive cash flow is really the strategy that is going to be successful, we believe, for long-term growth. Great. The next two questions are related to our financial reporting, Mark, so I think this is probably best for you. Are the taxes on capital gains associated with holding Bitcoin inventory part of deferred taxes and calculated in the book value? And the second question, is the profit on the Bitcoin holding captured in the deferred taxes reflected in the balance sheet at the end of September? I think similar thread question here. The simple answer is yes. As we mentioned in the prepared remarks, for every as your fair value of your crypto assets goes up, that creates an unrealized gain, and you would provide a deferred tax liability for the tax rate times that gain. So that goes up on your balance sheet as a liability and as an expense in our income tax provision line item. So the total unrealized gains, there is a deferred tax liability on the balance sheet. Okay. Next set of questions are related to our operations. So Kevin probably can address this. What is CMSG's plan to create value and scale operations? Is the company continuing to do all the right things in terms of operations? Yeah, we like to think so. I'm going to reiterate some of the concepts that Alun just mentioned when he was talking about capital deployment. But we've generally been following the same operational strategy for the last several years, even back to 2017, 2018 when we started institutional mining companies. We're increasing our Bitcoin and Litecoin balances over time by mining at an operational cost below market price at a measured pace while trying to preserve capital. We never want to go too fast and want to overextend ourselves. As you've seen, we build out our hash rate by purchasing different lots of machines over time. This is why you'll see a varied mix of different machine models and types that we have in production. There's a lot of different factors that can impact the mining market and mining economics. Hash price, which we talk about a lot, changes and can change quickly. Machine prices change, machine efficiency and technology changes. So we really try not to overextend ourselves or time the market. As an example, when CMSG was formally created back in December 2021, the market price to purchase machines was over $100 per terahash to buy the machine. Today, some of the newer model machines, which are way more powerful and more energy efficient than those, back then can be bought in the $20s per terahash or even lower. And those machines that we're selling for $100 plus per terahash, most of them are now obsolete, or the few that are still online are barely profitable. So overextending at the wrong time could really have a long-term impact to the operations and the finances of the firm. We've been taking a very similar approach, I would say, with our hosting providers and our partners. We've always had several hosting providers on the platform, and we lean towards shorter-term contracts to try to give us some flexibility to navigate the ever-changing markets. We don't want to commit ourselves to huge amounts of power for long periods of time because things change, and we have pivoted many times over the years because of physical issues at a location, states that become anti-mining, not friendly to miners, or there are other cost increases for power, so we like to have the flexibility so we can navigate through different things that come our way, so with the machines and hosting, we've taken a similar approach of incrementally adding machines and capacity over time to build up our cryptocurrency balances, as we always mention, and trying to preserve our capital. We've been doing it long enough. We've been through several cycles and "crypto winners," and we feel comfortable that this approach allows us to continue moving forward, accumulating Bitcoin and Litecoin right now at the moment to our balance sheet. We will continue to assess what directions we want to continue or pivot to. But at the same time, we'll be able to navigate through difficult times. We haven't overextended ourselves. We have low operating costs compared to some of the other miners, and we have no debt. Hopefully, we're reiterating some of the same concepts we've been talking about for quite a while, and hopefully, that addresses the question. Thanks. Thank you. Okay. So the next question is the last question we have. What are the benefits or advantages of holding CMSG versus holding a Bitcoin ETF or Bitcoin directly? Yeah. So I talked a little bit before about holding a Bitcoin ETF, where the number of Bitcoin you indirectly own is going to erode over time. So holding Bitcoin directly, that doesn't happen. For a retail investor, generally, there are platforms or liquid wallets that you can hold the Bitcoin on. So other than paying trading fees, there's no erosion of the number of Bitcoin that you'll own. But essentially, you're buying Bitcoin at a point in time. You could go out tomorrow and you could buy one Bitcoin for $107,000. Not if I can help it because right now, next week, that could be worth $80,000. Next week, it could be worth $120,000. You don't know. But if you want to just hold and own Bitcoin, then that is fine, and that's what you're looking to do. The advantage or the benefit or the difference with owning Consensus Mining is that you're buying into an operation that is going to build that Bitcoin ownership over time and hopefully increase the scale or the amount of Bitcoin that we're bringing onto the balance sheet on a long-term basis, obviously factoring in difficulty is expected to rise and the rewards on the network will fall over time. So to me, the advantage of holding Consensus Mining is that you are going to own Bitcoin indirectly, but what you're owning is also the ability to add to that Bitcoin balance in an ongoing average price type situation. It's a very conservative approach to the industry, very conservative compared to the other Bitcoin miners. But we believe that from a long-term strategic perspective, this is a great way to grow your Bitcoin exposure without being exposed to short-term price fluctuations of owning Bitcoin or the erosion effect of actually owning a Bitcoin ETF and having fees take away from the value that you're looking at. So if you want to just own Bitcoin, go out and buy Bitcoin. That's fine. But I think the differentiator or the benefit of owning Consensus Mining is you're going to own Bitcoin today, and you're going to continue to grow that ownership without any further need to spend additional cash on adding to the investment that you've made. Great. Well, I think that's a good place to end. That's the last question we have. We thank you so much for your participation today. As mentioned, this call is recorded and a replay is available. We also welcome any additional questions or comments that you may have for CMSG, and the best way to reach us is through emailing us at ir@consensusmining.com. Again, it's ir@consensusmining.com, and I am sure we will be back in touch to speak with you all in early 2026 to review our fourth quarter results. Thank you very much, and take care everyone.