All right. Welcome back, everyone. We have an update from Vista Gold Corp, trades on the NYSE American under the symbol VGZ, and on the TSX under the symbol VGZ. It holds the Mount Todd Gold Project, a leading development stage gold deposit located in the tier one mining jurisdiction of Northern Territory, Australia, which offers strong project economics, significant initial production, and compelling expansion and exploration upside. Happy to welcome CEO Fred Earnest. Welcome, Fred. We're looking forward to hearing your update today. Well, thank you. It's good to be back with emerging growth. I'm particularly excited about the news that we have, looking forward to sharing this with everybody. I will be making some forward-looking statements. For those who aren't familiar with Vista Gold and our Mount Todd Gold Project, it's one of the largest undeveloped gold projects in Australia, as you see in the map on the right side of this slide. It's located in the very northern part of the Northern Territory of Australia, about three hours southeast of the capital and port city of Darwin by vehicle. Last year, we completed a feasibility study in which we right-sized the operation at 15,000 tons per day. That's down from 50,000 tons per day previously. Since the start of the year, we've commenced a number of projects and programs that will lead us to the start of detailed engineering design in 2027. Ultimately, we expect that this will drive a re-rating and a significant increase in the value of our stock. For those who aren't aware, we trade, as was mentioned, on the NYSE American and the TSX under the symbol VGZ. We have 146 million shares issued and outstanding. We raised money in March. We completed a $45 million financing at the end of Q1. We had $52.7 million in cash and no debt. Getting back to the project itself, the feasibility study that I talked about. Changing the scale of the project allowed us to achieve a number of critical objectives. One was to substantially reduce the amount of capital needed to build the project. We currently estimate that the initial CapEx to be $425 million. That's down from just over $1 billion. We raised the cutoff grade, which resulted in a higher ore grade to the mill over the first 15 years of the life of a 30-year project, with now an average grade of just over a gram per ton. This allows us to produce a little over 150,000 ounce of gold per year on average. With this new feasibility study, we reported reserves of 5.2 million ounces, 10.6 million ounces of total resource, that's total gold in the ground. You see the economics there at two different gold prices. We conservatively used $2,500 as the base price. That resulted in an NPV5 of $1.1 billion and a 27.8% IRR. At a $3,300 gold price, those numbers almost double. Our all-in sustaining costs for the first half of the life of the project is just shy of $1,500 an ounce. The things that we're doing right now, these are the catalysts for the next 6- 12 months, all of this is aimed at being in a position to start detailed engineering design sometime in the middle of 2027. I like to use the acronym PPE, that's not personal protection equipment. It's really permitting people and engineering. We're working right now on the permit modifications needed to align all of our previous authorizations with the new designs based on the smaller project. We've commenced the work of building a team in Australia that will ultimately be the people responsible for developing the Mount Todd project. We've hired technical people. Sharon Goddard is in charge of social relations and/or social performance and external relations. We have an approvals manager handling the permitting, we're currently in the process of hiring a managing director who will be our lead executive in Australia, we're looking for a recognized mine builder in that. The engineering work that we're doing includes pre-development optimizations, follow on from the feasibility study, work that's actually the commencement and the front end for the engineering designs that will ultimately pave the way for a smooth start to detailed engineering. Why are we doing all of this? Well, simply, when we compare ourselves to the junior gold producers in Australia, as you see on this chart, you see that we have a resource and a reserve which is larger than anybody else in this group of Australian companies, yet our market cap is far lower. One of the things that we expect as we move to the decision to build Mount Todd and ultimately become a producer is that we'll see a significant re-rating. At a bare minimum, we would expect to see a market cap valuation somewhere similar to Bellevue Gold, somewhere close to that $2 billion. Aspirationally, we think that with the asset that we have, the size of the project, that there's an opportunity to achieve a market capitalization similar to Capricorn. This is why we're doing this is the opportunity for our shareholders. Just to summarize all of this so that we can get to a couple of questions. This is designed as an Australian project to be built and operated by Australians, utilizing what the Australians call fit-for-purpose design principles. We are targeting the start of detailed engineering in the middle of next year. That's the point at which we expect to have all of the permit modification approvals in place. We think this is an attractive development opportunity with a much lower initial CapEx, good grade for the first half of the life of the project, very steady gold production over that same period of time. We continue to display very strong leverage to the price of gold, as demonstrated by the economics at two very conservative gold prices. I think the last thing for people to know is that we've designed the project initially to start out at 15,000 tons per day. We fully expect that with time that there will be an expansion or two, and that the size of the project will increase, the production will increase, resulting in additional upside opportunity for our shareholders. With that, why don't we just take a couple of minutes for questions and answer? All right, Fred, thank you so much. What gold price assumptions does management use internally when evaluating the project today? We use $2,500. Today we're at $4,100. At $2,500 is very conservative to today's price. It demonstrates that we have a solid project. At higher gold prices, it's just more revenue, more margin, more value for shareholders. Could additional engineering improvements further reduce upfront CapEx? On the CapEx side, I'm not sure that we're going to see any improvements, there's some studies going on right now that are finalizing the parameters for the equipment selection, grind size. That may have some positive impacts on gold recovery, a percentage point or so. We're also doing some work to redesign the west wall of the pit, which could reduce our stripping by about 70 million tons, resulting in savings of upwards of $150 million as a result of that redesign. How much additional value could be unlocked through future expansion beyond the initial mine plan? Well, certainly, as we look at expansions, what that does is it increases production. There's economies of scale that occur, we'd expect our all-in sustaining cost to go down. One of the other important things is it brings value forward. Right now with a 30-year mine life, so much of the value is so far down the road that it almost has no present value to it. By expanding, we move that production forward, creates value sooner rather than later. At current gold prices, what is management's estimate of Mt. Todd's after-tax NPV compared with the published feasibility study? The last time I ran this was at $4,500. At that price, the NPV was over $4 billion. The IRR was approaching 66%. Gold price has fallen off a little bit this week, but that gives people an idea of what happens as you go from $3,300- $4,500. Last question, how much of the project's value comes from the redesigned 15,000 TPD operation versus the previous larger scale development concept? Well, really, the value that accrues to the project because of the redesign comes from the reduction in initial CapEx. It just makes the project easier to get built and the design of the project makes it easier to build. Without having to have some of the larger equipment, we can build it more easily, shorter lead times. We don't have the same lead orders on some of the larger equipment. There's some very distinct advantages to building smaller rather than bigger. Ultimately, at the end of the day, though, the real value is just being able to get it built and get it into operation. Perfect. Well, Fred, thank you so much for this update. We appreciate you being back on the conference. It's always good to be with you. Thank you. All right, everyone, that's Vista Gold Corp. We will be right back with our next presenter. Stay tuned. [Break] Welcome back everyone. We have an update from Stakeholder Gold Corp, trades on the OTCQB under the symbol SKHRSF, and on the TSXV under the symbol SRC, and holds 100% ownership of 930 contiguous mineral claims covering 18,520 hectares and spanning 20 km of the proposed route for the Northern Gateway Road, which is being developed through the geographical center of the White Gold District of the Yukon Territory in Canada. Happy to welcome President, CEO, and Director, Chris Berlet. Welcome to the conference. We look forward to hearing your update, Chris. Thank you, Anna. Actually, we're up to 20,000 hectares now. We've had a drilling program going since about the beginning of last month, and our first hole, chasing a copper target there, we let it go from 200 m, where we had initially intended to pull the hole, to 488 m, as we saw chalcopyrite mineralization copper-bearing CuFeS2 mineralization in the hole throughout the entire length. This is a new geological structure to the White Gold District. It's an ultramafic intrusive, and it's classified as a nickel copper PGE-type deposit, Alaskan style nickel copper PGE. When we drilled that hole, we identified some trends along strike to the east that we added to our claim group, so we went above 20,000 claims. 20,000 hectares, pardon me, just over 1,000 claims. At this point, we've just wrapping up our program today. We'll have assays by the middle of July, and we're feeling very optimistic. We had 11 holes in total. From the copper zone, we went north, we drilled the gold zones. There were at least four different targets there, and we're going to have all the assays for that by around the middle of July. I don't know if you can see the deck here. I'm going to rifle through. Not enough gold discoveries, not enough copper discoveries, and that's what we're talking about. Both cases were right in the middle of the White Gold District. They're building that road this year. We were there. We could see all the construction starting. They have all the equipment staged up there at Barker Creek. 20 km of road being built through the center of our claims this year. That'll take a cost of drilling next year down from around $700 a meter to in the range of $200-$250 maybe. A significant logistical advantages now for the entire district, and we're obviously positioned right on that road route, 20 km of that road route going through the center of our claims. The companies around us have very big gold and copper deposits, and we're going to be reporting imminently on whether we can prove the same. Our market cap's around $35 million, $30 million USD, and our neighbors are $1 billion, $800 million, and $500 million respectively. Our objective is to prove geology similar to that in the district, for both copper on the south part of the property and gold. This slide shows this ultramafic intrusive unit that results from hole number one. A very long structure, 35 km long, about a kilometer and a half wide. The area that we tapped into there, just east of the road, as I mentioned, 488 m of continuous mineralization with massive components within it. It's not all going to be high grade, that's for sure, but proportions of it certainly were massive. There will be ways to detect within this geological structure where there can be higher concentrations, and this is exciting stuff. We're looking at here copper, nickel, PGE metals, and as I mentioned, we staked the eastern set of claims there. We have that entire structure. From there, we went north to the East Zone. We put two holes in there. Sky Zone, big long structure, 2 km long, and the Sky Zone North, Sky Zone South. From there we moved west to the Northwest Zone. All of those drill holes we've been carefully inspecting and we'll have assays by the middle of July. In aggregate, we're looking for new discovery of copper in the south and gold in the north part of this property, with prospects for sizable deposits that they find in this region. Significant revaluation may ensue as a result. That's our objective. Very tight capital structure, very high insider ownership. The company set up with this cash flow business to allow us to stop issuing shares. We have this blue quartzite in Brazil. Cash flow is expanding. We announced this morning a new quartzite material. It's called Taj Mahal, very much in demand. This is our fourth operating quarry. This is an example of Taj Mahal here. We expect to be able to leverage off of this. We expect profitability to come very quickly from this quarry. This is our fourth operating quarry. It's a material very much in demand in the U.S. We export to Italy, both China and Taiwan, and India. We're developing also our own markets in Canada and the U.K. This material, all of our buyers, all 10 of our buyers, have a very strong interest. We've had some pre-orders. An exciting new quarry providing cash flow to the company. This is our blue quartzite. That was our first operating quarry, so we have four of them now, and these quarries are generating cash. It's increasing quickly. We think we can get to 10 quarries, making $1 million profit per year per quarry, and allow us to constrain the issuance of shares. The objective here is to have a robust revaluation, as robust as possible with discovery, and control the issuance of shares so that any revaluation is expressed in share price appreciation. That's where we're at. We should have results from our program by July. We've got some small further news items in the interim, but we're excited for what we've already identified in this ultramafic intrusive unit and also in the 11 holes that we've drilled in the gold zones. Thank you. Great, Chris. Let's see how many questions we can get through. How accessible is the project from an infrastructure perspective? Well, they're building the road this year, so we flew over it. All the companies up there have to use helicopters access, bring in all their equipment, food, teams, for their camps, for their exploration and construction. They're building the road to access the Coffee Mine. All the equipment's there now on Barker Creek. This construction starts here at the end of this month, they'll be punching through all summer. It's getting a lot better very quickly, is the answer to that. What advantages does Yukon offer compared with other exploration jurisdictions? Possibly one of the best in the world today, clearly evidenced by the performance of the companies in the White Gold District. Fuerte Metals, now Talamore Mining, $1 - $11 now, off a little bit, you see in the last 12 months, you see it's a great jurisdiction. First Nations are on board. Canadian government's proactive. The provincial or the territorial government is a conservative government. Very proactive mining jurisdiction. I think you'll see it in the top five in the Fraser Institute's ranking of worldwide extractive jurisdictions. What commodity ultimately drives project economics in your view? For us, look, we're going to have copper. This ultramafic intrusive unit, if there's economic deposits of size there, it's going to be copper, nickel, and PGEs, and then gold. On the north, eight kilometers north, all four different target areas there are gold. That's our metal suite. Yeah. Could Ballarat ultimately host multiple mineralized centers? 100% possibility, yes. Four different gold targets that we've drilled, and a major copper target that we drilled in the south that has multiple elements across in 35 km. That intrusive formation, we've outlined it over perspectively a 35 km strike length, very possible. What is the highest priority drill target today? We finished our program now. We drilled the copper zone first. As I mentioned, we went from 200 m to 488 m because of what we could see in that core and staked additional ground to the east. We drilled at four different gold targets in the north. They're of equal priority. We could have major copper. We've learned a lot from our first hole there in that ultramafic intrusive unit. We could have very compelling results from these gold targets. We'll see by the middle of July, we've been looking at the core. We finished the program today. Yeah. I'll let you close with this question. How does Ballarat compare geologically to other major Yukon discoveries? Okay, it's different than Coffee. There's no arsenic. It's most similar, I would say, our gold structure, certainly from soils, to Golden Saddle, which is the highest metallurgical recovery for the gold deposits in the White Gold District, 93%. Great deposit, great grades, the economics proving up very compelling for White Gold. That's their flagship asset. It looks like our gold assets have those characteristics. No arsenic, but gold, lead, molybdenum, tellurium, indicator minerals, and orthogneiss rock types. That's what we see in the gold, and then this ultramafic intrusive unit is different than has been identified previously in the White Gold District, pretty exciting for us. Perfect. Well, thank you, Chris, for this update. We appreciate hearing from you and Stakeholder Gold Corp. Thank you very much, Anna. Appreciate the opportunity. All right, everyone, we'll be right back. Welcome back, everyone. We have an update from Perpetuals.com Limited, trades on the Nasdaq under the symbol PDC, a financial technology company combining blockchain infrastructure and artificial intelligence to transform digital asset trading. The company develops and operates Kronos X, a proprietary multi-asset exchange platform and blockchain-based settlement solution. Happy to welcome CEO Patrick Groon. Nice to have you back, Patrick. We're looking forward to hearing the update. Thank you. Happy to be here. Let me jump right in. Maybe as a quick reminder for the audience, we just became Perpetuals.com as a public company relatively recently. We closed this business combination end of January. Most of the information you find online about us are still for the old company. Don't be confused. It will be all regarding Early works, like the recent financials, it doesn't reflect what we are doing. That's why I want to explain a little bit today what we have launched now as a new combined business and what we are doing. Because three weeks ago, we launched our flagship product called UpsideOnly, we got also pretty good coverage like in Bloomberg, BeInCrypto, and many other outlet, it raised quite some attention. What I want to talk about today is what happened in those three weeks. We launched this product, which is essentially a product where people can trade risk-free. They can use this product like any other trading interface, entering trades into commodity markets, stock markets, crypto market, they can never lose. This is a pretty compelling value proposition in our opinion. So far, the first three weeks look extremely good. We have 38,000, this was actually from yesterday evening, those numbers. Today, we are at 39,000 already, registered users. Our customer acquisition costs are below $1 right now because of these values that we provide. This is really a differentiator. The total traded volume, the people trade monopoly money with us. Paper trades, this is how the model works. People place paper trades. Our AI analyzes those trades, if the trade has a high probability of being accurate, we do this trade with our own money and share the profit with the clients. We traded more than 9 billion already of those paper trades, which is important because it shows that people are actually using it, and this increases the signal strength for our AI. 75% of the profits come from the top decile, that means this is very important for the AI piece again. A very small subset of traders is extremely good in any given market, and this is what our AI is able to analyze. Not the noise, the majority of the traders is usually wrong. It's not actually that the majority is simply on the right side. Very often, it's a very small subset, and this is what our AI does. We have more than 300,000 order fills, more than 200,000 transaction, all of them from 16,000 traders. Again, we have 39,000 traders signed up, many of them have not traded yet because they just signed up in the last couple of hours or days. We already prevented our clients from losing money of more than seven and a half million. If they would have done the same trades with their own money, they would have lost combined already after three weeks, seven and a half million dollars, especially in the gold market and in the Bitcoin market, where many users place their trades. Our weekly growth right now is 40% after those first three weeks. Our AI is patent pending. We filed a provisional patent, I think two months ago, and those trades are now the required data that we need to make those trades ourself as a prop trader. The concept again is people do paper trading with us, so it's like a video game, but it's a professional trading interface. The only difference is they never can lose any money because they only give us their trade setups, and we select the ones with our patent pending AI that have a high probability, and then we trade this with our own money. That's already the updates that I have of our launch. All right. Perfect, Patrick, thank you so much. What is the strongest competitive advantage of Kronos X versus existing exchange technology providers? I think our exchange technology, we also operate a regulated exchange in Europe on this. The biggest advantage is we have built it in-house, so we can operate a fully regulated exchange, and the same technology now powers this flagship product with the risk-free trading. It's really built to the specific needs of our company. It's not like an off-the-shelf software like many others do. We have completely control, and we built it with compliance first. We comply with the European regulations, with the U.S. regulations as far as trading systems are concerned, and this is, I think, the biggest advantage. For our UpsideOnly, the biggest advantage is that users cannot lose. With all the other concepts, even like prop trading firms, people have to put money on the table, at least for a challenge fee, and if they do not succeed, they lose this money. This cannot happen with us. Walk us through that. For investors seeing it for the first time, UpsideOnly, it officially launched last month. Walk us through what the product is, who it's for, and what problem it solves. The biggest group actually that is signing up are traders that have lost money in the market. We see this from the ads they are responding to. Many people have experienced, if they go to those retail trading platforms, especially when leverage is involved, like crypto trading platforms, but also Forex traders or CFD traders, how they are called in Europe and Asia, they lose money. By the numbers, more than 90% are losing money when trading derivatives. There was a big study last year that confirms this, 91, I think, was the number. Those traders come to our platform because now they can do the same thing. They can trade, and they can still make money. They can actually even make more money than with their own capital because we use larger ticket sizes for the trades with our prop trading capital. That allows them, if they have a correct trade, which is selected by our AI, then we share 50% of the profits to make hundreds of thousands of dollars with one single trade. That is really the competitive edge, and this is what draws the people to our website. They can leave their money where it is right now, like invested into the stock market long term. For day trading or swing trading purposes, they can use our platform. They still have the upside, but no downside. Users can never lose money," quote. It's a pretty striking claim in a category where most retail platforms profit when users lose. Help us understand the underlying economics, and where does the upside come from for the user and for Perpetuals? Yeah. Our research has shown that some people are very good at predicting entries into the market. They might still not be successful traders overall because they do not manage the trades well. They are very good in timing the entry. This is what we use the human or the crowd intelligence for. The combined intelligence of our users, we use to time the entries. From there, our prop trading system manages the trades. It's classical high-frequency trading, quant trading, what we have built there. We manage the risk, which our ordinary users very often are relatively bad equipped for, even from behavioral finance, they just make psychologically driven mistakes. Like they have the fear of losing something that has already gained 1%, 2%, and they close it too early and things like that. This is how we generate the profits. We use the entry signals from the entire crowd intelligence and do the prop trading with our own money. Again, 50% of the profits belong to us. The other 50% we share with the users that gave us the signals. You can close with this question, what early traction can you share from its launch? Maybe signups, geographic mix, any other signals investors should know about? Yeah. We have users from all over the world. We have some from Europe, U.S., from Asia, it seems to hit really a nerve. A lot of users are really coming to us since they got burned in the past. They have seen it simply doesn't work, the promise that they receive, like prediction markets and everything else that we have right now, which is more gambling than investing. Yeah, 39,000 users signed up as of right now, and we grow with more than 1,200 right now per day. Perfect. Well, thank you, Patrick, for this update. We appreciate it and love to learn more about Perpetuals. We appreciate you. My pleasure. Thank you. All right. We'll see you again soon. We'll be right back, everyone. [Break] Welcome back, everyone. Next, we have an update from Imagion Biosystems Limited, trades on the CXA under the symbol IBX and on the ASX under the symbol IBX. It's developing a new non-radioactive and precision diagnostic molecular imaging technology combining biotech and nanotech. The company aims to detect cancer and other diseases earlier and with higher specificity than currently possible. Please welcome Chief Business Officer Ward Detwiler. Ward, we're looking forward to hearing your update today. Great. Well, thanks for having me. I'm Ward Detwiler, president of Imagion Biosystems, and it is my pleasure to be back with all of you for an update on the significant progress we've made since our last check-in this winter. Just our forward-looking statements. As a recap, Imagion is a publicly traded clinical stage medical imaging company that is commercializing a first of its kind molecular MRI imaging agent called MagSense. MagSense fundamentally changes how we see and manage cancer by introducing molecular specificity to the over 50,000 MRI units currently deployed around the globe. We have a robust product pipeline addressing multiple indications with a large patient population and a clear unmet need, and we've already proven our concept in phase I studies. Since we last presented, we're happy to announce that we've achieved several major milestones for the company. Most notably at the beginning of this month, we received clearance of our investigational new drug application from the U.S. FDA, allowing us to proceed with our phase II clinical trial in HER2 breast cancer. Receiving our IND clearance is not only a significant technical and scientific achievement as it underscores the rigor of our product, the trial design, and our team, but it's also a meaningful commercial achievement as it moves us one step closer to bringing MagSense to countless cancer patients in need. Next slide there. The two main challenges that MagSense solves are time and certainty in diagnosis. Cancer survivability has improved dramatically when caught early, but over 50% of cancers across the board are diagnosed late stage where survivability plummets. Looking at standard of care diagnostics and screening techniques, we can start with blood-based screening tests, which indicate risk but are non-diagnostic and thus still require confirmation before treatment. Biopsies provide certainty but are invasive, painful, error-prone, and challenging, often resulting in serious side effects or complications, and pathology assessment can take days. As such, there is a concerted effort in the medical community to reduce biopsies where possible. Finally, standard of care imaging such as ultrasound and conventional MRI are non-invasive, but they're also non-specific. They cannot differentiate benign lesions from malignant tumors with certainty. We see false positive rates over 50% in some cases, driving a high number of costly, unnecessary biopsies. Furthermore, widely used gadolinium-based contrast agents are simply not able to be molecularly targeted. MagSense changes all of that, enabling earlier, more accurate cancer detection by combining molecular specificity with MRI's already high resolution to deliver clearer, more confident imaging to support earlier, more definitive diagnosis. We do this by combining iron oxide nanoparticles with cancer-specific targeting ligands that are administered to a patient before an MRI. These particles then bind to the targeted type of cancer cells if present, creating a unique change in image contrast, which is easily detected even when tumors are small and at their earliest stages. This means that rather than seeing an area of suspicion, radiologists can now confidently detect the presence of cancer from an MRI image, reducing the need for confirmatory biopsies and potentially driving earlier diagnosis and improved treatment plans. Having already successfully completed our phase I study, we're now proceeding with a phase II trial in HER2-positive breast cancer. We are currently moving forward with trial initiation and expect patient enrollment to begin in late Q3 of this year. This trial is designed in three parts. First, collecting a small amount of additional human safety data, then moving into dose and imaging schedule optimization before assessing diagnostic performance versus standard of care imaging. In all, phase II is expected to take between 18 and 24 months. What I think is really most unique about MagSense and most exciting is that this is a true platform technology. In addition to our HER2 application, we have additional indications for prostate and ovarian cancer in the works, representing over $2 billion of addressable market opportunity. These are both areas with tremendous unmet need, and we plan to proceed with IND-enabling studies for these indications as resources become available. Beyond that, since all MagSense agents work the same way, by changing the targeting molecule, we are potentially able to address any type of cancer for which there is a targeting ligand. This positions MagSense as a truly revolutionary technology that can change how we diagnose and manage cancer across the board. As we look at the larger cancer diagnostic market, worth over $100 billion, growing 7% each year, we see tremendous future market opportunity. For these reasons, we see a bright commercial future for MagSense, and one that is very attractive for strategic partnering as we progress down the clinical development pathway. The contrast media and radiopharmaceutical markets are already being served by large, well-known companies with established supply chains and sales channels. MagSense represents a true growth opportunity for those companies as they look to add high-value, differentiated products with a better safety profile, improved diagnostic performance, easier, lower-cost manufacturing and distribution, and strong reimbursement potential, as has been shown by studies that have already been commissioned by the company. We have ongoing conversations with several of the players in this space, and we expect the phase II study to help advance those relationships as we progress. In summary, I believe that MagSense has a really strong investment rationale. I hope you join us as we advance along this journey. We have a true platform technology that addresses large growing markets with clearly defined unmet needs. We have reduced technical risks, drawing on the success of our phase I study, and the fact that nearly 100% of contrast medium products achieve regulatory clearance. We see a lot of upside leverage here with strong potential for strategic partnering, large ASX peer valuations, all underlined by really compelling health economics and high gross margins. Not to mention the fact that as a public company on the ASX, we offer a unique opportunity for individual investors to get involved today. With that, I'd like to thank you all for giving me the chance to present, and we'll open it up for any questions if we have time. Great. Thank you, Ward. Yes. Let's jump in. Talk about the biggest remaining technical challenge for the platform. What would that be? I guess the biggest technical challenge with our current indication, we've kind of addressed those through all the work that we've done getting here, getting through the IND and preparing for the phase II study. I guess it really comes down to now proving that it works from a diagnostic standpoint. In the phase I, we were dosing at a fairly high level, about a three ML dose. Part of that is looking if we can reduce the dose. That is one thing we're exploring. Also looking if we can reduce the time between administration of MagSense to the actual follow-up image. Those are some of the things that we'll be working out and hoping to prove through the phase II, ultimately proving the diagnostic performance that we are equal or superior to standard of care. We are excited to see that data come through. What additional clinical data is required before regulatory submission becomes possible? Well, that will be completing the phase II study. We will be doing around 60 or so patients over those 18 months, showing that we have a good safety profile, and then proving out that diagnostic performance. From there, we will be able to proceed into a phase III study. There is always a chance that your results are so compelling that you can advance to market after that. It is really just continuing to progress along the pathway as we planned out and following our study protocol. Could MagSense become a platform technology across multiple cancers? Oh, yeah, absolutely. As I mentioned, we have ovarian and prostate cancer, which we've proved it out in some of our preclinical research. We've been looking at what we need to do in terms of additional studies, kind of safety studies and animal studies to proceed to our IND, which will then allow us to then test in humans and proceed with a phase I trial. Those are really compelling markets. Lots of patients, but also a really high need, especially in something like ovarian, where the majority of ovarian cancer is caught at late stage and has a very high mortality rate because there simply aren't good ways to accurately diagnose that cancer early on. I think that's someplace where we can really make a huge impact in patients' lives and outcomes. Could MagSense eventually replace biopsy-confirmed HER2 testing in certain settings? Well, that is our hope. I don't think we're making any claim right now that we're going to completely replace biopsy, or if that's even appropriate. I think that one of the big value points here is certainly reducing the number of those biopsies, and reducing the amount of unnecessary false positive biopsies. With the right diagnostic data coming from the studies, becoming a true diagnostic at that point. How reproducible have results been across patients and sites? So far, the testing we've done in the phase I has shown a really high degree of reproducibility. One thing that we have kind of did as part of the phase II was actually had our reviewers draw the image pattern that they see. It creates this very heterogeneous kind of spotty pattern in the image that is very distinct from a healthy lymph node in this case. Everybody drew almost the exact same thing. We saw a really high level of concordance between the reviewers there. We're feeling really confident about that. I'll let you close with this. Talk about what specific advantages does MagSense offer compared with MRI, CT, or mammography? Well, it really is about the specificity there. I mean, the fact that right now, I come from an MRI background. I love MRI. I think it's the absolute gold standard of imaging with what you're able to see in terms of different tissue types and differentiation. No matter how good MRI is, it's still somewhat subjective. You're looking at areas of suspicion. You may be pretty certain, but you still need to confirm because there's a lot of things that can cause inflammation or kind of false positive readings on an MRI scan. You can't tell for certain whether that's cancer or not. Certainly compared to things like CT or ultrasound, you're getting the precision, the clarity, that high resolution that you get with MRI, which kind of really blows that out of the water. Now, combined with molecular specificity, I think probably an almost better comparison is with something like PET right now, which does offer molecular targeting, but much lower resolution than MRI. There's still the opportunity for false positives because you get these kind of big fuzzy effects. It doesn't offer really good targeting. You're exposing the patient to just general radiation across the whole body. It's not very targeted, and that carries a risk. It is incredibly expensive by comparison. It requires special handling with nuclear pharmacies. MagSense is easy to manufacture. It's stable. You can store it in a normal pharmacy, has a long shelf life. There are just tremendous advantages for this product. Wonderful. Well, thank you, Ward, for this update. Important work you're doing. We appreciate you coming on and telling us about Imagion Biosystems. Great. Thank you so much. I appreciate the chance to be back. All right, everyone. We'll be right back. Welcome back, everyone. We have an update from VisionWave Holdings. It trades on the Nasdaq under the symbol VWAV. It's a dual-market autonomous systems platform company developing AI-driven, RF-based sensing, autonomy, and computational acceleration technologies for defense, homeland security, and commercial infrastructure applications. Happy to welcome Executive Chairman and Interim CEO, Doug Davis. Welcome, Doug. We're looking forward to hearing your update. Great. Thanks, Anna. Good to be back. Looks like it's been a little over a couple of months since we first presented through this forum here, thank you to all of you who attended and have come back. We have a short period of time. I'll dive right in. What I wanted to do was give you just a quick couple of highlights of what's happened since early April and what things look like for the next couple of months. I'll skip through the forward-looking statements. As we stated, VisionWave is truly a software and systems company bringing AI-based sensing capabilities for the defense marketplace. What we did significantly was yesterday, we acquired a controlling interest in an Israeli company, also traded on Nasdaq and TASE, Tel Aviv Stock Exchange, called Foresight Autonomous. Where this becomes important is, if you take the base platform of any solution in the military field, and this is true in commercial too, but primarily in military, you have the basic machine, you have the payload, which can be defensive or offensive, reconnaissance, et cetera, then you have the intelligence driving it. The payload is very important because a lot of solutions out there use RF or radio frequency for what they do. There are two other technologies that are equally valid. One is optical technology or camera technology, and the other one is thermal imaging. The reason why this partnership with Foresight is so important is it brings those two technologies into a common platform with VisionWave. Many of you may have heard that drones in Ukraine are getting harder and harder to shoot down because they use fiber optic cables to guide them, so there's no radio frequency signal coming off of them. With optical technology, you can detect these things at distance and destroy them before they have an impact, which is why this acquisition is so important. Let's see. Since a couple of months ago, we've grown by about 10 employees. We're now 30 people in North America, the U.K., France, Germany, and Israel. We currently have 20 patents granted with another six pending and three being filed now. I'm guessing by the end of the year, our goal is to have about 40 patents in total. Most importantly for the short term, we're going to be exhibiting in the large defense show, Eurosatory, which is taking place next week outside of Paris, France. We're going to be launching several new things. I'll show you a slide in a second now just to catch you up a little bit. We're going to be launching a UGV, an unmanned ground platform, but an entire ecosystem for it. It's kind of exciting. We've already given preview of coming attractions to some people under NDA. We're very excited about this. Those of you who may be following our entire suite of products, we had negotiated an agreement with the government of Liberia in Africa a few months ago to license two oil exploration points off the coast of Liberia. We're going to be attending the AOW Energy Summit, September in Accra in Ghana, where all of the energy companies from Africa and some from elsewhere come to look at things. The basic premise here is when you drill into the ocean, you put a platform out. Let's say you go down 3,000 ft into the water and 500 ft into the ground. You pull up the drill bit. You see what's on the end. You have one data point for a very small area. The goal of Deep Wave is to use the entire 3,500 ft length of the metal drill with a sensor mounted behind the bit to propagate a wave which will enable us to find out what's below the ground in hundreds of square feet, if not thousands of square feet, which is going to change the paradigm of ocean drilling. People have to drill far less, it's far less expensive, and they find out far much more information. That's exciting for Ghana in September. Our Vron UGV, let's see, it doesn't look like we're going to be able to bring a picture up of it here. It is a ground platform. We're going to be showing it at Eurosatory with drone canisters for counter-UAS. We're going to have it loaded with the Foresight sensing technology, so we have optical, thermal, and RF sensing on the device. We're going to be doing several other items around the four units we're bringing to the show to show the different capabilities. This is a platform, an ecosystem to render friction in the battlefield much less onerous when deployed. That's basically what's going on right now. I think the last thing I could probably give you is that we're entering the fourth quarter for our fiscal year starting on July 1st, and I'm planning that we'll be announcing revenues and profits for the company by the end of our fiscal year, September 30th. All right. That's it. Thank you. I'd like to throw it open for questions. All right, Doug. Thank you so much. Do you compete primarily on performance, price, or deployment speed? How does it work? It's a little bit of a mix. For example, the UGV has a very compelling price point. Where most vehicles in that category sell for $1 million or more, our manufacturing cost and volume is expected to be in the $30,000 range, we're able to reach a much better price point for that. The integration of the sensing technologies and the integration of our AI stratum layers, as we call them, is really the competitive product technology advantage. People have bits and pieces of that, not the integrated system like we do. What critical infrastructure markets are showing the strongest demand right now? Well, if you break military and commercial apart, military, obviously, we all see what's happening in Israel, Iran, Ukraine, Lebanon, et cetera. Ukraine has obviously become a world leader in drone technology deployment and use and are consulting to other nations. We're working with the infrastructures of major countries and their armed forces such as the U.K., France, Germany, Israel, and in a slower way, but a bigger way, North America, to be able to deploy our solutions in with the rest of the world to do that. Some of you may have seen the Department of Defense's announcement last week of a focused drone effort to enhance the capabilities of the U.S., and we're hoping to participate in that too. Can you talk about what percentage of revenue is recurring versus project based? Sure. All of our different majority controlling interests and all of our different wholly owned subsidiaries have their own revenue streams and their own method of doing business because they're in different markets. In the military, typically, there's very little in terms of annual recurring revenue. It's more selling units with licenses over several years, with the ability to support them and charge more for repair and support afterwards. In the commercial marketplace, there are SaaS and ARR components to what we do, it's a small percentage at the moment until we get that section of the business to be bigger. Wonderful. I'll let you close with this one. Our viewer says, "With a very productive year the company has had since listed last July, what are the next milestones you expect that will couple with achievements you've already demonstrated that will add value to shareholders from here? There's really three. One is we've done, I believe, seven transactions since July of last year when we formed the company. Those are either acquisitions or majority investments. We plan to do at least two to three more before the end of our fiscal year in September 30th. That's one milestone that we need to complete. Part of that is to acquire someone bigger that really puts us on the map and gives us more of a customer base, more of a revenue stream, and more EBITDA. We're in negotiations with companies to do that. The second is funding. We did some initial funding when we formed the company. We've pulled in some money since then in 2026. Our goal is to get our balance sheet at a point where we can pull in $100 million, $200 million and really go to town and expand the company, both operationally and from an M&A point of view. Third, performance is everything. We were lucky enough to get a nice contract out of Mexico for a drone-based system, which will evolve into a much larger contract. As soon as we get milestones of a couple more business contracts, I think people will have to take VisionWave very seriously. All right. Well, Doug, thank you so much for this update. We appreciate learning more about VisionWave Holdings. Thank you so much. All right. Thank you. All right, everyone. What a great first day of our conference. This is the completion of it. We will see you back here tomorrow morning at 9:00 A.M. Eastern for day two of our Super Virtual Investor Conference. See you all tomorrow.