Velan Inc.

. . . . Thank you. Thank you for watching! Thank you for watching! Good morning, ladies and gentlemen, and welcome to the VLAN Inc. Q1 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Please turn your attention to the disclaimer from VLAN's related IR presentation, which is available on its website in the investor relations section. The first paragraph mentions that the presentation provides analysis of VLAN's consolidated results for the first quarter ended May 31, 2026, which the board of directors of the company approved yesterday, July 9, 2026. The second paragraph refers to non-IFRS and supplementary financial measures, which are defined and reconciled at the end of the presentation. The last paragraph addresses forward-looking information, which is subject to risks and uncertainties that are not guaranteed to occur. Forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. Finally, unless indicated otherwise, all amounts are expressed in U.S. dollars. This call is being recorded on Friday, July 10, 2026. I now turn the conference over to Rishi Sharma, President and Chief Executive Officer. Please go ahead.

Thank you, Operator. Good morning.

I'm here with Imran Gibbons, Chief Financial Officer of VELAN. Thank you for joining us for our conference call, and I invite you to turn to slide three of the presentation. The past couple of years have been highly active for VELAN. as we undertook numerous initiatives to unlock shareholder value, reduce our risk profile, and position the company for sustainable growth. These efforts culminated in an important milestone with last month's closing of Birch Hill's acquisition of the landholding's majority interest. With this transaction now completed, we are entering a new chapter in our history from a position of strength. Backed by a strong balance sheet, a solid brand reputation, Thank you all so much for joining us today. whose support and guidance have been invaluable, and I am pleased that we will continue to benefit from his experience as a member of our board. The board has welcomed Patrick Duncan, partner at Birch Hill, as chair, along with Joshua Lundy and Shana Gabb. The three current directors will continue to serve as independent board members, including Daniel Dijardin, who has been appointed lead director. The board now consists of seven directors, four of whom are independent. I would also like to thank Ivan, Peter, Rob, and Tom Velan for their long-standing service and contributions to the company, helping build up its 75-year legacy. I would also like to congratulate Imran Gibbons on his promotion to Chief Financial Officer. Imran has played an important role in strengthening our financial discipline and strategic planning capabilities, and I look forward to working closely with him as we execute on our priorities.