Evergen Infrastructure Corp.

Hi everyone, this is Jeremy So, Director of Corporate and Business Development. Welcome to the Evergen Infrastructure fourth quarter 2020 for your earnings results presentation. During the presentation, all participants will be in a listen-only mode. Participants can submit questions via the Q&A box at the bottom of the screen, which will be answered following the presentation. As a reminder, this call is being recorded. Before we begin, I would like to direct all participants to our website at www.evergeninfra.com where you will find a copy of the fourth quarter 2023 earnings presentation. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to particularly differ from those in the four looking statements is contained in the fourth quarter 2023 management discussion and analysis. I will now turn the call over to Misha Zatman, Evergen Infrastructure's President and Chief Executive Officer to begin.

Thanks Jeremy and thanks everyone for joining today. Overall, 2023 was a year to solidify our foundation to ensure future and sustainable growth in 2024 and beyond. It was a year in which we achieved some significant milestones, in particular, bringing the Fraser Valley biogas facility online. And as we continue to ramp that facility up today, we're pleased in terms of how that facility has performed relative to our expectations. And we expect to continue to see that type of performance at that facility, which sets us up well in terms of the development of all our core projects as we continue to advance those in 2024. With that, I'll hand it over to Sean to go through our year-end results, and then I'll go through our presentation here, and then we'll leave it open for Q&A at the end.

Thanks Misha and welcome everyone to the Q4 year-end earnings presentation. Starting with our financial results, our revenues for Q4 2024 increased 35% relative to 2022 and these were boosted from the commencement of RNG production at Grotech in Q3 and additional feedstock received across all of our operating facilities. After adjusting for depreciation, our direct operating costs were consistent with Q4 2022 and it should be noted that Q4 2023 includes additional costs associated with the RNG production at Grotech and the operations at our Prairie Sky organics facility. Our net loss was slightly impacted by recognising a write down on surplus equipment, which was classified as held for sale at year end. And our adjusted EBITDA was lower than last year, mainly as a result of the Fraser Valley Biogas construction and commissioning work undertaken during the quarter, which disrupted RNG production at the facility prior to the completion of construction. Moving on to liquidity, our cash and working capital balances have been utilized for the Fraser Valley Biogas Project, as well as the purchase of certain equipment at our Grotech facility to be used as part of the second phase of the expansion. We're actively managing the working capital deficit through additional financing initiatives, including a $3.5 million term loan for Growtech secured in January 2024, and we're working on additional non-dilutive financial measures. These initiatives serve to substantially improve both working capital and liquidity as the, along as the operating results continue to strengthen from Fraser Valley Biogas coming online. Overall it's positive to see the increased revenues and stabilized costs during the quarter, which has seasonally been a slower quarter for Evergen. And we look forward to reporting the Q1 results, inclusive of the Fraser Valley Biogas project operating results in late May. I'll now hand it back to Misha for the remainder of the presentation.