Northstar Clean Technologies Inc.

Excellent. Well, welcome everybody to the Q3 2025 Northstar Clean Technologies quarterly update. So we'll go through the quarterly results today that were released this morning and also provide an investor update. um normal kind of process that we'll go through so um i'll do the intro uh greg finoff the cfo will take us through the financials and i'll do the investor update q a is always in in the corner of your screen um that you can put the uh you can put the questions into and trenton from king communications will help us today and uh as always thanks to to not for for setting this up So, look, I'll give just a quick overview. You know, financially, kind of a relatively benign quarter. Greg will take us through that. But this is, as I said, I think at the last call and I said in my presentations recently, like we are at an absolute tipping point for the company. You know, I said it at the presentation that we gave when we opened the site in Calgary, et cetera. So I would almost describe it as – This is the time for a new roof. And one of the things that I will hopefully give some confidence today is the buyer confidence in our new roof. This company is literally right at the tipping point for that happening. So in the investor update, I'll talk about Calgary. I'll talk about Hamilton. I'll talk about US1. And I'll also, as well as kind of talking about what we believe we've delivered in 2025, I'll also talk about the vision that I had four years ago when I joined, when I waved my arms and said this was a billion-dollar company. will actually describe the pathway to a billion dollars. So we actually believe this is a relevant plan that can be delivered. Number one, based on what we're seeing in Calgary. Number two, based on the support that we have in Calgary and the ability for us to rinse and repeat the support structure that we have in every jurisdiction. I mean, you've heard me being quoted as saying we want to be the Tim Hortons of asphalt shingle reprocessing. And to do that, you need to be able to build the same facility again and again and again, rinse and repeat. And so we'll show you how we actually believe there is a plan to get this company to a billion dollars worth of value. So I'll talk about that at the end. So provide a bit of kind of vision as we head out of 2025. So, as always, forward-looking statements on the website, on the presentation that will come out tomorrow, kind of just point you to that. And with that, over to Greg in the financials.

Thanks, Aidan. As Aidan mentioned, Q3 of 2025 was fairly benign from an operational perspective. The quarter did have, as Aidan has alluded to and will speak about in a minute, fairly impactful milestone events. These milestone events provide the foundation to generate sustained operations and ultimately will make their way to quarterly financial results, an event that we at the company and the marketplace are keenly looking forward to. Consistent with prior quarters, the company was able to continue its intake of asphalt shingles and receive tipping fees in the amount of $122,000 for the three months ended September 30th, bringing total tipping revenue to $440,000 for the cumulative nine months ended September 30, 2025. These nine-month totals are consistent with the prior year, year over year. Shingo Collection did slow somewhat during the quarter due to physical space limitations at the Empower Credit Calgary facility. With the commencement of sustained operations, this stockpile will be brought down, enabling the company to resume meaningful collection programs inclusive of the newly announced City of Calgary contract, resulting in significantly more revenue per quarter from tipping fees and consistent with our economic modeling. Comprehensive loss for the period equaled $3.9 million compared to $3.2 million loss for the comparable prior period of the company. Significant expenses in the quarter included additional variable costs such as utilities associated with running the Empower Calgary facility on a more sustained basis. The second material difference between Q3 25 and Q3 24 was personnel professional consulting fees of 1.2 million versus 700,000. Again, additional costs this area were incurred with increased staff levels primarily at the Calgary Cal Grant Park facility, together with non recurring personal expenses. Capital expenditures significantly decreased in the quarter compared to the prior year period as construction activities were predominantly completed in the second quarter of 2025. Capital expenditures of $1.7 million related to capitalizable commission expenses. This compares to $6.5 million for the prior year period, which related to construction activities, as I mentioned. The company exited the quarter with just under $2 million in cash, offset by accounts payable and accrued liabilities of $2.7 million. Included in current liabilities are a number of maturing convertible debentures, all of which are in the money at this point and we anticipate will be converted to equity prior to maturity. As has been the case over the last several quarters, 95,000 in convertible debentures were in fact converted during the quarter. The company also successfully raised 3.4 million net proceeds during the quarter via non-brokered unit financing to bolster working capital reserves. Lastly, and subsequent to the quarter, we announced the attainment of 80 times per day, which under milestone three of the Emission Reduction Alberta's $7.1 million grant will bring in or further approximately $730,000. We expect to receive those funds shortly as the government works through their treasury process. I personally look forward to reporting operational results in the coming quarters. And with that, I'll turn it back over to Aidy. Yeah, and that's the cash balances. So consistent with the prior quarter, you're seeing that slide on the screen. Excellent.

Well, Greg, thanks for that. So investor update, first point is to kind of obviously outline kind of Q3 and what we're doing for the remainder of 2025 and Q1 forward. So The key, of course, was a constructed facility and hitting the 80 tons a day from Emissions Reduction Alberta. That obviously coincided with kind of first asphalt or first liquid asphalt production and first pelletized asphalt, as I've said before, and we'll touch again on the Calgary slide, the quality of that asphalt is excellent. We had the limestone patent, which got added, and most importantly, which I'll talk about in a minute, is the City of Calgary deal. And we'll also outline some of the stuff that was said on the opening of the facility on November 12th. And look, for the remainder of this year, the most important thing that we have to do is deliver first product sales and revenue at the Calgary facility in December. And that is the plan. So we want to be coming out of 2025 with revenue coming in from asphalt sales from the facility and continuing that steadily through 2025 and obviously steadily through Q1 as we ramp the facility up. For the other two facilities, Hamilton and US1, I'll give a little bit more detail today on where we are with the development of both of those. But again, Ruthless Focus is all about delivering revenue from this first facility. So this is a slide, and I've shown this in a couple of presentations, so forgive me if you've seen this before. Our Emissions Reduction Alberta team that came in to review the facility, look at running front to back, et cetera, et cetera, ahead of the 80 tons a day, they took the picture on the left-hand side in 2024. And they took it in October 2024. And now the one on the right-hand side is the built facility in October 2025. So this isn't about aren't we brilliant, pat on the back, et cetera, et cetera. But this is just a matter of fact. Within the year, we have literally built – commissioned and started operating the facility on the right-hand side. So as a matter of course, you know, we've talked about it before, you know, the honesty of was this facility delayed? Would I have liked it to have been built faster and operating sooner? For sure. But as a business, the tipping point is the picture on the right-hand side, which actually shows a facility constructed. So Calgary, fully engineered, fully constructed, fully commissioned, hit the Alberta ERA milestone. And one of the things that's really important about Calgary is not only is it the first of its kind, not only do we want to learn from it as we go for the rinse and repeat, but now we have the municipality on our side so closely that we have a five-year agreement for all of the supply that goes to Calgary's landfills to come to our facility. So if you think about that and you think about Emissions Reduction Alberta, and you'll hear Justin Reimer from Emissions Reduction Alberta talk in a little bit here, but if you think about the non-dilutive support we got from the province, and you think about the capacity of the Calgary facility and the dollars that we'll produce, this is the framework for our rinse and repeal. So when I talk later about how do we actually deliver a billion-dollar company, it's exactly that. It's municipal support, it's federal, provincial, and state support, and it's the ability to get feedstock fed into it and run through it in an effective way. So, Natalie, could you play the video? Yep.