Q3 2025 Northstar Clean Technologies Inc Earnings Call

November 25, 2025

Aidan Mills: We good to go?

We could go.

[Company Representative] (Northstar Clean Technologies): Yep.

Yes.

Aidan Mills: Excellent. Well, welcome everybody to the Q3 2025 Northstar Clean Technologies Quarterly Update. We'll go through the quarterly results today that were released this morning, and also provide an investor update. Normal kind of process that we'll go through. I'll do the intro. Greg Fekete, the CFO, will take us through the financials, and I'll do the investor update. Q&A, as always, in the corner of your screen that you can put the—you can put the questions into. Trenton from King Communications will help us today. As always, thanks to Nat for setting this up. Well, I'll give just a quick overview. Financially, kind of a relatively benign quarter. Greg will take us through that. This is, as I said, I think at the last call, and I said in my presentations recently, we are at an absolute tipping point for the company.

Actual well.

The body.

The Q3, 2025, norstar clean technologies quarterly update.

So we'll go through the quarterly results today.

Our release this morning.

And also provide.

Update.

Normal kind of process that will go through so.

I'll do the untrue.

Greg Hunt CFO will take us through the financials and I'll do the investor update Q&A as always in the corner of your screen.

But you can pick a day you can put the questions into and Clinton from can communications, who will help us today and as always thanks to China for setting this up.

So look I'll give us just a quick overview.

Financially financially a 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 in an absolutely chipping point.

For the company.

Aidan Mills: I said it at the presentation that we gave when we opened the site in Calgary, etc. I would almost describe it as this is the time for a new roof. 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. In the investor update, I'll talk about Calgary, Hamilton, and US1. 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. We'll actually describe the pathway to a billion dollars. We actually believe this is a relevant plan that can be delivered.

I said it at the presentation that we gave when we opened the site in Calgary, etc. I would almost describe it as this is the time for a new roof. 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. In the investor update, I'll talk about Calgary, Hamilton, and US1. 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. We'll actually describe the pathway to a billion dollars. We actually believe this is a relevant plan that can be delivered.

You know we said it at the presentation that we gave when we when we opened the site in Calgary et cetera. So I would almost describe it is.

This is the time for a new lease.

And one of the things that I will hopefully give us some confidence today is the buyer confidence in our new roof.

This company is literally right at that tipping point.

Shipping pointed out happening so when the investor update I'll talk about Calgary.

I'll talk about Hamilton, and I'll talk about U S. One and and also as well as kind of talking about what we believe is delivered in 2025.

I'll also talk about the vision that I had four years ago, when I joined when I waived my arms and said this was $1 billion company.

Well actually described the pathway to $1 billion. 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 to support structure that we have and every.

Aidan Mills: 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. To do that, you need to be able to build the same facility again and again and again, rinse and repeat. We'll show you how we actually believe there is a plan to get this company to a billion-dollar worth of value. I'll talk about that at the end. Provide a bit of kind of vision as we head out of 2025. As always, forward-looking statements on the website, on the presentation that will come out tomorrow, kind of just point you to that.

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. To do that, you need to be able to build the same facility again and again and again, rinse and repeat. We'll show you how we actually believe there is a plan to get this company to a billion-dollar worth of value. I'll talk about that at the end. Provide a bit of kind of vision as we head out of 2025. As always, forward-looking statements on the website, on the presentation that will come out tomorrow, kind of just point you to that.

Jurisdiction.

You've heard me being quoted as saying we want to be the Tim Hortons of asphalt shingle reprocessing and.

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 high we actually believe there is a plan to get this company to a $2 billion worth of value. So I'll talk about that at the end so provide a bit of kind of vision as we as we head out of 2025.

So it was always.

Forward looking statements on the website on the presentation that will come out tomorrow.

You know kind of point your AR.

Point you to that.

Aidan Mills: With that, over to Greg and the financials.

With that, over to Greg and the financials.

And with that over to Greg on the financials.

Greg Fekete: Thanks, Aidan. As Aidan mentioned, Q3 2025 was fairly benign from an operational perspective. The quarter did have, as Aidan has alluded to and we'll 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 into 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 CAD 122,000 for the three months ended 30 September, bringing total tipping revenue to CAD 440,000 for the cumulative nine months ended 30 September 2025. These nine-month totals are consistent with the prior year, year over year. Shingle collection did slow somewhat during the quarter due to physical space limitations at the Empower Calgary facility.

Greg Phaneuf: Thanks, Aidan. As Aidan mentioned, Q3 2025 was fairly benign from an operational perspective. The quarter did have, as Aidan has alluded to and we'll 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 into 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 CAD 122,000 for the three months ended 30 September, bringing total tipping revenue to CAD 440,000 for the cumulative nine months ended 30 September 2025. These nine-month totals are consistent with the prior year, year over year. Shingle collection did slow somewhat during the quarter due to physical space limitations at the Empower Calgary facility.

Thanks, Hayden as Adrian mentioned Q3 of 2025 was fairly benign from an operational perspective.

The quarter did have as Hayden has alluded to and we 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 and event that we at the company in the marketplace are keenly looking forward to.

Assistant with prior quarters. The company is able to continue its intake of asphalt shingles and receive tipping fees in the amount of 122000 for the three months ended September 30th bringing total tipping revenue to 440000 for the cumulative nine months ended September 32025.

These nine months roles are consistent with the prior year year over year Shingle collection did slow somewhat during the quarter due to physical space limitations at the empower credit calorie facility with the commencement of sustained operations. The stockpile will be brought down enabling the company to resume meaningful collection programs inclusive of our newly announced city of Telerik.

Greg Fekete: 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 CAD 3.9 million compared to CAD 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 2025 and Q3 2024 was personnel, professional, and consulting fees of CAD 1.2 million versus CAD 700,000. Again, additional costs in this area were incurred with increased staff levels, primarily at the Calgary Empower facility, together with non-recurring personal expenses.

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 CAD 3.9 million compared to CAD 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 2025 and Q3 2024 was personnel, professional, and consulting fees of CAD 1.2 million versus CAD 700,000. Again, additional costs in this area were incurred with increased staff levels, primarily at the Calgary Empower facility, together with non-recurring personal expenses.

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 $2 2 million loss for the comparable prior period that the company significant expenses in the quarter included additional variable costs, such as utilities associated with running the empower Italian facility on a more sustained basis.

The second material difference between Q3 25 in Q3 24 was personnel professional and consulting fees of $1 $2 million versus 700000 again additional cost as area were incurred with increased staff levels, primarily at the Calgary, Calgary and part facility together with nonrecurring personal expenses.

Greg Fekete: 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 CAD 1.7 million related to capitalizable commission expenses. This compares to CAD 6.5 million for the prior year period, which related to construction activities, as I mentioned. The company exited the quarter with just under CAD 2 million in cash, offset by accounts payable and accrued liabilities of CAD 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, CAD 95,000 in convertible debentures were in fact converted during the quarter. The company also successfully raised CAD 3.4 million in net proceeds during the quarter via non-brokered unit financing to bolster working capital reserves.

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 CAD 1.7 million related to capitalizable commission expenses. This compares to CAD 6.5 million for the prior year period, which related to construction activities, as I mentioned. The company exited the quarter with just under CAD 2 million in cash, offset by accounts payable and accrued liabilities of CAD 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, CAD 95,000 in convertible debentures were in fact converted during the quarter. The company also successfully raised CAD 3.4 million in net proceeds during the quarter via non-brokered unit financing to bolster working capital reserves.

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 capitalize more 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 95000, and convertible debentures were in fact converted during the quarter.

The company also successfully raised $3 4 million in net proceeds during the quarter via nine via non brokered unit financing to bolster working capital reserves lastly, and subsequent to the quarter, we announced the attainment of 80 tons per day, which under milestone three of the emission reduction alberto's $7 $1 million Grant will bring in a further four.

Greg Fekete: Lastly, subsequent to the quarter, we announced the attainment of 80 tons per day, which under milestone three of Emissions Reduction Alberta's CAD 7.1 million grant will bring in a further approximately CAD 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. With that, I'll turn it back over to Aidan. That's the cash balances. Consistent with the prior quarter, you've seen that slide on the screen.

Lastly, subsequent to the quarter, we announced the attainment of 80 tons per day, which under milestone three of Emissions Reduction Alberta's CAD 7.1 million grant will bring in a further approximately CAD 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. With that, I'll turn it back over to Aidan. That's the cash balances. Consistent with the prior quarter, you've seen that slide on the screen.

<unk> $730000, we expect to receive those funds shortly as the government works through their treasury process.

Personally look forward to reporting operational results in the coming quarters and with that I'll turn it back over to 80.

And that's the cash balances so consistent with the prior quarter, you've seen that slide on the screen.

Aidan Mills: Excellent. Well, Greg, thanks for that. Investor update, first point is to kind of obviously outline Q3 and what we're doing for the remainder of 2025 and Q1 forward. The key, of course, was a constructed facility and hitting the 80 tons a day from Emissions Reduction Alberta. That obviously coincided with 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 pattern, which got added, and we also, and most importantly, which I'll talk about in a minute, is the City of Calgary deal. We'll also outline some of the stuff that was said on the opening of the facility on 12 November 2025.

Excellent.

Greg Thanks for that so investor update first point is to is to kind of have kind of obviously outline kind of Q3 and what we're doing for our for the remainder of 2025 in Q1 forward. So.

No.

The key of course was a constructed facility in hitting the 80 tons a day from emissions reduction Alberta.

That obviously coincide with kind of first asphalt our first liquid asphalt production and first pelletize asphalt as I've said before and we'll touch again on that.

On the Calgary slide the quality of that asphalt is excellent and we had the limestone patent which got added in we also.

And most importantly, which I'll talk about in a minute as to is the city of Calgary deal.

And will also outline some of the stuff that was said on the on the opening of the facility on November 12.

Aidan Mills: 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. That is the plan. 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. Again, ruthless focus is all about delivering revenue from this first facility. This is a slide, and I've shown this in a couple of presentations, so forgive me if you've seen this before.

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. That is the plan. 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. Again, ruthless focus is all about delivering revenue from this first facility. This is a slide, and I've shown this in a couple of presentations, so forgive me if you've seen this before.

And look for 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.

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 treat through Q1 as we ramp that facility up for the other two facilities Hamilton.

And U S. One I'll give it a little bit more detail today on where we are with <unk> with the development of both of those but again ruthless focus is all about delivering revenue from this from this first facility.

So this is a slide I've shown this in a couple of presentations. So forgive me if you've seen this before and.

Aidan Mills: Our Emissions Reduction Alberta team came in to review the facility, look at running front to back, etc., etc., ahead of the 80 tons a day. They took the picture on the left-hand side in 2024. They took it in October 2024, and now the one on the right-hand side is the built facility in October 2025. This isn't about, "Aren't we brilliant? Pat on the back," etc., etc. This is just a matter of fact of within the year, we have literally built, commissioned, and started operating the facility on the right-hand side. As a matter of course, we've talked about it before, the honesty of, "Was this facility delayed? Would I have liked it to have been built faster and operating sooner?" For sure.

Our Emissions Reduction Alberta team came in to review the facility, look at running front to back, etc., etc., ahead of the 80 tons a day. They took the picture on the left-hand side in 2024. They took it in October 2024, and now the one on the right-hand side is the built facility in October 2025. This isn't about, "Aren't we brilliant? Pat on the back," etc., etc. This is just a matter of fact of within the year, we have literally built, commissioned, and started operating the facility on the right-hand side. As a matter of course, we've talked about it before, the honesty of, "Was this facility delayed? Would I have liked it to have been built faster and operating sooner?" For sure.

Our emissions reduction Alberta came that came in.

The facility look at running front to back et cetera, et cetera ahead of the 80 tons a day.

The picture on the left hand side in 2024.

They took it in October 2024, and NIE. The one on the right hand side is the facility in October 2025, So decision apply heartbeat brilliant patent back et cetera et cetera, but this is just a matter of fact of within the year, we have literally built.

Commissioned and started operating the facility on the right hand side, so as a matter of course, we've talked about it before.

The honesty of eight 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.

Aidan Mills: As a business, the tipping point is the picture on the right-hand side, which actually shows a facility constructed. Calgary, fully engineered, fully constructed, fully commissioned, hit the Alberta ERA milestone. 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. If you think about that and you think about Emissions Reduction Alberta, you'll hear Justin Reimer from Emissions Reduction Alberta talking a little bit here.

As a business, the tipping point is the picture on the right-hand side, which actually shows a facility constructed. Calgary, fully engineered, fully constructed, fully commissioned, hit the Alberta ERA milestone. 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. If you think about that and you think about Emissions Reduction Alberta, you'll hear Justin Reimer from Emissions Reduction Alberta talking a little bit here.

Sure It was a facility constructed.

So Calgary fully engineered fully constructed fully commissioned hit the Alberta E. R. A milestone.

And one of the things that's really important to bite 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.

All of the supply that goes to Calgary landfills to come to our facility.

So if you think about that and you think about emissions reduction, Alberta, and Youll hear Justin Reimer from emissions reduction, Alberta talk in a little bit here, but if you think about the the non dilutive support we got from the province.

Aidan Mills: 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 repeat. 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. Natalie, could you play the video?

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 repeat. 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. Natalie, could you play the video?

And you think about the capacity of the Calgary facility and the dollars that will produce this is the framework for our rinse and repeat so when I talk later about how do we actually deliver $1 billion company. It is exactly that its municipal support.

Federal provincial and state support.

And it's the ability to get feedstock fed into it.

And run through it.

And an effective way.

So Natalie could you play the play the video.

[Company Representative] (Northstar Clean Technologies): Yep.

Yes.

Aidan Mills: We're not seeing any video now? Thank you.

So we're not seeing any video or not.

Thank you.

Greg Fekete: Congratulations on this milestone event. Very few that actually can efficiently and effectively deliver and complete the project like the way Northstar has. The goal of the project was to design, build, and start operations on their first commercial-scale shingle recycling facility in Calgary. Northstar was approved for CAD 7.1 million. Money received and project delivered. Well done. We saw it as a flagship project that would invest in the circular economy space in this province. We saw a proven technology that cuts emissions and diverts waste from landfills. We saw a project that positions Alberta as a global leader in shingle recycling, a potential solution that could be exported and deployed across North America. We really appreciate the fact that Northstar has brought really innovative solutions to reducing environmental impacts while creating economic opportunities and reaching these first operational goals by processing over 80 tons of shingle feedstock a day.

[Video Narrator 1]: Congratulations on this milestone event. Very few that actually can efficiently and effectively deliver and complete the project like the way Northstar has. The goal of the project was to design, build, and start operations on their first commercial-scale shingle recycling facility in Calgary. Northstar was approved for CAD 7.1 million. Money received and project delivered. Well done. We saw it as a flagship project that would invest in the circular economy space in this province. We saw a proven technology that cuts emissions and diverts waste from landfills. We saw a project that positions Alberta as a global leader in shingle recycling, a potential solution that could be exported and deployed across North America. We really appreciate the fact that Northstar has brought really innovative solutions to reducing environmental impacts while creating economic opportunities and reaching these first operational goals by processing over 80 tons of shingle feedstock a day.

Congratulations on this milestone event very few that actually can efficiently and effectively deliver and complete the project like the way Northstar has the goal of the project was to design build and start operations on their first commercial scale shingle recycling facility in Calgary Northstar was <unk>.

<unk> for $7 1 million money received and project delivered well done we saw it as a flagship project that would invest in the circular economy space in this province, we saw a proven technology that cuts emissions and divert waste from landfills, we saw a project that positions Alberta as a.

Global leader in shingle recycling a potential.

<unk> that could be exported and deployed across North America.

I really appreciate that.

Back that Northstar has brought really innovative solutions to reducing environmental impact, while creating economic opportunities and reaching these first operational goals by processing over 80 tonnes of shingle feedstock of date and I can say this product speaks to the ingenuity the resiliency of the Northstar team and the entrepreneurship that you've displayed.

Greg Fekete: I can say this project speaks to the ingenuity, the resiliency of the Northstar team, and the entrepreneurship that you've displayed. You've shown us you are prepared to take risks, put your money on the table, put your careers on the line, and get at it. Great things come from that, and we're seeing that today. On behalf of the area's board and our team, I want to congratulate the entire Northstar team and everyone involved in bringing this incredible project to life. Well done.

I can say this project speaks to the ingenuity, the resiliency of the Northstar team, and the entrepreneurship that you've displayed. You've shown us you are prepared to take risks, put your money on the table, put your careers on the line, and get at it. Great things come from that, and we're seeing that today. On behalf of the area's board and our team, I want to congratulate the entire Northstar team and everyone involved in bringing this incredible project to life. Well done.

He has shown US you are prepared to take risks.

Your money on the table and put your careers on the line and get at it great things come from that and we're seeing that today on behalf of <unk> Board and our team I want to congratulate the entire Northstar team and everyone involved in bringing this incredible project delay well done.

[Company Representative] (Northstar Clean Technologies): I have to say this is very meaningful for me because it was shortly after I was elected that I was right here with the Northstar team on an empty gravel lot breaking ground right here for this exciting facility that's behind us. What I said then is true today. This is the Alberta story. To the entire Northstar Clean Technologies team for your innovation, your leadership, and your commitment to a more sustainable future. It's really a remarkable facility, and it's a major step forward in Alberta's clean tech sector. As the MLA for this region, I'm incredibly proud to support this project, one that grows our economy and positions Alberta as a leader in sustainability and innovation. On behalf of Alberta's United Conservatives, huge congratulations to Northstar and to all your partners.

[Video Narrator 2]: I have to say this is very meaningful for me because it was shortly after I was elected that I was right here with the Northstar team on an empty gravel lot breaking ground right here for this exciting facility that's behind us. What I said then is true today. This is the Alberta story. To the entire Northstar Clean Technologies team for your innovation, your leadership, and your commitment to a more sustainable future. It's really a remarkable facility, and it's a major step forward in Alberta's clean tech sector. As the MLA for this region, I'm incredibly proud to support this project, one that grows our economy and positions Alberta as a leader in sustainability and innovation. On behalf of Alberta's United Conservatives, huge congratulations to Northstar and to all your partners.

Have to say this is very meaningful for me because it was shortly after I was elected.

I was right here with the Northstar team on an empty gravel lot breaking ground right here for this exciting facility that's behind Us and what I said then is as true today. This is the Alberta story to the entire Northstar clean technologies team for your innovation and for you.

Our leadership and your commitment to a more sustainable future Israeli a remarkable facility.

A major step forward in Alberta Cleantech sector.

The MLA for this region I'm incredibly proud to support this project one that grows our economy positions, Alberta as a leader in sustainability and innovation on behalf of Alberta to United Conservative.

Regulations to Northstar to all your partners I am very excited to see this facility try then to to watch its progress and expansion unfold in the months ahead.

[Company Representative] (Northstar Clean Technologies): I'm very excited to see this facility thrive and to watch its progress and expansion unfold in the months ahead.

I'm very excited to see this facility thrive and to watch its progress and expansion unfold in the months ahead.

Aidan Mills: Thanks, Matt. Okay. Let me just get our slides back again here. Okay. When we send the link to this for the presentation, we will also send a link to that video out. Again, that is the provincial government talking about the success of the Northstar project, and it's the MLA for the region. It's the government support. Again, this is the rinse and repeat of our success in Calgary that we want to repeat elsewhere. Hamilton, let's talk about that. There seemed to be a little bit of confusion in the call last time, and I apologize for causing any confusion about putting doubt with respect to the site in Hamilton at Hope. As you know, Hamilton Port Authority is where we have the initial gas lease agreement, etc.

Thanks, Matt.

Okay, Let me just get our slides back again here.

Okay. So when we send the link to this for the presentation we will.

Also send a link to that video it again.

So that is the.

Provincial government talking about the success of the North Star project and its the MLA for the region. So it's that it's the government support and again this is the rinse and repeat.

Of our success in Calgary that we want to repeat elsewhere.

Hamilton, let's talk about that there seem to be a little bit of confusion and Mike in the call last time, and I apologize for causing any confusion about putting date with respect to the to the site.

And Hamilton at Hooper, So as you know Hamilton Port Authority is where we have the we have anecdotal.

Police agreement et cetera.

Aidan Mills: What they needed to do was, as they looked at utilities, they needed to land the exact—oh, sorry, they needed to finalize the exact plot. You can't do any permitting until you have the exact plot. As we came out of the summer, we talked to the ministry, and the ministry said, yep, you need to do—you for the site need to do an air ECA and a waste ECA. To do an air permit, what you have to do is you have to have—it has to be at your boundary line of your facility. That is when I say specific site finalized, that's what we have done with Hope. Now we can essentially start the permitting process. We're progressing one federal and one provincial non-dilutive funding options.

What they needed to do was, as they looked at utilities, they needed to land the exact—oh, sorry, they needed to finalize the exact plot. You can't do any permitting until you have the exact plot. As we came out of the summer, we talked to the ministry, and the ministry said, yep, you need to do—you for the site need to do an air ECA and a waste ECA. To do an air permit, what you have to do is you have to have—it has to be at your boundary line of your facility. That is when I say specific site finalized, that's what we have done with Hope. Now we can essentially start the permitting process. We're progressing one federal and one provincial non-dilutive funding options.

So what they needed to do was as they looked at utilities they needed to land the exact.

Oops, sorry, due to the growth.

They needed.

To finalize the exact plot you can't do any permitting until you have the exact plot. So as we came out of the summer we talked to the Ministry and the Ministry said, yet we need to do view for the site needs to do in air ECA and waste ECA, but to do an error.

And air permit what you have to do is you have to have it has to be at your binary line of your facility. So that is when I say specific fights site finalized that's what we have done with Hooper.

We can essentially start the permitting process.

We're progressing one federal on one <unk>.

Provincial non dilutive funding options applications will be submitted in Q1, and we've identified those and started to engage with both of those funds.

Aidan Mills: Applications will be submitted in Q1, and we've identified those and started to engage with both of those funds. Of course, as part of all of that, we've commenced local engagement with the local council there as well to engage them in the federal and provincial non-dilutive funding options. Good progress in Hamilton, permitting starting as we move into December here. Essentially the same in the US. We've identified the state, we've identified the city, we've engaged with the state environmental teams, and we understand exactly what permitting needs to be done. The consultants are ready to go as they are in Hamilton. The only thing that we need to do for US1 is finalize the negotiation on the site. This has been a bit frustrating this year. We've had one site that was close to being concluded in negotiations, which we didn't conclude.

Applications will be submitted in Q1, and we've identified those and started to engage with both of those funds. Of course, as part of all of that, we've commenced local engagement with the local council there as well to engage them in the federal and provincial non-dilutive funding options. Good progress in Hamilton, permitting starting as we move into December here. Essentially the same in the US. We've identified the state, we've identified the city, we've engaged with the state environmental teams, and we understand exactly what permitting needs to be done. The consultants are ready to go as they are in Hamilton. The only thing that we need to do for US1 is finalize the negotiation on the site. This has been a bit frustrating this year. We've had one site that was close to being concluded in negotiations, which we didn't conclude.

And of course as part of all of that we've commenced local and engagement with the local the local council there as well to engage them in the in the federal and provincial known non dilutive funding options. So good progress in Hamilton.

Permitting starting starting as early as you move into December here.

And essentially the same in the U S. So we've identified the state we've identified the city, we've engaged with the state environmental.

Environmental teams, we understand exactly what permitting needs to be done the consultants are ready to go as they are in Hamilton. So the only thing that we need to do in the end for U S. One is finalized the negotiation on the site night. This has been a bit frustrating. This year. We've had one site that was there was close to close to being complete.

And negotiations, which we didn't conclude.

Aidan Mills: We expect to have this one concluded by the end of the year. That will, again, prompt the ability for us to progress the permitting. We have engaged again, similar to Hamilton, with both federal agencies in the US and with state agencies in the US for non-dilutive funding options. Those look promising in the same way that the Hamilton site does. Look, this is not a, hey, we want a pat on the back for building this facility, but this is just a bit of a list of what we've delivered through 2025. From a shareholder perspective, what we've continued to say and to do is to deliver along these elements of strategic relationships, funding, and kind of developing the technology.

And but this one I, we expect to have it completed by the end of the year.

We expect to have this one concluded by the end of the year. That will, again, prompt the ability for us to progress the permitting. We have engaged again, similar to Hamilton, with both federal agencies in the US and with state agencies in the US for non-dilutive funding options. Those look promising in the same way that the Hamilton site does. Look, this is not a, hey, we want a pat on the back for building this facility, but this is just a bit of a list of what we've delivered through 2025. From a shareholder perspective, what we've continued to say and to do is to deliver along these elements of strategic relationships, funding, and kind of developing the technology.

And then that will again same thing prompt.

Pump the ability for us to to.

The permitting.

We have engaged again similar to Hamilton, we have engaged with both with both federal agencies in the U S and with the state agencies in the U S again for non dilutive funding funding options.

And those are.

Promising in the same way that in the same way that the Hamilton site dose.

So.

This again is not a hey.

Hey, we want a Pat on the back for building this facility, but but this is just a bit of a list of.

What we've delivered through 2025.

And from a from a shareholder perspective, what we've continued to say and to do is to deliver along these elements of of strategic <unk>.

Relationships.

Wondering and and kind of developing the technology. So as you know we've had huge ongoing support from suppliers and off takers. The R&D the camco and Makashov done has delivered a quality or the back end of this facility that is better than we expected which is fantastic.

Aidan Mills: As you know, we've had huge ongoing support from suppliers and off-takers. The R&D, the TAMKO, and McAsphalt have done has delivered a quality at the back end of this facility that is better than we expected, which is fantastic. Ongoing engagement on feedstock supply and now a five-year waste shingle supply agreement with the city of Calgary. As I talked about, upcoming on the Hamilton side and US expansion continues to gather pace. We got CAD 5.2 million of the CAD 7.1 million from Emissions Reduction Alberta. You heard what Justin Reimer said about the support of the Emissions Reduction Alberta board and the Emissions Reduction Alberta management, which has been fantastic. We've built Calgary. Now, as I said, as we move into December here, what we expect to see is the first revenue from the first-ever facility that Northstar has constructed. We expect to see that in December when the asphalt sales occur.

As you know, we've had huge ongoing support from suppliers and off-takers. The R&D, the TAMKO, and McAsphalt have done has delivered a quality at the back end of this facility that is better than we expected, which is fantastic. Ongoing engagement on feedstock supply and now a five-year waste shingle supply agreement with the city of Calgary. As I talked about, upcoming on the Hamilton side and US expansion continues to gather pace. We got CAD 5.2 million of the CAD 7.1 million from Emissions Reduction Alberta. You heard what Justin Reimer said about the support of the Emissions Reduction Alberta board and the Emissions Reduction Alberta management, which has been fantastic. We've built Calgary. Now, as I said, as we move into December here, what we expect to see is the first revenue from the first-ever facility that Northstar has constructed. We expect to see that in December when the asphalt sales occur.

Ongoing engagement on feedstock supply and not a five year waste shingle supply agreement with the city of Calgary.

As I talked about upcoming in the on the Hamilton site in the U S expansion continues to continues to gather pace.

We got 5.2 of the seven one for me or a <unk>.

<unk> heard what Justin Reimers said about the support of the E. R. A board.

The ear DRA management, which has been fantastic.

We built Calgary, So nye as I said there is certain her as we move into December here, what we expect to see is the first revenue from the first ever facility that Northstar has constructive and we expect that to see to see that in December and national sales occur.

Aidan Mills: The production, as we've done, we've hit the ERA target of 80 tons. We've demonstrated that the facility can do that. Some IP in terms of the limestone patent and limestone developed as a process, but most important of all of these from a shareholder perspective is the quality of the asphalt that's coming out of this facility. That's something that you guys can be happy with respect to what we have actually delivered. Let's talk about the roadmap to a billion dollars. We believe we have a clear path to this.

But the.

The production, as we've done, we've hit the ERA target of 80 tons. We've demonstrated that the facility can do that. Some IP in terms of the limestone patent and limestone developed as a process, but most important of all of these from a shareholder perspective is the quality of the asphalt that's coming out of this facility. That's something that you guys can be happy with respect to what we have actually delivered. Let's talk about the roadmap to a billion dollars. We believe we have a clear path to this.

The production as we've done we've had PRA targeted of 80 tons, we've demonstrated that the facility can do that.

And some IP in terms of the in terms of the.

In terms of the limestone patented limestone developed as a process, but most important of all of these from a shareholder perspective is the quality of the asphalt that's coming out of this facility.

So so that's something that.

Hey, guys.

Can be happier with respect.

What we have actually delivered.

So let's talk about.

The roadmap to $1 billion so.

We believe we have a clear path to this so we believe that if we spend $25 million and build a facility that can process 80000 tons a year and deliveries in the same way that we expect Calgary too we should be seeing an EBITDA of approximately 10 million bucks come out of that facility per year.

Aidan Mills: We believe that if we spend CAD 25 million and build a facility that can process 80,000 tons a year and it delivers in the same way that we expect Calgary to, we should be seeing an EBITDA of approximately CAD 10 million come out of that facility per year. Again, if you take a conservative waste of value EV to EBITDA multiple and you use 10x, that will give you a value per plant of around CAD 100 million. The key thing then is to get to a billion dollars, you have to build 10 facilities. When I joined four years ago, I arm waved at the figure in the bottom right. I arm waved to say, I think this is a billion-dollar company. Now we actually have a capital EBITDA waste of value multiple and a number of facilities that demonstrates exactly what that is.

We believe that if we spend CAD 25 million and build a facility that can process 80,000 tons a year and it delivers in the same way that we expect Calgary to, we should be seeing an EBITDA of approximately CAD 10 million come out of that facility per year. Again, if you take a conservative waste of value EV to EBITDA multiple and you use 10x, that will give you a value per plant of around CAD 100 million. The key thing then is to get to a billion dollars, you have to build 10 facilities. When I joined four years ago, I arm waved at the figure in the bottom right. I arm waved to say, I think this is a billion-dollar company. Now we actually have a capital EBITDA waste of value multiple and a number of facilities that demonstrates exactly what that is.

Again, if you take a conservative waste to value.

EV to EBITDA multiple and you use 10.

That will give you a value per plant off of rhymed $100 million.

So the key thing then is to get to a billion dollars you have to build 10 facilities. So this when I joined four years ago I arm waved at the at the figure in the bottom.

In the bottom right. So I arm waived to say I think this is a billion dollar company now.

<unk>, we actually have a capital EBIT.

With waste to value multiple and a number of facilities that demonstrates exactly what that is.

Aidan Mills: We've talked about it before. We have Calgary, we have Hamilton, we have US1, we have the retrofit of Vancouver as part of that plan. We have the first four facilities in the US going to TAMKO. Once US1 is built, we still have three more facilities that literally have got off-take agreements in place. As you look at that math, that essentially gives you four plants with Calgary, Hamilton, US1, and Vancouver, three to follow on to give you seven, and literally it's another three. As we've always said, or as I had originally said, our original view was the decision was based on asphalt pricing and tipping fees. Now, as we know, one of the most important things is the 80,000 tons a year supply into the plant.

We've talked about it before. We have Calgary, we have Hamilton, we have US1, we have the retrofit of Vancouver as part of that plan. We have the first four facilities in the US going to TAMKO. Once US1 is built, we still have three more facilities that literally have got off-take agreements in place. As you look at that math, that essentially gives you four plants with Calgary, Hamilton, US1, and Vancouver, three to follow on to give you seven, and literally it's another three. As we've always said, or as I had originally said, our original view was the decision was based on asphalt pricing and tipping fees. Now, as we know, one of the most important things is the 80,000 tons a year supply into the plant.

So we've talked about it before we have Calgary, we have Hamilton, we have U S. One we have the retrofit of Vancouver as part of our plan and we have the first four facilities in the U S.

Im going to tomko. So once U S. One is built we still have three more facilities that literally have got off take agreements in place. So as you look at that math.

That gives you that essentially gives you four plants right in with Calgary Hamilton.

One on Vancouver, three to follow on to give you seven and literally it's another three as.

As we've always said or as.

As I had originally said our original view was.

The decision was based on asphalt pricing and tipping fees NIE Reno one of the most important things is the 80000 tons a year supply.

Aidan Mills: If you look at the facilities that TAMKO have near Atlanta, Kansas City, Dallas, etc., you can easily see that those could be 80,000-ton facilities. We have a clear plan, we believe, to hit that. Although it's a bit kind of end-of-the-year Christmas message visionary, it at least has some solid steps that we think we would be able to deliver to deliver a billion-dollar company because that's the legacy that we think we have. As we produce in Calgary and have the first revenue through December and into 2026, we think that's what we think that's how we are going to deliver a new roof to the shareholders on this film. Okay. Trenton, that's my finish with my new roof, and let's see what the questions are.

The plant and if you look at the facilities and the Tomko have near Atlanta, Kansas City, Dallas et cetera.

If you look at the facilities that TAMKO have near Atlanta, Kansas City, Dallas, etc., you can easily see that those could be 80,000-ton facilities. We have a clear plan, we believe, to hit that. Although it's a bit kind of end-of-the-year Christmas message visionary, it at least has some solid steps that we think we would be able to deliver to deliver a billion-dollar company because that's the legacy that we think we have. As we produce in Calgary and have the first revenue through December and into 2026, we think that's what we think that's how we are going to deliver a new roof to the shareholders on this film. Okay. Trenton, that's my finish with my new roof, and let's see what the questions are.

Then you can easily see that those could be 80000 ton facility. So we have a clear plan, we believe to hit that on a low it's a bit kind of.

And of the year Christmas message visionary.

It at least has some solid steps that we think that we will be able to deliver.

To deliver $1 billion company because thats the legacy that we think we have and as we produce in Calgary and have the first revenue through <unk>.

December and into 2026.

We think that's what that's we think that's how we are going to deliver a new roof to the shareholders on this on this call.

Okay.

And that's my that's my that's my finished with my new roofing.

Let's see what the questions are.

Greg Fekete: Great. Sounds good. Thank you, Aidan. What are the plans for the Delta site over the next 12 months?

[Analyst] (King Communications): Great. Sounds good. Thank you, Aidan. What are the plans for the Delta site over the next 12 months?

Great sounds good thank you Adrian.

What are the plans for Delta for the Delta site over the next 12 months.

Aidan Mills: Yeah. I mean, Delta, as you know, we've done the R&D at it. The plans all hinge around the off-take. We are developing—sorry, we are engaged in off-take discussions around Delta, and landing those will then influence the timing of actual construction of Delta. That's our current plan. We still believe that Vancouver is a great location. We have a fantastic relationship with the city of Vancouver, and they are keen to support us in terms of shingle diversion as well, very similar to the city of Calgary. We know we have feedstock access. The critical point, of course, as I've said many times with all of these facilities, critical to us is not only feedstock, but also off-take. Now, as we've talked about before, Delta has incredible proximity to the Tawson Export Terminal.

Yes, I mean, so delta as you know we've done we've done the R&D at it.

And so the plans are all Hinger rind.

Our olefins joined the offtake, so we are developing.

We are engaged in offtake discussions around delta and the kind of landing those will then influenced the timing of actual construction at Delta.

That's our current plan, we still believe.

The Vancouver is there is a great.

It's a great location, we have a fantastic relationship with the with the with the city of Vancouver.

And they are keen.

To support us in terms of shingle diversion as well so very similar to the city of Calgary.

So we know we have feedstock access and so the critical point of course as I hope as I've said many times with all of these facilities are critical to us is not only feedstock, but also offtake.

As we've talked about before Delta has incredible proximity to the two awesome export terminal.

Aidan Mills: With the advent of us having pelletization, that can give us that export option. That is part of the market that we are examining as well, not only the West Coast market, but also the international market. Those are two things that we're looking at with respect to off-take. The development plan for that site will be determined by those negotiations.

With the advent of us having pelletization, that can give us that export option. That is part of the market that we are examining as well, not only the West Coast market, but also the international market. Those are two things that we're looking at with respect to off-take. The development plan for that site will be determined by those negotiations.

So with the advent of us.

Having pelletizing that can give us that export option.

So that is part of the market that we are examining as well as not only.

The restaurant, obviously, the west coast market, but also the international market. So those are two things that we're looking at with respect to off take but the development plan for that site will be determined by.

There'll be determined that those negotiations.

Greg Fekete: Excellent. Thank you. With respect to financing the next few sites, do you expect it to follow the same template as Calgary with the three legs?

[Analyst] (King Communications): Excellent. Thank you. With respect to financing the next few sites, do you expect it to follow the same template as Calgary with the three legs?

Excellent. Thank you with respect to financing. The next few sites do you expect it to follow the same template as Calgary with the three legs.

Aidan Mills: Yeah, totally. I mean, if you look at—and we didn't talk about it today, but if you look at, obviously, we have a letter of interest for BDC for Hamilton. We did the EDC announcement for US1 and the follow-on facilities in the US. We have clear interest in debt from those guys. As I said, again, on Hamilton, we have both—we've engaged both provincially and federally for Hamilton, and we've done exactly the same for US1 at the state and the federal level. I think it's an exact rinse and repeat model that involves government sponsorship or government funding, debt funding, and then equity, either at the asset level or at the corporate level.

Totally I mean, if you look at and we didn't talk about it today, but if you look at obviously, we have a letter of interest for BDC for Hamilton, where you did the EDC announcement for for U S. One in the follow on facilities in the U S. So we have clear interest in that.

From from those guys as I said again on Hamilton, we have both we've got we've got with <unk>.

Engage both provincially and federally for Hamilton and we've done exactly the same for U S. One at the state and the federal level. So I think it is an exact rinse and repeat model. It involves the <unk>.

Government sponsorship our government funding.

That funding and then equity either at the either at the.

At the asset level or at the <unk> or at the corporate level and of course.

Aidan Mills: Of course, the other thing about strategic equity is, of the people that we've been talking to on the strategic equity side, one of the clear demonstration points—a clear demonstration point for a municipality, a clear demonstration point for a state funder or a provincial funder or an off-taker—is Calgary demonstrating that it's operating, producing revenue, and producing product. Coming out of Q1, we want to be able to clearly point at the asset and go, this is what this is delivering, because the tip-on effect of that, for everything, whether you're sitting in a mayor's office, you're sitting in a bank, you're sitting in an off-taker, or you're sitting in a shingle provider, you want to see that Calgary is delivering what we expect it to deliver.

Of course, the other thing about strategic equity is, of the people that we've been talking to on the strategic equity side, one of the clear demonstration points—a clear demonstration point for a municipality, a clear demonstration point for a state funder or a provincial funder or an off-taker—is Calgary demonstrating that it's operating, producing revenue, and producing product. Coming out of Q1, we want to be able to clearly point at the asset and go, this is what this is delivering, because the tip-on effect of that, for everything, whether you're sitting in a mayor's office, you're sitting in a bank, you're sitting in an off-taker, or you're sitting in a shingle provider, you want to see that Calgary is delivering what we expect it to deliver.

The other thing about strategic equity is if you're if you so of the people that we've been talking to and the strategic equity side, one of the clear demonstration point and it's a clear demonstration point for a municipality is a clear demonstration point for a state funder or a provincial thunder or in <unk>.

If taker is Calgary demonstrating that it's that it's operating in.

Producing revenue.

Producing and producing product.

So all coming out of Q1, we want to be able to clearly point at the asset and go. This is what this is delivering because the chip on effect of that of course for everything.

Whether you are sitting in a mayor's office or you're setting in a bank.

You are sitting in an off taker or you're sitting in a single provider you want to see the Calgary is that is delivering what we expected to deliver so all of that becomes a lot easier as we as we go through Q1.

Aidan Mills: All of that becomes a lot easier as we go through Q1.

All of that becomes a lot easier as we go through Q1.

Okay.

Greg Fekete: Okay. Great. I have a sort of more operational question. With the asphalt that's come out the back end since production started, where's that been going?

[Analyst] (King Communications): Okay. Great. I have a sort of more operational question. With the asphalt that's come out the back end since production started, where's that been going?

Okay great.

Sort of more operational question with the asphalt that's come out the back end since production started.

Has that been going.

Aidan Mills: Storage and pallets, and that's been held internally at site. Now it's time to work with McAsphalt in delivering that out to them and to the market. We're working on that as we speak.

So storage on pallets and Thats.

Being held in internally internally at site and so now it's.

Trying to work with.

From a cash flow and delivering that.

To them and to enter the market and we're working on that as we speak.

Greg Fekete: Excellent. I have a few questions here. I'm just going to try to combine them thematically. Through next year, do you anticipate developing multiple sites or at least having the next two or three in progress?

[Analyst] (King Communications): Excellent. I have a few questions here. I'm just going to try to combine them thematically. Through next year, do you anticipate developing multiple sites or at least having the next two or three in progress?

Excellent.

A few questions here I'm, just going to try to.

Combined them semantically.

Okay.

Through next year do you anticipate.

Developing multiple sites or at least having the next two or three in progress.

Aidan Mills: Yeah, I mean, absolutely. I think we absolutely have to do that. I mean, as we've always said, the constraint is not the speed of build or commissioning once we're kind of going to rinse and repeat these. The constraint is identifying the city, identifying the site, starting the permitting process, engaging for supply. Off-take, of course, for the next three US sites is largely with TAMKO, so no issue there. Yes, we should be leaving 2026 with the next three sites identified for sure.

I mean, absolutely I think we absolutely have to do that I mean, you know that.

As we've always said.

The constraint is not our the speed of build.

Or commissioning once we're kind of going to rinse and repeat these.

But the constraint is the identifying the city identifying the site starting the permitting process engaging for supply.

Off take of course for the Mexico U S sites as is largely with tomko. So no issue there.

Yes, so we should be we should be leaving 2026 with the next three sites identified for sure.

Greg Fekete: Great, just to close it off here, unless anyone else has any other questions, with the company reaching this sort of next stage, like you mentioned, with a new roof, how should investors think about risk?

Great and just to close it off here unless anyone else has any other questions with the company, reaching this sort of next stage like you mentioned with the new roof.

[Analyst] (King Communications): Great, just to close it off here, unless anyone else has any other questions, with the company reaching this sort of next stage, like you mentioned, with a new roof, how should investors think about risk?

How should investors think about risk.

Aidan Mills: Well, I mean, I've often said that the steps that you take when you're developing a technology are kind of the three or four steps. The first thing is you develop the technology in your backyard or your garage or whatever, and that's the kind of first development of the technology. The next step is to develop the pilot plant. The pilot plant often needs capital, needs fundraising no matter what. As we know, some emerging technologies, that is a significant amount of capital. For us, it was relatively—wasn't a huge amount of capital. The biggest step is to take it from pilot to commercial.

Well I mean.

I've often said.

But the steps that you take when you're developing a technology or kind of the three or four steps. So the first thing is you do develop the technology.

In your back garden or garage or whatever and that's the kind of first development of technology. Then the next step is to develop the pilot plant and the pilot plant often needs capital.

Each fund raising no.

No matter what.

And some as we know.

Some emerging technologies that is a significant amount of capital for us. It was relatively was wasn't a huge amount of capital.

The biggest staff is to take it from pilot to commercial.

Aidan Mills: That's always the step that is the most difficult, costs the most money, has the most risk of delay, has the most risk of overrun until you get to the point where that facility actually operates and produces at the back end. If you just think about the technology and you think about the quality of the product and the asphalt we're delivering out of the back end, it's superior to what we actually thought. It's great quality asphalt. That risk, in my opinion, of the science experiment, my arm wavy, hey, this is what we can deliver over the last four years, I think that risk is negligible now. Now, are there operational improvements? For sure. Are there improvements to the engineering and the design of the facility for the next plant? For sure. Did we learn stuff during construction and commissioning and operation? For sure.

That's always the step that is the most difficult, costs the most money, has the most risk of delay, has the most risk of overrun until you get to the point where that facility actually operates and produces at the back end. If you just think about the technology and you think about the quality of the product and the asphalt we're delivering out of the back end, it's superior to what we actually thought. It's great quality asphalt. That risk, in my opinion, of the science experiment, my arm wavy, hey, this is what we can deliver over the last four years, I think that risk is negligible now. Now, are there operational improvements? For sure. Are there improvements to the engineering and the design of the facility for the next plant? For sure. Did we learn stuff during construction and commissioning and operation? For sure.

It's always a step that is the most difficult cost the most money.

Has the most risk of delay has the most risk of overrun Pam until you get to the point where that facility actually operate and produces at the backend.

So if you just think about the technology and you think about the quality of the product and the asphalt we're delivering out of the backend.

It's superior to what we actually thought.

It's great quality asphalt so that risk in my opinion, all the science experiment my arm wavy Hey, this is what we can deliver over the last four years.

I think that risk is negligible.

Alright.

Their operational improvements for sure are there.

Improvements to the engineering and the design of the facility for the next plant for sure did we learn stuff during construction.

And commissioning and operation for sure we'll lose the integrated into the next design for sure. So so the next design the technology risk is zero because we we've we've churned off kind of turned the hard yards to get to to get to this point.

Aidan Mills: Will those be integrated into the next design? For sure. The next design, the technology risk is zero because we've kind of turned the hard yards to get to this point. I think if you're a shareholder in Northstar Clean Technologies now, I think the technology risk is minimal. It's all about how fast can they roll these out. If you believe in the vision of we can roll out 10 plants and you take the conservative EBITDA, then the billion-dollar vision is not arm wavy anymore. It's actually realizable, and there are steps that we can clearly define on how to do it. 80,000-ton a year facility, generating the margins that we expect it to deliver an EBITDA of 10x 10 to get to the 100 million per plant, and we need to build 10 of them.

Will those be integrated into the next design? For sure. The next design, the technology risk is zero because we've kind of turned the hard yards to get to this point. I think if you're a shareholder in Northstar Clean Technologies now, I think the technology risk is minimal. It's all about how fast can they roll these out. If you believe in the vision of we can roll out 10 plants and you take the conservative EBITDA, then the billion-dollar vision is not arm wavy anymore. It's actually realizable, and there are steps that we can clearly define on how to do it. 80,000-ton a year facility, generating the margins that we expect it to deliver an EBITDA of 10x 10 to get to the 100 million per plant, and we need to build 10 of them.

So I think if you're a shareholder in <unk> I think the technology risk is minimal and it's all about pithos can these can they rule Lisa. So if you believe in the vision of we can rollout 10 plants and you do you take the conservative EBITDA than the billion dollar vision is.

Not arm waving anymore, it's actually realizable.

There are steps that we can clearly define on high to do at 80000 ton facility.

Yes, sorry, 80000 ton a year facility.

Generating the margins that we expect it to to deliver an EBITDA of 10.

Times tend to get to the 100 million per plant. However, we need to build 10 of them. So.

Aidan Mills: I think the new roof, I mean, I wouldn't say the roof is now designed, right? It's been built, and it's nice and brand spanking new asphalt, nice and shiny. It's made through the asphalt that we reprocessed, and we built a new roof. Now I would say you can live in that house very comfortably, and I think the risk is minimal.

I think the new roof, I mean, I wouldn't say the roof is now designed, right? It's been built, and it's nice and brand spanking new asphalt, nice and shiny. It's made through the asphalt that we reprocessed, and we built a new roof. Now I would say you can live in that house very comfortably, and I think the risk is minimal.

So I think the new roof.

I wouldn't say.

The roof is now designed right it's being built.

And.

It's it's nascent brand spanking, new asphalt nice and shiny its mid through the it's made through the the asphalt that we reprocessed and we built a new roof and I I would say you can live without hikes very comfortably on it is I think the risk is minimal.

Greg Fekete: Excellent. Thank you, Aidan. That does it for questions, I'll flip it back to you for closing comments.

[Analyst] (King Communications): Excellent. Thank you, Aidan. That does it for questions, I'll flip it back to you for closing comments.

Excellent. Thank you Amy.

The other two questions and I'll flip it back to you for closing comments.

Aidan Mills: Good. Well, listen, I think the last question was a lovely serveball that I could address. Look, I mean, again, you know that my style is pretty straightforward in terms of honesty. We had the site opening, demonstrating huge support from the city, huge support from the province, huge support from the MLA, and the government of Alberta, kind of demonstrating how we can do this really well with municipalities, provinces, states, and governments. Was it later than I wanted it to be? For sure. Is first kind of commercial sales later than I wanted it to be? For sure. Did we learn a lot of lessons to get here? For sure. I truly believe the answer to the question of risk for shareholders is that this is literally how fast can we build the Tim Hortons of asphalt shingle recycling or asphalt shingle reprocessing across North America?

Good well listen I think the last question was it was a lovely serve all of that.

That I could address look I mean.

If again you know that my style is pretty straightforward in terms of honesty.

We had the site opening.

Demonstrating huge support from the city huge support from from the province huge support from the MLA and the government.

All of Alberta kind of demonstrating high high high we can do this really well with municipalities provinces and states and governments.

Governments.

Was it later than I wanted it to be for sure.

As.

First kind of commercial sales later than I wanted it to be for sure.

Did we learn a lot of lessons to get here for sure, but but I truly believe the answer to the question of risk for shareholders that Lou. This is literally high fast can rebuild the Tim hortons of asphalt shingle recycling, our asphalt shingle reprocessing.

Across North America, that's at high <unk> can be abilities and high can we and all of the cities that we go to have the same success that we've had with Calgary.

Aidan Mills: That's it. How fast can we build these? How can we, in all of the cities that we go to, have the same success that we've had with Calgary, with the government, the municipality, and the province? How do we do that? How do we do that most effectively? That's the challenge ahead, and I think that's a great challenge to have. I think the risk of that is low because I think we will be able to point to an operating facility and bring mayors of all the cities across North America to our facility in Calgary and show high-quality product coming out the back end. I think as our kind of new roof for Christmas, as we come out of 2025 and into 2026, I have nothing but confidence in terms of what we're going to deliver for these shareholders. Okay. Thank you.

That's it. How fast can we build these? How can we, in all of the cities that we go to, have the same success that we've had with Calgary, with the government, the municipality, and the province? How do we do that? How do we do that most effectively? That's the challenge ahead, and I think that's a great challenge to have. I think the risk of that is low because I think we will be able to point to an operating facility and bring mayors of all the cities across North America to our facility in Calgary and show high-quality product coming out the back end. I think as our kind of new roof for Christmas, as we come out of 2025 and into 2026, I have nothing but confidence in terms of what we're going to deliver for these shareholders. Okay. Thank you.

With the government municipality and the province.

On hard to redo that how do we do that most effectively.

The challenge ahead, and I think that's a great challenge to have I think the risk of that is low.

Because I think we will be able to point to an operating facility and bring mayors of all the cities across North America to our facility in Calgary and show high quality product coming out the backend.

So I think as our kind of new for Christmas.

As we come out of 2025 and enter 2026 I have I have nothing but confidence in terms of <unk>.

In terms of what we're going to deliver for the shareholders.

Okay. Thank you.

Operator: Goodbye.

Goodbye.

Q3 2025 Northstar Clean Technologies Inc Earnings Call

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