Q2 2026 Topaz Energy Corp Earnings Call

July 28, 2026

Operator: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press the star followed by the number two. Thank you. Mr. Scott Kirker, you may begin your conference.

Speaker #1: If you would like to withdraw your question, please press the star key followed by the number 2. Thank you. Mr. Scott, Kirker, you may begin your conference.

Speaker #2: Thank you, Hannah, and welcome, everyone, to our discussion of Topaz Energy Corp.'s results as of June 30, 2026. My name is Scott Kirker, and I'm the General Counsel for Topaz.

Scott Kirker: Thank you, Hannah, and welcome everyone to our discussion of Topaz Energy Corp.'s results as of 30 June 2026. My name is Scott Kirker, and I am the General Counsel for Topaz. Before we get started, I refer you to the advisories on the forward-looking statements contained in the news release, as well as the advisories contained in the Topaz AIF and its MD&A available on SEDAR+ and on the Topaz website. I also draw your attention to the material factors and assumptions in those advisories. I am here with Marty Staples, Topaz President and Chief Executive Officer, and Cheree Stephenson, Vice President, Finance, and Chief Financial Officer. They will start by speaking to some of the highlights of the last quarter and the year so far. After the remarks, we will be open for questions. Marty, Cheree, go ahead.

Speaker #2: Before we get started, I'd refer you to the advisories on forward-looking statements contained in the news release, as well as the advisories contained in the Topaz AIF and its MD&A, available on SEDAR and on the Topaz website.

Speaker #2: I also draw your attention to the material factors and assumptions in those advisories. I'm here with Marty Staples, Topaz President and Chief Executive Officer, and Cherise Stevenson, Vice President, Finance and Chief Financial Officer.

Scott Kirker: I also draw your attention to the material factors and assumptions in those advisories. I am here with Marty Staples, Topaz President and Chief Executive Officer, and Cheree Stephenson, Vice President, Finance, and Chief Financial Officer. They will start by speaking to some of the highlights of the last quarter and the year so far. After the remarks, we will be open for questions. Marty, Cheree, go ahead.

Speaker #2: They will start by speaking to some of the highlights of the last quarter and the year so far. After the remarks, we will be open for questions.

Speaker #2: Marty, Cherise, go ahead.

Speaker #3: Thank you, Scott. Good morning, everyone. Topaz had a strong second quarter, marked by a record share of quarterly drilling activity in the WCSB, record liquids royalty production, and a core area tuck-in acquisition.

Marty Staples: Thank you, Scott. Good morning, everyone. Topaz had a strong Q2 marked by a record share of quarterly drilling activity in the WCSB, records liquids royalty production, and a core area tuck-in acquisition. Topaz's Q2 royalty production was 24,233 BOE per day and increased 9% over the prior year. Q2 2026 royalty production include a record total liquids production of 7,178 barrels per day, 6% higher than prior year, driven by strong operator drilling activity on our Clearwater royalty acreage. Topaz generated total Q2 revenue and other income of CAD 111.2 million, 66% from total liquids royalties, 13% from natural gas royalties, and 21% from our infrastructure portfolio. Processing revenue of CAD 20.7 million increased 3% from Q2 2025, with total processing revenue and other income of CAD 22.3 million, while the infrastructure assets generated 96% utilization in the quarter, providing a 92% operating margin.

Speaker #3: Topaz's second quarter royalty production was 24,233 BOE per day, an increase of 9% over the prior year. Q2 2026 royalty production included record total liquids production of 7,178 barrels per day, 6% higher than the prior year, driven by strong operator drilling activity on our Clearwater royalty acreage.

Speaker #3: Topaz generated a total second quarter revenue and other income of $111.2 million, 66% from total liquids royalties, 13% from natural gas royalties, and 21% from our infrastructure portfolio.

Marty Staples: Topaz generated total Q2 revenue and other income of CAD 111.2 million, 66% from total liquids royalties, 13% from natural gas royalties, and 21% from our infrastructure portfolio. Processing revenue of CAD 20.7 million increased 3% from Q2 2025, with total processing revenue and other income of CAD 22.3 million, while the infrastructure assets generated 96% utilization in the quarter, providing a 92% operating margin.

Speaker #3: Processing revenue of $20.7 million increased 3% from Q2 2025, with total processing revenue and other income of $22.3 million, while the infrastructure assets generated 96% utilization in the quarter, providing a 92% operating margin.

Speaker #3: Drilling activity on our acreage was strong, with 160 gross wells, or 6.6 net wells, drilled in Q2. This represents the highest quarterly share of WCSB drilling activity in the company's history at 22%.

Marty Staples: Drilling activity on our acreage was strong with 160 gross wells or 6.6 net wells drilled in Q2, representing the highest quarterly share of WCSB drilling activity in the company's history at 22%. Activity was diversified across our portfolio with 78 wells in the Clearwater, 40 in Northeast BC and Alberta Montney, 22 in the Deep Basin, seven in Peace River, nine in Southeast Saskatchewan, and four in Central Alberta. Our growth plays in the Clearwater and Northeast BC continue to attract a meaningful share of activity with 69% and 45% of the total spuds in each respective area occurring on our royalty lands. During Q2 2026, 126 total gross wells were brought on production. Based on operator drilling plans, we expect that 26 to 31 drilling rigs will remain active across our royalty acreage through Q3.

Speaker #3: Activity was diversified across our portfolio with 78 wells in the Clearwater, 40 in Northeast BC and Alberta Montney, 22 in the Deep Basin, 7 in Peace River, 9 in Southeast Saskatchewan, and 4 in Central Alberta.

Speaker #3: Our growth plays in the Clearwater and Northeast BC continue to attract a meaningful share of activity, with 69% and 45% of the total spuds in each respective area occurring on our royalty lands.

Speaker #3: During Q2 2026, 126 total gross wells were brought on production, and based on operator drilling plans, we expect that 26 to 31 drilling rigs will remain active across our royalty acreage through the third quarter.

Speaker #3: Topaz generated second quarter total revenue and other income of $111.2 million. Cash flow was $88.4 million, or $0.57 per share, which increased 9% over the prior year, while free cash flow of $86.6 million, or $0.56 per share, increased 17% over the prior year.

Marty Staples: Topaz generated Q2 total revenue and other income of CAD 111.2 million. Cash flow of CAD 88.4 million or CAD 0.57 per share increased 9% over the prior year, while free cash flow of CAD 86.6 million or CAD 0.56 per share increased 17% over the prior year. Topaz distributed CAD 54.2 million in quarterly dividends at CAD 0.35 per share during Q2, representing a 4.5% trailing annualized dividend yield to the Q2 average share price. Generated CAD 32.4 million of excess free cash flow, which was allocated to our core area tuck-in royalty acquisition during the quarter. On 30 June 2026, Topaz completed a CAD 38.7 million acquisition of 300,000 gross acres across Topaz's Northeast BC Montney and Deep Basin core royalty areas. The acquisition lands featured acquired royalty interests in over 500 gross future drilling locations, multi-zone liquid rich natural gas and oil-focused exploration upside optionality, and incremental royalty production.

Speaker #3: Topaz distributed 54.2 million in quarterly dividends at 35 cents per share during Q2, representing a 4.5% trailing annualized dividend yield to the second quarter, average share price, and generated 32.4 million of excess free cash flow, which was allocated to our core area tuck-in royalty acquisition during the quarter.

Speaker #3: On June 30, 2026, Topaz completed a $38.7 million acquisition of 300,000 gross acres across Topaz's Northeast BC, Montney, and Deep Basin core royalty areas.

Speaker #3: The acquisition lands featured acquired royalty interest in over 500 gross future drilling locations, multi-zone, liquids-rich natural gas and oil-focused exploration upside optionality, and incremental royalty production.

Speaker #3: After the acquisition, Topaz exited the second quarter with $497.4 million of net debt, equating to 1.2 times net debt to Q2 2026 annualized EBITDA.

Marty Staples: After the acquisition, Topaz exited Q2 with CAD 497.4 million of net debt, equating to 1.2x net debt to Q2 2026 annualized EBITDA. Reflecting the strong performance and increased activity we've seen through H1 2026, Topaz has increased its annual average royalty production guidance to a range of 23,900 BOE per day to 24,300 BOE per day. Based on updated estimates, including the Q2 royalty acquisition, Topaz's 2026 exit net debt is now estimated between CAD 435 to 440 million, before consideration of incremental acquisition. Topaz expects to maintain a payout ratio at the lower end of the 60% to 90% long-term targeted range, providing financial flexibility for future acquisition growth. We're pleased to answer any questions at this time. Operator, back to you.

Speaker #3: Reflecting the strong performance and increased activity of seen through the first half of 2026, Topaz has increased its annual average royalty reduction guidance to a range of 23,900 BOE per day to 24,300 BOE per day.

Speaker #3: Based on updated estimates, including the second quarter royalty acquisition, Topaz's 2026 exit net debt is now estimated between $435 and $440 million, before consideration of incremental acquisition.

Speaker #3: Topaz expects to maintain a payout ratio at the lower end of the 60 to 90 percent long-term targeted range, providing financial flexibility for future acquisition growth.

Speaker #3: We're pleased to answer any questions at this time. Operator, back to you.

Speaker #1: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star key followed by the number 1 on your touch-tone phone.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by 1 on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by 2. If you're using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Patrick O'Rourke of ATB Cormark. Please go ahead.

Speaker #1: You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the number 2.

Speaker #1: If you're using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Patrick O'Rourke of ATB Cormark. Please go ahead.

Speaker #4: Hey, good morning, guys, and thank you for taking my question. I guess just first, on the improvement to guidance, how much of that is sort of predicated on outperformance year-to-date, and how much of that would you say is sort of evaluating a bit of a strategic shift from some of the underlying royalty payers to what seems like higher growth rates and better capital structures here?

Patrick O'Rourke: Hey, good morning, guys, and thank you for taking my question. I guess, just first on the improvement to guidance, how much of that is sort of predicated on outperformance year to date, how much of that would you say is sort of evaluating a bit of a strategic shift from some of the underlying royalty payers to what seems like higher growth rates and better capital structures here?

Speaker #2: Hi, Patrick and Cherise. Yeah, so I'd say it's probably a mix of both. We definitely saw outperformance, and I would say the surprise was partially from some of our non-core areas where we don't have as much transparency into growth, and so those sort of outperformed. And the Clearwater continues to outperform our expectations.

Cheree Stephenson: Hi, Patrick. It's Cheree. Yeah. I'd say it's probably a mix of both. We definitely saw outperformance, and I would say the surprise was partially from some of our non-core areas where we don't have as much

Cheree Stephenson: Transparency into growth. Those sort of outperformed. The Clearwater continues to outperform our expectations. For the H2, we see sustained gas production, whereas we probably had some more risking baked into the model previously. We are seeing outperformance on those Clearwater volumes. It's a bit of a mix of both.

Speaker #2: And so, for the second half, we see sustained gas production, whereas we probably had some more risking baked into the model previously. And then we are seeing outperformance on those Clearwater volumes.

Speaker #2: So it's a bit of a mix of both.

Speaker #3: Yeah, just to add to that, Patrick, we did see that disposition of the Charlotte Lake by both turmaline and tamarack valley, and I think from tamarack's release, one of the benefits you would have seen out of that is they're redirecting 75 million dollars of that disposition in the Charlie Lake back to the Clearwater.

Marty Staples: Yeah. Just to add to that, Patrick, we did see that disposition of the Charlie Lake by both Tourmaline and Tamarack Valley Energy. I think from Tamarack Valley Energy's release, one of the benefits you would have seen out of that is they're redirecting CAD 75 million of that disposition in the Charlie Lake back to the Clearwater. That's an added benefit to our overall portfolio. Although we probably won't see all of the CAD 75 million, we do expect about 85% to 90% of that directed capital go back into the Clearwater lands we have a royalty on.

Speaker #3: And so that's an added benefit to our overall portfolio, although we probably won't see all of the $75 million. We do expect about 85 to 90 percent of that directed capital to go back into the Clearwater lands we have a royalty on.

Speaker #4: And I guess next week we might get a sort of better view on Canadian Natural's strategy on those Charlie Lake assets.

Patrick O'Rourke: I guess next week we might get a sort of a better view on Canadian Natural's strategy on those Charlie Lake assets.

Speaker #3: Yeah, I think we kind of model it at worst-case scenario as maintenance capital right now, and we do think that there are probably 20 to 25 wells across that part of the basin where CNRL operates. Not saying that we'll see all of that capital, but we will see a portion of it.

Marty Staples: Yeah, I think we kind of model it at worst-case scenario as maintenance capital right now. We do think that there's probably 20 to 25 wells across that part of the basin where CNRL operates. Not saying that we'll see all of that capital, but we will see a portion of it.

Speaker #4: Yeah. And just moving over to sort of the acquisition strategy, maybe how you see the landscape right now. We've had a lot of volatility here, obviously, with crude prices.

Patrick O'Rourke: Yeah. Just moving over to sort of the acquisition strategy, maybe how you see the landscape right now. We've had a lot of volatility here, obviously, with crude prices. We've got backwardation. I'm assuming sellers want the front end and buyers want the back end of the curve. Where do you sort of see the opportunities right now for the state acquisition strategy?

Speaker #4: We've got backwardation, I'm assuming, sellers want the front end, and buyers want the back end of the curve. But where do you sort of see the opportunities right now for the state of acquisition strategy?

Speaker #3: Yeah, we've been very proactive throughout the last 12 months from an acquisition strategy. So we have been putting ideas out there for different operators, and some of these ideas take 12 to 18 months to transpire.

Marty Staples: Yeah, we've been very proactive throughout the last 12 months, from an acquisition strategy. We have been putting ideas out there for different operators. Some of these ideas take 12 to 18 months to transpire. At the start of the year, we would have felt it was a little frozen, but it feels like that's opened up a little bit. There is some capital needs for some of these operators. Think about our goal, it's always to be counter-cyclical in acquisition strategies, and that was a big reason why we added these 300,000 acres to the portfolio. We thought we could be counter-cyclical on liquids-weighted natural gas, and that's exactly what we did.

Speaker #3: At the start of the year, we would have felt it was a little frozen, but it feels like that's opened up a little bit. There are some capital needs for some of these to be countercyclical, and acquisition strategies, and that was a big reason why we added these 300,000 acres to the portfolio.

Speaker #3: We thought we could be countercyclical on liquids-weighted natural gas, and that's exactly what we did.

Speaker #4: Okay, perfect. Thank you.

Patrick O'Rourke: Okay, perfect. Thank you.

Speaker #3: Thanks,

Marty Staples: Thanks, Patrick.

Speaker #1: Your next question comes from Jeremy McCray of BMO Capital Markets. Please go ahead.

Operator: Your next question comes from Jeremy McCrea of BMO Capital Markets. Please go ahead.

Speaker #5: Yeah, hi Marty and Cherise. Curious, when you look at—and this is a bit of a follow-up to Patrick's question here too—a year from now, where do you think we're going to see more of the surprises here, in terms of production growth?

Jeremy McCrea: Hi, Marty and Cheree. Curious, when you look at, this is a bit of a follow-up to Patrick's question here, too. A year from now, where do you think we're going to see more of the surprises here in terms of production growth? I'm sure you see a lot of different things happening in the basin. Where is that one piece of new production or technology that's being added that doesn't quite make the headlines quite yet, but likely could be something bigger down the road here?

Speaker #5: I'm sure you see a lot of different things happening in the basin, and where is that one piece of new production or technology that's being added that doesn't quite make the headlines just yet, but likely could be something bigger down the road here?

Speaker #3: Yeah, good morning, Jeremy, and thanks for the question. So we've seen a lot of technological shifts inside our portfolio. I mean, I think the biggest one to make note of is something that you've highlighted in your notes, and that's the step change from ball drop system to plug-and-perf.

Marty Staples: Yeah. Good morning, Jeremy, and thanks for the question. We've seen a lot of technological shifts inside our portfolio. I think the biggest one to make note of is something that you've highlighted in your notes, and that's the step change from ball drop system to plug and perf inside Northeast BC Montney and into the Alberta Montney as well. We've seen bigger rate come out of a lot of these wells that the operators are trying some new techniques and some of this technological advancement that they're seeing. It's not just on completion design. I think they're just getting better at drilling, mud weight, all sorts of advancements in the technological aspect of it. There is some small exploration going on. I think Headwater released earlier this week, or last week, sorry, that they've now expanded their Grand Rapids play to 30 sections.

Speaker #3: Inside Northeast BC, Montney, and into the Alberta Montney as well. And so we've seen bigger rates come out of a lot of these wells, as the operators are trying some new techniques and some of this technological advancement that they're seeing.

Speaker #3: And it's not just on completion design. I think they're just getting better at drilling—mud weight, all sorts of advancements in the technological aspect of it.

Speaker #3: There is some small exploration going on. I think Headwater released earlier this week or last week, sorry, that they've now expanded their Grand Rapids play to 30 sections.

Speaker #3: They've only developed three of those sections right now. Tamarack has some complementary Grand Rapids. We think that we can add to that as well.

Marty Staples: They've only developed three of those sections right now. Tamarack has some complementary Grand Rapids we think that we can add to that as well. The Clearwater is really the gift that keeps on giving. The Clearwater East Shaunavon has happened, or is being developed there as well as the Grand Rapids. Always big wins there. As this development continues to happen and sees waterflood in it, I think Headwater's highlighted they want to have 75% of the Grand Rapids underwaterflood by the end of the year. These are all added benefits to our overall portfolio.

Speaker #3: And so the Clearwater is really the gift that keeps on giving. Clearwater East End has happened, or is being developed there, as well as the Grand Rapids.

Speaker #3: So always big wins there, and as this development continues to happen and sees water flood in it, I think Headwater has highlighted they want to have 75 percent of the Grand Rapids underwater flood by the end of the year.

Speaker #3: These are all added benefits to our overall portfolio.

Speaker #2: Yeah, I would just add too, the capital efficiencies just keep getting better and better. We're seeing and feeling that on the terminally Northeast BC Monty and you can see their focus in that area especially post Charlie Lake divestiture.

Cheree Stephenson: Yeah. I would just add, too. The capital efficiencies just keep getting better and better. We're seeing and feeling that on Tourmaline Northeast BC Montney. You can see their focus in that area, especially post-Charlie Lake divestiture. With the Clearwater, the declines keep coming down. Before we were praising 30% of cash flow being allocated for maintenance capital, and it's getting closer to 20%. Those keep just being enhanced and improved, and we don't rely on any of those continuing to trend downward. The other thing I'd say is at some point in time, just some of these exploration plays that Tourmaline has within their portfolio that's some oil windows within this Montney we just acquired that adds to existing. Just things like that at the margin, and you have strong commodity prices, you're going to continue to see some of that exploration.

Speaker #2: And with the Clearwater, the declines keep coming down. So before, we were praising 30 percent of cash flow being allocated for maintenance capital, and it's getting closer to 20 percent.

Speaker #2: So those just keep being enhanced and improved, and we don't rely on any of those continuing to trend downward. Then the other thing I'd say is, at some point in time, just some of these exploration plays that Topaz has within their portfolio—some oil windows within this land we just acquired—that adds to existing assets. So just things like that at the margin, and when you have strong commodity prices, you're going to continue to see some of that exploration.

Speaker #5: Okay, perfect. Thank you. That's all from me here.

Jeremy McCrea: Okay, perfect. Thank you. That's all from me, guys.

Speaker #3: Thanks, Jeremy.

Marty Staples: Thanks, Jeremy.

Speaker #1: Your next question comes from Jamie Kubick of CIBC. Please go ahead.

Operator: Your next question comes from Jamie Kubik of CIBC. Please go ahead.

Speaker #4: Yeah, good morning and thanks for taking my question. Just I guess a bit more on the guidance increase, similar to the previous questions, but just hoping to get a bit more color on any caution you might be taking in the second half of the year.

Jamie Kubik: Yeah. Good morning, and thanks for taking my question. Just, I guess a bit more on the guidance increase, similar to the previous questions, but just hoping to get a bit more color on any caution you might be taking in the H2 of the year. I mean, year-to-date production is at 24,400 BOEs a day for Topaz. You're guiding to 24,100 at the midpoint. Is there-

Speaker #4: I mean, year-to-date production is at 24,400 boe a day for tail paths. You're guiding to 24,100 at the midpoint. Is there anything in the second half that gives you pause in what operators are up to at this point?

Jamie Kubik: in the H2 that gives you pause in what operators are up to at this point? Can you just touch on the conservatism in that number? Thanks.

Speaker #4: And can you just touch on the conservatism in that number? Thanks.

Speaker #2: I figured you would ask this question, Jamie, and the response is: we think of our guidance like we think of the dividend—always up and to the right.

Cheree Stephenson: I figured you'd ask this question, Jamie. The response is, we think of our guidance like we think of the dividend, always up and to the right. We don't control the capital, so we'll always be a little bit cautious, but we just want framework out there that we know we have really good line of sight to exceeding. We are thinking of it at the high end of that range, but it could be incrementally positive. I'd say the biggest risk or caveat is, what does gas do the next couple of months before we get into a more winter season? Particularly in some of those non-core, more drier gas type areas. Overall, I think you can just see it as we're super confident in the increased guide and hope to continue to increase it.

Speaker #2: So, we don't control the capital, so we'll always be a little bit cautious, but we just want a framework out there that we know we have really good line of sight to exceeding.

Speaker #2: And so we are thinking of it at the high end of that range, but it could be incrementally positive. I'd say the biggest risk or caveat is: what does gas do in the next couple of months before we get into a more winter season?

Speaker #2: And in particular, some of those non-core, drier gas, tight areas. But overall, I think you can just see that we're super confident in the increased guide and hope to continue to increase it, but don't want to get ahead of ourselves given we don't control the capital.

Cheree Stephenson: Don't want to get ahead of ourselves given we don't control the capital.

Speaker #4: Okay, fair enough. And just with respect to the acquisition, can you talk a little bit more about what has you excited about it, the value paid relative to previous acquisitions, and things of that nature, Marty and Cheris?

Jamie Kubik: Okay. Fair enough. Just with respect to the acquisition, can you talk a little bit more about what has you excited about it, the value paid relative to previous acquisitions, and things of that nature or industry? Thanks.

Speaker #4: Thanks.

Speaker #3: Yeah, I mean, let's start in Northeast BC. We think we have we know we have three benches of development there, liquids-weighted Monty development. And so as we see Northeast BC to continue to grow and develop, this was a natural fit for us to add to our portfolio.

Marty Staples: Yeah. Let's start in Northeast BC. We know we have three benches of development there, liquids-weighted Montney development. As we see Northeast BC to continue to grow and develop, this was a natural fit for us to add to our portfolio. Through the Deep Basin, there's a number of different zones, starting up into the northwestern part of that. We've got a Cardium play that we're pretty excited about. It will be liquids-weighted, a Dunvegan play that will be liquids-weighted, is that kind of expanse further south. Lots of really good things in the Glauconite channels that we've been able to identify. There's a Viking play there as well. The majority of this is new tenure that has lots of term left on it.

Speaker #3: Through the Deep Basin, there's a number of different zones, starting kind of up into the northwestern part of that. We've got a Cardium play that we're pretty excited about that will be liquids-weighted, and a Dunvagon play that will be liquids-weighted.

Speaker #3: Is that kind of expense further south? Lots of really good things in the Glock channels that we've been able to identify. There's a Viking play there as well.

Speaker #3: And so the majority of this is new tenure that has lots of term left on it. And so over the next two to five years, we expect a real interesting and exciting development plan that's going to take place.

Marty Staples: Over the next two to five years, we expect a real interesting and exciting development plan that's going to take place through our operator that we haven't named yet.

Speaker #3: Through our operator, that we haven't named yet.

Speaker #2: I would add too, there's some of the acreage that has existing working interest. And so a good strategy for any operators to consolidate all that interest before they really apply the capital towards it.

Cheree Stephenson: I would add, too, there is some of the acreage that has existing working interest. A good strategy for any operator is to consolidate all that interest before they really apply the capital towards it. We are looking forward to some of those really liquids-rich areas that are going to see some capital near term.

Speaker #2: So we are looking forward to some of those really liquids-rich areas that are going to see some capital near-term.

Speaker #4: Okay, great. That's all for me. Thank you.

Jamie Kubik: Okay, great. That's all for me. Thank you.

Speaker #3: Thanks, Jamie.

Marty Staples: Thanks, Jamie.

Speaker #1: There are no further questions. At this time, I will now turn the call over to Mr. Marty Staples. Please continue.

Operator: There are no further questions at this time. I will now turn the call over to Mr. Marty Staples. Please continue.

Speaker #3: Thanks very much, everyone, for attending the Q2 conference call. We look forward to talking to you in Q3.

Marty Staples: Thanks very much, everyone, for attending the Q2 conference call. Look forward to talking to you in Q3.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

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