Q2 2026 BQE Water Inc Earnings Call

September 23, 2026

Speaker #1: Thank you for standing by. At this time, I'd like to welcome everyone to the BQE Water Q2 2026 investor call. All lines have been placed on mute to prevent any background noise.

Operator 2: Thank you for standing by. At this time, I'd like to welcome everyone to the BQE Water Q4 2026 investor call. 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 followed by the number one on your telephone keypad. To ensure everyone has a chance to participate, we ask that you limit your questions to one question plus a follow-up. I would now like to turn the conference over to BQE Water Management. Please go ahead.

Operator: Thank you for standing by. At this time, I'd like to welcome everyone to the BQE Water Q4 2026 investor call. 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.

Speaker #1: 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, followed by the number 1 on your telephone keypad.

Operator: If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. To ensure everyone has a chance to participate, we ask that you limit your questions to one question plus a follow-up. I would now like to turn the conference over to BQE Water Management. Please go ahead.

Speaker #1: To ensure everyone has a chance to participate, we ask that you limit your questions to one question plus a follow-up. I would now like to turn the conference over to BQE Water Management.

Speaker #1: Please go ahead.

Speaker #3: Good morning, everyone, and welcome. My name is David Garrickville; I'm the president and CEO of the company. Again, I'd like to give you a warm welcome on behalf of our entire team.

David Kratochvil: Good morning, everyone, and welcome. My name is David Kratochvil. I'm the President and CEO of the company. Again, I'd like to give you a warm welcome on behalf of our entire team to our call to review our financial results so far this year. Today with me on the call are our Chief Financial Officer, Heman Wong, and Executive Chairman, Peter Gleeson. We will start the call with Heman summarizing the highlights of the financial results. I will then provide a few comments to set these financial results in a broader context. I need to remind everyone on the call today that the discussion will contain forward-looking statements about future business and financial expectations, and that actual future results may differ from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our financial report and MD&A.

Speaker #3: Welcome to our call to review our financial results so far this year. Joining me on the call today are our Chief Financial Officer, He Man Wong, and Executive Chairman, Peter Gleason.

Speaker #3: We will start the call with He Man, summarizing the highlights of the financial results, and we'll then provide a few comments to set these financial results in a broader context.

David Kratochvil: We will start the call with Heman summarizing the highlights of the financial results. I will then provide a few comments to set these financial results in a broader context. I need to remind everyone on the call today that the discussion will contain forward-looking statements about future business and financial expectations, and that actual future results may differ from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our financial report and MD&A.

Speaker #3: I would like to remind everyone on the call today that our discussion will contain forward-looking statements about future business and financial expectations. Actual future results may differ from those projected in today's forward-looking statements.

Speaker #3: Due to various risks and uncertainties, including the risks described in our financial report and MD&A. Further, this call will refer to certain non-GAAP financial measures, such as proportional revenue or adjusted EBITDA, and a reconciliation of these measures to the closest GAAP financial measures is included in our MD&A, which is available on our website.

David Kratochvil: Further, this call will refer to certain non-GAAP financial measures such as proportional revenue or adjusted EBITDA. Reconciliation of these measures to the closest GAAP financial measures is included in our MD&A, which is available on our website. Now I will pass the floor on to Heman for his highlights of the financial results so far. Heman, please go ahead.

Speaker #3: So now I will pass the floor on to He Man, for his highlights of the financial results so far. He Man, please go ahead.

Speaker #4: Thank you, David. I will now go through the second quarter 2026 financials, comparing them to last year's second quarter. In our Q2 revenue, under GAAP, we had $9.2 million and proportional revenues of $11.3 million.

Heman Wong: Thank you, David. I will now go through the Q2 2026 financials, comparing it to the last year Q2. In our Q2 revenue under GAAP, we had CAD 9.2 million and proportional revenues of CAD 11.3 million, which is compared to CAD 11.3 million and CAD 12.9 million of the same period last year in Q2. I'll further break out our revenue into three sections. These are recurring water treatment fee or short-term operations, and advisory and design services or technical services. Our recurring water treatment revenue for Q2 was CAD 3.1 million, which is an increase of CAD 1.9 million. This is due to the addition of five new operations that started in 2026. Namely, it was Britannia, Nunavik Nickel project for Canadian Royalties Inc., Alex Mountain in Eastern Canada, the SART plant in China, and also the Wharf Mine in the US. Short-term operations was CAD 4.2 million compared to CAD 3.7 million.

Speaker #4: Which is compared to 11.3 million and 12.9 million of the same period last year in Q2. A further breakdown of revenue into three sections is our recurring water treatment fee, or short-term operations, and advisory and design services, or technical services.

Speaker #4: Our recurring water treatment revenue for Q2 was $3.1 million, which is an increase of $1.9 million. This is due to the addition of five new operations that started in 2026.

Heman Wong: Our recurring water treatment revenue for Q2 was CAD 3.1 million, which is an increase of CAD 1.9 million. This is due to the addition of five new operations that started in 2026. Namely, it was Britannia, Nunavik Nickel project for Canadian Royalties Inc., Alex Mountain in Eastern Canada, the SART plant in China, and also the Wharf Mine in the US. Short-term operations was CAD 4.2 million compared to CAD 3.7 million.

Speaker #4: Namely, it was Britannia, Nunavik Nickel Project, or CRI, Alex Malter, and Eastern Canada, the SART plant in China, and also the Wharf Mine in the US.

Speaker #4: Short-term operations was $4.2 million, compared to $3.7 million. And during the second quarter, we continued to provide services for Eagle Mine, emergency treatment services for Eagle Mine, for the full quarter, which is the same as last year.

Heman Wong: During the second quarter, we continued to provide services for Eagle Mine, emergency treatment services for the Eagle Mine for the full quarter, which is the same as last year. The additional revenue is because we started new seasonal operations at Bell Mine and at the Valley Tailings Facility, which we commissioned last year. In terms of advisory and design services, it was CAD 1.9 million compared to CAD 6.5 million of last year's Q2. This is mainly due to the one-time plant equipment sale of the Valley Tailings project, which we built, sold the equipment, and commissioned last year. In terms of our JCC, which is our joint venture in China, our share results was 25% increase compared to the same period last year.

Speaker #4: And the additional revenue is because we started new seasonal operations at Bell Mine and at the Valley Tailings facility, which we commissioned last year.

Speaker #4: In terms of advisory and design services, it was 1.9 million, compared to 6.5 million of last year's second quarter. And this is mainly due to the one-time plant equipment sale of the Valley Tails Project, which we built, sold the equipment, and commissioned last year.

Heman Wong: This is mainly due to the one-time plant equipment sale of the Valley Tailings project, which we built, sold the equipment, and commissioned last year. In terms of our JCC, which is our joint venture in China, our share results was 25% increase compared to the same period last year.

Speaker #4: In terms of our JCC, which is our joint venture in China, our share of results was 25% increased compared to the same period last year.

Speaker #4: And this is mainly due to an 8% increase in the quantity of copper recovered, and also by a 38% increase in the average copper prices during the period.

Heman Wong: This is mainly due to an 8% increase in the quantity of copper recovered, and also by a 38% increase in the average copper prices during the period. Overall, our net income for the second quarter was CAD 1.8 million compared to CAD 1.9 million of Q2 2025. Our adjusted EBITDA of Q2 was CAD 2.4 million compared to CAD 2.5 million of the second quarter of 2025. In terms of our working capital, which is defined as current assets less current liabilities, as of 30 June was CAD 21 million, compared to CAD 21.4 million at 31 December 2025. With that, I will now turn the call back to David.

Speaker #4: Overall, our net income for the second quarter was $1.8 million, compared to $1.9 million in Q2 2025. Our adjusted EBITDA for Q2 was $2.4 million, compared to $2.5 million in the second quarter of 2025.

Speaker #4: In terms of our working capital, which is defined as current asset, less current liabilities, as of June 30, was 21 million. Compared to 21.4 million at December 31, 2025.

Speaker #4: With that, I'll now turn the call back to David.

Speaker #3: Thank you, He Man. I guess from my perspective, I just want to make a few remarks and comments to set the results in the broader context—a longer-term picture.

David Kratochvil: Thank you, Heman. I guess from my perspective, just want to make a few remarks and comments to set the results in the broader context, longer term picture for everyone. I guess Heman went through the details of the second quarter year to date. We always encourage investors to look at the company performance, not quarter-to-quarter basis, but always look at the longer term, at least one year, overall year financial result. For those of you who have followed the company now for a few years, probably appreciate the fact that 2025 was truly what I would call a leap year. It is evident in the financial results of in 2025, we doubled basically our GAAP revenue, and our net income increased by 67% in just one year. So truly a leap year. Why does that happen, and how is that set into the longer-term context?

Speaker #3: For For everyone I guess, He Man went through the details of the second quarter year to date. We always encourage investors to look at the company performance not quarter to quarter basis, but always look at the longer term.

Speaker #3: At least one year, overall year financial result. And for those of you who have followed the company now for a few years, you probably appreciate the fact that 2025 was truly what I would call a leap year.

David Kratochvil: For those of you who have followed the company now for a few years, probably appreciate the fact that 2025 was truly what I would call a leap year. It is evident in the financial results of in 2025, we doubled basically our GAAP revenue, and our net income increased by 67% in just one year. So truly a leap year. Why does that happen, and how is that set into the longer-term context?

Speaker #3: And it's evident in the financial results. So in 2025, we basically doubled our GAAP revenue, and our net income increased by 67% in just one year.

Speaker #3: So, truly, truly a leap year. Why did that happen? And how does that fit into the longer-term context? Several larger projects happened during the year.

David Kratochvil: Several larger projects happened during the year. Namely, as those of you know who followed the company for a while, we had basically almost a full year of short-term operations at the Eagle Mine, where we helped with the emergency response at the former Victoria Gold heap leach operation in Yukon. We also had one time, a project with a sale of equipment for the Elsa Reclamation and Development Company Ltd., the Valley Tailings project that Heman mentioned. Now, those two projects were excellent opportunities for us to really mobilize our entire team and start to develop additional resources to grow sustainably for the long term. But in the context of the year-to-year performance, they were truly one-off projects. When you actually subtract, so that year, 2025, our technical services revenue was CAD 28.2 million.

Speaker #3: Namely, as those of you know, who follow the company for a while, we had basically almost a full year of short-term operations at the Eagle Mine, where we helped with the emergency response at the former Victoria Gold heap leech, gold heap leech operation in Yukon.

Speaker #3: And we also had a one-time project with a sale of equipment for the ERVC, the Valley Tailings project that He Man mentioned. Now, those two projects were excellent opportunities for us to really mobilize our entirety and start to develop additional resources to grow sustainably for the long term.

David Kratochvil: Now, those two projects were excellent opportunities for us to really mobilize our entire team and start to develop additional resources to grow sustainably for the long term. But in the context of the year-to-year performance, they were truly one-off projects. When you actually subtract, so that year, 2025, our technical services revenue was CAD 28.2 million.

Speaker #3: But in the context of the year-to-year performance, they were truly one-off projects. When you actually subtract so that year, 2025, our technical services revenue was 28.2 million.

Speaker #3: And you have to realize that that revenue of $28.2 million GAAP revenue included the short-term operations, which were then still reported under Technical Services. You probably have noticed that we started reporting the short-term operations separately this year.

David Kratochvil: And you have to realize that that revenue of CAD 28.2 GAAP revenue included the short-term operations, which were then still reported under technical services. You probably have noticed that we started reporting the short-term operations separately this year for everyone to see that our technical advisory services, the true advisory services, set separately from the short-term operations. Last year, we mixed those two together. It was CAD 28.2 million. But when you subtract the one-time ERDC equipment sales and the full year of short-term operations, not just at Eagle but at other sites, the true advisory services for the full year were CAD 7.5 million. So the way I look at this, 2026 is a year of consolidation of this rapid growth.

Speaker #3: For everyone to see that our technical advisory services—the true advisory services—are set separately from the short-term operations. Last year, we mixed those two together.

David Kratochvil: Last year, we mixed those two together. It was CAD 28.2 million. But when you subtract the one-time ERDC equipment sales and the full year of short-term operations, not just at Eagle but at other sites, the true advisory services for the full year were CAD 7.5 million. So the way I look at this, 2026 is a year of consolidation of this rapid growth.

Speaker #3: It was $28.2 million. But when you subtract the one-time ERVC equipment sales, and the full year of short-term operations—not just at Eagle, but at other sites—the true advisory services for the full year were $7.5 million.

Speaker #3: So, the way I kind of look at this, 2026 is a year of consolidation of this rapid growth. We've increased our headcount; we reorganized.

David Kratochvil: We've increased our headcount, we reorganized, and our current capacity to generate revenue for true advisory technical services has grown from the CAD 7.5 last year to this year, capacity to generate revenue of roughly CAD 9.5 million for the year. So roughly a 25% increase. And that's in line with what I, those of you who follow our investor decks presentations that are posted on the website, you see that what we achieved over the last five years is compounded annual growth rate of 25%. So this build-out in capacity internally that we are experiencing this year, investing in new resources, is roughly in line with producing the long-term compounded growth rate of 25%. Now, aside from viewing this year as a year of consolidation, so that we're not really seeing a dramatic decrease or increase of performance moving forward, but it's really consolidation.

Speaker #3: And our current capacity to generate revenue for true advisory technical services has grown from $7.5 million last year to this year's capacity to generate revenue of roughly $9.5 million for the year.

Speaker #3: So, roughly a 25% increase. And that's in line with what—those of you who follow our investor deck presentations that are posted on the website—you see that what we've achieved over the last five years is a compounded annual growth rate of 25%.

Speaker #3: So, this build-out in capacity internally that we are experiencing this year—investing in new resources—is roughly in line with producing the long-term compounded growth rate of 25%.

David Kratochvil: So this build-out in capacity internally that we are experiencing this year, investing in new resources, is roughly in line with producing the long-term compounded growth rate of 25%. Now, aside from viewing this year as a year of consolidation, so that we're not really seeing a dramatic decrease or increase of performance moving forward, but it's really consolidation.

Speaker #3: Now, aside from viewing this year as a year of consolidation, so that we're not really seeing a dramatic decrease or increase in performance moving forward, but it's really consolidation, I'd like to spend a few minutes describing the strength of our pipeline.

David Kratochvil: I'd like to spend a few minutes and describe the strength of our project pipeline that we've analyzed recently. So overall, in the project pipeline, we have currently 40 projects. The projects are active in various stages of project development. All of those 40 clients or projects have already spent some money with us, but they're in different stages of development. Some are very early studies, lab testing contracts. Some are very advanced and close to construction. But overall, in the pipeline, we have 40 projects. Out of the 40, we've identified 17 as what we call high impact projects. And the high impact for us means that it's either projects that have recurring revenue potential at the end, or they're with a completely new and strategically important client and/or have a large marketing value within the industry, so are viewed as sort of setting standards in the industry.

Speaker #3: Project pipeline that we've analyzed recently. So overall, in the project pipeline, we have currently 40 projects. The projects are active in various stages of project development.

Speaker #3: All of those 40 clients or projects have already spent some money with us, but they're in different stages of development. Some are very early studies.

Speaker #3: Lab testing contracts—some are very advanced and close to construction. But overall, in the pipeline, we have 40 projects. Out of the 40, we've identified 17 as what we call high-impact projects.

David Kratochvil: But overall, in the pipeline, we have 40 projects. Out of the 40, we've identified 17 as what we call high impact projects. And the high impact for us means that it's either projects that have recurring revenue potential at the end, or they're with a completely new and strategically important client and/or have a large marketing value within the industry, so are viewed as sort of setting standards in the industry.

Speaker #3: And 'high-impact' for us means that it's either projects that have recurring revenue potential at the end, or they're with a completely new and strategically important client.

Speaker #3: And/or have a large marketing value, within the industry. So are viewed as sort of setting standards in the industry. So if these projects meet one of these three criteria, they become what we call them high-impact.

David Kratochvil: So if these projects meet one of these three criteria, they become what we call high impact. And just to get a little bit of a breakdown of what are these projects about. There's only one project that's purely driven by recovery of value from waste. The rest of them are all compliance-driven projects. Out of those high impact projects, over 80% are based or using at least part of our intellectual property. So there's really just a small minority of these, where there are generic projects where we actually do work for clients who come to us and want us to work on projects that literally, no special IP is needed. But the vast majority of projects require our IP. And so the overall pipeline, when I look at it, the spread or the distribution between the different types of IP and technologies, is also quite even.

Speaker #3: And just to give a bit of a breakdown of these projects: there's only one project that's purely driven by the recovery of value from waste.

Speaker #3: The rest of them are all compliance-driven projects. Out of those high-impact projects, over 80% are based or using at least part of our intellectual property.

Speaker #3: So, there is really just a small minority of these where they are generic projects, where we actually do work for clients who come to us and want us to work on projects that literally require no special IP.

David Kratochvil: So there's really just a small minority of these, where there are generic projects where we actually do work for clients who come to us and want us to work on projects that literally, no special IP is needed. But the vast majority of projects require our IP. And so the overall pipeline, when I look at it, the spread or the distribution between the different types of IP and technologies, is also quite even.

Speaker #3: But the vast majority of projects require our IP. And for the overall pipeline, when I look at it, the spread or the distribution between the different types of IP and technologies is also quite even.

Speaker #3: So we've got roughly one-third of these being selenium projects, where obviously we stand out strongly. There is roughly 25% that's cyanide recycle or destruction.

David Kratochvil: We have got roughly one third of these being selenium projects, where obviously we stand out strongly. There is roughly 25% that is cyanide recycle or destruction, again, strong IP. There is roughly 20% that is sulfate removal driven. It is not really with any one client either. We have a distribution of clients within the pipeline. There is no skewing. I think the largest chunk of these projects would be probably less than 20% with one client. The rest of them are distributed amongst a number of different clients. I just want to close these comments about where we are at today. We feel pretty confident about our pipeline moving forward. We feel that our performance for the rest of the year is going to be strong. We do not provide guidance.

Speaker #3: Again, strong IP. And there's roughly 20% that's sulfate, sulfate removal-driven. And so it's not really with any one client either. We have a distribution of clients within the pipeline.

Speaker #3: There is no skewing. I think the largest chunk of these projects would be probably less than 20% with one client, and the rest of them are distributed amongst a number of different clients.

David Kratochvil: There is no skewing. I think the largest chunk of these projects would be probably less than 20% with one client. The rest of them are distributed amongst a number of different clients. I just want to close these comments about where we are at today. We feel pretty confident about our pipeline moving forward. We feel that our performance for the rest of the year is going to be strong. We do not provide guidance.

Speaker #3: So, I just want to close these comments about where we are at today. We feel pretty confident about our pipeline moving forward, and we feel that our performance for the rest of the year is going to be strong.

Speaker #3: We don't provide guidance. And for those of you who follow the company, there's always uncertainties; there's always a distribution of outcomes. But in this distribution of outcomes, what I would say is that the probability that we're going to be meaningfully or significantly below the results of last year is very unlikely.

David Kratochvil: For those of you who follow the company, you know there are always uncertainties, there is always distribution of outcomes. In this distribution of outcomes, what I would say is that the probability that we are going to be meaningfully or significantly below the results of last year is very unlikely. The probability that we are going to be meaningfully or significantly higher than last year is also unlikely. With that, I will just open the floor to questions, and be happy to answer any of the questions that you might have. Back to you, Jordan.

Speaker #3: And the probability that we're going to be meaningfully or significantly higher than last year is also unlikely. With that, I would just open the floor to questions.

Speaker #3: And I'd be happy to answer any questions that you might have. Back to you, Jordan.

Speaker #1: Thank you. We will now begin the question-and-answer session. If you’d like to ask a question during this time, simply press star-one on your telephone keypad.

Operator 2: Thank you. We will now begin the question and answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad to raise your hand. If you would like to withdraw your question, simply press star one again. To ensure everyone has a chance to participate, we ask that you limit your questions to one question, plus one follow-up. One moment while I compile the Q&A roster. The first question comes from the line of Robert Gignac. Your line is live.

Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad to raise your hand. If you would like to withdraw your question, simply press star one again. To ensure everyone has a chance to participate, we ask that you limit your questions to one question, plus one follow-up. One moment while I compile the Q&A roster. The first question comes from the line of Robert Gignac. Your line is live.

Speaker #1: To raise your hand, if you'd like to withdraw your question, simply press star one again. To ensure everyone has a chance to participate, we ask that you limit your questions to one question plus one follow-up.

Speaker #1: One moment while I compile the Q&A roster. The first question comes from the line of Robert Gignac. Your line is live.

Speaker #2: Yes, hello. My first question is just on your new segmenting of your short-term operations services. Thanks for that. That's very helpful. I think it gives us more insight into that division between technical services and shorter-term operations.

Robert Gignac: Yes, hello. My first question is just on your new segmenting of your short-term operation services. Thanks for that. That is very helpful. I think it gives us more insight into that division between technical services and shorter-term operations. How should investors be thinking about how projects could move from short-term to long-term operations? Are there projects that could remain active in the short-term segment for an extended period of time?

[Analyst 1]: Yes, hello. My first question is just on your new segmenting of your short-term operation services. Thanks for that. That is very helpful. I think it gives us more insight into that division between technical services and shorter-term operations. How should investors be thinking about how projects could move from short-term to long-term operations? Are there projects that could remain active in the short-term segment for an extended period of time?

Speaker #2: How should investors be thinking about how projects could move from short-term to long-term operations? And are there projects that could remain active in the short-term segment for an extended period of time?

Speaker #3: Yes, Robert, thank you for your question. Very good question. The short-term operations are a mix of projects, and I can say that within that mix, we do have projects where we see these short-term operations as the entry point for the long-term.

David Kratochvil: Yes. Robert, thank you for your question. Very good question. The short-term operations is a mix of projects. Within that mix, we do have projects that we see these short-term operations as the entry point for long-term. There will be those, absolutely. These short-term operations typically are shortcuts to basically get to operations without having to go through lab testing, engineering, construction, commissioning. Usually, these short-term operations are of existing facilities. Sometimes the clients have short-term issues they need to sort out. For us, it could be an entry point into long-term operations. That is one type. The second type is where truly this is a temporary situation. So water accumulation, build-up on site. Client has 1.5 million cubic meters of water. They need to get rid of that volume, but there is nothing beyond that.

Speaker #3: So there will be those, absolutely. And it's part of these short-term operations. Typically, these are shortcuts to basically get to operations without having to go through lab testing, engineering, construction, and commissioning.

Speaker #3: We usually see these short-term operations are of existing facilities, and sometimes the clients have short-term issues they need to sort out. But for us, it could be an entry point into long-term operations.

David Kratochvil: Usually, these short-term operations are of existing facilities. Sometimes the clients have short-term issues they need to sort out. For us, it could be an entry point into long-term operations. That is one type. The second type is where truly this is a temporary situation. So water accumulation, build-up on site. Client has 1.5 million cubic meters of water. They need to get rid of that volume, but there is nothing beyond that.

Speaker #3: So that's one type. The second type is where truly this is a temporary situation—water accumulation, buildup on site. The client has 1.5 million cubic meters of water.

Speaker #3: They need to get rid of that volume, but there is nothing beyond that. There will be those, absolutely. And I think there are also projects where we feel that it's short-term from the point of view of fixing an issue—the client already has resources on site.

David Kratochvil: There will be those, absolutely. I think there are also projects where we feel that it is short-term from the point of view of fixing an issue. The client already has resources on site, so we are just assisting them. It is really building credibility and reputation in the industry. So, it is part and parcel of building our reputation. I think that your point is very important, and that is that what really stands out for BQE Water in the space is we are one of very few players who can respond very quickly, in an agile manner, to demand for help in operations. There are companies who are doing engineering, advisory, consulting services. The operation piece, being able to fix current issues and/or take over operations, that is a really unique feature of our capabilities.

Speaker #3: So we're just assisting them, but it's really building credibility and reputation in the industry. So it's part and parcel of building our reputation, and I think that your point is very important.

David Kratochvil: I think that your point is very important, and that is that what really stands out for BQE Water in the space is we are one of very few players who can respond very quickly, in an agile manner, to demand for help in operations. There are companies who are doing engineering, advisory, consulting services. The operation piece, being able to fix current issues and/or take over operations, that is a really unique feature of our capabilities.

Speaker #3: And that is what really stands out for BQE in the space. We're one of very few players who can respond very quickly, in an agile manner, to demand for help in operations.

Speaker #3: There are companies that provide engineering, advisory, and consulting services, but the operations piece—being able to fix current issues or take over operations—is a really unique feature of our capabilities.

Speaker #2: Thanks, that's very helpful. My next question is actually just regarding regulatory changes. Bill C-39 was tabled in Parliament this week. It aims to speed up federal approvals for major projects.

Robert Gignac: Thanks. That is very helpful. My next question is actually just regarding regulatory changes. Bill C-39 was tabled in Parliament this week. It aims to speed up federal approvals for major projects. It also has some changes for the Fisheries Act, including a new mechanism for proponents to pay fees to offset impacts on fish and fish habitat. How do you see the bill affecting your business, both in terms of the pace of new mine development and any changes in the regulatory drivers for water treatment?

[Analyst 1]: Thanks. That is very helpful. My next question is actually just regarding regulatory changes. Bill C-39 was tabled in Parliament this week. It aims to speed up federal approvals for major projects. It also has some changes for the Fisheries Act, including a new mechanism for proponents to pay fees to offset impacts on fish and fish habitat. How do you see the bill affecting your business, both in terms of the pace of new mine development and any changes in the regulatory drivers for water treatment?

Speaker #2: It also has some changes for the Fisheries Act, including a new mechanism for proponents to pay fees to offset impacts on fish and fish habitats.

Speaker #2: How do you see the bill affecting your business, both in terms of the pace of new mine development and any changes in the regulatory drivers for water treatment?

Speaker #3: I think the answer is, in the short term, I don't necessarily expect impact. For new projects, for new projects that are completely getting off the ground as a result of this bill, it's too early to tell.

David Kratochvil: I think the answer is, in the short term, I do not necessarily expect impact. For new projects that are completely getting off the ground as a result of this bill, it is too early to tell. I would say that one of the things that we have seen in the industry, truly, is the need for social acceptance. Regardless of the government push funding, facilitated permitting, the need for social acceptance is still there. I think that if we can help our clients with achieving social acceptance, without them having to offset any impacts financially under this law, it would always be seen as a win-win.

Speaker #3: But I would say that one of the things that we've seen in the industry, truly, is the need for social acceptance. So, regardless of the government push or funding,

David Kratochvil: Regardless of the government push funding, facilitated permitting, the need for social acceptance is still there. I think that if we can help our clients with achieving social acceptance, without them having to offset any impacts financially under this law, it would always be seen as a win-win.

Speaker #3: Facilitated permitting, the need for social acceptance is still there. And I think that if we can help our clients with achieving social acceptance, without them having to offset any impacts financially under this law, it would always be seen as a win-win.

Speaker #2: OK. That's super helpful. I'll get back in the queue.

Robert Gignac: Okay. That is super helpful. I will get back in the queue.

[Analyst 1]: Okay. That is super helpful. I will get back in the queue.

Speaker #3: OK.

David Kratochvil: Okay.

Speaker #1: Your next question comes from the line of Nicholas Cordovucci from Atrium Research. Your line is live.

Operator 2: Your next question comes from the line of Nicholas Cortellucci from Atrium Research. Your line is live.

Operator: Your next question comes from the line of Nicholas Cortellucci from Atrium Research. Your line is live.

Speaker #4: Hey, David. Thanks for answering my questions here. The first thing I wanted to ask about was growth margins. So Q1, they were pretty small.

Nicholas Cortellucci: Hey, David. Thanks for answering my questions here. The first thing I wanted to ask about was gross margins. Q1, they were pretty small, and then Q2 is kind of back up to your guys' standards, but we have seen north of 50% in the past. What is the right number to look at you guys at on a forward-looking basis for gross margin?

Speaker #4: And then Q2 was kind of back up to your guys' standards. But we've seen north of 50% in the past. So what is the right number to look at you guys at on a forward-looking basis for growth margin?

Speaker #3: You mean the order? Answer that one? So when we look at the three types of revenue, they each have their own margin, gross margin in the mix.

David Kratochvil: Heman, do you want to answer that one?

Heman Wong: Sure. When we look at the three types of revenue, they each have their own gross margin in the mix. Within each bucket, each project would also have their own gross margin in the mix. Especially for Q1 and Q2, where predominantly it is the short-term operations and the technical services. Going into Q3 and Q4, we do see a lot more operational or long-term operation services. Those are where we have higher margins. I think what you have seen in the past year is going to be our margins going forward. Without putting numbers in front of everybody right now, but yeah.

Speaker #3: And within each bucket, each project would also have their own gross margin in the mix. And especially for Q1 and Q2, where predominantly it is the short-term operations and the technical services, but going into Q3 and Q4, we do see a lot more operational or long-term operation services.

Speaker #3: And those are where we have higher margins. I think what you have seen in the past year is going to be our margins going forward.

Heman Wong: Those are where we have higher margins. I think what you have seen in the past year is going to be our margins going forward. Without putting numbers in front of everybody right now, but yeah.

Speaker #3: Without putting numbers in front of everybody right now, but yeah—it depends on the mix of the projects coming in right now. But it is expected that in Q3 and Q4, where operation services will be kicking in, we’ll have full quarters of certain sites. Those are seasonal, meaning they were not running in Q2 or were only running for a month in Q2. We'll have a full three-month impact.

Heman Wong: It depends on the mix of the projects coming in right now, but it is expected that in Q3 and Q4, where operational services will be kicking in, where we have full quarters of certain sites where those are seasonal, meaning they were not running in Q2 or only running for a month in Q2, so that will have a full three-month impact.

Nicholas Cortellucci: Got you. Okay. No, that makes sense.

Speaker #3: I think, for the net margin, I just want to make a comment there that again, everybody probably on this call knows that our business model does not include investments into hard assets.

David Kratochvil: For the net margin, I just want to make a comment there that, again, everybody probably on this call knows that our business model does not include investments into hard assets. We don't necessarily grow. We don't need to invest in hard assets to grow the company. However, we do need to invest into our most precious resource, which is our people, our staff. As I alluded to in my opening remarks, we are basically targeting roughly 25% increase in the advisory services revenue generation capacity. That really involves hiring and training, onboarding new staff. Those costs of growth are reflected in the net margins. They're not necessarily evenly spread through the year, right? We do go through periodic strategic planning and reviews and budgeting. The hiring happens in stepwise fashion.

Speaker #3: So we don't necessarily grow. We don't need to invest in hard assets to grow the company. However, we do need to invest in our most precious resource, which is our people, our staff.

Speaker #3: And as I alluded to in my opening remarks, we are basically targeting roughly a 25% increase in the advisory services revenue generation capacity, and that really involves hiring, training, and onboarding new staff.

David Kratochvil: As I alluded to in my opening remarks, we are basically targeting roughly 25% increase in the advisory services revenue generation capacity. That really involves hiring and training, onboarding new staff. Those costs of growth are reflected in the net margins. They're not necessarily evenly spread through the year, right? We do go through periodic strategic planning and reviews and budgeting. The hiring happens in stepwise fashion.

Speaker #3: So, those costs of growth are reflected in the net margins, and they are not necessarily evenly spread throughout the year. We do go through periodic strategic planning and reviews, as well as budgeting.

Speaker #3: And the hiring happens in a stepwise fashion. So, in some quarters, you may see a jump; in others, you may see a fall in the sales and development expenses.

David Kratochvil: So in some quarters you may see a jump. In others, you may see a fall in the sales and development expenses related to really increasing the internal revenue-generating capacity of the business.

Speaker #3: Related to really increasing the internal revenue-generating capacity of the business.

Speaker #4: OK, perfect. Thank you for that. And then the other question I had was about M&A, given the cash balance and probably the borrowing capacity of the company.

Nicholas Cortellucci: Okay, perfect. Thank you for that. The other question I had was about M&A, given the cash balance and probably the borrowing capacity of the company. Have you guys gotten anywhere on the M&A front? Are there things in the pipeline that you are looking at that you want to share more about?

Speaker #4: Have you guys gotten anywhere on the M&A front? Are there things in the pipeline that you're looking at, that you want to share more about?

Speaker #3: Just a few comments, maybe back to you. So, again, I think last year we made the investment into amalgamating aquatic toxicology into our business.

David Kratochvil: Just a few comments, maybe back to you. Again, I think last year, we made the investment into amalgamating aquatic toxicology into our business. We are still very much focused on that integration, the full integration of that service into the business. It has been going really well. I think by the end of this year, we will be really in a position that we can call this truly internal part of our business. With that already behind us, our eyes are on the next target or the next few targets. We have some potential targets identified. We have spoken to investors in the past about discipline engineering services companies. We are currently very busy on multiple meaty, larger pre-feasibility or feasibility studies, working with some of these potential partners or companies that we may be interested in acquiring.

Speaker #3: We're still very much focused on that integration—the full integration of that service into the business. It's been going really well, and I think that by the end of this year, we will really be in a position where we can call this truly an integral part of our business.

Speaker #3: So with that already behind us, our eyes are on the next target—or the next few targets. We have some potential targets identified.

David Kratochvil: We have some potential targets identified. We have spoken to investors in the past about discipline engineering services companies. We are currently very busy on multiple meaty, larger pre-feasibility or feasibility studies, working with some of these potential partners or companies that we may be interested in acquiring.

Speaker #3: We've spoken to investors in the past about discipline engineering services. Currently, our company is very busy with multiple METI, larger pre-feasibility or feasibility studies.

Speaker #3: Working with some of these potential partners or companies that we may be interested in acquiring. But the timing of this, we also were very cautious in the sense that we really need to make sure that the companies we work with are truly philosophically aligned and we're really happy with their work product.

David Kratochvil: But the timing of this, we also were very cautious in a sense that we really need to make sure that the companies we work with are truly philosophically aligned and we are really happy with their work product. The nature of these larger studies is that they typically take sometime a year, maybe more than a year, maybe 12 to 16 months or so, and that is just one project, right? If we want to test someone and date someone for a while before we pull the trigger, the timeframe is the year or two. But there is active opportunities and projects that we are working on right now with some of those companies. That is, I guess, the update on what we initially provided to investors about discipline engineering M&A.

Speaker #3: And so the nature of these larger studies is that they typically take some time—a year, maybe more than a year, 12 to 16 months or so.

Speaker #3: And that's just one project. So, if we want to test someone and date someone for a while before we pull the trigger, the timeframe is a year or two.

David Kratochvil: If we want to test someone and date someone for a while before we pull the trigger, the timeframe is the year or two. But there is active opportunities and projects that we are working on right now with some of those companies. That is, I guess, the update on what we initially provided to investors about discipline engineering M&A.

Speaker #3: But there are active opportunities and projects that we're working on right now with some of those companies. So that's, I guess, the update on what we initially provided to investors about disciplined engineering and M&A.

Speaker #3: There are a couple of other targets that we identified, but nothing that we can report on today, other than the discipline engineering.

David Kratochvil: There are a couple of other targets that we identified, but nothing that we can report on today, other than the discipline engineer.

Speaker #4: Perfect. Okay, that's all for me. Thanks for your time, gents.

Nicholas Cortellucci: Perfect. Okay. That is all for me. Thanks for the time, gents.

Speaker #3: Thank you.

David Kratochvil: Thank you.

Speaker #1: Your next question comes from the line of Quick Tingly. Your line is now live.

Operator 2: Your next question comes from the line of Quigg Taylor. Your line is now live.

Operator: Your next question comes from the line of Quigg Taylor. Your line is now live.

Speaker #3: All right, guys. Can you hear me? We can hear you, Quick, and thank you. Yes.

Quigg Taylor: Hi, guys. Can you hear me?

[Analyst 2]: Hi, guys. Can you hear me?

David Kratochvil: We can hear you, Quigg, and thank you. Yes.

Speaker #4: OK, well, thank you. My question really is about the money that was spent in the first quarter, and the extraordinary first quarter last year. The difference there—are we going to be able to, is that money spent investing in the needs of the future?

Quigg Taylor: Well, thank you. My question really is, the money that was spent in Q1 and the extraordinary Q1 last year, the difference there. Is that money spent investing in needs of the future, is that going to start to show up in Q3 and Q4 this year? I was trying to interpret what you were saying, David, about odds are this, that, everything. I am just not too sure how it factors into this year's earnings, full year.

[Analyst 2]: Well, thank you. My question really is, the money that was spent in Q1 and the extraordinary Q1 last year, the difference there. Is that money spent investing in needs of the future, is that going to start to show up in Q3 and Q4 this year? I was trying to interpret what you were saying, David, about odds are this, that, everything. I am just not too sure how it factors into this year's earnings, full year.

Speaker #4: Is that going to start to show up in Q3 and Q4 this year? I was just trying to interpret what you were saying, David, about odds are this, that, everything.

Speaker #4: But I'm just not too sure how it factors into this year's earnings—full year.

Speaker #3: Yeah. Thank you, Quick. So let me try to explain better. So what I was saying earlier was that last year, we actually had the advisory technical services true advisory technical services of only seven and a half million.

David Kratochvil: Yeah. Thank you, Quigg. Let me try to explain better. What I was saying earlier was that last year, we actually had the true advisory technical services of only CAD 7.5 million for the year 2025, okay? We do want to, and we now have the capacity to generate roughly 9.5. Okay? As a result of the headcount increase in that space. Basically, when we are looking for the rest of the year, the investment we made into the increase in headcount in Q1 and Q2 specifically. The costs of training and onboarding are not entirely, but largely behind us. With the workload and the pipeline that we currently have, we definitely in Q4, will see these resources contributing to the technical advisory services.

Speaker #3: For the year 2025, we do want to, and we now have the capacity to, generate roughly nine and a half. This is as a result of the headcount increase in that space.

Speaker #3: And so, basically, when we are looking into the rest of the year, the investment we made into the increase in headcount in Q1 and Q2—specifically, the cost of training and onboarding—are not entirely, but largely, behind us.

David Kratochvil: Basically, when we are looking for the rest of the year, the investment we made into the increase in headcount in Q1 and Q2 specifically. The costs of training and onboarding are not entirely, but largely behind us. With the workload and the pipeline that we currently have, we definitely in Q4, will see these resources contributing to the technical advisory services.

Speaker #3: And with the workload and the pipeline that we currently have, we definitely in Q4 will see these resources contributing to the technical advisory services. So, what I would say is that starting with Q4 this year, we should be — or the investors should be — looking at roughly an annual, rolling annual, $9.5 million technical advisory services revenue as a measure of the increase in the headcount that we invested in earlier this year.

David Kratochvil: Starting with Q4 this year, we should be, or the investors should be looking at roughly an annual rolling annual CAD 9.5 million technical advisory services revenue as a measure of the increase in the headcount that we invested in earlier this year. Obviously, there is additional costs and investments we are making. As we grow, we have to introduce new systems, new tools, we have new software, new timesheets, accounting systems, et cetera. There are other investments we are making, we have to make as we grow. There is also the aspect of growing the operations where, while it is true that the operations are even the short-term operations, they are seasonal or short-term. They are not necessarily seen as a sales and development cost for us or carry-on cost that we would have to carry when the operation stops or when it is seasonal.

Speaker #3: Obviously, there are additional costs and investments we're making as we grow. We have to introduce new systems, new tools. We have new software, new timesheet and accounting systems, et cetera.

Speaker #3: So, there are other investments we're making, which we have to make as we grow. And there is also the aspect of growing the operations, where, while it's true that even the short-term operations are seasonal or short-term.

David Kratochvil: There is also the aspect of growing the operations where, while it is true that the operations are even the short-term operations, they are seasonal or short-term. They are not necessarily seen as a sales and development cost for us or carry-on cost that we would have to carry when the operation stops or when it is seasonal.

Speaker #3: They are not necessarily seen as a sales and development cost for us, or carry-on costs that we would have to carry when the operation stops.

Speaker #3: Or when it's seasonal. However, we're still investing in people as well. So we just went—we had a meeting yesterday reviewing the staffing, and we're significantly upgrading the operations team from the point of view of having more senior supervisors, operations supervisors for example, within the team.

David Kratochvil: However, we are still investing in people as well. We had a meeting yesterday reviewing the staffing, and we are significantly upgrading the operations team from the point of view of having more senior supervisors, operation supervisors, for example, within the team. That also represents some ongoing costs. Short story is I would expect the resources that we invested in largely in Q1 and part of Q2 to start contributing fully in Q4, and from that point on.

Speaker #3: So that also represents some ongoing costs. But, short story is, I would expect the resources that we invested in largely in Q1 and part of Q2 to start contributing fully in Q4.

Speaker #3: And from that point on.

Speaker #4: Oh, yay. Thanks, David. I appreciate that.

Quigg Taylor: Oh, yay. Thanks, David. I appreciate that.

[Analyst 2]: Oh, yay. Thanks, David. I appreciate that.

Speaker #3: Thank you.

David Kratochvil: Thank you.

Speaker #1: Your next question comes from the line of Robert Gigman. Your line is live.

Operator 2: Your next question comes from the line of Robert Gignac. Your line is live.

Operator: Your next question comes from the line of Robert Gignac. Your line is live.

Speaker #5: Thanks. The you have a few plants that are two plants, I guess, that are currently under construction. Maybe if you can give us a sense of their size and when you anticipate they could be commissioned just so that we have an understanding of pacing.

Robert Gignac: Thanks. You have a few plants that are two plants, I guess, that are currently under construction. Maybe if you can give us a sense of their size and when you anticipate they could be commissioned, just so that we have an understanding of pacing. Are these mostly going to fall into 2027? And your idea of what quarters they might come on board or anything you can tell us about these plants, that would be helpful. Thanks.

[Analyst 1]: Thanks. You have a few plants that are two plants, I guess, that are currently under construction. Maybe if you can give us a sense of their size and when you anticipate they could be commissioned, just so that we have an understanding of pacing. Are these mostly going to fall into 2027? And your idea of what quarters they might come on board or anything you can tell us about these plants, that would be helpful. Thanks.

Speaker #5: Are these mostly going to fall into 2027, and do you have any idea of what quarters they might come on board or anything you can tell us about these plants?

Speaker #5: That'd be helpful. Thanks.

Speaker #3: Yeah, so both of them are in Canada. One starts commissioning, I believe, imminently in October—very likely in October. The second one, I think the commissioning will start later, but still it will start in Q4 this year.

David Kratochvil: Yeah. Both of them are in Canada. One starts commissioning, I believe, imminently in October, very likely in October. The second one, I think the commissioning will start later. But still, it will start in Q4 this year, will complete in Q1 next year. Both of those are expected to slide into a recurring revenue for us, and that will be reported under the long-term operations once the commissioning is complete. One starting commissioning imminently, the other one later in Q4, but should be over by the end of Q1 for sure.

Speaker #3: We'll complete in Q1 next year. Both of those are expected to slide into a recurring revenue for us that will be reported under the long-term operations.

Speaker #3: Once the commissioning starting commissioning imminently. The other one later in Q4. But should be over by the end of Q1 for sure.

Speaker #5: OK. That's great. And then my follow-up question here, just you've done a lot of technical work in Latin America over the years. And you have a lot of expertise down there.

Robert Gignac: Okay, that is great. And then my follow-up question here. You have done a lot of technical work in Latin America over the years, and you have a lot of expertise down there. Should we start to see this come through in operations in 2027, and how should we be thinking about your capabilities in that region, and how should investors be thinking about the opportunities there? Thanks.

[Analyst 1]: Okay, that is great. And then my follow-up question here. You have done a lot of technical work in Latin America over the years, and you have a lot of expertise down there. Should we start to see this come through in operations in 2027, and how should we be thinking about your capabilities in that region, and how should investors be thinking about the opportunities there? Thanks.

Speaker #5: Should we start to see this come through in operations in 2027? And how should we be thinking about your capabilities in that region, and how should investors be thinking about the opportunities there?

Speaker #5: Thanks.

Speaker #3: Yeah. So, in terms of Latin America, what we're finding is that everything takes a lot longer—all the steps that we go through normally here in Canada or the United States within a set time frame.

David Kratochvil: Yeah. In terms of Latin America, what we are finding is that everything takes a lot longer. All the steps that we go through normally here in Canada or United States within a set timeframe, that timeframe is typically a lot longer in South America for a number of different reasons. But the pipeline that I was referring to earlier, in the high impact projects, we do indeed have 3 out of the 17 that are located in Latin America. The potential is significant, certainly in the long term, and that is why we are focused on increasing our presence down there. I would say that there is no expected operations revenue in South America or Latin America in 2027. Having said that, I think there are a couple of projects that may go into the final design for construction sometime next year. Everything is delayed.

Speaker #3: That time frame is typically a lot longer in South America, for a number of different reasons. But the pipeline that I was referring to earlier in the high-impact projects—we do indeed have three out of the 17 that are located in Latin America.

Speaker #3: And so the potential is significant, certainly in the long term. And that's why we're focused on increasing our presence down there. I would say that there is no expected operations revenue in South America or Latin America in 2027.

David Kratochvil: The potential is significant, certainly in the long term, and that is why we are focused on increasing our presence down there. I would say that there is no expected operations revenue in South America or Latin America in 2027. Having said that, I think there are a couple of projects that may go into the final design for construction sometime next year. Everything is delayed.

Speaker #3: But having said that, I think there are a couple of projects that may go into the final design for construction sometime next year. So, everything is delayed.

Speaker #3: But I guess what I would also say is that, in terms of the overall pipeline strength, we do have a number of opportunities that are still very early stage in South America and Latin America.

David Kratochvil: I guess what I would also say is that in terms of the overall pipeline strength, we do have a number of opportunities that are very early-stage still in South America and Latin America. I look at these Latin American projects as providing the growth for us, not in 2027, not in 2028, but in the longer term that you will see them pop up. They just take a lot more time, a longer time to come to fruition. Again, we can discuss maybe in detail the different reasons, but it really is project or jurisdiction-specific.

Speaker #3: So, all of these—I look at these Latin American projects as providing the growth for us, not in 2027, not in 2028, but in the longer term.

Speaker #3: You will see them pop up. They just take a much longer time to come to fruition. Again, we can discuss, maybe in detail, the different reasons.

Speaker #3: But it really is project or jurisdiction specific.

Speaker #4: I would add, David, and in answer to your question, Robert, it's a little bit like the snowball running down a hill that you've seen in North America.

Peter Gleeson: I would add, David, and in answer to your question, Robert, there is a little bit of like the snowball running down a hill that you have seen in North America, that Latin America wants to see the first plant built. I think we will see an acceleration of business and opportunities down there. But it is very natural in that region to say, "Show us one you have built in Latin America." We can tell them, "Come and see the ones up here." But excuse me. It is just the natural way they are. As a company, we understand the opportunity down there and the things David is alluding to is part of our strategy for 2026, is to push down there to bring these things into the early stage to eventually become operations.

Speaker #4: Latin America wants to see the first plant built, and then I think we'll see an acceleration of business and opportunities down there. But it's very natural in that region to say, "Show us when you've built in Latin America."

Peter Gleeson: But it is very natural in that region to say, "Show us one you have built in Latin America." We can tell them, "Come and see the ones up here." But excuse me. It is just the natural way they are. As a company, we understand the opportunity down there and the things David is alluding to is part of our strategy for 2026, is to push down there to bring these things into the early stage to eventually become operations.

Speaker #4: And we can tell them, come and see the ones up here. But excuse me, it's just a natural way they are. But as a company, we understand the opportunity down there.

Speaker #4: And the things David is alluding to, as part of our strategy for 2026, is to push down there—to bring these things into the early stage to eventually become operations.

Speaker #5: That's very good. Thank you. Thanks for taking questions today.

Robert Gignac: That is very good. Thank you. Thanks for taking questions today.

[Analyst 1]: That is very good. Thank you. Thanks for taking questions today.

Speaker #4: Thank you.

Peter Gleeson: Thank you.

Speaker #1: There are no further questions. I would now like to turn the conference back over to Peter Gleason for closing remarks.

Operator 2: There are no further questions. I would now like to turn the conference back over to Peter Gleeson for closing remarks.

Operator: There are no further questions. I would now like to turn the conference back over to Peter Gleeson for closing remarks.

Speaker #3: Yeah. OK. Well, thank you very much, Jordan, and everybody. And especially Hueman and David for enlightening everyone. I will say that, you know, there was lots of talk there about the build-out that we've done in our human resources.

Peter Gleeson: Well, thank you very much, Jordan, and everybody, and especially Heman and David for enlightening everyone. I will say that there was lots of talk there about the build-out that we've done in our human resources. But so you understand, or hopefully it made clear that it wasn't done in a vacuum. We've done it because of the pipeline we see, because of the macro environment we're in with the critical minerals and that worldwide. So 2026 has been a bit of a build-out year, and it will continue to be a bit of a build-out year, but it is for what we see coming forward. As always, anyone who talks to me knows we're very available. If you have any further questions, feel free to email or call us, and we're very happy to answer.

Speaker #3: So you understand, or hopefully it was made clear, that it wasn't done in a vacuum. We've done it because of the pipeline we see.

Peter Gleeson: We've done it because of the pipeline we see, because of the macro environment we're in with the critical minerals and that worldwide. So 2026 has been a bit of a build-out year, and it will continue to be a bit of a build-out year, but it is for what we see coming forward. As always, anyone who talks to me knows we're very available. If you have any further questions, feel free to email or call us, and we're very happy to answer.

Speaker #3: Because of the macro environment we're in with the critical minerals and that worldwide, 2026 has been a bit of a build-out year.

Speaker #3: And it will continue to be a bit of a build-out year. But it is for what we see coming forward. So as always, anyone who talks to me knows we're very available.

Speaker #3: If you have any further questions, feel free to email or call us. We're very happy to answer. Most importantly, thank you, everybody on the call, for your support.

Peter Gleeson: Most importantly, thank you everybody on the call for your support. It's really appreciated. Thank you very much.

Speaker #3: Really appreciate it. Thank you very much.

Speaker #4: Thank you.

Robert Gignac: Thank you.

[Analyst 1]: Thank you.

Operator 2: This ends today's call. You may now disconnect.

Operator: This ends today's call. You may now disconnect.