Good morning, good afternoon, and good evening to those dialling in from Singapore. Thank you for joining us today for the Abaxx Q1 earnings and business update call.

My name is Tara Hayes, Director of Communications at Abaxx, and I'll be directing today's presentation. With us on the line are founder and CEO, Josh Crumb; Abaxx Chief Strategy Officer, David Greely; and Abaxx Exchange Chief Commercial Officer, Joe Raia.

Abaxx CFO, Steve Fray, and Chief Legal Officer, Jeff Lipton, are also on the line and will be joining us for the Q&A period following today's prepared remarks. Everyone should have access to our 2025 year-end reports and annual information form, along with our Q1 financial statements and corporate milestone press release, which will be the primary disclosures for today's presentation.

We also want to make reference to all filings and risk disclosures found on SEDAR+. We have published a short slide presentation to accompany today's webcast, which is being recorded and will be posted to our investor relations website, investors.abaxx.tech, in the coming days.

We'd like to remind everyone that part of our discussion today will include forward-looking statements, which are subject to various assumptions, risks, and uncertainties, and which could cause actual results to differ materially from those expressed or implied on today's call. Please find our full statement and cautions regarding forward-looking statements on the slide attached.

Before I hand the call over to David Greely to update investors on key milestones and updates from the last 45 days, we'd like to specifically draw your attention to the highly regulated nature of our products and operations. Given the early growth stage of our ramp-up and deep innovation pipeline for listing new products, it's important to reiterate the cautionary nature of our forward-looking statements with respect to products that are still subject to ongoing regulatory work and review.

We'll endeavor to point out these cautions as we go, but as of today, our Abaxx Singapore entity's regulatory status is that of a recognized market operator exchange and approved clearing house in Singapore. As we speak about our precious metals products today, we want to point out that our Abaxx Spot entity was incorporated in Singapore last year, but operates under a different branch of the Abaxx corporate family tree and not part of the entities regulated by the MAS under Abaxx Singapore, as the Monetary Authority of Singapore does not regulate spot commodity markets.

Any other potential products discussed today, including new markets planned for additional energy, environmental, precious metals, and base and battery materials products, as well as our innovative technology-enabled products in the pipeline, would be subject to meeting all regulatory requirements and disclosures before listing. Following the management presentation, we will open the call up for Q&A to answer investor questions, which you can submit by typing in the submit a question box on your screen at any time.

With that, I'd like to hand the call over to Dave for some opening remarks and a walk-through of how Abaxx is solving core structural inefficiencies for global commodity markets through our fully integrated market ecosystem.

Thank you, Tara. It's only been about 45 days since our last call, and so we're going to endeavor to keep our prepared remarks short and leave more time for your questions.

On our last call, we discussed in depth the generational opportunities that we are pursuing in both markets and digital infrastructure, and our strategy for seizing those opportunities. You can find the recording and transcript of that discussion on our investor relations website, investors.abaxx.tech.

That strategy remains the same. Today, I'd like to walk you through the results and accomplishments produced by that strategy in the first quarter and more recently.

First, our results. We remain focused on de-risking our path to 1 million average daily trading volume on Abaxx Exchange over the next 3 to 5 years.

In the first quarter, our total trading volume on the exchange was 236,138 contracts. That's an increase of 145% over the previous quarter.

That growth continued in the second quarter. In April, 255,645 contracts traded on the exchange, exceeding total first quarter trading volume by 8%.

On May 14th, trading volume exceeded 50,000 in a single trading day for the first time, setting a new single-day record of 50,277 contracts traded. Much as our trading volume growth has accelerated, have our accomplishments in building connectivity and liquidity in our markets and commercializing our technology.

On the market side, in the first quarter, we launched four wind index futures contracts, including our first US contract for the ERCOT Texas region, which produces roughly 1/4 of US wind power. We continued to expand our weather index futures contracts in April with the launch of German solar futures.

In the first quarter, the first delivery under the gold Singapore futures contract was successfully executed. In April, the first trades in the Abaxx Spot Gold pool were executed.

In May, just yesterday, we announced the launch of a 1,000-ounce 4 9s fineness silver Singapore futures contract, which will begin trading this Friday, May 22nd. In Q1, we integrated our contracts with TMX Trayport's Joule platform to enable cross-market trading alongside existing benchmarks for over 9,800 participants, which deepens our connectivity into Europe.

In April, Abaxx Exchange was also registered as an organized marketplace with the EU Agency for the Cooperation of Energy Regulators, or ACER, which allows the exchange to provide the transaction reporting required for participant compliance under EU REMIT standards. These efforts have been increasingly recognized.

In the first quarter, Abaxx joined the Singapore Bullion Market Association, and in May, Abaxx Exchange was awarded Newcomer of the Year at the Energy Risk Awards. On the technology side of the business, in the first quarter, we introduced MarketOS at FIA Boca.

MarketOS positions our console applications, Verifier Plus, Messenger, Sign, and Drive, as a transaction productivity suite for market participants built on our ID++ protocol. In May, we continued to push MarketOS towards commercialization.

We signed a memorandum of understanding to support the development of market infrastructure and the application of this technology for the Cambodian National Futures Exchange. In Q1, we announced the late December completion of two digital title pilot transactions for physical gold and money market shares, validating a framework for T+0 collateral mobilization to accelerate collateral velocity in cleared markets.

In May, we advanced digital title toward commercialization, announcing our partnership with Alta Alternative Investments to advance the use of money market fund shares as T+0 collateral for margin at Abaxx Clearing, subject to regulatory approval. Also in May, we launched Abaxx Labs as our center for building our network by engaging with the developer community through the release of open source software.

The first release is Agents++, a subset of the ID++ software development kit that has been tuned for use with AI agents. At the corporate level, in May, Jeff Currie expanded his role to become executive co-chairman of Abaxx Markets, where he'll continue to support the development of global commodity markets, the MarketOS technology suite, and Agents++ for agentic finance.

He will also contribute regular market research and commentary and serve as a senior advisor to the boards of Abaxx Exchange and Abaxx Clearing. Finally in May, we announced that we will be listing on the Toronto Stock Exchange, the TSX.

The first day of trading will be this Thursday, May 21st. Concurrently with listing on the TSX, Abaxx shares will be delisted from Cboe Canada.

There will be no change in the trading symbol or CUSIP for the common shares, and shareholders are not required to take any action or exchange share certificates in connection with the listing. In summary, we're seeing the growth in our trading volumes, building liquidity, and commercializing our technology all accelerating.

As we said on our last call, while these may seem like separate efforts, they're all complementary, they all work together, and they're all coming together in support of one vision. In a moment, I'll turn it over to Joe and Josh to discuss in more depth how we're building liquidity in our markets and commercializing our technology.

Josh will also discuss how he's thinking about our valuation and his plans to scale the company. Before I turn the microphone over to Joe, however, I'd like to take a brief moment to discuss the headwinds and tailwinds being created by the current macro environment as it pertains to our business.

While much remains the same as 45 days ago, the macroeconomic environment has become increasingly risky due to the effects of the conflict in Iran. Everyone who's been listening to Jeff Currie or Smarter Markets will appreciate the gravity of the situation and the risk.

The IEA states that the conflict in Iran is causing the biggest energy crisis in history, and The Economist summed it up well in their recent headline, 'Global Energy Markets Are on the Verge of a Disaster: Scenarios Now Range From Bad to Awful.' The current situation has highlighted many of the problems in markets that Abaxx was built to solve: the growing disconnect between financial markets and physical realities, the need for better hedging and risk management tools, and the need for greater collateral efficiency.

We believe all of these will ultimately provide a tailwind to what we do. However, we're taking the risk and managing the risk in the current environment very seriously.

With that, I'll turn it over to Joe for a deeper update on our markets.

Thanks, Dave. This next slide gives a good visual on the continued strong and record growth of our overall exchange volume reflected at the end of Q1 '26 and including the full month of April.

Once again, this growth shows the power of the exchange's ability to launch new and relevant futures products utilizing the Abaxx Clearinghouse, and also our global commercial customer commitment and reach and relationships. It also highlights the infrastructure that we have invested in and built that has the capabilities to handle today's high-frequency ADV performance.

There are numerous new volume records that were included in our press release from last Friday, and I will lay out some of the relevant numbers here. Our April '26 volume bested our overall Q1 of '26 volume, and also surpassed all of our volume totals across all products for 2025.

Total exchange volume increased 145% in Q1 '26 over Q4 2025. Here are some comparative average daily volume numbers.

Our Q4 2025 overall ADV was 1,500 contracts. Our Q1 2026 ADV was 3,800 contracts, a 157% growth percent growth over Q1.

Our April '26 ADV was 12,174 contracts per day, a more than 200% increase over Q1 of 2026. Specifically, our gold deliverable Singapore futures volume increased 154% in Q1 '26 compared to Q4 of 2025.

On May 14th, as Dave mentioned, our exchange-wide volume reached a single-day new record of 50,277 contracts traded. Also on May 14th, 2026, the GKS gold contract also reached a single-day new record with 45,501 contracts traded.

On that day, the Abaxx GKS record volume was 1/3 of the total recorded volume of the COMEX GC contract on that day. In our LNG benchmarks, and for the month of April, we traded the equivalent of over 110 full physical LNG cargo equivalents from the US Gulf and North Asia, with the MPA, or Asia contract, now closing in on the cash-settled JKM volume numbers, with Abaxx MPA at one point in April representing over 40% of the total JKM volume.

In fact, our LNG futures physical futures volume is so significant that our global ISV partner, Trayport, designated our Gulf of Mexico contract with benchmark status in a recent white paper. Truly a significant global milestone.

Lastly in LNG, our GOM, Gulf of Mexico, and MPA Asia LNG futures benchmark volumes increased 84% in Q1 2026 over Q4 '25, and our April '26 volumes reached 64% of total Q1 2026 LNG volumes. Switching to our product innovation pipeline, as been our as has been our messaging since the exchange launch, our growth in liquidity continues to attract new market participants across all product groups.

These new relationships have brought us new and innovative ideas for many new products. Adding new ISV partners such as Trayport has not only brought many new requests for access to our markets, but but also many new requests for new products.

There still remains a distinct lack of innovation in commodity markets for most of the legacy global exchanges. Our pipeline of new products remains robust, and we are excited about introducing many of these new and innovative products in power, environmental, ags, base, and precious metals in the coming months.

We have the best global team to develop these sorely needed new risk tools in commodity futures markets, and we'll continue to innovate and launch industry-leading products that real market participants request, further establishing Abaxx Exchange as the global leader in new commodity futures products. There is no better way to acknowledge the Abaxx team's accomplishments than peer industry awards.

As Dave mentioned, Abaxx was honored just recently in Houston at the Energy Risk Awards by receiving Newcomer of the Year Award by risk.net, a widely respected and followed industry publication. In our precious metals markets, we announced yesterday the upcoming launch of yet another new, innovative physically deliverable futures contract with our launch this Friday, May 22nd, of the deliverable 1,000-ounce silver futures contract at 4 9s purity.

This contract will once again prove the point that we can develop with industry partnerships the right products at the right times. We are excited about this new product as an addition to our existing suite of physical precious metals markets, and look forward to helping our market partners manage their global silver risk with this innovative new product.

Moving to our growing list of new partnerships, our announcement of our MOU with the Cambodian National Futures Exchange 2 weeks ago may sound insignificant to some, but we know that this strategic relationship will open the door to many other opportunities in the region and will give Abaxx another global platform to showcase our futures markets and our clearing technology. We also in Q1 announced our relationship with ipushpull, an innovative platform that speeds the distribution of Abaxx market data and also is being used by numerous leading trading firms for better post-trade management.

We also extended our partnership with our PRA partner, enmacc, by launching in Q1 the first-ever German solar power futures contract. This innovative and much-needed new risk management tool will complement the existing suite of enmacc-priced Abaxx wind futures in Europe and the US power markets.

The Abaxx new product team is working with various European and US US trading partners to develop and launch new innovative power hedging products for customers to manage daily risk in the increasingly active global BESS power markets. We're excited about the prospects of the many new futures products, risk management tools, and technology solutions that we continue to bring to market, and greatly appreciate the continued support of our clearing members, our trading firms, and our brokers.

Now over to you, Josh.

Thanks, Joe. As David said at the top of the call, it's only been about 45 days since our last presentation, but it doesn't feel like that given the firehose of updates and corporate milestones that we've had recently, which has served as an important confirmation that all the puzzle pieces of this full-stack strategy are coming together.

Turning to the 45-day tech update, after reflecting back on our previous calls, we've spent an extraordinary amount of time detailing the technology infrastructure, from the full-stack layer cake from protocol to application framework, to why ID++ is a key primitive for legal finality, and finally just 6 weeks ago when Leah started to outline the business models and steps being taken this year to unlock the next network effect within Abaxx. As I've spent a lot of time on the road with institutional investors over the past month or so since our last call, especially on the back of some new initiating analyst reports that have come out on the company, there are two pretty important takeaways that I want to address here publicly as we continue to present both sides of our business going forward.

The first is that I think that we went a bit too far into the weeds in some of the technology details in the last calls, trying to explain how we're building a better watch, and investors are still missing the bigger picture of why the new watch matters as a fundamentally better way to tell time. Related, I've been spending a lot of time with investors on how we therefore think about budget allocation to tech and exchange and relative valuation.

To start, if I step back and look at our capital markets strategy over the years, probably the biggest thing that we got wrong since listing this company probably too early in 2020 is that public venture markets, particularly Canadian markets, readily value long-horizon physical commodity infrastructure, drill-hole de-risking and feasibility studies on a mining project that probably won't produce a single dollar of cash flow for 10 to 20 years. Yet the market was simply not affording us the same type of forward-looking valuation for an institutional commodity market infrastructure build, even though we are operating in one of the most highly profitable sectors in all of finance.

We assembled an exchange executive team that is not only comprised of people who have done this before, but is effectively the commodity dream team, and we really just were not getting the valuation of what building a global-scale clearinghouse for a 1 million ADV exchange and clearinghouse could look like. But 5 years in, late last year, look at the massive corporate re-rating that the company has gone through since the fall of last year.

Just having regular daily volume, even if minimal to start, in the thousands of lots per day range, took us from effectively being valued at 0 probability of having any global benchmark contracts, 100% discount on future value of trading revenues for 1 million ADV exchange, and we quickly ran to somewhere in the 10% probability range with the first strategic placement we did around the US $1 billion market cap last fall. Then of course, as volumes jumped up significantly at the end of Q1, and we went from an early, call it, $2 million in annualized volume revenue run rate to the $5, $10, and $20 million-type volume revenue trajectories we've been seeing of late, we've gone through another minor re-rating here in Q2.

What we can obviously take away from this is that the public markets are clearly a 'show me, not tell me'-type of market for what we've been building. While I can appreciate that perspective from a fund that strictly valuing companies on historical multiples or trying to find an analytical edge on the financial metrics over the next 12 months, it seems that this type of multi-year investing out ahead of the curve that Abaxx has been doing was just not being rewarded by public markets the way it routinely is in private tech or venture equity space.

Perhaps that's just a function of where we are as a capital markets structure overall, where increasingly index and passive funds dominate public markets, while private venture funds are left to fund the disruptive technology for the 2030s and beyond. On the LNG benchmark and exchange side of the business, we essentially were running operating losses, which I'll choose to call upfront investment, for about 5 years that really nobody in the market was paying for.

Equity markets weren't paying for it, market participants weren't contracting us to do it, and we weren't making matching revenue yet. We were investing heavily in the products, licenses, and market plumbing software that clients would eventually use for liquidity, a massive positive externality for the industry.

That's okay. That's our role as entrepreneurs.

Our job as entrepreneurs is to look at the market, interact with customers, and then say, 'You're wrong, market, and we're going to do this and prove that we're right.' With that context, I want to review where we're at in our technology development in these transition quarters to commercializing and the 'show me, not tell me' stage.

We won't go into any more technical detail today on the product layer cake or our engineering of legal finality over ledger finality. All of that, of course, is on our website in our presentation videos for you to parse out via your favorite LLMs or revisit independently.

I do want to simplify the discussion of today's technology on one basic idea, and then roll that directly into how we think about spending capital, how we release technology updates and disclosures, and how we're building markets for the 2030s. We continue to believe that the global commodities futures industry, although populated by some incredible incumbent businesses, is very slow to innovate, particularly when it comes to buyer and seller of last resort physical delivery futures markets.

These incumbents are operating very, very good businesses that are highly incentivized to not disrupt themselves. If you've got an operating commercial franchise like the Henry Hub, or Brent crude oil, or TTF gas, which are the proxy markets that the growing LNG market has had to depend on, why would you want to disrupt that and fragment your own liquidity?

Why would you want to put in the years of grueling client development work required to execute that change? One day, we will likely be in that exact same enviable position of owning incredible product franchises in sticky benchmarks.

What I'm getting at here is that the existing market infrastructure, from the benchmarks to the tech stacks that underpin them, is still just adapting incrementally from the major radical changes of the early 2000s, when trading pits moved to the screens and electronic order books, and commodity derivatives went global. Incumbents are still structurally driven by that primary transition and the global liquidity nodes and profit incentives that emerged out of that transition.

Abaxx has been building for the next generation, both in new benchmark liquidity nodes as well as technology. In a deck we put out as early as 2018, we showed the step functions of how personal computer and internet changed global commodities and financial markets, and then how mobile plus cloud enabled additional types of marketplaces like Uber and Airbnb.

We forecasted the next development horizon to be based on cryptography, distributed and decentralized computing, decentralized identity, and the early AI primitives emerging from machine learning and natural language processing. Today, where our tech stack is emerging alongside the revolution in AI, I can confidently say that we are standing natively on the edge of the new horizon as a first mover, whether it's being properly valued inside our stock price or not.

Right now, in our view, it's not. We are not a PC and web company.

We are not an on-premise company running legacy data centers and colocate markets. We're not even a Web2 cloud-based fintech.

We are token-native, content-addressable and distributed datastore-native, AI-native, and the first to be decentralized identity-native. We're looking to solve massive bottlenecks as a commodity-native markets team with the best emerging tools.

How do we use them to our unfair advantage? Tara, next slide, please.

Just this past weekend, I came across a mainstream financial interview with one of the major exchange group CEOs, and frankly, it was a light bulb moment for how we need to be explaining our tech to investors going forward. First off, I have nothing but absolute respect for this CEO and what he's built over his career as a first mover to the solely electronic order books.

Our tech approach and structural vision are very different as the technology frontier that we're facing. When talking about 24/7 markets and the global distribution network for capital markets over the internet, a shared meta-goal and endpoint for both of our companies, this is what this CEO said when talking about blockchain: 'We're not only going to have to change our technology, but we're going to need to change how our legal contracts work, how things settle, and what happens in bankruptcy.'

This quote articulates what I believe is the impossible part out loud, which we've been talking about extensively over the last year. Think of the weight of that statement.

Not only does the popular blockchain RWA vision require more risky and less efficient technology systems to be distributed and sold into conservative financial institutions everywhere, adding more tech operations and more layers of fragility to existing systems as it's made to handle bearer-asset blockchain tokens in centralized systems, but we're also going to need to rewrite settlement laws and commercial bankruptcy laws in harmonization across the whole global daisy chain of distribution just to prevent massive cross-border insolvency gaps. For what end?

To maximize the value of blockchain bearer tokens held by crypto funds, to try to backfill underutilized block space markets for an exploding number of pseudo-decentralized, but legally reversible, L1 and L2 surveillance chains? At Abaxx, we have a totally different engineering path to reach the same end state: 24/7, global, digital, while we engineered a system that needs no replacement in infrastructure and no new laws.

How? Because our core design primitive is built on decentralized, irresolvable, private digital identity, and real-time cryptographic evidence of legal finality, which is always more important than ledger finality.

As I've been tweeting, law beats ledger, just like rock beats scissors. In the real world of regulated assets, securities and asset laws can always overturn ledgers pointing at real-world assets.

Our systems work directly on existing regulated ledgers: be it centralized databases, regulated accounts, or even private blockchains, public blockchains, whatever you have, and existing laws. Tara, let's flip to the Alta slide, please.

This month, we took our first commercial step in realizing these major architectural claims by announcing our partnership with Alta Alternative Investments. What we're building for our transaction productivity suite, MarketOS, is essentially an Abaxx-Alta money market fund that uses our next generation of tokenization for T+0 collateral pledging use cases.

By establishing a Singapore-regulated variable capital corporation company, VCC, and a dedicated USD-denominated sub-fund, we provide the precise legal structure to recognize fund shares as yield-bearing collateral. As the fund gets established, we're also in the process of seeking regulatory guidance on use with Abaxx Clearing and beyond.

Combined with our technology, the use of this fund as collateral can eliminate bank hour delays and prevent forced liquidations of derivatives. It doesn't need a blockchain, it doesn't need brand new tech stack for any of our exchange or clearing partners, and it doesn't need to rewrite legal frameworks across multiple jurisdictions.

Now, I don't want to steal any more of Leah's thunder before our next August call, as she's currently away on leave, but you're really going to like where this is headed as we roll out later this year, subject to meeting all regulatory requirements and approvals, of course. While I'm hearing that the market will perhaps see stablecoin margin pilots and other sandboxed, geographically limited attempts at blockchain collateral in cleared markets later this year, at Abaxx, we can now see a path for our technology to solve global collateral problems without sandboxes or new laws synced up across jurisdictions, and we'll be able to scale via our MarketOS commercialization out of the gate later this year.

Finally, the other technology update I want to touch on briefly before we open the floor is Agents++. Right before our last call, we released our formal technical paper and candidate model to NIST regarding agent identity and authorization standards.

Between then and now, we formally formed Abaxx Labs so we can open source a lot of the structural work we've been doing around agentic compliance controls, zero-trust authorization, and institutional accountability when using CLI agents. We are intentionally going down the open source route for this first phase of tooling release, we can help develop international standards and solve structural problems early, given the half-decade of work we've already put into developing high-credentialed context and human-anchored skin-in-the-game identity with ID++.

Eventually, the Abaxx.one network and our regulated markets is where we can monetize and organize these autonomous agents to communicate, settle, and safely transact together using our core trust architecture. Every tool built on the free library is a natural funnel into the paid MarketOS enterprise accounts, and perhaps the next generation of agentic exchanges and clearinghouses.

One more time, let's map this directly back to valuations, capital intensity, and how we think about our budget, say, over the next 18 months. According to one one of the recent sell-side initiating reports, the public market is currently pricing our exchange success to become one of those elite benchmark exchanges at roughly 20 20 to 25% probability range, which again leaves exactly 0 value for our entire technology suite as a standalone.

This is identical to how we felt internally about our exchange valuation up until mid last year, when we were valued near the salvage value of our regulatory licenses and infrastructure, with almost zero forward NAV assigned to our actual futures contracts trading before it ramped up. Because we are owner-operators, we do everything we can to improve our cost of capital and explain the vision, but ultimately we have generally been price takers in skeptical public equity markets, no matter how much detail we've laid out on the vision and the path of these calls.

The way I look at the business overall today is that we have successfully entered the 'show me, not tell me' phase of our exchange from Q4 of last year. We will spend the rest of this year on the exchange side growing volumes, growing products, growing regions, and onboarding new members, and further de-risking that path to 1 million ADV scale.

I still think the exchange side of the business is mostly in what you'd call a pilot stage. We have not yet opened up major commodity trading regions, we have not yet opened up the major global commodity banks to our market and our central limit order book liquidity, and we're not yet having our prices natively referenced by every financial analyst when they're producing macro charts and price reports on LNG, lithium, carbon, or Asian precious metals.

The goal of the exchange through the end of this year is to continue ramping up the onboarding so that we can spend most of next year actually earning those high-margin revenues, the taker volumes, without relying so much on early market maker incentive volumes and programs, and rolling out more products for more surface area. Within the next six quarters, we want to see the emergence of one, if not multiple, new benchmarks as Abaxx prices, the prices sitting behind the trading screens every time our markets co-chairman, Jeff Currie, goes on Bloomberg or CNBC to discuss commodity markets.

That's the definitive roadmap we see for the rest of this year and the calendar next year: de-risking the path and showing that we will have benchmarks, and that we are on a more certain glide path to our 2029 goals. That's the hard challenge we have set out for ourselves as a team, and at this stage, we shouldn't need to increase our cash burn materially to get there.

In some similar ways, just like we felt last fall when we moved into the 'show me, not tell me' stage of our exchange ramp-up, we look to be spending this upcoming fall and towards the end of the year moving into commercializing our technology suite. I believe we're going to be spending a lot more time on that on our August call, very similar to how we spent a lot of time on technology last August.

As we list on the main board of the Toronto Stock Exchange this Thursday, May 21st, we will be entering a marketplace with broader investor visibility, and we are working towards additional global venues as well, subject to meeting all regulatory requirements. That by this time next year, we expect to be increasingly valued for both interlocking parts of our business, helping both sides come together to create something truly special and native to the global markets of the 2030s.

Ultimately, we are building one of the most valuable networks in global finance, but the nature of that scale and the institutional complexity often make it difficult to deliver timelines. Abaxx is proving that we can deliver outcomes.

With that, operator, let's open up the floor for questions from our analysts.

Thank you, and good morning, team. It's great to see the continued increase to volume activity for your gold futures.

From what participants have you seen the strongest interest from?

Hi, Joe, do you want to grab that?

Sure. As a regulated exchange, we can't normally disclose the names of the participants.

We have seen a large amount of new interest from the proprietary firms. We spent over four visits in the past six months to India, and that's pretty indicative of the opportunities that exist there.

The amount of volume that were coming from new regions like India and Asia has helped grow our volume. I think we're still seeing significant level of interest for trading from that region and other regions, and onboardings from these entirely new group of customers, and I'm really excited about expanding that.

Joe, just to follow up on your comments regarding the silver futures, how do you think about the opportunity set here relative to gold? If you could explain how the product is different from other silver futures available, that would be great.

Thank you.

It is. That's a great question.

It is different, again, as we do with all products, this is a customer-driven request for quite a long time, especially given the success of our gold contract. The contract, as we described earlier, is a 1,000-ounce contract.

It will be the first 4 9s contract in silver that is listed as a deliverable futures contract, unlike the COMEX contract, which is 5,000 ounces and 3 9s. We will be deliverable in vault in Singapore.

When you look at the markets that 4 9s purity is required for, it really meets the needs of hedging in solar, electronics, and advanced manufacturing. We expect industrial support and trade flows from the Asian marketplace to take delivery of that silver in our vaults in Singapore, along with eventually our spot market also.

Very excited about that.

Thanks, Joe. If you don't mind, maybe I'll add just one more thing.

I think what's very interesting about this silver contract, even as opposed to gold, is it really solves a major logistics bottleneck. Silver, as has the dual use of both investment product, but also, heavily consumed in its annual output by industries, particularly growing industries in renewables and advanced electronics.

That needs that purity of the 4 9s. Because of its use in those sort of growth areas of the economy, it's also been really part of geopolitical issues.

Even some of the silver spikes that we saw last year were very specifically refining bottlenecks of getting a 3 9 bar out of New York and flowing into the arbitrage of sort of higher-priced markets in Asia that were demanding the physical material. It was really that bottleneck between the different market structures of New York and Asia that were creating that problem.

Then, of course, when the arbitrage flips the other way, if Western markets have a higher premium, metal then flows all the way back to New York. Being sort of in-region in Singapore with Western markets, we should see a lot of sort of de-risking use cases, particularly as silver gets added to tariffs and geopolitical sort of policy moves and so forth.

We think this actually is going to serve a use case for the market, probably even beyond just sort of differences between kilobar and Western markets and gold.

Very helpful. Thank you.

Lastly, a broader question on the exchange here. To the extent that we continue to see more trading activity and more volumes, how much more incremental capital do you have to post with regulators in Singapore to ensure the capital resiliency of the business?

Joe, do you want to start, and then I can...

Sure. Our capital is always risk-based.

We have a minimum requirement by our regulator, the MAS. I think, and I'll let Josh get into the details of the capital side of things, but safe to say that we are well-capitalized and have sufficient capital to cover significant increases in volume and open interest on the exchange.

I would also add, again, that capital requirement is not really volume-driven. It's based on open interest and the kind of value at risk, although it's not specifically that model, but effectively that's the way we ourselves and our regulators and our clearing members look at the capitalization of the guarantee funds.

We're still in a pretty good area with existing balance sheet for what we're seeing in open interest. Which, leads to another question.

Look, in the early days, particularly given that all of our products or the majority of our products are physical delivery products, we do see a significant sort of, lower open interest and even volumes as we're around contract expiry sort of windows, both in our markets and other markets that are kind of arbing and hedging against. That's just really a function of the physical liquidity, sort of market makers and physical users as they get onboarded.

We do, of course, expect that open interest to grow as a percentage of overall volume over time, and then that will require more capital in the guarantee funds. Again, right now our balance sheet is sufficient for the types of runway we see over the next two to six quarters.

Josh, if you don't mind, I'll just add that our regulatory capital scales with our cost base, not our volumes, in general. MAS requires us to hold about six months of operating expenses in liquid assets, plus a risk-based capital charge tied to our investments in our counterparties.

Then, from a volume perspective, it's really kind of member margin and default fund contributions. Those grow with activity, but those are really member resources, not necessarily ours directly.

As volumes wrap, we get the revenue without a proportional capital call, and that's one of the most attractive features of our operating model.

Thanks. Hi, Josh and team.

Want to start on the tech side. The SDK at Abaxx Labs, Agents++ seems like an exciting opportunity.

I just want to understand how you envision getting developers to use it. I know with your futures contracts you've always gotten industry feedback.

Wondering if you've had chats with industry on the need for something like Agents++ beforehand, and wondering if you can elaborate on that a bit. Then also just on the comments you submitted to NIST, seems like the interests align there, but would love to hear your take on that.

Thanks.

Thanks, Puneet. Always appreciate leading with a tech question.

We'll have Ian and Leah back on the call in August and give us a little bit more time. Of course, that was only 2 weeks ago that we released Agents++, but I think there's a couple things related to your question that are probably pretty important to understand.

First off, this is the first part of our business that is just purely technology. The way that we've built Abaxx Labs under Ian's leadership, I think it's important for two things.

One is this is our first part of our business that's not always starting just in the core of our exchange and clearinghouse. This is going to be just as applicable in healthcare and really anybody, starting out building with CLI agents in sort of an enterprise space.

I'm probably misquoting the Deloitte stat, but I think there was something like 80% of firms have tried these types of Claude, bot-type agents, but only five are being used 5% are being used in production. That's because these agents really run wild and can create real havoc if you don't have very, very detailed access controls, identity tethered to human credentials, and so forth.

We definitely see the use case all over the place. We're letting Ian and Michelle and team focus on a broader space than just financial services.

That's sort of the first part. The second part is, you mentioned industry insiders.

I think that's probably one of the really important parts of some of our team members, like Michelle, like Terry Jacques, they've spent their career, particularly Michelle, she's been a chief privacy officer and in that sort of intersection of privacy and data governance for her entire career. You've probably seen from some of our podcasts, she has some of the most respected cryptographers in the world.

Just like we have the real inside baseball relationships in commodities, we also have those through Michelle and some of our team in technology. We are working on a very similar go-to-market strategy, really developing these protocols and libraries with kind of the who's who of the space.

Then we'll obviously try to scale them separately. Then again, as I mentioned in the script a little bit, the point here is to help consolidate around standards.

Even as I think it was yesterday or over the weekend, former Goldman CEO, Lloyd Blankfein, was talking about needing identity and controls on these agents. This is a major market need, and I think this doesn't have to be necessarily winner-take-all.

We're not talking about a commodity benchmark here. We think this segment, agentic identity and compliance and agents, is going to be a segment that's going to be probably growing like cloud computing, 20 to 50% CAGRs or whatever for the next decade.

We just need to be in the game. We are now, and we really like our positioning, particularly given the trust infrastructure that we have with ID++, our regulated markets, and kind of the rest of the business that it's launching from.

Got it. Thank you.

It seems like a pretty big opportunity here. Just will look forward to that August call to hear more about it.

Then I just want to finish up on the exchange side, maybe more for Joe. Appreciate you can't talk about your clients.

Maybe I'll ask more on the geography then. You talked about Trayport being signed up last quarter, and then you've introduced some German-based contracts in your suite.

Just think there's a lot of momentum happening out of Europe, and I think that'll feed through to LNG volume. Just wanted to ask on timing or how should we expect maybe more European clientele to feed through into the exchange volumes?

That's a great question. I think we look at our volumes and we are a global exchange and we look at the connectivity of customers through the various regions where they're situated.

The trading firms that are based in Singapore are also based in Geneva and London and increasingly in Dubai, and also in the US. As we onboard clients, you onboard various desks that want to trade products.

You see them push their books or push the interest on board with us across the globe for various products. As we talked about earlier, our precious metals contracts are certainly focused on the Asian region, but they obviously have quite a bit of interest in trading from the other regions through similar firms or identical firms.

In products like LNG, certainly again an Asian product, but as you mentioned, the European side of the business, depending on the demand side, is important. You do see the same firms that are trading and onboarding with us in Asia are the ones that are in Europe and certainly in the US.

We're really increasingly and we're constantly in front of customers and educating customers on our products. We held a workshop in Houston during CERAWeek.

We had 35 firms there that were extremely interested and participants in the LNG markets and had incredible feedback and interaction with them. We're doing another workshop in London in 2 weeks for the same reason.

These people are coming to this because they want to learn about our products. They've heard about it.

They've seen the liquidity on the screen. We're just constantly educating.

We're at a huge event in Amsterdam this week alone with our Chief Development Officer, Russell, and team talking about LNG there. It really is a constant just constant drumbeat of education.

You back that up by volume. The volume and the liquidity, whether it's through Trayport or through brokers or just on the screen with our platforms, it's just super important and it just validates (a) the product specs that we've developed and (b) the commitment from our clearing firms to make sure that they understand how to manage the risk in our products, and lastly the customers are very, very important to understand how to trade us.

Joe, and I I think I'd probably add one more thing that I think is that that's very important is just the sort of globally native, structure of our team. We we obviously if you're talking about LNG, we obviously have very deep relationships in the, New York, Chicago, Houston, sort of US, energy markets, given given the careers of of of Joe and Dan and, everyone else on this team.

We're also natively situated in Singapore in the demand center, and, in the markets that that Nancy and and Sean May and and and Russell and and the team have been building over their careers. We're we're natively on both sides of the import and export trade here.

I think, one one thing that's going to be very in interesting as well, we have been working on some products for Canadian energy markets, and we are very excited to be, kind of that bridge between Canadian energy markets and Asia as well, again, being natively Singaporean and natively Canadian. I think that that piece was probably under-recognized.

I think a lot of made major exchange groups are still growing out of their their their hub. Sure, they'll obviously have relationship sales offices over the all over the globe, but we've been built to be that bridge from from day one.

I think over over the next, over the next couple quarters, we we hope to show, show how those relationships are developing for some physical LNG, type type of markets and and and products that we'll be releasing. Of course, like I said, we're excited about the Canadian side as well.

Hey, can you guys hear me?

Yes. Hey, Martin.

Hey. I think investors like these opportunity slides.

Will you do one on silver and apologies if I missed the answer to one of your questions, but do you have an ADV in mind for the silver contracts?

I can jump on that.

Go ahead, Dave.

I think there's a couple ways to think about it, Martin. If you look at the CME, their silver contract averaged about just under 50,000 contracts a day last year.

Now, theirs is a 5,000-ounce contract where ours is a 1,000-ounce. That would be about 250,000 in our contract size, which kind of puts it in the ballpark of many of the other contract TAMs we're looking at.

Now, if we do a quick bottoms-up analysis, kind of building up on the physical market, and we think that's the most important way to come to these, physical silver demand was about 1.15 million ounces in 2025, according to The Silver Institute. That works out to the equivalent of about 4.6 thousand contracts a day.

As we've discussed in the past and discussed on the conference call last time, we think the benchmark typically trades around 40x the physical. That would get you to 185,000 ADV.

Layering on spread trading and options on top of that would get you to somewhere around 240,000 ADV. I think that's the ballpark we're looking in, both from the bottoms-up analysis and looking at where CME is currently trading, while this isn't a brownfield market like we see in LNG.

It will be a competition, and we think with the 4 9s, with being geared towards that real industrial use that Joe talked about in Asia, we think we have a very competitive product, and there's a lot of excitement around it.

That's great. Thanks, David.

Can you talk a little bit about the timeline for getting participants active on those contracts?

I can start. I think it'll be similar to what you saw in gold, with the greenfield/brownfield distinction we talked about.

Like every market, it starts with building that initial liquidity with market makers coming in. I think as you saw in gold, it's much easier to start a market when people are able to spread it against existing marketplaces.

It's less risky than taking absolute positions. I think gold and the ramp-up there provides a good template for what we'd be hoping to see in silver.

Now, we're very enthusiastic, but I think also, like everything, we're looking at these things on that kind of 3 to 5-year horizon. I think gold is the closest template to it, and the real industrial need as Josh discussed for the product and Joe, I think that's where it could get really interesting.

Fantastic. Another one for you is, or anyone on the team, can you talk about what the addition of Dr.

Jeff Currie means for marketing the exchange with key players, producers, consumers, traders, et cetera?

Happy to start with that one. First we should probably sort of clarify Jeff's role.

It's not an operating role, but it is increased since he stepped down from his full-time role at Carlyle. Really what it is is kind of more of the same of what Jeff has been doing most of his career, which is really focusing on sort of leading-edge research, ideas in the macro community, as seen in his first X post, where I think from a standing start he got 2.2 million views in his sort of 10-point framework.

These types of analysis are now going to be published under Abaxx Research or Abaxx Insights. Obviously that's going to help build our brand name, our client list, the people that are reaching out to us for ideas and conversations.

Again, very similar to the role he played as a research analyst that was supporting the J. Aron business at Goldman Sachs.

Obviously, David Greely, myself, one of our new executives, James Gutman, we all worked in that seat as well for a long time. We know the models very well.

We know the sort of attraction of cutting-edge research and ideas, that's essentially what traders demand. We think it's going to be a very important role, but it's not an operating role.

Just wanted to be clear. It's kind of more of the same of Jeff producing research and working with us with commercial clients, with traders, with FCMs, and so forth.

I would just add on to that. If you go back to what our former colleague, Colleen Foster, at J.

Aron, when Jeff retired from Goldman, she was quoted, and I'll paraphrase this, but she was quoted as saying, 'There was never a room or a meeting with a CEO that she couldn't get when she brought Jeff with her.' I think Jeff has a fantastic, really unique reputation in the commodities world and really will be beneficial in helping bring attention to what we've been doing here, which he really believes in, and getting us in those rooms and those meetings going forward.

I was going to mention that that quote, David, and having worked closely with Colleen, even though we weren't on the sit on the J. Aron side, but we took, you, as when you were at Goldman, and also Jeff quite a lot to customer meetings.

As to your to really put a a fine night nail in that point, it it's so important to have him, yourself actually, and also Jeff with us to go meet with with trading firms and it just brings such a gravitas to the room and has such an incredible use the old word rolodex of of contacts that will benefit us benefit us greatly.

As I mentioned, one of our big goals is next year when you see prices up there on a chart in Bloomberg or whatever, when Jeff or any of us are on a mainstream finance, they're showing our prices on the screen. We believe that's achievable over the next six quarters.

Hi, team. Hi, Josh.

Congrats on the quarter, and congrats on the Alta partnerships. Just wondering if there's the future milestones in terms of deploying the MarketOS in the technology front?

Have you guys finalized the pricing of the software licensing components? Any internal kind of revenue expectations, Josh, it will be helpful.

Thank you.

No, thanks for the question. This is obviously where I'm sort of talking out of both sides of my mouth, of course, talking about how we're not being valued, and at the same time, not releasing pricing.

Look, again, we're going to be spending a lot more time on that this call, very much like the exchange. We're very confident in the sort of the medium-term outcome of what we can do.

We're very confident of being first movers, like I said, being able to do this T+0 at scale without new laws, and that's going to give us a major head start, I think, on anyone else that's trying to use stablecoins as we roll this out. Because we do feel like we have that head start, we're just being extra extra careful, of course, around the regulatory side of things, around who we're working with in highly regulated markets.

We want to roll this out at scale once we have that actual money market T+0 instrument up and running. Then, when we believe that we're the only way to do that in these types of markets globally, then of course, it'll be a lot easier to discuss and discover pricing.

We do believe that the capital efficiency unlock of having the only instrument that can do this that's not part of a blockchain or stablecoin, which again has a lot of problematic legal issues, we think that that capital efficiency can be shared by the service that offers it, right? We do think this can be a high-margin business, but again, we want to kind of discover that as we are the first ones out there.

Great. Thanks.

That's great color. Maybe jump back to the exchange side on LNG, how has your original expectation around LNG, total addressable market, changed over time as you see volume ramp up, since the Trayport connections, since the Zhonggong Petroleum and the Qingdao International Energy partnerships, which was announced last year?

What's your view on the LNG total TAM, and how much market can you capture?

Thank you. Maybe to start, and then maybe I'll turn it over to David or Joe.

One of the things that I think that we're really seeing, of course, is LNG has been kind of forecast to be oversupplied for the last 2 2 years or so, and there's always something that kind of changes that dynamic. Of course, one of the major sort of firm suppliers that were focused on the long-term fixed offtake market, is of course, QatarEnergy.

I think probably the unfortunate events of one of their trains being bombed, I think really does continue to change the structure of the market. Of course, just all of the growth that was happening behind the Straits, that I think people are going to look at a little bit differently going forward as far as long-term offtakes.

Look, again, very unfortunate events that have kind of brought us to here. Our belief is that over time, commodities commoditize.

Spot markets, futures markets are needed. I think we're continuing to accelerate that trend in LNG.

Then of course, to some of your points of Asia, again, absolutely, people want more security of supply. They want a seller of last resort.

Again, all of this sort of recent events have only increased our thesis. Dave or Joe, you want to get more specific or TAMs here?

I would just add, just in terms of the numbers themselves, when we put together our thinking on the TAMs, we tried to be very conservative. Because the opportunity in LNG is so large, to be taken seriously, we had to cut them quite a bit.

One of the ways we cut them quite a bit was really just basing it on the short-term part of the market, not the long-term contract part of the market. That cuts the size of the TAM by about 40%, a little more, almost in half.

I would think, from the comments Josh made, you can kind of draw that we're moving into a world where there could be much more short-term trading, that the market structure is changing. We built the futures contracts to catch that moment of when the market structure would change, and you'd move from long-term contract markets to more of a futures market, physically deliverable benchmark.

I think when you see the upside to the TAM, it's really just saying, let's base it on the entire LNG physical market, would increase it substantially.

If you want, I can just add on the pricing side. What we've said now since inception of the LNG development of the contract and launch that the market needs that pricing instrument, as Josh said, is a buyer and seller of last resort, but also the instruments that they've been using were non-correlated.

They were non-correlated because there was nothing else available in the marketplace. Now, you're seeing the volumes grow in our physical benchmarks because now there is something in the marketplace.

We've heard it from the Woodside executive director at CERAWeek say that Henry Hub is not a pricing instrument for LNG, and they're not going to use it anymore. We've heard it from firms saying, 'We don't like Brent.

We're not using Brent anymore.' The market has to take a real structural change and shift from what they've been pricing their molecules on to a physical futures contract.

That takes time. We're seeing that.

We're seeing that by basically the volumes growing, the liquidity growing, and comments like the Woodside executive director making, comments like what Trayport said that our Gulf of Mexico contract is a benchmark now. That's something that kind of validates for all the work that we've been doing over 7, 8 years now to develop this product from a greenfield into something that is a global benchmark.

Appreciate the color. I'll pass it on.

Thank you.

Thank you very much. I think we'll keep this part pretty tight given that we're already past the hour and we wanted to keep the call on time for everyone today.

More importantly, though, as I look through the questions, many of the questions that are being asked really I believe were either answered previously in the prepared remarks, they were asked by the analysts on the call, or we've said that we'll be answering them at a later point in time, in particular on that August call, as there's many questions on the tech side of the business, which is fantastic. One question that I'd like to turn to Josh is with the world seemingly moving away from neutral globalization toward fragmented geopolitical and commodity blocks in energy, payments, collateral, logistics, how do you see Abaxx benefiting strategically from this transition?

In particular, do you believe Abaxx's infrastructure, especially around commodities, digital title, collateral, and regional benchmark pricing, is positioned for a world where markets become more regional, politically aligned, and less globally fungible?

Sure. Thanks.

Big question, I'll just say short answer, yes. It's obviously an unfortunate trend, but it's the thing that we've been really saying since 2018, right?

Even when we talked about LNG as being a key bridge fuel on water, I don't think most people fully agreed with that thesis at that time, and that's now obviously obvious. I think, like I said earlier in the call, being positioned at that real neutral gateway, and frankly, the Malacca Straits and the literal pipeline, between the West and East of energy and commodity markets, and being natively Singaporean and Chinese-speaking, and natively North American, and I think we're in the right place with the right products, the right technology.

Ultimately, we want to be a bridge. We believe that countries trading together, people prosper on all sides.

That is our role is to be that neutral player of a five-sided network in markets, and that neutral player geopolitically as well. We are building relationships to help people understand trusted markets in agriculture and energy in Asia, when maybe some of the trust is falling in the West, with tariffs and geopolitical type movements, and we're helping build energy markets or metal markets, call it in the West, when that's being used geopolitically by the East.

Our goal is to help people trade and provide the new technologies and new markets to make sure people continue trading.

Thanks, Josh. Here's a less serious question, but I'm going to ask it anyway, because it says, 'Given the global nature of the team, what are some of the team's go-to methods for dealing with jet lag?'

I'm bringing this up because Joe Raia is the only person I've met in my life who does not suffer from jet lag. I don't know if you have a quick piece of advice, Joe, before we move on?

I think, it's a great question. I just don't know why.

Maybe it was because of my sea-going career when I was up for 2 days straight discharging cargoes on ships that I had to be ready at all times. I think that, in seriousness, and my wife asks me all the time, too, 'How do you not jet lag?'

I don't. I find it exhilarating what we're doing, and that kind of keeps you going.

You drink a lot of caffeine, I think, to some extent, but also you just get on the time zone that you're on without thinking about, 'What time is it where I came from?' That's genuinely the way I do it, but it's a great question.

Or you could just exhaust

yourself and you can sleep everywhere. Jeff Currie actually I think last week Jeff Currie had his first middle economy seat probably in 20 years, so that's the Abaxx team.

I think Josh's technique is never be in any time zone long enough to think it's your time zone.

Exactly.

One last question for you, Josh, and then I think we can close it out. That question was: 'You've previously shared a case study on X/Twitter about a Maine lobster contract and how it created efficiencies within that niche market.

I understand that Abaxx is currently focused on establishing more liquid, widely adopted contracts first, but I'm curious, does management still see a strong long-term business case for developing smaller niche market contracts? If so, should investors think about that as something that could begin to materialize in the near term or is it more of a longer-term opportunity?'

I know you've been giving some thought to that on the metal side, Josh. Oh,

100%. No, I absolutely love the opportunity that technology is going to give for creating markets for everything.

Funny enough, we actually just had a great call with a journalist yesterday, Ian and I, talking about essentially Jevons paradox. We were talking about all of the back-office efficiencies that AI and Agents++ and our private digital title can solve for.

Of course, the first reaction was a sort of a dread of, 'Hey, will all those bank back-office towers looking across the West Side Highway into New Jersey, will those all go away?' I'm the optimist, 'No, absolutely.

We're going to expand back-office jobs because we're going to be expanding markets.' That's really what Jevons paradox does is as the cost and the complexity falls, we can open up markets for everything: whether it's AI researchers, helping do the early work of developing a new Maine lobsters contract, right?

Or getting the information out and building global liquidity across markets, in a way that we don't have to colocate locally and try to build a market with just a handful of people, but we build it globally. I think that's what's being seen, even in markets which, by the way, I really don't like, sort of perpetual commodity, CFD, bucket shop markets that are being traded in things like Hyperliquid, you see that what a market can do when you have traders from logging in with their mobile phone in Nigeria or whatever, accessing central liquidity.

I think the scale of central liquidity plus the Jevons paradox of technology and AI, I think we're going to get cleaner, better risk-managed markets for everything. Again, Abaxx wants to be on the forefront of that.

We don't see any market as too small. Now, we have priorities with our current cost of capital, 100%, but again, this is why we're building to the 2030s and we can't be more excited about building markets for everything.

Thanks, Josh. With that, it's 15 minutes over the call time.

We should let you all get back to your day. We really appreciate you dialing in for this call and staying to this point in it.

Thank you for your questions and your interest and support. I think May is only halfway over, we need to get back to work.

With that, I'll turn it back to our operator, Betsy, to finish the call. Thank you.