Touchstone Exploration Inc. (TXP.L) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I will ask the 2025 Annual Meeting of Shareholders come to order. My name is Ken McKinnon, and I am the Chair of the Board of Directors of Touchstone Exploration Inc. and it is my responsibility and privilege to chair today's meeting. On behalf of the company, I welcome you to this Annual Meeting of Shareholders. Our goal today is to ensure that you are able to fully participate in the meeting. I invite you, our shareholders and duly appointed proxy holders to ask questions and vote on each of the matters of business as if you were attending the meeting in person. I encourage registered shareholders or duly appointed proxy holders to submit any questions as early as possible so that we may address them at the right moment during the meeting. If you have a question, click on the Ask-a-Question button at the top of your screen above our logo. Please read the instructions in the text box before submitting your question. Please identify whether your question relates to a motion being considered as part of the formal business of the meeting or whether it is of a more general nature. We will try to address questions that relate to a particular motion at the appropriate time of the meeting and general questions will be saved for the question-and-answer period following the formal portion of the meeting. Those who have signed in as a registered shareholder or a duly appointed proxy holder may also vote via the online platform. You will only have 1 minute to cast your votes. Voting will open only after all items of business have been discussed. If you have voted in advance of the meeting and do not wish to change your vote, you do not need to do anything. If you do wish to change your vote, then voting online will have the effect of revoking your previously submitted proxy. Before we proceed with the formal business of today's meeting, I would like to introduce our directors and executive management team who have joined us online today. Dr. Priya Marajh, Director; Mr. Peter Nicol, Director; Ms. Beverley Smith, Director; Mr. Stanley Smith. Director; Mr. Tom Valentine, Corporate Secretary; Mr. Paul Baay, Director, President and Chief Executive Officer; Mr. Scott Budau, Chief Financial Officer; Mr. Brian Hollingshead, EVP Engineering and Business Development; and Mr. James Shipka, EVP Asset Development & HSE. At this time, I would also like to thank John Wright for his outstanding service and exemplary leadership. His guidance has been pivotal in navigating the company through key phases of development and its dedication and expertise have left a lasting impact on both the Board and the organization. We are deeply grateful for his many contributions. I would also like to note that Dr. Harrie Vredenburg and Ms. Jenny Alfandary have also retired from the Board. We are grateful for the insight, expertise and strategic perspective they each brought to the Board, and we extend our best wishes for their future endeavors. In accordance with the bylaws of the company, I will preside as Chair of this meeting. I hereby appoint Mr. Tom Valentine to act as the Secretary of the meeting and Ms. Gloria Gherasim of Odyssey Trust Company to act as the scrutineer. The notice calling this meeting was mailed to all shareholders on May 20, 2025. The declaration of mailing is available for inspection by any shareholder, and I ask that the Secretary file a copy of the declaration of mailing with the minutes of today's meeting. A quorum of shareholders is present for the transaction of business at this meeting if at least 2 persons are represented and holding or representing by proxy not less than 5% of the shares entitled to vote at the meeting. I have been advised by the scrutineer that there are at least 50 shareholders represented today, representing 66,653,007 common shares being 28.46% of the common shares eligible to vote at the meeting. Accordingly, we have a quorum present. The scrutineers' report is available for inspection by any shareholder and I would ask that the secretary file a copy of such with the minutes of today's meeting. With that said, I declare that this meeting has been regularly called and properly constituted for the transaction of business. We have a number of matters of business today. A full description of each matter is provided in the company's management information circular dated May 8, 2025, which was mailed to shareholders requesting it and otherwise made available online. To facilitate proceedings, I've asked Ms. Lindsay Sali, Mr. Michael Kelly and Mr. Andrew Reeder, who are also shareholders to move and second all motions. I will call on them at the appropriate time. This is not intended in any way to curtail discussion. As mentioned, voting will open only after all items of business have been discussed. Registered shareholders and duly appointed proxy holders will have 1 minute thereafter to cast their votes on all motions. Again, if you have voted in advance of the meeting and do not wish to change your vote, you do not need to vote again. If you do wish to change your vote, then voting online will have the effect of revoking your previously submitted proxy. Each item of business to be voted on today must be passed by a majority of the votes cast. The first item of business is the presentation of Touchstone's comparative annual audited financial statements for the year ended December 31, 2024, together with the report of the auditors. The financial statements were mailed to shareholders requesting them and I do not propose to read the auditor's report. Are there any questions or comments on the financial statements or the auditor's report?

it appears there are no further questions on this item, Mr. Chairman.

Thank you, Paul. I declare the comparative annual audited financial statements to the company for the year ended December 31, 2024 together with the report of the auditors thereon to have been received. The next item of business is to fix the number of directors to be elected at this meeting at 6. I will now ask for a motion on this matter.

Mr. Chair, I move to fix the number of directors to be elected at this meeting at 6.

Is there a seconder?

Mr. Chair, I second the motion.

We will now address any questions or comments to registered shareholders or proxy holders that are directly related to the votes and to fix the number of directors to be elected at this meeting at 6. Have any questions or comments been raised?

It appears there are no further questions or comments on this item.

Thank you. The motion has been recorded and will be voted upon after all items of business have been discussed. The next item of business is the election of directors. Information about each nominee is included in the company's management information circular dated May 8, 2025, and I confirm that all nominees are eligible for election. I note that the Board of Directors has implemented an advance notice bylaw. Pursuant to this bylaw, advance notice must be given to the company regarding any proposed director nominees not included in Touchstone's management information circular. No such notice was received by the company. I further note that we will be nominating and approving individual directors and not a slate of directors. I will now receive the nominations.

Mr. Chair, I nominate each of those persons specified in Touchstone's management information circular dated May 8, 2025 to be elected as directors of the company, namely Mr. Paul R. Baay, Dr. Priya Marajh, Mr. Kenneth R. McKinnon; Mr. Peter Nicol, Ms. Beverley Smith and Mr. Stanley T. Smith.

Thank you. I declare the nominations closed. I will now ask for a motion that each of the nominees be elected to serve as a director.

Mr. Chair, I move that each of the 6 persons nominated be elected as directors of the company to hold office until the close of the next Annual Meeting of Shareholders or until their successors are duly elected and appointed.

Is there a seconder?