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    Nicholas Boychuk • Cormark Securities Inc.

    Nicholas Boychuk is an Analyst of Institutional Equity Research at Cormark Securities Inc., specializing in mid-cap and emerging growth companies within technology, consumer products, and agriculture. He covers specific Canadian-listed firms including UGE International and Northland Power, with a track record of 13% success rate on investment calls and an average return of -29.2%, though his most profitable recommendation yielded a 25% gain on UGE International. Boychuk began his career in 2013 after graduating from Ryerson University with a BComm, previously holding roles at Dancap Family Investment Office, RBC Global Asset Management, and RBC Royal Bank before joining Cormark Securities in November 2019. He holds the CFA designation, indicating strong professional and regulatory credentials in the investment industry.

    Nicholas Boychuk's questions to Loop Industries Inc (LOOP) leadership

    Nicholas Boychuk's questions to Loop Industries Inc (LOOP) leadership • Q4 2025

    Question

    The analyst asked for details on the land selection process for the India JV, the site selection progress for the European project with REED, and the expected magnitude of future engineering and service revenue.

    Answer

    The land for the India JV is selected in Gujarat and is government-owned, with negotiations being finalized. For the European project, REED is leading the site selection process with a decision expected by Q3/Q4, focusing on locations with good seaport access for modular construction. Loop anticipates approximately $750,000 in additional engineering revenue from the India JV this year and $5-10 million from the European partnership next year.

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    Nicholas Boychuk's questions to Loop Industries Inc (LOOP) leadership • Q2 2025

    Question

    Nicholas Boychuk inquired about the India project, seeking specifics on site location, groundbreaking timelines, and announcements for feedstock and offtake agreements. He also asked for details on PET pricing dynamics and the timing of capital allocation relative to the Reed financing.

    Answer

    CEO Daniel Solomita stated that the final India site selection is expected in November, with groundbreaking around March 2025 and customer contracts in Q1 2025. He explained that feedstock is secured but suppliers are confidential. Solomita detailed how rising recycled PET prices and declining quality in Europe create a premium opportunity for Loop's high-quality, food-grade material, especially with the growth of textile-to-textile recycling. He confirmed that while project spending is ongoing, the bulk of capital deployment will begin in Q1 2025, aligning with the Reed financing.

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    Nicholas Boychuk's questions to GRID.TO leadership

    Nicholas Boychuk's questions to GRID.TO leadership • Q1 2025

    Question

    Nicholas Boychuk of Cormark Securities inquired about whether macro events like blackouts are changing utility behavior, seeking specific feedback on the TRUSense Gateway from the recent Tantalus Users Conference, and asking for more detail on the scale and nature of current deployments. He also asked for a reconciliation of the newly mentioned $100 million opportunity with previously discussed pipeline figures.

    Answer

    Peter Londa, President and CEO, confirmed a shift in utility behavior towards a data-driven approach, citing increased urgency and curiosity observed at the users conference. He detailed that TRUSense deployments range from small trials of 1-10 devices to larger pilots of several hundred, with the largest having 300 units. Londa clarified that the $100 million opportunity from 33 utilities represents about 20% of the previously identified $500 million total pipeline, indicating significant remaining potential.

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    Nicholas Boychuk's questions to Tantalus Systems Holding Inc (TGMPF) leadership

    Nicholas Boychuk's questions to Tantalus Systems Holding Inc (TGMPF) leadership • Q4 2024

    Question

    Nicholas Boychuk of Cormark Securities inquired about the drivers behind the strong growth in the Software Application Services segment, the progress of the 27 TRUSense field trials, and the evolving competitive landscape, particularly in light of Itron's increased focus on grid intelligence.

    Answer

    Executive Peter Londa explained that new utilities replacing legacy systems are showing a strong appetite for advanced software and analytics, driving segment growth. He confirmed the 27 TRUSense trials are progressing well without material issues. Regarding competition, Londa stated that moves by larger players like Itron validate Tantalus's strategy, and he believes Tantalus maintains an edge with its focus on interoperability and by already generating revenue from these advanced applications.

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    Nicholas Boychuk's questions to TUSIF leadership

    Nicholas Boychuk's questions to TUSIF leadership • Q3 2024

    Question

    Nicholas Boychuk inquired about the profile of the newly added utility customers, the reasons for accelerated TRUSense adoption by utilities outside the advisory committee, and the future allocation of the $5.4 million spent on TRUSense commercialization.

    Answer

    CEO Peter Londa explained that new customers are primarily public power and electric co-ops, with growth aided by joint action agencies acting as regional partners. He attributed the accelerated TRUSense adoption to existing Tantalus customers seeking to upgrade their networks with the new cellular and fiber versions. CFO George Reznik noted that of the $5.4M in trailing 12-month spending, $1.5M in external costs will fall away. Peter Londa added that a 'good chunk' of these savings will be reinvested into sales and marketing to capitalize on the market opportunity in 2025.

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