James Pasieka

Hello. Good afternoon, ladies and gentlemen. Welcome to the Annual General Meeting of the holders of common shares of Surge Energy, Inc.

My name is James Pasieka, and I’m Chair of the Board of Directors of Surge. Joining us online are our directors of the corporation, Myles Bosman, Marion Burnyeat, Daryl Gilbert, Michelle Gramatke, Ryan Gritzfeldt, Robert Leach, Allison Maher, and of course, our Chief Executive Officer, Paul Colborne. Also with us are the members of our executive management team, Murray Bye, Chief Operating Officer; Jared Ducs, Chief Financial Officer; Margaret Elekes, Senior Vice President, Land and Business Development; and Derek Christie, Senior Vice President, Exploration.

We will now proceed with the formal business of the meeting. In order to have the meeting proceed efficiently, certain individuals have been asked to move and second the motions, which are to be called for the notice of meeting. This is not intended to limit in any way your right to participate in the meeting. Any proposed amendments or objections to a motion will need to be submitted as questions. All proposed amendments or objections to the matters to be approved at this meeting will be addressed during the meeting provided that they are submitted during the period when the polls are open.

There will be opportunities for shareholders to ask questions specific to each resolution on the webcast. If you have a question, click on the Messaging icon at the top right of the webcast page. Please read the instructions in the text box before submitting your question. Once you have finished typing out your question, click the Submit button. We will address questions that directly relate

A gauge of regional stocks edged 0.1% higher after US benchmarks closed at record highs. A strong outlook by Cisco Systems Inc. lifted Nasdaq 100 futures contracts 0.5%, reinforcing the bullish narrative for the technology sector. The company’s shares surged 18% in extended trading.

Chinese equities, at their highest level since 2021, were set for a 1% advance, with attention on the summit between President Donald Trump and Xi Jinping in Beijing. Technology shares will be closely watched after Alibaba Group Holding Ltd. and Tencent Holdings Ltd. posted revenue that missed estimates. The offshore yuan is on its best winning streak since 2017.

A drop in oil also helped sentiment on Wednesday, while a $25 billion sale of 30-year bonds saw investors snagging 5% yields on those maturities for the first time since 2007. An index of the dollar was fractionally higher Wednesday, while gold fell for a second session. Investors fled Treasuries after back-to-back US inflation reports this week showed mounting price pressures.

US stocks have pushed to record highs, supported by strong corporate earnings and expectations that AI-driven spending will sustain growth. Traders are also turning to geopolitical developments in Iran and the summit between Xi and Trump for next moves, as concerns mount that the war in the Middle East could keep inflation elevated and weigh on the global economy.

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“Attention now turns to ongoing geopolitical headlines with President Trump continuing his visit to China and markets remaining highly sensitive to any developments surrounding the Strait of Hormuz,” Nick Twidale, chief market analyst at AT Global Markets, wrote in a note to clients.
Trump arrived in Beijing for the first state visit to China by a US leader in nine years, as the world’s two largest economies look to stabilize ties with a summit playing out against the backdrop of the Iran war.Trump is scheduled to meet with Chinese President Xi Jinping at the Great Hall of the People on Thursday morning.

Elsewhere, US inflation reports this week have shown mounting price pressures, pushing traders to boost wagers on a Fed rate hike in the coming year. The yield on benchmark 10-year Treasuries rose to the highest since July.

US wholesale inflation accelerated in April to the fastest pace since 2022 on a war-driven increase in energy prices that’s feeding into higher freight transportation costs. The producer price index rose 6% from a year ago, according to Bureau of Labor Statistics data out Wednesday, eclipsing economist estimates and coming in after a hot consumer price readout.

“One takeaway is that companies are not passing through costs to consumers across the board just yet,” noted Chris Low at FHN Financial. “But company input costs are sharply higher, which obviously increases pressure to pass through costs in future.”

Separately, the Senate narrowly confirmed Kevin Warsh as chair of the Fed, setting up the most controversial leadership transition at the US central bank in decades and a test of its political independence.

First-quarter profits at S&P 500 companies have surged 27% so far, more than double the roughly 12% analysts had expected — the fastest year-on-year earnings growth outside of recoveries from major shocks since 2004.

The bullish run for US stocks may extend should a recovery in earnings and still-low positioning outweigh the threat from higher bond yields, said Max Kettner at HSBC Holdings Plc.

Morgan Stanley strategists are turning more positive on US equities in a bet that profits and a strong economy will keep the bull market running. The team led by Mike Wilson expects the S&P 500 to reach 8,300 in the next 12 months. The gauge is currently trading near 7,444.

“Resiliency in earnings data despite geopolitical risk, private credit concerns and AI disruption is supportive of our view,” Wilson said.

April was a bad month for inflation. No doubt about it. Both the consumer price index and the producer price index ran hotter than expected. There’s a lot of hand-wringing among the legacy press and the Democratic party. Yet financial markets, which are smarter than the lefty press and the Democrats, hardly reacted to it at all. The S&P 500 and the Nasdaq hit new record highs. The Dow Jones was basically flat. Bond rates are still in their year-long range. World oil prices actually fell slightly.

There is no catastrophe. I’m sure the Federal Reserve and its new chairman, Kevin Warsh, will be keeping a close eye on prices. Yet I doubt if they’ll take any particular actions. The best thing they can probably do right now is nothing. Shrink the balance sheet if possible. Start working on new economic models that show that low unemployment does not cause high inflation. Nor does strong economic growth.

Inflation is running hot right now because President Trump and Prime Minister Benjamin Netanyahu are working hard to finish off Iran once and for all. A temporary bulge in gasoline and other prices is a small price to pay to destroy a country that is the world’s enemy. Like the Nazis of almost 100 years ago. Developing nuclear bombs that will destroy America, Israel, and the rest of the civilized world — if those crazies get a chance to do it. Yet they must never get a chance to do it.

That’s why a couple of months of inflation is a small price to pay. Mr. Trump has of course given middle-class America all kinds of tax cuts that are offsetting most of the $4.50 gasoline. Call it a push. The American economy is strong and resilient. It grew at 2 percent plus in the first quarter. And may grow as much as 4 percent in the second quarter. Unemployment is a low 4.3 percent. Americans are working. That’s a wonderful thing. Yet if we ever backed off Mr. Trump’s commitment to destroy the Iranian regime and their nuclear capabilities, we’d lose everything, including our whole economy. And this must never happen. I’m sure Mr. Trump will tell this to President Xi when they meet tomorrow.

America will not give up. Iran must not have any nuclear capabilities. Look, Mr. Xi helped make Iran the monster that it is today by arming them to the teeth and, through the purchase of 90 percent of Iran’s oil, they financed those arms. Mr. Xi gave them weaponry through a space satellite system. Mr. Xi gave them money denominated in Chinese yuan. Now he’s unhappy because the Strait of Hormuz is closed and the oil has disappeared. Yet don’t expect Mr. Xi to give us much help with Iran. As I said, it was their creation in the first place.

America will take care of Iran. I think the big news today is not so much hotter than expected inflation. It’s that Mr. Trump is meeting with his top military and national security advisers to plan a reopening of project freedom that will reopen the Strait and to complete the combat bombing missions.

Scott Bessent’s Treasury, meanwhile, has apparently turned the lights off at Kharg Island. Bombing could be next. Any of this would destroy what’s left of Iran’s economy. How ironic that Mr. Trump is planning the finishing touches that will end the scourge of Iran, even while he’s meeting at Beijing with Iran’s principal sponsor. Think of that.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Inovio First Quarter 2026 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Wednesday, May 13, 2026. I would now like to turn the conference over to Jennie Willson. Please go ahead.

Jennie Willson
Director of Communications

Good afternoon, and thank you for joining the Inovio First Quarter 2026 Financial Results Conference Call. Joining me today on today’s call are Dr. Jacqui Shea, President and Chief Executive Officer; Dr. Mike Sumner, Chief Medical Officer; Steve Egge, Chief Commercial Officer; and Peter Kies, Chief Financial Officer.

Today’s call will review our corporate and financial information for the quarter ended March 31, 2026, as well as provide a general business update. Following prepared remarks, we will conduct a question-and-answer segment. During the call, we will be making forward-looking statements regarding future events and the future performance of the company.

These statements relate to our business plans to develop Inovio’s DNA medicines platform, including the FDA’s ongoing review of our BLA for INO-3107, including the October 30, 2026, PDUFA target date and our yet-to-be scheduled meeting with the FDA to discuss eligibility for the accelerated approval program, our belief that INO-3107 fulfills the criteria for accelerated approval; the potential benefits of INO-3107, including our belief that it has a positively differentiated product profile and the

Florida wildlife officials signed an executive order on Wednesday to temporarily ban the importation of sloths following dozens of animal deaths at an Orlando facility.

Florida Fish and Wildlife Conservation Commission (FWC) executive director Col. Roger Young said the planned attraction, Sloth World, has relinquished all of its permits after a fatal intestinal infection swept through its animals.

Young confirmed the outbreak is isolated to Sloth World and said inspections of other Class III wildlife facilities in Florida found no widespread issues.

Sloth World was a planned attraction in Orlando, Fla. (Ricardo Ramirez Buxeda/Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)

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The crackdown comes after Sloth World imported at least 69 wild-caught sloths for a planned “Slotharium” exhibit, according to the Sloth Conservation Foundation (SloCo). 

At least 31 of the sloths died before the facility opened to the public and roughly 24 sloths remain unaccounted for.

Following Sloth World’s closure, 13 surviving sloths were relocated to the Central Florida Zoo & Botanical Gardens on April 24 for emergency veterinary treatment.

Three of the sloths that arrived in the most critical condition — Bandit, Habanero and Dumpling — have since died, according to the zoo.

PETA alleges sloths owned by Sloth World died in the dark inside cages. (Florida Fish and Wildlife Conservation Commission inspection report via PETA / Fox News)

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Necropsy reports confirmed the primary cause of death for the animals was severe emaciation, with Bandit also suffering from abnormal fluid accumulation in his body.

The youngest and smallest of the rescued group, a sloth named Mr. Ginger, remains in critical condition in intensive care.

Zoo veterinary staff are working around the clock to save the remaining sloths and recently received a special shipment of fecal samples from healthy sloths at the Los Angeles Zoo to help restore the gut microbiome of the sick animals.

Sloths Mr. Ginger, left, Dumpling and Habanero. (Central Florida Zoo & Botanical Gardens)

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SloCo officials said the surviving sloths can never be released back into the wild because their exact origins are unknown. Returning the animals could carry genetic risks to wild populations and the potential of introducing foreign pathogens.

Since sloths have lifespans of over 50 years, the organization said survivors now face a lifetime in human care at accredited Association of Zoos & Aquariums (AZA) facilities.

Earlier this month, U.S. Rep. Maxwell Frost, D-Fla., and Democratic Florida State Rep. Dr. Anna Eskamani visited the Central Florida Zoo to meet with conservationists and discuss overhauling the permitting and importation of exotic animals.

Florida state Rep. Anna Eskamani, left, Sam Trull, co-founder and executive director of The Sloth Institute in Costa Rica, Dr. Rebecca Cliffe, founder and executive director of The Sloth Conservation Foundation, and Orange County Commissioner Nicole (Ricardo Ramirez Buxeda/ Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)

AMAZON’S RING EXPANDS AI-POWERED NETWORK TO HELP LOCATE LOST DOGS

Florida’s temporary 60-day pause on imports will likely have national implications, as roughly 98% of sloths imported into the U.S. enter through Miami.

Wildlife advocacy groups, including The Sloth Institute (TSI), SloCo and People for the Ethical Treatment of Animals (PETA), urged officials to take the executive order further, pushing for permanent federal protections.

Split of sloths receiving medical treatment at the Central Florida Zoo & Botanical Gardens. (Central Florida Zoo & Botanical Gardens / Fox News)

“Sloth World is an egregious example of the damaging effects of the sloth trade on the welfare and conservation of sloths,” TSI Co-Founder Sam Trull wrote in a statement provided to FOX Business.

Rebecca Cliffe, founder of SloCo, added the tragedy has “pulled back the curtain on an industry that is extremely dark and damaging.”

“Why did Sloth World not have to declare the deaths of the sloths in their care?” Cliffe said. “Why was all of this legally able to happen?”

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PETA submitted a complaint April 30 to the Florida Department of Law Enforcement calling for a cruelty investigation into Sloth World co-owners Peter Bandre and Benjamin Agresta.

PETA spokesperson Cydnee Bence told FOX Business the sloths were “snatched from their rainforest homes, endure[d] a terrifying journey, [and] were left to die in a barren warehouse.”

Sloths Bandit, left, and Mr. Ginger. (Central Florida Zoo & Botanical Gardens / Fox News)

“There’s no excuse for tearing animals out of their wild homes just so humans can harass them,” Bence said. “… With Sloth World in particular, it was a mass death by greed. Being confined in a totally unsuitable storage unit, just to be used in a roadside zoo is egregious. 

“PETA is definitely looking forward to seeing Bandre and Agresta being held accountable for their actions and urges everyone to steer clear of any facility that uses wild animals as photo ops.”

The FWC, Sloth World and Central Florida Zoo did not immediately respond to FOX Business’ requests for comment.