Rewrite entire assembler

The language is now more general, the code is better structured, error
reporting is more detailed, and many new language features have
been implemented:
- conditional blocks
- first-class strings
- more expression operators
- binary literals
- negative values
- invocations in constant expressions

39 files changed, 2951 insertions, 2243 deletions

diff --git a/Cargo.lock b/Cargo.lock
index e54cc0f..cc41ceb 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -9,8 +9,8 @@ source = "git+git://benbridle.com/ansi?tag=v1.0.0#81d47867c2c97a9ae1d1c8fdfcd42c
 
 [[package]]
 name = "assembler"
-version = "2.0.1"
-source = "git+git://benbridle.com/assembler?tag=v2.0.1#00858f0b4bdfa7de838a21d27aef5e76be310828"
+version = "2.1.0"
+source = "git+git://benbridle.com/assembler?tag=v2.1.0#c5f60b7ff45ced7c8b8519bc8fcf681486ad09fa"
 dependencies = [
  "ansi",
  "log 1.1.2",
@@ -60,8 +60,8 @@ checksum = "57c0d7b74b563b49d38dae00a0c37d4d6de9b432382b2892f0574ddcae73fd0a"
 
 [[package]]
 name = "switchboard"
-version = "1.0.0"
-source = "git+git://benbridle.com/switchboard?tag=v1.0.0#ea70fa89659e5cf1a9d4ca6ea31fb67f7a2cc633"
+version = "2.1.0"
+source = "git+git://benbridle.com/switchboard?tag=v2.1.0#e6435712ba5b3ca36e99fc8cbe7755940f8b1f3f"
 dependencies = [
  "log 1.1.1",
  "paste",
diff --git a/Cargo.toml b/Cargo.toml
index 27b344f..5755774 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -4,9 +4,9 @@ version = "1.2.0"
 edition = "2021"
 
 [dependencies]
-assembler = { git = "git://benbridle.com/assembler", tag = "v2.0.1" }
+assembler = { git = "git://benbridle.com/assembler", tag = "v2.1.0" }
 log = { git = "git://benbridle.com/log", tag = "v1.1.2" }
-switchboard = { git = "git://benbridle.com/switchboard", tag = "v1.0.0" }
+switchboard = { git = "git://benbridle.com/switchboard", tag = "v2.1.0" }
 
 paste = "1.0.15"
 indexmap = "2.7.1"
diff --git a/src/bin/tq.rs b/src/bin/tq.rs
index f22bd14..d1e51f3 100644
--- a/src/bin/tq.rs
+++ b/src/bin/tq.rs
@@ -1,43 +1,100 @@
 use torque_asm::*;
 
+use assembler::FileError;
 use log::{info, fatal};
-use switchboard::{Switchboard, SwitchQuery};
+use switchboard::*;
 
 use std::io::{Read, Write};
-use std::str::FromStr;
+use std::path::Path;
 
 
-fn print_version() -> ! {
-    let version = env!("CARGO_PKG_VERSION");
-    eprintln!("torque assembler, version {version}");
-    eprintln!("written by ben bridle");
-    std::process::exit(0);
-}
-
 fn main() {
     let mut args = Switchboard::from_env();
-    if args.named("version").as_bool() {
-        print_version();
+    args.positional("source");
+    args.positional("destination");
+    args.positional("extension").default("tq");
+    args.named("no-libs");
+    args.named("no-project-libs");
+    args.named("no-env-libs");
+    args.named("format").default("debug");
+    args.named("width");
+    args.named("dry-run").short('n');
+    args.named("tree");
+    args.named("help").short('h');
+    args.named("version");
+    args.named("verbose").short('v');
+    args.raise_errors();
+
+    let source_path     = args.get("source").as_path_opt().map(
+        |p| p.canonicalize().unwrap_or_else(|e| fatal!("{p:?}: {e:?}")));
+    let destination     = args.get("destination").as_path_opt();
+    let extension       = args.get("extension").as_string();
+    let no_libs         = args.get("no-libs").as_bool();
+    let no_project_libs = args.get("no-project-libs").as_bool();
+    let no_env_libs     = args.get("no-env-libs").as_bool();
+    let format          = Format::from_str(&args.get("format").as_string());
+    let width           = args.get("width").as_u32_opt();
+    let dry_run         = args.get("dry-run").as_bool();
+    let print_tree      = args.get("tree").as_bool();
+    let print_help      = args.get("help").as_bool();
+    let print_version   = args.get("version").as_bool();
+    let verbose         = args.get("verbose").as_bool();
+
+    if verbose { log::set_log_level(log::LogLevel::Info) }
+    if print_version {
+        let version = env!("CARGO_PKG_VERSION");
+        eprintln!("torque assembler, version {version}");
+        eprintln!("written by ben bridle");
+        std::process::exit(0);
     }
-    if args.named("verbose").short('v').as_bool() {
-        log::set_log_level(log::LogLevel::Info);
+    if print_help {
+        eprintln!("\
+Usage: tq [source] [destination]
+
+Torque multi-assembler, see http://benbridle.com/torque for documentation.
+
+Arguments:
+  [source]               Path to a source file to assemble
+  [destination]          Path to which output will be written
+  [extension]            File extension to identify library files (default is 'tq')
+
+Switches:
+  --format=<fmt>         Format to apply to assembled bytecode (default is 'debug')
+  --width=<width>        Force a fixed width for all assembled words
+  --no-project-libs      Don't search for libraries in the source parent folder
+  --no-env-libs          Don't search for libraries in the TORQUE_LIBS path variable
+  --no-libs              Combination of --no-project-libs and --no-env-libs
+  --tree                 Display a tree visualisation of all included library files
+  --dry-run        (-n)  Assemble and show errors only, don't write any output
+  --help           (-h)  Prints help
+  --verbose,       (-v)  Print additional debug information
+  --version              Print the assembler version and exit
+
+Environment variables:
+  TORQUE_LIBS
+    A list of colon-separated paths which will be searched to find
+    Torque source code files to use as libraries when assembling a
+    Torque program. If a library file resolves an unresolved symbol
+    in the program being assembled, the library file will be merged
+    into the program.
+
+Output formats:
+  <debug>
+    Print assembled words as human-readable binary literals.
+  <inhx>
+    Original 8-bit Intel hex format.
+  <inhx32>
+    Modified 16-bit Intel hex format used by Microchip.
+  <raw>
+    Assembled words are converted to big-endian bytestrings and concatenated.
+    Each word is padded to the nearest byte. Words must all be the same width.
+  <source>
+    Print the source file before assembly, with symbols resolved.
+
+Created by Ben Bridle.
+        ");
+        std::process::exit(0);
     }
-    let source_path = args.positional("source").as_path_opt().map(
-        |p| p.canonicalize().unwrap_or_else(|e| fatal!("{p:?}: {e:?}")));
-    let destination_path = args.positional("destination").as_path_opt();
-    let extension = args.named("ext").default("tq").as_string();
-
-    let no_libs = args.named("no-libs").as_bool();
-    let no_project_libs = args.named("no-project-libs").as_bool();
-    let no_environment_libs = args.named("no-env-libs").as_bool();
-
-    let format = args.named("format").default("debug").as_string();
-    let print_tree = args.named("tree").as_bool();
-    let dry_run = args.named("dry-run").short('n').as_bool();
-
-    let Ok(format) = Format::from_str(format.as_str()) else {
-        fatal!("Unknown format '{format}', expected 'debug', 'inhx', 'inhx32', 'raw', or 'source'. ");
-    };
 
     // -----------------------------------------------------------------------
 
@@ -68,14 +125,13 @@ fn main() {
     if compiler.error().is_some() && !no_libs && !no_project_libs {
         compiler.include_libs_from_parent(&extension);
     }
-    if compiler.error().is_some() && !no_libs && !no_environment_libs {
+    if compiler.error().is_some() && !no_libs && !no_env_libs {
         compiler.include_libs_from_path_variable("TORQUE_LIBS", &extension);
     }
 
     if print_tree {
         compiler.resolver.hierarchy().report()
     }
-
     if let Some(error) = compiler.error() {
         error.report();
         std::process::exit(1);
@@ -85,54 +141,58 @@ fn main() {
         error.report();
         std::process::exit(1);
     });
-    if format == Format::Source && !dry_run {
-        write_bytes_and_exit(merged_source.as_bytes(), destination_path.as_ref());
+
+    if !dry_run && format == Format::Source {
+        write_bytes_and_exit(merged_source.as_bytes(), destination.as_ref());
     }
 
     // -----------------------------------------------------------------------
 
-    // Parse syntactic tokens from merged source code.
     let path = Some("<merged source>");
-    let syntactic_tokens = SyntacticParser::new(&merged_source, path).parse();
-    report_syntactic_errors(&syntactic_tokens, &merged_source);
+    let syntactic = match parse_syntactic(&merged_source, path) {
+        Ok(tokens) => tokens,
+        Err(errors) => {
+            report_syntactic_errors(&errors, &merged_source);
+            std::process::exit(1);
+        }
+    };
 
-    let program = SemanticParser::new(syntactic_tokens).parse();
-    report_semantic_errors(&program, &merged_source);
+    let semantic = match parse_semantic(syntactic) {
+        Ok(tokens) => tokens,
+        Err(errors) => {
+            report_semantic_errors(&errors, &merged_source);
+            std::process::exit(1);
+        }
+    };
 
-    // program.print_definitions();
-    let assembled_tokens = program.assemble();
-    report_assembler_errors(&assembled_tokens, &merged_source);
+    let intermediate = match parse_intermediate(semantic) {
+        Ok(tokens) => tokens,
+        Err(errors) => {
+            report_intermediate_errors(&errors, &merged_source);
+            std::process::exit(1);
+        }
+    };
+
+    let segments = match parse_bytecode(intermediate, width) {
+        Ok(segments) => segments,
+        Err(errors) => {
+            report_bytecode_errors(&errors, &merged_source);
+            std::process::exit(1);
+        }
+    };
 
-    let bytecode = BytecodeGenerator::new(&assembled_tokens).generate();
-    report_bytecode_errors(&bytecode, &merged_source);
 
     if !dry_run {
-        match format {
-            Format::Debug => {
-                let mut output = String::new();
-                for word in &bytecode.words {
-                    output.push_str(&word.to_string());
-                    output.push('\n');
-                }
-                write_bytes_and_exit(output.as_bytes(), destination_path.as_ref());
-            }
-            Format::Inhx => {
-                let output = format_inhx(&bytecode.words);
-                write_bytes_and_exit(output.as_bytes(), destination_path.as_ref());
-            }
-            Format::Inhx32 => {
-                let output = format_inhx32(&bytecode.words);
-                write_bytes_and_exit(output.as_bytes(), destination_path.as_ref());
-            }
-            Format::Raw => {
-                let mut output = Vec::new();
-                for word in &bytecode.words {
-                    let value = word.value as u16;
-                    output.extend(value.to_be_bytes());
-                }
-                write_bytes_and_exit(&output, destination_path.as_ref());
-            }
-            Format::Source => unreachable!(),
+        let result = match format {
+            Format::Debug => format_debug(&segments),
+            Format::Inhx => format_inhx(&segments),
+            Format::Inhx32 => format_inhx32(&segments),
+            Format::Raw => format_raw(&segments, width),
+            Format::Source => unreachable!("Source output is handled before merged assembly"),
+        };
+        match result {
+            Ok(bytes) => write_bytes_and_exit(&bytes, destination.as_ref()),
+            Err(error) => report_format_error(&error, format, &merged_source),
         }
     }
 }
@@ -151,26 +211,3 @@ fn write_bytes_and_exit<P: AsRef<Path>>(bytes: &[u8], path: Option<&P>) -> ! {
     }
     std::process::exit(0);
 }
-
-#[derive(PartialEq)]
-enum Format {
-    Debug,
-    Inhx,
-    Inhx32,
-    Raw,
-    Source,
-}
-
-impl FromStr for Format {
-    type Err = ();
-    fn from_str(string: &str) -> Result<Self, ()> {
-        match string {
-            "debug" => Ok(Self::Debug),
-            "inhx" => Ok(Self::Inhx),
-            "inhx32" => Ok(Self::Inhx32),
-            "raw" => Ok(Self::Raw),
-            "source" => Ok(Self::Source),
-            _ => Err(()),
-        }
-    }
-}
diff --git a/src/compiler.rs b/src/compiler.rs
index 10f1433..c0caae0 100644
--- a/src/compiler.rs
+++ b/src/compiler.rs
@@ -1,5 +1,9 @@
 use crate::*;
 
+use assembler::*;
+use assembler::DefinitionType::*;
+use assembler::SymbolRole::*;
+
 
 /// Compiles multiple source code files into one.
 pub struct Compiler {
@@ -50,82 +54,184 @@ impl Compiler {
         self.resolver.error()
     }
 
-    pub fn get_compiled_source(&self) -> Result<String, MergeError> {
+    pub fn get_compiled_source(&mut self) -> Result<String, MergeError> {
+        self.resolver.calculate_hierarchy();
         self.resolver.get_merged_source_code(push_source_code)
     }
 }
 
 
 /// Parse all symbols from a source code string.
-fn parse_symbols(source_code: &str, path: Option<&Path>) -> Vec<Symbol> {
-    use SyntacticTokenVariant as SynVar;
-    use DefinitionType::*;
-    use SymbolRole::*;
-    let mut symbols = Vec::new();
-    let mut macro_name: Option<String> = None;
-    let mut parse_arg_list = false;   // true if parsing macro argument list
-    let mut after_separator = false;  // true if prev token was separator
-
-    macro_rules! push {
-        ($name:expr, $source:expr, $role:expr) => {
-            symbols.push(Symbol {
-                name: $name,
-                source: $source,
-                role: $role,
-                namespace: match &macro_name {
-                    Some(name) => vec![name.to_owned()],
-                    None => vec![],
-                }
-            })
+fn parse_symbols(source_code: &str, path: Option<&Path>) -> Option<Vec<Symbol>> {
+    let syntactic = match parse_syntactic(source_code, path) {
+        Ok(syntactic) => syntactic,
+        Err(_errors) => return None,
+    };
+    let semantic = match parse_semantic(syntactic) {
+        Ok(semantic) => semantic,
+        Err(_errors) => return None,
+    };
+    Some(SymbolParser::new().parse(&semantic))
+}
+
+
+// Extract symbol definitions from a list of semantic tokens.
+pub struct SymbolParser {
+    pub macro_name: Option<String>,
+    pub symbols: Vec<Symbol>,
+}
+
+impl SymbolParser {
+    pub fn new() -> Self {
+        Self {
+            macro_name: None,
+            symbols: Vec::new(),
         }
     }
 
-    let syntactic_tokens = SyntacticParser::new(&source_code, path).parse();
-    for token in syntactic_tokens {
-        match token.variant {
-            SynVar::MacroDefinition(name) => {
-                push!(name.clone(), token.source, Definition(MustPrecedeReference));
-                macro_name = Some(name);
-                parse_arg_list = true;
+    fn record_symbol(&mut self, name: &str, source: &SourceSpan, role: SymbolRole) {
+        let name = name.to_string();
+        let namespace = match &self.macro_name {
+            Some(macro_name) => vec![macro_name.to_owned()],
+            None => vec![],
+        };
+        let source = source.to_owned();
+        self.symbols.push(Symbol { name, namespace, source, role });
+
+    }
+
+    pub fn parse(mut self, semantic: &[Tracked<SemanticToken>]) -> Vec<Symbol> {
+        for token in semantic {
+            let source = &token.source;
+            match &token.value {
+                SemanticToken::MacroDefinition(definition) => {
+                    // Record macro definition.
+                    self.record_symbol(
+                        &definition.name,
+                        &definition.name.source,
+                        Definition(MustPrecedeReference),
+                    );
+                    self.macro_name = Some(definition.name.to_string());
+
+                    for argument in &definition.arguments {
+                        self.record_symbol(
+                            &argument.name,
+                            &argument.source,
+                            Definition(MustPrecedeReference),
+                        );
+                    }
+                    match &definition.body {
+                        MacroDefinitionBody::Integer(integer) => {
+                            self.parse_integer_token(&integer, &integer.source)
+                        }
+                        MacroDefinitionBody::Invocation(invocation) => {
+                            self.parse_invocation(&invocation, &invocation.source)
+                        }
+                        MacroDefinitionBody::Block(tokens) => {
+                            for token in tokens {
+                                self.parse_block_token(&token, &token.source);
+                            }
+                        }
+                    }
+                    self.macro_name = None;
+                }
+                SemanticToken::BlockToken(token) => {
+                    self.parse_block_token(token, &source);
+                }
             }
-            SynVar::MacroDefinitionTerminator => {
-                macro_name = None;
+        }
+        return self.symbols;
+    }
+
+    fn parse_expression(&mut self, expression: &Expression, _source: &SourceSpan) {
+        for token in &expression.tokens {
+            let source = &token.source;
+            match &token.value {
+                ExpressionToken::IntegerToken(integer) => {
+                    self.parse_integer_token(integer, source);
+                }
+                ExpressionToken::Invocation(invocation) => {
+                    self.parse_invocation(invocation, source);
+                }
+                ExpressionToken::Operator(_) => (),
             }
-            SynVar::LabelDefinition(name) => {
-                push!(name.clone(), token.source, Definition(CanFollowReference));
+        }
+    }
+
+    fn parse_invocation(&mut self, invocation: &Invocation, source: &SourceSpan) {
+        self.record_symbol(
+            &invocation.name,
+            &source,
+            Reference,
+        );
+
+        for argument in &invocation.arguments {
+            let source = &argument.source;
+            match &argument.value {
+                InvocationArgument::IntegerToken(integer) => {
+                    self.parse_integer_token(integer, &source);
+                }
+                InvocationArgument::BlockToken(block) => {
+                    self.parse_block_token(block, &source);
+                }
+                InvocationArgument::Invocation(invocation) => {
+                    self.parse_invocation(invocation, &source);
+                }
+                InvocationArgument::String(_) => (),
             }
-            SynVar::Symbol(name) => if parse_arg_list && after_separator {
-                push!(name, token.source, Definition(MustPrecedeReference));
-            } else {
-                parse_arg_list = false;
-                push!(name, token.source, Reference);
+        }
+    }
+
+    fn parse_block_token(&mut self, token: &BlockToken, source: &SourceSpan) {
+        match token {
+            BlockToken::LabelDefinition(name) => {
+                self.record_symbol(
+                    &name,
+                    &source,
+                    Definition(CanFollowReference),
+                );
             }
-            SynVar::Separator => {
-                after_separator = true;
-                continue;
+            BlockToken::PinnedAddress(integer) => {
+                self.parse_integer_token(integer, &integer.source);
             }
-            SynVar::BlockOpen | SynVar::BlockClose => {
-                continue;
+            BlockToken::ConditionalBlock(condition) => {
+                self.parse_integer_token(&condition.predicate, &condition.predicate.source);
+                self.parse_block_token(&condition.body, &condition.body.source);
             }
-            SynVar::PackedBinaryLiteral(pbl) => {
-                for field in pbl.fields {
-                    push!(field.name.to_string(), field.source, Reference)
+            BlockToken::WordTemplate(word_template) => {
+                for field in &word_template.fields {
+                    self.record_symbol(
+                        &field.name.to_string(),
+                        &field.source,
+                        Reference,
+                    );
                 }
             }
-            SynVar::Expression(expr) => {
-                for token in expr.tokens {
-                    if let ExpressionTokenVariant::Invocation(name) = token.variant {
-                        push!(name, token.source, Reference);
-                    }
+            BlockToken::Block(tokens) => {
+                for token in tokens {
+                    self.parse_block_token(token, &token.source);
                 }
             }
-            _ => ()
-        };
-        after_separator = false;
+            BlockToken::Invocation(invocation) => {
+                self.parse_invocation(invocation, source);
+            }
+        }
+    }
+
+    fn parse_integer_token(&mut self, token: &IntegerToken, source: &SourceSpan) {
+        match &token {
+            IntegerToken::Expression(expression) => {
+                self.parse_expression(&expression, source)
+            }
+            IntegerToken::Invocation(invocation) => {
+                self.parse_invocation(&invocation, source)
+            }
+            IntegerToken::IntegerLiteral(_) => (),
+        }
     }
-    return symbols;
 }
 
+
 /// Push source code to a source compilation string.
 fn push_source_code(compilation: &mut String, source_file: &SourceFile) {
     // Skip blank files.
diff --git a/src/formats/debug.rs b/src/formats/debug.rs
new file mode 100644
index 0000000..23fd34f
--- /dev/null
+++ b/src/formats/debug.rs
@@ -0,0 +1,18 @@
+use crate::*;
+
+
+pub fn format_debug(segments: &[Segment]) -> Result<Vec<u8>, FormatError> {
+    let mut output = String::new();
+    for segment in segments {
+        // Find maximum width of all words in the segment.
+        let width = segment.words.iter().map(|w| w.to_string().chars().count()).max().unwrap_or(0);
+        let address = &segment.address;
+        output.push_str(&format!("SEGMENT: 0x{address:>04x}\n"));
+        for word in &segment.words {
+            let string = word.to_string();
+            let w = width as usize;
+            output.push_str(&format!("  {string:>w$}\n"));
+        }
+    }
+    return Ok(output.as_bytes().to_vec());
+}
diff --git a/src/formats/inhx.rs b/src/formats/inhx.rs
index e83e870..fc4791b 100644
--- a/src/formats/inhx.rs
+++ b/src/formats/inhx.rs
@@ -1,10 +1,15 @@
 use crate::*;
 
 
-pub fn format_inhx(words: &[Word]) -> String {
+pub fn format_inhx(segments: &[Segment]) -> Result<Vec<u8>, FormatError> {
     let mut records = Vec::new();
-    for (i, chunk) in words.chunks(16).enumerate() {
-        records.push(data_record(chunk, (i * 16) as u16));
+    let mut address;
+    for segment in segments {
+        address = segment.address;
+        for chunk in segment.words.chunks(16) {
+            records.push(data_record(chunk, address)?);
+            address += 16;
+        }
     }
     records.push(terminating_record());
 
@@ -12,21 +17,24 @@ pub fn format_inhx(words: &[Word]) -> String {
     for record in records {
         output.push_str(&record.to_string());
     }
-    return output;
+    return Ok(output.as_bytes().to_vec());
 }
 
-fn data_record(words: &[Word], address: u16) -> InhxRecord {
+fn data_record(words: &[Tracked<Word>], address: usize) -> Result<InhxRecord, FormatError> {
+    let Ok(address) = u16::try_from(address) else {
+        return Err(FormatError::AddressTooLarge(u16::MAX as usize, address));
+    };
     let mut record = InhxRecord::new();
     record.byte((words.len()) as u8);
     record.be_double(address);
     record.byte(0x00);
     for word in words {
-        match word.bits <= 8 {
-            true => record.byte(word.value as u8),
-            false => panic!("Word '{word}' has more than 8 bits."),
-        };
+        if word.value.width > 8 {
+            return Err(FormatError::WordTooWide(8, word.width, word.source.clone()));
+        }
+        record.byte(word.value.value as u8);
     }
-    return record;
+    return Ok(record);
 }
 
 fn terminating_record() -> InhxRecord {
diff --git a/src/formats/inhx32.rs b/src/formats/inhx32.rs
index fd7fd7b..8febeae 100644
--- a/src/formats/inhx32.rs
+++ b/src/formats/inhx32.rs
@@ -1,11 +1,19 @@
 use crate::*;
 
 
-pub fn format_inhx32(words: &[Word]) -> String {
+pub fn format_inhx32(segments: &[Segment]) -> Result<Vec<u8>, FormatError> {
     let mut records = Vec::new();
-    records.push(extended_linear_address(0x0000));
-    for (i, chunk) in words.chunks(8).enumerate() {
-        records.push(data_record(chunk, (i * 8) as u16));
+    let mut address = 0;
+    records.push(extended_linear_address(0));
+    for segment in segments {
+        if (segment.address >> 16) != (address >> 16) {
+            records.push(extended_linear_address(segment.address));
+        }
+        address = segment.address;
+        for chunk in segment.words.chunks(8) {
+            records.push(data_record(chunk, address)?);
+            address += 8;
+        }
     }
     records.push(terminating_record());
 
@@ -13,24 +21,29 @@ pub fn format_inhx32(words: &[Word]) -> String {
     for record in records {
         output.push_str(&record.to_string());
     }
-    return output;
+    return Ok(output.as_bytes().to_vec());
 }
 
-fn data_record(words: &[Word], address: u16) -> InhxRecord {
+fn data_record(words: &[Tracked<Word>], address: usize) -> Result<InhxRecord, FormatError> {
+    let Ok(address) = u32::try_from(address * 2) else {
+        return Err(FormatError::AddressTooLarge(u32::MAX as usize / 2, address));
+    };
+    let address = address as u16;
     let mut record = InhxRecord::new();
     record.byte((words.len() * 2) as u8);
-    record.be_double(address * 2);
+    record.be_double(address);
     record.byte(0x00);
     for word in words {
-        match word.bits <= 16 {
-            true => record.le_double(word.value as u16),
-            false => panic!("Word '{word}' has more than 16 bits."),
-        };
+        if word.value.width > 16 {
+            return Err(FormatError::WordTooWide(16, word.width, word.source.clone()));
+        }
+        record.le_double(word.value.value as u16);
     }
-    return record;
+    return Ok(record);
 }
 
-fn extended_linear_address(address: u16) -> InhxRecord {
+fn extended_linear_address(address: usize) -> InhxRecord {
+    let address = (address >> 16) as u16;
     let mut record = InhxRecord::new();
     record.byte(0x02);
     record.be_double(0x0000);
diff --git a/src/formats/mod.rs b/src/formats/mod.rs
index 82f19f1..132001a 100644
--- a/src/formats/mod.rs
+++ b/src/formats/mod.rs
@@ -1,8 +1,78 @@
 mod inhx;
 mod inhx32;
+mod raw;
+mod debug;
 
 pub use inhx::*;
 pub use inhx32::*;
+pub use raw::*;
+pub use debug::*;
+
+use crate::*;
+
+use log::*;
+
+
+#[derive(Clone, Copy, PartialEq)]
+pub enum Format {
+    Debug,
+    Inhx,
+    Inhx32,
+    Raw,
+    Source,
+}
+
+impl Format {
+    pub fn from_str(string: &str) -> Self {
+        match string {
+            "debug" => Self::Debug,
+            "inhx" => Self::Inhx,
+            "inhx32" => Self::Inhx32,
+            "raw" => Self::Raw,
+            "source" => Self::Source,
+            _ => fatal!("Unknown format '{string}', expected 'debug', 'inhx', 'inhx32', 'raw', or 'source'. "),
+        }
+    }
+}
+
+impl std::fmt::Display for Format {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        let string = match self {
+            Self::Debug => "debug",
+            Self::Inhx => "inhx",
+            Self::Inhx32 => "inhx32",
+            Self::Raw => "raw",
+            Self::Source => "source",
+        };
+        write!(f, "{string}")
+    }
+}
+
+
+pub enum FormatError {
+    /// (expected, received)
+    AddressTooLarge(usize, usize),
+    /// (expected, received)
+    WordTooWide(u32, u32, SourceSpan),
+    ///
+    ExpectedFixedWidth,
+}
+
+pub fn report_format_error(error: &FormatError, format: Format, source_code: &str) {
+    match error {
+        FormatError::AddressTooLarge(expected, received) =>
+            error!("The {format} format requires that addresses do not exceed {expected}, but the address {received} was reached"),
+        FormatError::WordTooWide(expected, received, source) => {
+            let message = format!("The {format} format requires that words are no wider than {expected} bits, but a {received} bit word was found");
+            let context = Context { source_code, source };
+            report_source_issue(LogLevel::Error, &context, &message);
+        }
+        FormatError::ExpectedFixedWidth =>
+            error!("The {format} format requires all words to be the same width"),
+    }
+    std::process::exit(1);
+}
+
 
 
 pub struct InhxRecord {
@@ -43,3 +113,20 @@ impl InhxRecord {
         format!(":{output}{checksum:0>2X}\n")
     }
 }
+
+
+pub fn calculate_fixed_width(segments: &[Segment]) -> Option<u32> {
+    let mut width = None;
+    for segment in segments {
+        for word in &segment.words {
+            let word_width = word.value.width;
+            match width {
+                Some(width) => if word_width != width {
+                    return None;
+                }
+                None => width = Some(word_width),
+            }
+        }
+    }
+    return width.or(Some(0));
+}
diff --git a/src/formats/raw.rs b/src/formats/raw.rs
new file mode 100644
index 0000000..ecc6473
--- /dev/null
+++ b/src/formats/raw.rs
@@ -0,0 +1,29 @@
+use crate::*;
+
+
+pub fn format_raw(segments: &[Segment], width: Option<u32>) -> Result<Vec<u8>, FormatError> {
+    let Some(width) = width.or_else(|| calculate_fixed_width(&segments)) else {
+        return Err(FormatError::ExpectedFixedWidth);
+    };
+
+    let mut address = 0;
+    let bytes_per_word = ((width + 7) / 8) as usize;
+    let mut bytes = Vec::new();
+
+    for segment in segments {
+        // Pad to the segment start address.
+        let padding = segment.address.saturating_sub(address);
+        bytes.resize(bytes.len() + (padding * bytes_per_word), 0);
+        for word in &segment.words {
+            // Decompose word value into bytes.
+            let value = word.value.value;
+            for i in (0..bytes_per_word).rev() {
+                let byte = (value >> (i*8) & 0xff) as u8;
+                bytes.push(byte);
+            }
+            address += 1;
+        }
+    }
+
+    return Ok(bytes);
+}
diff --git a/src/lib.rs b/src/lib.rs
index d572185..b429646 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -1,13 +1,14 @@
-mod compiler;
-mod parsers;
-mod report;
-mod tokens;
+mod stages;
+mod types;
 mod formats;
+mod compiler;
 
-pub use compiler::*;
-pub use parsers::*;
-pub use report::*;
-pub use tokens::*;
+pub use stages::*;
+pub use types::*;
 pub use formats::*;
+pub use compiler::*;
+
+use assembler::{Context, Tracked, SourceSpan, report_source_issue};
+use log::LogLevel;
 
-pub use assembler::*;
+use std::path::{PathBuf};
diff --git a/src/parsers/assembler.rs b/src/parsers/assembler.rs
deleted file mode 100644
index 61e1a84..0000000
--- a/src/parsers/assembler.rs
+++ /dev/null
@@ -1,290 +0,0 @@
-use crate::*;
-use AssemblerErrorVariant as ErrVar;
-
-use indexmap::IndexMap;
-
-
-static mut ID: usize = 0;
-macro_rules! new_id {
-    () => { unsafe {
-        let id = ID;
-        ID += 1;
-        id
-    }};
-}
-
-
-impl SemanticProgram {
-    pub fn assemble(&self) -> Vec<AssembledToken> {
-        let environment = Environment {
-            macro_definitions: &self.macro_definitions,
-            label_definitions: &self.label_definitions,
-            arguments: &IndexMap::new(),
-            id: new_id!(),
-        };
-        let mut assembled_tokens = Vec::new();
-        for token in &self.body {
-            let tokens = environment.reify_semantic_token(token);
-            assembled_tokens.extend(tokens);
-        }
-        return assembled_tokens;
-    }
-}
-
-
-pub struct Environment<'a> {
-    pub macro_definitions: &'a IndexMap<String, MacroDefinition>,
-    pub label_definitions: &'a IndexMap<String, LabelDefinition>,
-    pub arguments: &'a IndexMap<String, Argument>,
-    pub id: usize,
-}
-
-impl<'a> Environment<'a> {
-    // This is only ever called for the highest level body tokens, never for invocations.
-    fn reify_semantic_token(&self, token: &SemanticToken) -> Vec<AssembledToken> {
-        let mut assembled_tokens = Vec::new();
-        match token {
-            SemanticToken::Word(pbl) => {
-                let word = self.reify_packed_binary_literal(pbl);
-                assembled_tokens.push(AssembledToken::Word(word));
-            }
-            SemanticToken::Invocation(invocation) => {
-                match self.reify_invocation(invocation) {
-                    Ok(argument) => match argument {
-                        Argument::Block(block) => assembled_tokens.extend(block),
-                        Argument::Integer(_) => {
-                            let variant = AssemblerErrorVariant::NotABlock;
-                            let source = invocation.source.clone();
-                            let error = AssemblerError { source, variant };
-                            assembled_tokens.push(AssembledToken::Error(error))
-                        }
-                    }
-                    Err(error) => assembled_tokens.push(AssembledToken::Error(error)),
-                }
-            }
-            SemanticToken::LabelDefinition(definition) => {
-                assembled_tokens.push(AssembledToken::LabelDefinition(definition.clone()));
-            }
-            SemanticToken::PinnedAddress(address) => {
-                assembled_tokens.push(AssembledToken::PinnedAddress(address.clone()));
-            }
-            SemanticToken::Error(_) => (),
-        }
-        return assembled_tokens;
-    }
-
-    fn reify_packed_binary_literal(&self, pbl: &PackedBinaryLiteral) -> AssembledWord {
-        let mut assembled_fields = Vec::new();
-        let mut errors = Vec::new();
-        for field in &pbl.fields {
-            let name = field.name.to_string();
-            match self.reify_integer_reference(&name, &field.source) {
-                Ok(value) => assembled_fields.push(
-                    AssembledField {
-                        source: field.source.clone(),
-                        value,
-                        bits: field.bits,
-                        shift: field.shift,
-                    }
-                ),
-                Err(error) => errors.push(error),
-            };
-        }
-        let source = pbl.source.clone();
-        let value = pbl.value;
-        let bits = pbl.bits;
-        AssembledWord { source, bits, fields: assembled_fields, value, errors }
-    }
-
-    fn reify_integer_reference(&self, name: &str, source: &SourceSpan) -> Result<IntegerArgument, AssemblerError> {
-        match self.reify_reference(name, source)? {
-            Argument::Integer(integer) => Ok(integer),
-            Argument::Block(_) => Err(
-                AssemblerError {
-                    source: source.clone(),
-                    variant: ErrVar::NotAnInteger,
-                }
-            ),
-        }
-    }
-
-    fn reify_reference(&self, name: &str, source: &SourceSpan) -> Result<Argument, AssemblerError> {
-        let source = source.clone();
-        if let Some(argument) = self.arguments.get(name) {
-            Ok(argument.clone())
-        } else if let Some(definition) = self.macro_definitions.get(name) {
-            self.reify_value(&definition.value)
-        } else if let Some(label) = self.label_definitions.get(name) {
-            let name = Tracked::from(self.tag_label_name(&label.name), source);
-            Ok(Argument::Integer(IntegerArgument::LabelReference(name)))
-        } else {
-            let variant = ErrVar::DefinitionNotFound(name.to_string());
-            Err(AssemblerError { source, variant })
-        }
-    }
-
-    fn tag_label_name(&self, name: &str) -> String {
-        match name.contains(':') {
-            true => format!("{name}:{}", self.id),
-            false => name.to_string(),
-        }
-    }
-
-    fn reify_value(&self, value: &Value) -> Result<Argument, AssemblerError> {
-        match value {
-            Value::Integer(integer) => {
-                let value = match &integer {
-                    Integer::Literal(integer) => {
-                        IntegerArgument::Integer(integer.clone())
-                    }
-                    Integer::Expression(expr) => {
-                        let expr = self.reify_constant_expression(expr)?;
-                        IntegerArgument::Expression(expr)
-                    }
-                    Integer::LabelReference(name) => {
-                        let name = Tracked::from(self.tag_label_name(name), name.source.clone());
-                        IntegerArgument::LabelReference(name)
-                    }
-                    Integer::String(string) => {
-                        IntegerArgument::String(string.clone())
-                    }
-                };
-                Ok(Argument::Integer(value))
-            }
-            Value::Block(block) => {
-                let mut assembled_tokens = Vec::new();
-                for token in block {
-                    match &token {
-                        SemanticToken::Word(pbl) => {
-                            let word = self.reify_packed_binary_literal(pbl);
-                            assembled_tokens.push(AssembledToken::Word(word));
-                        }
-                        SemanticToken::Invocation(invocation) => {
-                            match self.reify_invocation(invocation)? {
-                                Argument::Block(block) => assembled_tokens.extend(block),
-                                Argument::Integer(_) => {
-                                    let source = invocation.source.clone();
-                                    let variant = AssemblerErrorVariant::IntegerInBlock;
-                                    return Err(AssemblerError { source, variant});
-                                }
-                            }
-                        }
-                        SemanticToken::LabelDefinition(definition) => {
-                            let mut definition = definition.clone();
-                            definition.name.push_str(&format!(":{}", self.id));
-                            let token = AssembledToken::LabelDefinition(definition);
-                            assembled_tokens.push(token);
-                        }
-                        SemanticToken::PinnedAddress(address) => {
-                            let token = AssembledToken::PinnedAddress(address.to_owned());
-                            assembled_tokens.push(token);
-                        }
-                        SemanticToken::Error(_) => (),
-                    }
-                }
-                Ok(Argument::Block(assembled_tokens))
-            }
-            Value::Invocation(invocation) => {
-                self.reify_invocation(invocation)
-            }
-        }
-    }
-
-    fn reify_invocation(&self, invocation: &Invocation) -> Result<Argument, AssemblerError> {
-        macro_rules! err {
-            ($variant:expr) => { Err(AssemblerError {
-                source: invocation.source.clone(), variant: $variant
-            }) };
-        }
-        if let Some(argument) = self.arguments.get(&invocation.name) {
-            let expected = 0;
-            let received = invocation.arguments.len();
-            if received != expected {
-                return err!(ErrVar::IncorrectArgumentCount(expected, received));
-            }
-            Ok(argument.clone())
-        } else if let Some(definition) = self.macro_definitions.get(&invocation.name) {
-            // Check that the correct number of arguments were provided.
-            let received = invocation.arguments.len();
-            let expected = definition.arguments.len();
-            if received != expected {
-                return err!(ErrVar::IncorrectArgumentCount(expected, received));
-            }
-            let mut arguments = IndexMap::new();
-            for (i, argument) in invocation.arguments.iter().enumerate() {
-                // Check that the correct types of arguments were provided.
-                let arg_invocation = self.reify_value(&argument.value)?;
-                let arg_invocation_type = match &arg_invocation {
-                    Argument::Integer(_) => ArgumentVariant::Integer,
-                    Argument::Block(_) => ArgumentVariant::Block,
-                };
-                let arg_definition_type = definition.arguments[i].variant;
-                if arg_invocation_type != arg_definition_type {
-                    let variant = ErrVar::IncorrectArgumentType(
-                        arg_definition_type, arg_invocation_type
-                    );
-                    return Err(AssemblerError { source: argument.source.clone(), variant });
-                }
-                let name = definition.arguments[i].name.clone();
-                arguments.insert(name, arg_invocation);
-            }
-            let environment = Environment {
-                macro_definitions: &self.macro_definitions,
-                label_definitions: &self.label_definitions,
-                arguments: &arguments,
-                id: new_id!(),
-            };
-            environment.reify_value(&definition.value)
-        } else if let Some(label) = self.label_definitions.get(&invocation.name) {
-            let expected = 0;
-            let received = invocation.arguments.len();
-            if received != expected {
-                return err!(ErrVar::IncorrectArgumentCount(expected, received));
-            }
-            let name = Tracked::from(self.tag_label_name(&label.name), label.source.clone());
-            Ok(Argument::Integer(IntegerArgument::LabelReference(name)))
-        } else {
-            err!(ErrVar::DefinitionNotFound(invocation.name.to_string()))
-        }
-    }
-
-    fn reify_constant_expression(&self, expr: &Expression) -> Result<AssembledExpression, AssemblerError> {
-        use ExpressionTokenVariant as ExprVar;
-
-        let mut assembled_tokens = Vec::new();
-        for token in &expr.tokens {
-            let assembled_token = match &token.variant {
-                ExprVar::Literal(value) => {
-                    let source = token.source.clone();
-                    let integer = TrackedInteger { source, value: *value };
-                    AssembledExpressionToken::Integer(integer)
-                }
-                ExprVar::Operator(operator) => {
-                    AssembledExpressionToken::Operator(*operator)
-                }
-                ExprVar::Invocation(name) => {
-                    match self.reify_integer_reference(&name, &token.source)? {
-                        IntegerArgument::LabelReference(name) => {
-                            AssembledExpressionToken::LabelReference(name)
-                        }
-                        IntegerArgument::Integer(integer) => {
-                            AssembledExpressionToken::Integer(integer)
-                        }
-                        IntegerArgument::Expression(expr) => {
-                            AssembledExpressionToken::Expression(Box::new(expr))
-                        },
-                        IntegerArgument::String(string) => {
-                            let source = string.source.clone();
-                            let variant = AssemblerErrorVariant::StringInExpression;
-                            return Err(AssemblerError { source, variant })
-                        }
-                    }
-                }
-                ExprVar::Error(_) => continue,
-            };
-            assembled_tokens.push(assembled_token);
-        }
-        Ok(AssembledExpression { source: expr.source.clone(), tokens: assembled_tokens })
-    }
-}
-
diff --git a/src/parsers/bytecode.rs b/src/parsers/bytecode.rs
deleted file mode 100644
index ed16e22..0000000
--- a/src/parsers/bytecode.rs
+++ /dev/null
@@ -1,191 +0,0 @@
-use crate::*;
-
-use std::collections::HashMap;
-
-
-pub struct BytecodeGenerator<'a> {
-    tokens: &'a [AssembledToken],
-    addresses: HashMap<String, Tracked<usize>>,
-    words: Vec<Word>,
-    errors: Vec<BytecodeError>,
-}
-
-impl<'a> BytecodeGenerator<'a> {
-    pub fn new(tokens: &'a [AssembledToken]) -> Self {
-        Self {
-            tokens,
-            addresses: HashMap::new(),
-            words: Vec::new(),
-            errors: Vec::new(),
-        }
-    }
-
-    pub fn generate(mut self) -> Bytecode {
-        self.calculate_addresses();
-        for token in self.tokens {
-            match token {
-                AssembledToken::Word(assembled_word) => {
-                    self.assemble_word(assembled_word);
-                }
-                AssembledToken::PinnedAddress(pinned) => {
-                    if self.words.len() > pinned.address {
-                        let variant = BytecodeErrorVariant::PinnedAddressBacktrack(
-                            pinned.address, self.words.len());
-                        let source = pinned.source.clone();
-                        self.errors.push(BytecodeError { source, variant });
-                    } else {
-                        self.words.resize(pinned.address, Word { bits: 0, value: 0});
-                    }
-                }
-                AssembledToken::LabelDefinition(_) => (),
-                AssembledToken::Error(_) => (),
-            }
-        }
-
-        return Bytecode {
-            words: self.words,
-            errors: self.errors,
-        }
-    }
-
-    fn calculate_addresses(&mut self) {
-        let mut i = 0;
-        for token in self.tokens {
-            match token {
-                AssembledToken::LabelDefinition(definition) => {
-                    let address = Tracked::from(i, definition.source.clone());
-                    if let Some(_) = self.addresses.insert(definition.name.clone(), address) {
-                        let name = definition.name.clone();
-                        let variant = BytecodeErrorVariant::DuplicateLabelDefinition(name);
-                        let source = definition.source.clone();
-                        self.errors.push(BytecodeError { source, variant });
-                    }
-                }
-                AssembledToken::Word(word) => {
-                    i += word.count();
-                }
-                AssembledToken::PinnedAddress(pinned) => {
-                    i = pinned.address;
-                }
-                AssembledToken::Error(_) => (),
-            }
-        }
-    }
-
-    fn resolve_expression(&mut self, expr: &AssembledExpression) -> isize {
-        let mut stack = Vec::new();
-            macro_rules! push {
-                ($value:expr) => { stack.push($value) };
-            }
-            macro_rules! pop {
-                ($name:ident) => { let $name = match stack.pop() {
-                    Some(value) => value,
-                    None => {
-                        let variant = BytecodeErrorVariant::StackUnderflow;
-                        self.errors.push(BytecodeError { source: expr.source.clone(), variant });
-                        return 0;
-                    },
-                }; };
-            }
-            macro_rules! truth {
-                ($bool:expr) => { match $bool { true => 1, false => 0 } };
-            }
-
-            for token in &expr.tokens {
-                match &token {
-                    AssembledExpressionToken::Integer(value) => {
-                        push!(value.value)
-                    }
-                    AssembledExpressionToken::LabelReference(name) => {
-                        push!(self.resolve_label_reference(name))
-                    }
-                    AssembledExpressionToken::Expression(expr) => {
-                        push!(self.resolve_expression(expr))
-                    }
-                    AssembledExpressionToken::Operator(operator) => match operator {
-                        Operator::Equal            => { pop!(b); pop!(a); push!(truth!(a==b)) },
-                        Operator::NotEqual         => { pop!(b); pop!(a); push!(truth!(a!=b)) },
-                        Operator::LessThan         => { pop!(b); pop!(a); push!(truth!(a < b)) },
-                        Operator::GreaterThan      => { pop!(b); pop!(a); push!(truth!(a > b)) },
-                        Operator::LessThanEqual    => { pop!(b); pop!(a); push!(truth!(a <= b)) },
-                        Operator::GreaterThanEqual => { pop!(b); pop!(a); push!(truth!(a >= b)) },
-                        Operator::Add              => { pop!(b); pop!(a); push!(a + b) },
-                        Operator::Subtract         => { pop!(b); pop!(a); push!(a - b) },
-                        Operator::LeftShift        => { pop!(b); pop!(a); push!(a << b) },
-                        Operator::RightShift       => { pop!(b); pop!(a); push!(a >> b) },
-                        Operator::And              => { pop!(b); pop!(a); push!(a & b) },
-                        Operator::Or               => { pop!(b); pop!(a); push!(a | b) },
-                        Operator::Xor              => { pop!(b); pop!(a); push!(a ^ b) },
-                        Operator::Not              => {          pop!(a); push!(!a) },
-                    }
-                }
-            }
-
-            let variant = match stack.len() {
-                0 => BytecodeErrorVariant::NoReturnValue,
-                1 => return stack[0],
-                _ => BytecodeErrorVariant::MultipleReturnValues,
-            };
-            self.errors.push(BytecodeError { source: expr.source.clone(), variant});
-            0
-    }
-
-    fn resolve_label_reference(&mut self, name: &Tracked<String>) -> isize {
-        if let Some(address) = self.addresses.get(&name.value) {
-            address.value as isize
-        } else {
-            let variant = BytecodeErrorVariant::DefinitionNotFound(name.value.clone());
-            self.errors.push(BytecodeError { source: name.source.clone(), variant });
-            0
-        }
-    }
-
-    fn assemble_word(&mut self, assembled_word: &AssembledWord) {
-        let mut field_values = Vec::new();
-        for field in &assembled_word.fields {
-            match &field.value {
-                IntegerArgument::Expression(expr) => {
-                    let source = expr.source.clone();
-                    let value = self.resolve_expression(expr);
-                    field_values.push(vec![Tracked::from(value, source)])
-                }
-                IntegerArgument::LabelReference(name) => {
-                    let source = name.source.clone();
-                    let value = self.resolve_label_reference(name);
-                    field_values.push(vec![Tracked::from(value, source)])
-                }
-                IntegerArgument::Integer(integer) => {
-                    let source = integer.source.clone();
-                    let value = integer.value;
-                    field_values.push(vec![Tracked::from(value, source)])
-                }
-                IntegerArgument::String(string) => {
-                    let values = string.chars.iter()
-                        .map(|c| Tracked::from(c.value as isize, c.source.clone()))
-                        .collect();
-                    field_values.push(values);
-                }
-            };
-        }
-        for i in 0..assembled_word.count() {
-            let mut value = assembled_word.value;
-            for (f, field) in assembled_word.fields.iter().enumerate() {
-                let (field_value, source) = match field_values[f].get(i) {
-                    Some(tracked) => (tracked.value, Some(tracked.source.clone())),
-                    None => (0, None),
-                };
-                let bitcount = match field_value {
-                    0 => 0,
-                    _ => (field_value.ilog2() + 1) as usize,
-                };
-                if field.bits < bitcount {
-                    let variant = BytecodeErrorVariant::ValueTooLarge(field.bits, bitcount);
-                    self.errors.push(BytecodeError { source: source.unwrap(), variant });
-                } else {
-                    value |= (field_value << field.shift) as usize;
-                }
-            }
-            self.words.push(Word { bits: assembled_word.bits, value });
-        }
-    }
-}
diff --git a/src/parsers/expression.rs b/src/parsers/expression.rs
deleted file mode 100644
index e938881..0000000
--- a/src/parsers/expression.rs
+++ /dev/null
@@ -1,52 +0,0 @@
-use crate::*;
-
-
-pub fn parse_constant_expression(mut t: Tokeniser, source: SourceSpan) -> Expression {
-    use ExpressionTokenVariant as TokenVar;
-    use ExpressionParseError as ParseError;
-
-    let mut tokens = Vec::new();
-
-    loop {
-        t.eat_whitespace();
-        t.mark_start();
-        let token = t.eat_token();
-        if token.is_empty() {
-            break;
-        }
-
-        let variant = match token.as_str() {
-            "=" => TokenVar::Operator(Operator::Equal),
-            "!=" => TokenVar::Operator(Operator::NotEqual),
-            "<" => TokenVar::Operator(Operator::LessThan),
-            ">" => TokenVar::Operator(Operator::GreaterThan),
-            "<=" => TokenVar::Operator(Operator::LessThanEqual),
-            ">=" => TokenVar::Operator(Operator::GreaterThanEqual),
-            "+" => TokenVar::Operator(Operator::Add),
-            "-" => TokenVar::Operator(Operator::Subtract),
-            "<<" => TokenVar::Operator(Operator::LeftShift),
-            ">>" => TokenVar::Operator(Operator::RightShift),
-            "&" => TokenVar::Operator(Operator::And),
-            "|" => TokenVar::Operator(Operator::Or),
-            "^" => TokenVar::Operator(Operator::Xor),
-            "~" => TokenVar::Operator(Operator::Not),
-            _ => if let Some(stripped) = token.strip_prefix("0x") {
-                match usize::from_str_radix(stripped, 16) {
-                    Ok(value) => TokenVar::Literal(value as isize),
-                    Err(_) => TokenVar::Error(
-                        ParseError::InvalidHexadecimalLiteral(stripped.to_string())),
-                }
-            } else {
-                match usize::from_str_radix(&token, 10) {
-                    Ok(value) => TokenVar::Literal(value as isize),
-                    Err(_) => TokenVar::Invocation(token.to_string()),
-                }
-            }
-        };
-
-        let source = t.get_source();
-        tokens.push(ExpressionToken { source, variant });
-    }
-
-    return Expression { source, tokens };
-}
diff --git a/src/parsers/mod.rs b/src/parsers/mod.rs
deleted file mode 100644
index da2c23a..0000000
--- a/src/parsers/mod.rs
+++ /dev/null
@@ -1,15 +0,0 @@
-mod expression;
-mod packed_binary_literal;
-
-pub use expression::*;
-pub use packed_binary_literal::*;
-
-mod syntactic;
-mod semantic;
-mod assembler;
-mod bytecode;
-
-pub use syntactic::*;
-pub use semantic::*;
-pub use assembler::*;
-pub use bytecode::*;
diff --git a/src/parsers/packed_binary_literal.rs b/src/parsers/packed_binary_literal.rs
deleted file mode 100644
index 18f8da7..0000000
--- a/src/parsers/packed_binary_literal.rs
+++ /dev/null
@@ -1,85 +0,0 @@
-use crate::*;
-
-
-/// t is a Tokeniser over the characters of the PBL, excluding the leading hash.
-pub fn parse_packed_binary_literal(mut t: Tokeniser, source: SourceSpan) -> PackedBinaryLiteral  {
-    use PackedBinaryLiteralParseError as ParseError;
-    use PackedBinaryLiteralParseErrorVariant as ParseErrorVar;
-
-    let mut value = 0;
-    let mut bits = 0;
-    let mut field_bits = 0;
-    let mut name = '\0';
-    let mut fields: Vec<BitField> = Vec::new();
-    let mut errors: Vec<ParseError> = Vec::new();
-
-    macro_rules! push_field {
-        () => {
-            if fields.iter().any(|f| f.name == name) {
-                let variant = ParseErrorVar::DuplicateFieldName(name);
-                errors.push(ParseError { source: t.get_source(), variant });
-            } else {
-                fields.push(BitField { name, source: t.get_source(), bits: field_bits, shift: 0 });
-            }
-        };
-    }
-
-    while let Some(c) = t.eat_char() {
-        // Ignore underscores.
-        if c == '_' {
-            t.mark.undo();
-            continue;
-        }
-
-        // Add a bit to the value;
-        value <<= 1;
-        bits += 1;
-        for field in &mut fields {
-            field.shift += 1;
-        }
-
-        // Extend the current field.
-        if c == name {
-            field_bits += 1;
-            continue;
-        }
-
-        // Commit the current field.
-        if field_bits > 0 {
-            t.mark_end_prev();
-            push_field!();
-            field_bits = 0;
-            name = '\0';
-        }
-
-        // Parse bit literals.
-        if c == '0' {
-            continue;
-        }
-        if c == '1' {
-            value |= 1;
-            continue;
-        }
-
-        t.mark_start_prev();
-        if c.is_alphabetic() {
-            name = c;
-            field_bits = 1;
-            continue;
-        } else {
-            let source = t.get_source();
-            let variant = ParseErrorVar::InvalidCharacter(c);
-            errors.push(ParseError { source, variant });
-        }
-    }
-
-    // Commit the final field.
-    for field in &mut fields {
-        field.shift += 1;
-    }
-    if field_bits > 0 {
-        push_field!();
-    }
-
-    PackedBinaryLiteral { source, bits, value, fields, errors }
-}
diff --git a/src/parsers/semantic.rs b/src/parsers/semantic.rs
deleted file mode 100644
index 00cfc80..0000000
--- a/src/parsers/semantic.rs
+++ /dev/null
@@ -1,352 +0,0 @@
-use crate::*;
-use SyntacticTokenVariant as SynVar;
-
-use std::collections::VecDeque;
-
-use indexmap::IndexMap;
-
-
-macro_rules! fn_is_syn_variant {
-    ($name:ident, $variant:ty) => { paste::paste! {
-        fn [< is_ $name >](token: &SyntacticToken) -> bool {
-            match token.variant { $variant => true, _ => false, }
-    } } }; }
-fn_is_syn_variant!(block_open, SyntacticTokenVariant::BlockOpen);
-fn_is_syn_variant!(block_close, SyntacticTokenVariant::BlockClose);
-fn_is_syn_variant!(separator, SyntacticTokenVariant::Separator);
-fn_is_syn_variant!(terminator, SyntacticTokenVariant::MacroDefinitionTerminator);
-
-
-pub struct SemanticParser {
-    tokens: Tokens,
-    macro_definitions: IndexMap<String, MacroDefinition>,
-    label_definitions: IndexMap<String, LabelDefinition>,
-    body: Vec<SemanticToken>,
-}
-
-impl SemanticParser {
-    pub fn new(syntactic_tokens: Vec<SyntacticToken>) -> Self {
-        // Gather all labels ahead of time.
-        let mut label_definitions = IndexMap::new();
-        for token in &syntactic_tokens {
-            if let SyntacticTokenVariant::LabelDefinition(name) = &token.variant {
-                let definition = LabelDefinition {
-                    source: token.source.clone(),
-                    name: name.clone(),
-                };
-                let None = label_definitions.insert(name.to_string(), definition) else {
-                    unreachable!("Duplicate definition for label {name:?}");
-                };
-            }
-        }
-        Self {
-            tokens: Tokens::new(syntactic_tokens),
-            macro_definitions: IndexMap::new(),
-            label_definitions,
-            body: Vec::new(),
-        }
-    }
-
-    pub fn parse(mut self) -> SemanticProgram {
-        while let Some(syn) = self.tokens.pop() {
-            match syn.variant {
-                SynVar::MacroDefinition(name) => {
-                    let Ok(definition_tokens) = self.tokens.pull_until(is_terminator) else {
-                        let variant = SemanticParseErrorVariant::UnterminatedMacroDefinition(name);
-                        let error = SemanticParseError { source: syn.source, variant };
-                        self.body.push(SemanticToken::Error(error));
-                        break;
-                    };
-                    let definition = MacroDefinitionParser::new(syn.source, definition_tokens).parse();
-                    let None = self.macro_definitions.insert(name.clone(), definition) else {
-                        unreachable!("Duplicate definition for macro {name}");
-                    };
-                }
-                SynVar::LabelDefinition(name) => {
-                    let label_definition = LabelDefinition { source: syn.source, name };
-                    self.body.push(SemanticToken::LabelDefinition(label_definition));
-                }
-                SynVar::PinnedAddress(address) => {
-                    let pinned_address = PinnedAddress { source: syn.source, address };
-                    self.body.push(SemanticToken::PinnedAddress(pinned_address));
-                }
-                SynVar::Symbol(name) => {
-                    let invocation = InvocationParser::new(name, syn.source, &mut self.tokens).parse();
-                    self.body.push(SemanticToken::Invocation(invocation));
-                }
-                SynVar::PackedBinaryLiteral(pbl) => {
-                    self.body.push(SemanticToken::Word(pbl));
-                }
-                _ => {
-                    let variant = SemanticParseErrorVariant::InvalidToken;
-                    let error = SemanticParseError { source: syn.source, variant };
-                    self.body.push(SemanticToken::Error(error));
-                }
-            }
-        }
-
-        SemanticProgram {
-            macro_definitions: self.macro_definitions,
-            label_definitions: self.label_definitions,
-            body: self.body,
-        }
-    }
-}
-
-
-pub struct MacroDefinitionParser {
-    source: SourceSpan,
-    tokens: Tokens,
-    arguments: Vec<ArgumentDefinition>,
-    errors: Vec<SemanticParseError>,
-}
-
-impl MacroDefinitionParser {
-    pub fn new(source: SourceSpan, tokens: Tokens) -> Self {
-        Self {
-            tokens,
-            source,
-            arguments: Vec::new(),
-            errors: Vec::new(),
-        }
-    }
-
-    pub fn parse(mut self) -> MacroDefinition {
-        while let Some(definition) = self.parse_argument_definition() {
-            self.arguments.push(definition)
-        }
-        MacroDefinition {
-            value: self.parse_body(),
-            source: self.source,
-            arguments: self.arguments,
-            errors: self.errors,
-        }
-    }
-
-    fn parse_argument_definition(&mut self) -> Option<ArgumentDefinition> {
-        // Only continue if the first token is a separator.
-        self.tokens.pop_if(is_separator)?;
-
-        // Pop argument tokens.
-        let is_block = match self.tokens.pop_if(is_block_open) {
-            Some(_) => true,
-            None => false,
-        };
-        let token = self.tokens.pop();
-        if is_block {
-            self.tokens.pop_if(is_block_close);
-        }
-        // Parse argument token.
-        let token = token?;
-        let source = token.source;
-        if let SynVar::Symbol(name) = token.variant {
-            let variant = match is_block {
-                true => ArgumentVariant::Block,
-                false => ArgumentVariant::Integer,
-            };
-            Some(ArgumentDefinition { name, source, variant })
-        } else {
-            let variant = SemanticParseErrorVariant::InvalidToken;
-            self.errors.push(SemanticParseError { source, variant});
-            None
-        }
-    }
-
-    fn parse_body(&mut self) -> Value {
-        // Attempt to parse an Integer.
-        if self.tokens.len() == 1 {
-            let token = self.tokens.pop().unwrap();
-            match token.variant {
-                SynVar::IntegerLiteral(value) => {
-                    let integer = TrackedInteger { source: token.source, value };
-                    return Value::Integer(Integer::Literal(integer));
-                }
-                SynVar::Expression(expr) => {
-                    return Value::Integer(Integer::Expression(expr));
-                }
-                _ => (),
-            }
-            self.tokens.unpop(token);
-        }
-        // Parse a Block.
-        let mut block = BlockParser::new(self.tokens.take()).parse();
-        // If the block contains a single invocation, unwrap it.
-        if block.len() == 1 {
-            match block.pop() {
-                Some(SemanticToken::Invocation(invocation)) => return Value::Invocation(invocation),
-                Some(other) => block.push(other),
-                None => (),
-            };
-        }
-        return Value::Block(block);
-    }
-}
-
-
-/// Parse an entire block, excluding delimiters.
-pub struct BlockParser {
-    tokens: Tokens,
-    semantic_tokens: Vec<SemanticToken>,
-}
-
-impl BlockParser {
-    pub fn new(tokens: Tokens) -> Self {
-        Self { tokens, semantic_tokens: Vec::new() }
-    }
-
-    pub fn parse(mut self) -> Vec<SemanticToken> {
-        while let Some(token) = self.tokens.pop() {
-            let source = token.source;
-            match token.variant {
-                SynVar::Symbol(name) => {
-                    let invocation = InvocationParser::new(name, source, &mut self.tokens).parse();
-                    self.semantic_tokens.push(SemanticToken::Invocation(invocation));
-                }
-                SynVar::PackedBinaryLiteral(pbl) => {
-                    self.semantic_tokens.push(SemanticToken::Word(pbl));
-                }
-                SynVar::LabelDefinition(name) => {
-                    let label_definition = LabelDefinition { source, name };
-                    self.semantic_tokens.push(SemanticToken::LabelDefinition(label_definition));
-                }
-                _ => {
-                    let variant = SemanticParseErrorVariant::InvalidToken;
-                    let error = SemanticParseError { source, variant };
-                    self.semantic_tokens.push(SemanticToken::Error(error));
-                }
-            }
-        }
-        return self.semantic_tokens;
-    }
-}
-
-
-struct InvocationParser<'a> {
-    name: String,
-    source: SourceSpan,
-    tokens: &'a mut Tokens,
-    arguments: Vec<ArgumentInvocation>,
-    errors: Vec<SemanticParseError>,
-}
-
-impl<'a> InvocationParser<'a> {
-    pub fn new(name: String, source: SourceSpan, tokens: &'a mut Tokens) -> Self {
-        Self { name, source, tokens, arguments: Vec::new(), errors: Vec::new() }
-    }
-
-    pub fn parse(mut self) -> Invocation {
-        while let Some(argument) = self.parse_invocation_argument() {
-            self.arguments.push(argument);
-        }
-        Invocation {
-            name: self.name,
-            source: self.source,
-            arguments: self.arguments,
-            errors: self.errors,
-        }
-    }
-
-    fn parse_invocation_argument(&mut self) -> Option<ArgumentInvocation> {
-        // Only continue if the first token is a separator.
-        self.tokens.pop_if(is_separator)?;
-
-        if let Some(block_open) = self.tokens.pop_if(is_block_open) {
-            let source = block_open.source;
-            let mut depth = 1;
-            let is_matching_block_close = |token: &SyntacticToken| {
-                match token.variant {
-                    SyntacticTokenVariant::BlockOpen => {
-                        depth += 1; false }
-                    SyntacticTokenVariant::BlockClose => {
-                        depth -= 1; depth == 0 }
-                    _ => false,
-                }
-            };
-            if let Ok(block_tokens) = self.tokens.pull_until(is_matching_block_close) {
-                let block = BlockParser::new(block_tokens).parse();
-                Some(ArgumentInvocation { source, value: Value::Block(block) })
-            } else {
-                let variant = SemanticParseErrorVariant::UnterminatedBlock;
-                self.errors.push(SemanticParseError { source, variant });
-                None
-            }
-        } else {
-            let token = self.tokens.pop()?;
-            let source = token.source;
-            match token.variant {
-                SynVar::Symbol(name) => {
-                    let arguments = Vec::new();
-                    let errors = Vec::new();
-                    let invocation = Invocation { source: source.clone(), name, arguments, errors };
-                    let value = Value::Invocation(invocation);
-                    Some(ArgumentInvocation { source, value })
-                }
-                SynVar::IntegerLiteral(value) => {
-                    let integer = TrackedInteger { source: source.clone(), value };
-                    let value = Value::Integer(Integer::Literal(integer));
-                    Some(ArgumentInvocation { source, value })
-                }
-                SynVar::String(string) => {
-                    let value = Value::Integer(Integer::String(string));
-                    Some(ArgumentInvocation { source, value })
-                }
-                SynVar::Expression(expr) => {
-                    let value = Value::Integer(Integer::Expression(expr));
-                    Some(ArgumentInvocation { source, value })
-                }
-                _ => {
-                    let variant = SemanticParseErrorVariant::InvalidToken;
-                    self.errors.push(SemanticParseError { source, variant });
-                    None
-                }
-            }
-        }
-    }
-}
-
-
-pub struct Tokens {
-    tokens: VecDeque<SyntacticToken>,
-}
-
-impl Tokens {
-    pub fn new<T: Into<VecDeque<SyntacticToken>>>(tokens: T) -> Self {
-        Self { tokens: tokens.into() }
-    }
-
-    pub fn pop(&mut self) -> Option<SyntacticToken> {
-        self.tokens.pop_front()
-    }
-
-    pub fn pop_if(&mut self, predicate: fn(&SyntacticToken) -> bool) -> Option<SyntacticToken> {
-        match predicate(self.tokens.front()?) {
-            true => self.tokens.pop_front(),
-            false => None,
-        }
-    }
-
-    pub fn unpop(&mut self, token: SyntacticToken) {
-        self.tokens.push_front(token);
-    }
-
-    /// Pull tokens until the predicate returns true, otherwise return Err.
-    pub fn pull_until(&mut self, mut predicate: impl FnMut(&SyntacticToken) -> bool) -> Result<Self, ()> {
-        let mut output = VecDeque::new();
-        while let Some(token) = self.tokens.pop_front() {
-            match predicate(&token) {
-                true => return Ok(Self::new(output)),
-                false => output.push_back(token),
-            };
-        }
-        return Err(());
-    }
-
-    pub fn take(&mut self) -> Self {
-        Self { tokens: std::mem::take(&mut self.tokens) }
-    }
-
-    pub fn len(&self) -> usize {
-        self.tokens.len()
-    }
-}
-
diff --git a/src/parsers/syntactic.rs b/src/parsers/syntactic.rs
deleted file mode 100644
index f3fcec1..0000000
--- a/src/parsers/syntactic.rs
+++ /dev/null
@@ -1,172 +0,0 @@
-use crate::*;
-
-
-pub struct SyntacticParser {
-    tokeniser: Tokeniser,
-    tokens: Vec<SyntacticToken>,
-    /// The name of the macro being parsed.
-    macro_name: Option<String>,
-    /// The name of the most recent label.
-    label_name: String,
-}
-
-impl SyntacticParser {
-    pub fn new<P: Into<PathBuf>>(source_code: &str, path: Option<P>) -> Self {
-        let mut tokeniser = Tokeniser::new(source_code, path);
-        tokeniser.add_delimiters(&['@','%',';',':','{','}','(','[','#','~']);
-        Self {
-            tokeniser,
-            tokens: Vec::new(),
-            macro_name: None,
-            label_name: String::new(),
-        }
-    }
-
-    pub fn parse(mut self) -> Vec<SyntacticToken> {
-        use SyntacticTokenVariant as SynVar;
-        use SyntacticParseError as SynErr;
-        let t = &mut self.tokeniser;
-
-        loop {
-            t.eat_whitespace();
-            t.mark_start();
-            let Some(c) = t.eat_char() else { break };
-            let variant = match c {
-                ':' => SynVar::Separator,
-                '{' => SynVar::BlockOpen,
-                '}' => SynVar::BlockClose,
-                '@' => match &self.macro_name {
-                    Some(_) => {
-                        t.eat_token();
-                        SynVar::Error(SynErr::LabelInMacroDefinition)
-                    }
-                    None => {
-                        self.label_name = t.eat_token();
-                        SynVar::LabelDefinition(self.label_name.clone())
-                    }
-                }
-                '&' => match &self.macro_name {
-                    Some(macro_name) => {
-                        let label_name = format!("{macro_name}:{}", t.eat_token());
-                        SynVar::LabelDefinition(label_name)
-                    }
-                    None => {
-                        let label_name = &self.label_name;
-                        let sublabel_name = format!("{label_name}/{}", t.eat_token());
-                        SynVar::LabelDefinition(sublabel_name)
-                    }
-                }
-                '%' => {
-                    let macro_name = t.eat_token();
-                    self.macro_name = Some(macro_name.clone());
-                    SynVar::MacroDefinition(macro_name)
-                }
-                ';' => {
-                    self.macro_name = None;
-                    SynVar::MacroDefinitionTerminator
-                }
-                '[' => {
-                    t.mark_child();
-                    match t.eat_to_delimiter(']') {
-                        Some(_) => {
-                            let child = t.subtokenise();
-                            t.mark_end();
-                            let expr = parse_constant_expression(child, t.get_source());
-                            SynVar::Expression(expr)
-                        }
-                        None => SynVar::Error(SynErr::UnterminatedExpression),
-                    }
-                }
-                '"' => {
-                    t.mark_child();
-                    match t.eat_to_delimiter('"') {
-                        Some(string) => {
-                            let child = t.subtokenise();
-                            t.mark_end();
-                            let chars = parse_tracked_chars(child);
-                            let tracked_string = TrackedString {
-                                source: t.get_source(), string, chars,
-                            };
-                            SynVar::String(tracked_string)
-                        }
-                        None => SynVar::Error(SynErr::UnterminatedString),
-                    }
-                }
-                '(' => match t.eat_to_delimiter(')') {
-                    Some(string) => {
-                        // Check if the comment fills the entire line.
-                        if t.start.position.column == 0 && t.end_of_line() {
-                            if let Some(path) = string.strip_prefix(": ") {
-                                t.embedded_path = Some(PathBuf::from(path.trim()));
-                                t.embedded_first_line = t.start.position.line + 1;
-                            }
-                        }
-                        continue;
-                    },
-                    None => SynVar::Error(SynErr::UnterminatedComment),
-                }
-                '|' => {
-                    let token = t.eat_token();
-                    if let Some(hex_string) = token.strip_prefix("0x") {
-                        match usize::from_str_radix(hex_string, 16) {
-                            Ok(addr) => SynVar::PinnedAddress(addr),
-                            Err(_) => SynVar::Error(SynErr::InvalidHexadecimalLiteral(token)),
-                        }
-                    } else {
-                        match usize::from_str_radix(&token, 10) {
-                            Ok(addr) => SynVar::PinnedAddress(addr),
-                            Err(_) => SynVar::Error(SynErr::InvalidDecimalLiteral(token)),
-                        }
-                    }
-                }
-                '#' => {
-                    t.mark_child();
-                    t.eat_token();
-                    let pbl = parse_packed_binary_literal(t.subtokenise(), t.get_source());
-                    SynVar::PackedBinaryLiteral(pbl)
-                },
-                '~' => match &self.macro_name {
-                    Some(macro_name) => {
-                        let symbol_name = format!("{macro_name}:{}", t.eat_token());
-                        SynVar::Symbol(symbol_name)
-                    }
-                    None => {
-                        let label_name = &self.label_name;
-                        let symbol_name = format!("{label_name}/{}", t.eat_token());
-                        SynVar::Symbol(symbol_name)
-                    }
-                }
-                c => {
-                    let token = format!("{c}{}", t.eat_token());
-                    if let Some(hex_string) = token.strip_prefix("0x") {
-                        match usize::from_str_radix(hex_string, 16) {
-                            Ok(value) => SynVar::IntegerLiteral(value as isize),
-                            Err(_) => SynVar::Error(SynErr::InvalidHexadecimalLiteral(token)),
-                        }
-                    } else {
-                        match usize::from_str_radix(&token, 10) {
-                            Ok(value) => SynVar::IntegerLiteral(value as isize),
-                            Err(_) => SynVar::Symbol(token),
-                        }
-                    }
-                }
-            };
-
-            t.mark_end();
-            let source = t.get_source();
-            self.tokens.push(SyntacticToken { source, variant });
-        }
-
-        return self.tokens;
-    }
-}
-
-
-fn parse_tracked_chars(mut t: Tokeniser) -> Vec<Tracked<char>> {
-    let mut output = Vec::new();
-    while let Some(c) = t.eat_char() {
-        output.push(Tracked::from(c, t.get_source()));
-        t.mark_start();
-    }
-    return output;
-}
diff --git a/src/report.rs b/src/report.rs
deleted file mode 100644
index a88de4f..0000000
--- a/src/report.rs
+++ /dev/null
@@ -1,235 +0,0 @@
-use crate::*;
-
-
-static mut ERROR_REPORTED: bool = false;
-
-macro_rules! report_source_error {
-    ($context:expr, $message:expr) => {
-        report_source_issue(LogLevel::Error, $context, $message);
-        unsafe { ERROR_REPORTED = true; }
-    };
-}
-
-macro_rules! exit_if_error_reported {
-    () => {
-        if unsafe { ERROR_REPORTED } {
-            std::process::exit(1);
-        }
-    };
-}
-
-pub fn report_syntactic_errors(syntactic_tokens: &[SyntacticToken], source_code: &str) {
-    use SyntacticTokenVariant as SynVar;
-    for token in syntactic_tokens {
-        let context = Context { source_code: &source_code, source: &token.source };
-        match &token.variant {
-            SynVar::Expression(expr) => for t in &expr.tokens {
-                let context = Context { source_code: &source_code, source: &t.source };
-                if let ExpressionTokenVariant::Error(err) = &t.variant {
-                    let ExpressionParseError::InvalidHexadecimalLiteral(hex) = err;
-                    let message = format!("Invalid hexadecimal literal {hex:?} in constant expression");
-                    report_source_error!(&context, &message);
-                }
-            }
-            SynVar::PackedBinaryLiteral(pbl) => for e in &pbl.errors {
-                let context = Context { source_code: &source_code, source: &e.source };
-                match &e.variant {
-                    PackedBinaryLiteralParseErrorVariant::DuplicateFieldName(name) => {
-                        let message = format!("Duplicate field name {name:?} in packed binary literal");
-                        report_source_error!(&context, &message);
-                    }
-                    PackedBinaryLiteralParseErrorVariant::InvalidCharacter(c) => {
-                        let message = format!("Invalid character {c:?} in packed binary literal");
-                        report_source_error!(&context, &message);
-                    }
-                }
-            }
-            SynVar::Error(err) => match err {
-                SyntacticParseError::InvalidHexadecimalLiteral(hex) => {
-                    let message = format!("Invalid hexadecimal literal {hex:?}");
-                    report_source_error!(&context, &message);
-                }
-                SyntacticParseError::InvalidDecimalLiteral(dec) => {
-                    let message = format!("Invalid decimal literal {dec:?}");
-                    report_source_error!(&context, &message);
-                }
-                SyntacticParseError::InvalidSymbolIdentifier(name) => {
-                    let message = format!("Invalid identifier {name:?}");
-                    report_source_error!(&context, &message);
-                }
-                SyntacticParseError::UnterminatedComment => {
-                    let message = format!("Unterminated comment");
-                    report_source_error!(&context, &message);
-                }
-                SyntacticParseError::UnterminatedString => {
-                    let message = format!("Unterminated string");
-                    report_source_error!(&context, &message);
-                }
-                SyntacticParseError::UnterminatedExpression => {
-                    let message = format!("Unterminated assembler expression");
-                    report_source_error!(&context, &message);
-                }
-                SyntacticParseError::LabelInMacroDefinition => {
-                    let message = format!("Only sublabels can be used in macro definitions");
-                    report_source_error!(&context, &message);
-                }
-            }
-            _ => (),
-        }
-    }
-    exit_if_error_reported!();
-}
-
-
-pub fn report_semantic_errors(program: &SemanticProgram, source_code: &str) {
-    for (_, definition) in &program.macro_definitions {
-        report_value_errors(&definition.value, source_code);
-    }
-    for token in &program.body {
-        report_semantic_token_errors(token, source_code);
-    }
-    exit_if_error_reported!();
-}
-
-fn report_value_errors(definition: &Value, source_code: &str) {
-    match definition {
-        Value::Integer(integer) => match integer {
-            Integer::Expression(expr) => for token in &expr.tokens {
-                if let ExpressionTokenVariant::Error(error) = &token.variant {
-                    let message = match error {
-                        ExpressionParseError::InvalidHexadecimalLiteral(hex) =>
-                            format!("Invalid hexadecimal literal '{hex}' in constant expression"),
-                    };
-                    let context = Context { source: &token.source, source_code};
-                    report_source_error!(&context, &message);
-                }
-            }
-            _ => (),
-        }
-        Value::Block(block) => {
-            for token in block {
-                report_semantic_token_errors(token, source_code);
-            }
-        }
-        Value::Invocation(invocation) => report_invocation_errors(invocation, source_code),
-    }
-}
-
-fn report_semantic_token_errors(token: &SemanticToken, source_code: &str) {
-    match &token {
-        SemanticToken::Word(pbl) => for error in &pbl.errors {
-            let message = match &error.variant {
-                PackedBinaryLiteralParseErrorVariant::DuplicateFieldName(name) =>
-                    format!("Duplicate field name '{name}' in packed binary literal"),
-                PackedBinaryLiteralParseErrorVariant::InvalidCharacter(c) =>
-                    format!("Invalid character '{c}' in packed binary literal"),
-            };
-            let context = Context { source: &error.source, source_code };
-            report_source_error!(&context, &message);
-        }
-        SemanticToken::Invocation(invocation) => {
-            report_invocation_errors(invocation, source_code)
-        }
-        SemanticToken::Error(error) => {
-            report_semantic_error(error, source_code)
-        }
-        SemanticToken::LabelDefinition(_) => (),
-        SemanticToken::PinnedAddress(_) => (),
-    }
-}
-
-fn report_invocation_errors(invocation: &Invocation, source_code: &str) {
-    for error in &invocation.errors {
-        report_semantic_error(&error, source_code);
-    }
-    for argument in &invocation.arguments {
-        report_value_errors(&argument.value, source_code);
-    }
-}
-
-fn report_semantic_error(error: &SemanticParseError, source_code: &str) {
-    let message = match &error.variant {
-        SemanticParseErrorVariant::UnterminatedMacroDefinition(name) =>
-            format!("The macro definition '{name}' is missing a terminating ';' character"),
-        SemanticParseErrorVariant::UnterminatedBlock =>
-            format!("Block literal is missing a terminating '}}' character"),
-        SemanticParseErrorVariant::InvalidToken =>
-            format!("Invalid token"),
-    };
-    let context = Context { source: &error.source, source_code};
-    report_source_error!(&context, &message);
-}
-
-
-pub fn report_assembler_errors(tokens: &[AssembledToken], source_code: &str) {
-    for token in tokens {
-        match token {
-            AssembledToken::Word(word) => {
-                for error in &word.errors {
-                    report_assembler_error(&error, source_code);
-                }
-            }
-            AssembledToken::Error(error) => {
-                report_assembler_error(error, source_code);
-            },
-            _ => (),
-        }
-    }
-    exit_if_error_reported!();
-}
-
-fn report_assembler_error(error: &AssemblerError, source_code: &str) {
-    let message = match &error.variant {
-        AssemblerErrorVariant::DefinitionNotFound(name) =>
-            format!("Definition not found for name '{name}'"),
-        AssemblerErrorVariant::NotABlock =>
-            format!("Value of type block was expected here"),
-        AssemblerErrorVariant::NotAnInteger =>
-            format!("Value of type integer was expected here"),
-        AssemblerErrorVariant::IntegerInBlock =>
-            format!("Integer in block"),
-        AssemblerErrorVariant::StringInExpression =>
-            format!("Expressions cannot contain strings"),
-        AssemblerErrorVariant::IncorrectArgumentCount(expected, received) =>
-            format!("Expected {expected} arguments, but received {received} instead"),
-        AssemblerErrorVariant::IncorrectArgumentType(expected, received) =>
-            format!("Expected {expected} argument but received {received} instead"),
-    };
-    let context = Context {
-        source_code: &source_code,
-        source: &error.source,
-    };
-    report_source_error!(&context, &message);
-}
-
-
-pub fn report_bytecode_errors(bytecode: &Bytecode, source_code: &str) {
-    for error in &bytecode.errors {
-        report_bytecode_error(error, source_code);
-    }
-    exit_if_error_reported!();
-}
-
-pub fn report_bytecode_error(error: &BytecodeError, source_code: &str) {
-    let message = match &error.variant {
-        BytecodeErrorVariant::DefinitionNotFound(name) =>
-            format!("Could not find definition for label reference '{name}'"),
-        BytecodeErrorVariant::DuplicateLabelDefinition(name) =>
-            format!("Duplicate definition for label '{name}'"),
-        BytecodeErrorVariant::PinnedAddressBacktrack(expected, received) =>
-            format!("Cannot pin back to address {expected} when already at address {received}"),
-        BytecodeErrorVariant::ValueTooLarge(expected, received) =>
-            format!("Expected {expected}-bit value, but received {received}-bit value instead"),
-        BytecodeErrorVariant::StackUnderflow =>
-            format!("Stack underflow when evaluating expression"),
-        BytecodeErrorVariant::NoReturnValue =>
-            format!("No value left on stack when evaluating expression"),
-        BytecodeErrorVariant::MultipleReturnValues =>
-            format!("More than one value left on stack when evaluating expression"),
-    };
-    let context = Context {
-        source_code: &source_code,
-        source: &error.source,
-    };
-    report_source_error!(&context, &message);
-}
diff --git a/src/stages/bytecode.rs b/src/stages/bytecode.rs
new file mode 100644
index 0000000..3618b26
--- /dev/null
+++ b/src/stages/bytecode.rs
@@ -0,0 +1,182 @@
+use crate::*;
+
+use std::collections::HashMap;
+
+
+pub fn parse_bytecode(tokens: Vec<Tracked<IntermediateToken>>, width: Option<u32>) -> Result<Vec<Segment>, Vec<Tracked<BytecodeError>>> {
+    BytecodeParser::new(width).parse(tokens)
+}
+
+
+pub struct BytecodeParser {
+    width: Option<u32>,
+    addresses: HashMap<String, Tracked<usize>>,
+    address: usize,
+    segment_address: usize,
+    segment_source: Option<SourceSpan>,
+    segments: Vec<Segment>,
+    words: Vec<Tracked<Word>>,
+    errors: Vec<Tracked<BytecodeError>>,
+}
+
+impl BytecodeParser {
+    pub fn new(width: Option<u32>) -> Self {
+        Self {
+            width,
+            addresses: HashMap::new(),
+            address: 0,
+            segment_address: 0,
+            segment_source: None,
+            segments: Vec::new(),
+            words: Vec::new(),
+            errors: Vec::new(),
+        }
+    }
+
+    pub fn parse(mut self, tokens: Vec<Tracked<IntermediateToken>>) -> Result<Vec<Segment>, Vec<Tracked<BytecodeError>>> {
+        // Calculate all label addresses ahead of time.
+        let mut address = 0;
+        for token in &tokens {
+            let source = &token.source;
+            match &token.value {
+                IntermediateToken::LabelDefinition(name) => {
+                    let tracked = Tracked::from(address, source.clone());
+                    if let Some(_) = self.addresses.insert(name.clone(), tracked) {
+                        unreachable!("Uncaught duplicate label definition '{name}'");
+                    }
+                }
+                IntermediateToken::Word(_) => {
+                    address += 1;
+                }
+                IntermediateToken::PinnedAddress(pinned) => {
+                    address = pinned.value;
+                }
+            }
+        }
+        for token in &tokens {
+            let source = &token.source;
+            match &token.value {
+                IntermediateToken::Word(word) => {
+                    let word = self.evaluate_word(word, source);
+                    // Check that the word width fits the provided width.
+                    if let Some(width) = self.width {
+                        if word.width != width {
+                            let error = BytecodeError::IncorrectWidth(width, word.width);
+                            self.errors.push(Tracked::from(error, source.clone()));
+                        }
+                    }
+                    self.words.push(word);
+                    self.address += 1;
+                }
+                IntermediateToken::PinnedAddress(address) => {
+                    let current = self.address;
+                    let pinned = address.value;
+                    if current > pinned {
+                        let error = BytecodeError::PinnedAddressBacktrack(pinned, current);
+                        self.errors.push(Tracked::from(error, address.source.clone()));
+                    } else {
+                        let words = std::mem::take(&mut self.words);
+                        if !words.is_empty() {
+                            let address = self.segment_address;
+                            let source = std::mem::take(&mut self.segment_source);
+                            let segment = Segment { address, source, words };
+                            self.segments.push(segment);
+                        }
+                        self.segment_source = Some(address.source.clone());
+                        self.address = pinned;
+                        self.segment_address = pinned;
+                    }
+                }
+                IntermediateToken::LabelDefinition(_) => (),
+            }
+        }
+        // Finish final segment.
+        let words = std::mem::take(&mut self.words);
+        if !words.is_empty() {
+            let address = self.segment_address;
+            let source = std::mem::take(&mut self.segment_source);
+            let segment = Segment { address, source, words };
+            self.segments.push(segment);
+        }
+
+        match self.errors.is_empty() {
+            true => Ok(self.segments),
+            false => Err(self.errors),
+        }
+    }
+
+    fn evaluate_expression(&mut self, expression: &IntermediateExpression, source: &SourceSpan) -> isize {
+        let mut stack = ExpressionStack::new();
+        for token in &expression.tokens {
+            let source = &token.source;
+            match &token.value {
+                IntermediateExpressionToken::Integer(integer) => match integer {
+                    IntermediateInteger::Integer(value) => {
+                        stack.push(*value);
+                    }
+                    IntermediateInteger::Expression(expression) => {
+                        stack.push(self.evaluate_expression(expression, source));
+                    }
+                    IntermediateInteger::LabelReference(name) => {
+                        stack.push(self.evaluate_label_reference(name));
+                    }
+                }
+                IntermediateExpressionToken::Operator(operator) => {
+                    if let Err(err) = stack.apply(*operator, source) {
+                        let error = BytecodeError::StackError(err);
+                        self.errors.push(Tracked::from(error, source.clone()))
+                    }
+                }
+            }
+        }
+        match stack.pull_result() {
+            Ok(value) => value,
+            Err(err) => {
+                let error = BytecodeError::StackError(Tracked::from(err, source.clone()));
+                self.errors.push(Tracked::from(error, source.clone()));
+                0
+            }
+        }
+    }
+
+    fn evaluate_label_reference(&mut self, name: &Tracked<String>) -> isize {
+        if let Some(address) = self.addresses.get(&name.to_string()) {
+            address.value as isize
+        } else {
+            unreachable!("Uncaught unresolved label reference '{name}'")
+        }
+    }
+
+    fn evaluate_word(&mut self, word: &IntermediateWord, source: &SourceSpan) -> Tracked<Word> {
+        let mut word_value = word.value;
+        for field in &word.fields {
+            let field_source = &field.value.value.source;
+            let field_value = match &field.value.value.value {
+                IntermediateInteger::Expression(expression) => {
+                    self.evaluate_expression(expression, source)
+                }
+                IntermediateInteger::LabelReference(name) => {
+                    self.evaluate_label_reference(name)
+                }
+                IntermediateInteger::Integer(value) => {
+                    *value
+                }
+            };
+            let value_width = match field_value.cmp(&0) {
+                std::cmp::Ordering::Less => (-field_value).ilog2() + 1,
+                std::cmp::Ordering::Equal => 0,
+                std::cmp::Ordering::Greater => field_value.ilog2() + 1,
+            };
+            if field.width < value_width {
+                let error = BytecodeError::ValueTooWide(field.width, value_width);
+                self.errors.push(Tracked::from(error, field_source.clone()));
+            } else {
+                let mask = 2_usize.pow(field.width as u32) - 1;
+                let clamped_value = (field_value as usize) & mask;
+                word_value |= (clamped_value << field.shift) as usize;
+            }
+        }
+        let word = Word { width: word.width, value: word_value };
+        return Tracked::from(word, source.clone());
+    }
+}
diff --git a/src/stages/bytecode_tokens.rs b/src/stages/bytecode_tokens.rs
new file mode 100644
index 0000000..b54cb0e
--- /dev/null
+++ b/src/stages/bytecode_tokens.rs
@@ -0,0 +1,78 @@
+use crate::*;
+
+
+pub struct Segment {
+    pub address: usize,
+    /// Source of the address value.
+    pub source: Option<SourceSpan>,
+    pub words: Vec<Tracked<Word>>,
+}
+
+pub struct Word {
+    pub value: usize,
+    pub width: u32,
+}
+
+impl std::fmt::Display for Word {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        if self.width == 0 {
+            write!(f, "0")
+        } else {
+            for i in (0..self.width).rev() {
+                let is_first_bit = i+1 == self.width;
+                if !is_first_bit && (i+1) % 4 == 0 {
+                    write!(f, "_")?;
+                }
+                match (self.value >> i) & 1 {
+                    0 => write!(f, "0")?,
+                    _ => write!(f, "1")?,
+                }
+            }
+            Ok(())
+        }
+    }
+}
+
+pub enum BytecodeError {
+    /// expected, received
+    IncorrectWidth(u32, u32),
+    /// pinned, real
+    PinnedAddressBacktrack(usize, usize),
+    /// expected, received
+    ValueTooWide(u32, u32),
+    StackError(Tracked<StackError>),
+}
+
+
+pub fn report_bytecode_errors(errors: &[Tracked<BytecodeError>], source_code: &str) {
+    for error in errors {
+        report_bytecode_error(error, source_code);
+    }
+}
+
+fn report_bytecode_error(error: &Tracked<BytecodeError>, source_code: &str) {
+    let context = Context { source_code: &source_code, source: &error.source };
+    let message = match &error.value {
+        BytecodeError::IncorrectWidth(expected, received) =>
+            &format!("Word is {received} bits wide, but was expected to have a fixed width of {expected} bits"),
+        BytecodeError::PinnedAddressBacktrack(pinned, real) =>
+            &format!("Cannot pin to address {pinned} when address is already {real}"),
+        BytecodeError::StackError(stack_error) => {
+            report_stack_error(stack_error, source_code); return; },
+        BytecodeError::ValueTooWide(expected, received) =>
+            &format!("Field is {expected} bits wide, but received a value that is {received} bits wide"),
+    };
+
+    report_source_issue(LogLevel::Error, &context, message);
+}
+
+
+pub fn print_segment(segment: &Segment) {
+    println!("SEGMENT: 0x{:>04x}", segment.address);
+    // Find maximum width of all words in the segment.
+    let width = segment.words.iter().map(|w| w.to_string().chars().count()).max().unwrap_or(0);
+    for word in &segment.words {
+        let string = word.to_string();
+        println!("  {string:>w$}", w=width as usize);
+    }
+}
diff --git a/src/stages/intermediate.rs b/src/stages/intermediate.rs
new file mode 100644
index 0000000..6853f62
--- /dev/null
+++ b/src/stages/intermediate.rs
@@ -0,0 +1,577 @@
+use crate::*;
+
+use assembler::{DefinitionType, SourceLocation, SourcePosition, SymbolRole};
+
+use indexmap::{IndexSet, IndexMap};
+
+
+static mut ID: usize = 0;
+macro_rules! next_id { () => { unsafe { let id = ID; ID += 1; id }}; }
+
+pub fn parse_intermediate(semantic: Vec<Tracked<SemanticToken>>) -> Result<Vec<Tracked<IntermediateToken>>, Vec<Tracked<IntermediateError>>> {
+    IntermediateParser::new(semantic).parse()
+}
+
+
+struct IntermediateParser {
+    semantic: Vec<Tracked<SemanticToken>>,
+    label_names: IndexSet<Tracked<String>>,
+    macro_names: IndexSet<Tracked<String>>,
+    macro_definitions: IndexMap<String, MacroDefinition>,
+    intermediate: Vec<Tracked<IntermediateToken>>,
+    errors: Vec<Tracked<IntermediateError>>,
+}
+
+impl IntermediateParser {
+    pub fn new(semantic: Vec<Tracked<SemanticToken>>) -> Self {
+        let mut label_names = IndexSet::new();
+        let mut macro_names = IndexSet::new();
+        for symbol in SymbolParser::new().parse(&semantic) {
+            match symbol.role {
+                SymbolRole::Definition(DefinitionType::MustPrecedeReference) => {
+                    // Only consider macro definitions, not macro argument definitions.
+                    if symbol.namespace.is_empty() {
+                        if !macro_names.insert(Tracked::from(symbol.name.clone(), symbol.source)) {
+                            unreachable!("Uncaught duplicate macro definition '{}'", symbol.name);
+                        }
+                    }
+                }
+                SymbolRole::Definition(DefinitionType::CanFollowReference) => {
+                    if !label_names.insert(Tracked::from(symbol.name.clone(), symbol.source)) {
+                        unreachable!("Uncaught duplicate label definition '{}'", symbol.name);
+                    }
+                }
+                SymbolRole::Reference => (),
+            }
+        }
+
+        Self {
+            semantic,
+            label_names,
+            macro_names,
+            macro_definitions: IndexMap::new(),
+            intermediate: Vec::new(),
+            errors: Vec::new(),
+        }
+    }
+
+    pub fn parse(mut self) -> Result<Vec<Tracked<IntermediateToken>>, Vec<Tracked<IntermediateError>>> {
+        for token in self.semantic {
+            let source = &token.source;
+            match token.value {
+                SemanticToken::MacroDefinition(definition) => {
+                    // Invoke the body to see if it contains undefined macros.
+                    let error_count = self.errors.len();
+                    let mut arguments = IndexMap::new();
+                    // Prepare dummy argument values.
+                    let null = SourceSpan {
+                        string: String::new(),
+                        in_merged: SourceLocation {
+                            path: None,
+                            start: SourcePosition::ZERO,
+                            end: SourcePosition::ZERO,
+                        },
+                        in_source: None,
+                        child: None,
+                    };
+                    for argument in &definition.arguments {
+                        let value = match argument.variant {
+                            ArgumentType::Integer => {
+                                let integer = IntermediateInteger::Integer(0);
+                                let tracked = Tracked::from(integer, null.clone());
+                                IntermediateValue::Integer(tracked)
+                            }
+                            ArgumentType::Block => {
+                                IntermediateValue::Block(Vec::new())
+                            }
+                        };
+                        let tracked = Tracked::from(value, null.clone());
+                        arguments.insert(argument.name.clone(), tracked);
+                    }
+                    let mut env = Environment {
+                        label_names: &self.label_names,
+                        macro_names: &self.macro_names,
+                        macro_definitions: &self.macro_definitions,
+                        arguments,
+                        errors: &mut self.errors,
+                        id: next_id!(),
+                    };
+                    env.parse_macro_definition_body(&definition.body, source);
+                    if self.errors.len() != error_count {
+                        break;
+                    }
+
+                    let name = definition.name.to_string();
+                    if self.macro_definitions.insert(name.clone(), definition).is_some() {
+                        unreachable!("Uncaught duplicate macro definition '{}'", name);
+                    }
+                }
+                SemanticToken::BlockToken(block_token) => {
+                    let mut env = Environment {
+                        label_names: &self.label_names,
+                        macro_names: &self.macro_names,
+                        macro_definitions: &self.macro_definitions,
+                        arguments: IndexMap::new(),
+                        errors: &mut self.errors,
+                        id: next_id!(),
+                    };
+                    let mut tokens = env.parse_block_token(&block_token, source);
+                    self.intermediate.append(&mut tokens);
+                }
+            }
+        }
+        match self.errors.is_empty() {
+            true => Ok(self.intermediate),
+            false => Err(self.errors),
+        }
+    }
+}
+
+
+struct Environment<'a> {
+    label_names: &'a IndexSet<Tracked<String>>,
+    macro_names: &'a IndexSet<Tracked<String>>,
+    macro_definitions: &'a IndexMap<String, MacroDefinition>,
+    arguments: IndexMap<String, Tracked<IntermediateValue>>,
+    errors: &'a mut Vec<Tracked<IntermediateError>>,
+    id: usize,
+}
+
+impl<'a> Environment<'a> {
+    // Attach the invocation ID to every macro label name
+    fn tag_name(&self, name: &str) -> String {
+        match name.contains(':') {
+            true => format!("{name}:{}", self.id),
+            false => name.to_string(),
+        }
+    }
+
+    fn parse_macro_definition_body(&mut self, body: &MacroDefinitionBody, source: &SourceSpan) -> Option<Tracked<IntermediateValue>> {
+        match &body {
+            MacroDefinitionBody::Integer(integer) => {
+                let token = self.parse_integer_token(&integer, &source)?;
+                let integer = IntermediateValue::Integer(token);
+                Some(Tracked::from(integer, source.clone()))
+            }
+            MacroDefinitionBody::Invocation(invocation) => {
+                self.parse_invocation(&invocation, &invocation.source)
+            }
+            MacroDefinitionBody::Block(blocks) => {
+                let mut tokens = Vec::new();
+                for block in blocks {
+                    tokens.append(&mut self.parse_block_token(block, &block.source));
+                }
+                let value = IntermediateValue::Block(tokens);
+                Some(Tracked::from(value, source.clone()))
+            }
+        }
+    }
+
+    fn parse_block_token(&mut self, block: &BlockToken, source: &SourceSpan) -> Vec<Tracked<IntermediateToken>> {
+        let mut intermediate = Vec::new();
+        match block {
+            BlockToken::LabelDefinition(name) => {
+                let token = IntermediateToken::LabelDefinition(self.tag_name(name));
+                intermediate.push(Tracked::from(token, source.clone()));
+            }
+            BlockToken::PinnedAddress(address) => {
+                if let Some(integer) = self.parse_integer_token(address, &address.source) {
+                    if let Some(source) = integer_contains_label_reference(&integer) {
+                        let error = IntermediateError::LabelReferenceInPinnedAddress;
+                        let new_source = address.source.clone().wrap(source);
+                        self.errors.push(Tracked::from(error, new_source));
+                    } else {
+                        match evaluate_integer(&integer, source) {
+                            Ok(value) => {
+                                let value = usize::try_from(value).unwrap_or(0);
+                                let tracked = Tracked::from(value, address.source.clone());
+                                let token = IntermediateToken::PinnedAddress(tracked);
+                                intermediate.push(Tracked::from(token, source.clone()));
+                            }
+                            Err(error) => self.errors.push(error),
+                        }
+                    }
+                }
+            }
+            BlockToken::ConditionalBlock(cond) => {
+                let predicate = self.parse_integer_token(&cond.predicate, &cond.predicate.source);
+                let mut body = self.parse_block_token(&cond.body, &cond.body.source);
+                if let Some(predicate) = predicate {
+                    let mut found_error = false;
+                    if let Some(source) = integer_contains_label_reference(&predicate) {
+                        let error = IntermediateError::LabelReferenceInConditionPredicate;
+                        let new_source = cond.predicate.source.clone().wrap(source);
+                        self.errors.push(Tracked::from(error, new_source));
+                        found_error = true;
+                    };
+                    if let Some(source) = block_contains_label_definition(&cond.body, &cond.body.source) {
+                        let error = IntermediateError::LabelDefinitionInConditionBody;
+                        let new_source = cond.body.source.clone().wrap(source);
+                        self.errors.push(Tracked::from(error, new_source));
+                        found_error = true;
+                    }
+                    if !found_error {
+                        match evaluate_integer(&predicate, &cond.predicate.source) {
+                            Ok(value) => if value != 0 { intermediate.append(&mut body) },
+                            Err(error) => self.errors.push(error),
+                        }
+                    }
+                }
+            }
+            BlockToken::WordTemplate(word_template) => {
+                let mut fields = Vec::new();
+                for bit_field in &word_template.fields {
+                    let name = bit_field.name.to_string();
+                    let source = &bit_field.source;
+                    let invocation = Invocation { name, arguments: Vec::new() };
+                    if let Some(value) = self.parse_integer_invocation(&invocation, source) {
+                        let field = IntermediateField {
+                            width: bit_field.width,
+                            shift: bit_field.shift,
+                            value,
+                        };
+                        fields.push(Tracked::from(field, bit_field.source.clone()));
+                    }
+                }
+                let word = IntermediateWord {
+                    value: word_template.value,
+                    width: word_template.width,
+                    fields,
+                };
+                let token = IntermediateToken::Word(word);
+                intermediate.push(Tracked::from(token, source.clone()));
+            }
+            BlockToken::Block(blocks) => {
+                for block in blocks {
+                    let mut tokens = self.parse_block_token(block, &block.source);
+                    intermediate.append(&mut tokens);
+                }
+            }
+            BlockToken::Invocation(invocation) => {
+                if let Some(mut tokens) = self.parse_block_invocation(invocation, source) {
+                    intermediate.append(&mut tokens);
+                }
+            }
+        }
+
+        return intermediate;
+    }
+
+    fn parse_integer_token(&mut self, integer: &IntegerToken, source: &SourceSpan) -> Option<Tracked<IntermediateInteger>> {
+        match integer {
+            IntegerToken::IntegerLiteral(value) => {
+                let integer = IntermediateInteger::Integer(*value);
+                Some(Tracked::from(integer, source.clone()))
+            }
+            IntegerToken::Expression(expression) => {
+                self.parse_expression(expression, source)
+            }
+            IntegerToken::Invocation(invocation) => {
+                self.parse_integer_invocation(invocation, source)
+            }
+        }
+    }
+
+    fn parse_integer_invocation(&mut self, invocation: &Invocation, source: &SourceSpan) -> Option<Tracked<IntermediateInteger>> {
+        match self.parse_invocation(invocation, source)?.value {
+            IntermediateValue::Integer(integer) => Some(integer),
+            IntermediateValue::Block(_) => {
+                let error = IntermediateError::ExpectedInteger;
+                self.errors.push(Tracked::from(error, source.clone()));
+                None
+            }
+        }
+    }
+
+    fn parse_block_invocation(&mut self, invocation: &Invocation, source: &SourceSpan) -> Option<Vec<Tracked<IntermediateToken>>> {
+        match self.parse_invocation(invocation, source)?.value {
+            IntermediateValue::Block(tokens) => Some(tokens),
+            IntermediateValue::Integer(_) => {
+                let error = IntermediateError::ExpectedBlock;
+                self.errors.push(Tracked::from(error, source.clone()));
+                None
+            }
+        }
+    }
+
+    fn parse_invocation(&mut self, invocation: &Invocation, source: &SourceSpan) -> Option<Tracked<IntermediateValue>> {
+        let received_count = invocation.arguments.len();
+        if let Some(argument) = self.arguments.get(&invocation.name) {
+            if received_count != 0 {
+                let error = IntermediateError::IncorrectArgumentCount(0, received_count);
+                self.errors.push(Tracked::from(error, source.clone()));
+                None
+            } else {
+                Some(argument.clone())
+            }
+        } else if let Some(label_name) = self.label_names.get(&invocation.name) {
+            if received_count != 0 {
+                let error = IntermediateError::IncorrectArgumentCount(0, received_count);
+                self.errors.push(Tracked::from(error, source.clone()));
+                None
+            } else {
+                let name = self.tag_name(label_name);
+                let tracked = Tracked::from(name, label_name.source.clone());
+                let integer = IntermediateInteger::LabelReference(tracked);
+                let tracked = Tracked::from(integer, source.clone());
+                let value = IntermediateValue::Integer(tracked);
+                Some(Tracked::from(value, source.clone()))
+            }
+        } else if let Some(definition) = self.macro_definitions.get(&invocation.name) {
+            // Check that the correct number of arguments were provided.
+            let expected_count = definition.arguments.len();
+            if received_count != expected_count {
+                let error = IntermediateError::IncorrectArgumentCount(expected_count, received_count);
+                self.errors.push(Tracked::from(error, source.clone()));
+                None
+            } else {
+                // Gather and type-check the provided arguments.
+                let mut arguments = Vec::new();
+                for (i, argument) in invocation.arguments.iter().enumerate() {
+                    let received_type = match &argument.value {
+                        InvocationArgument::String(string) => {
+                            let mut values = Vec::new();
+                            for c in &string.chars {
+                                let integer = IntermediateInteger::Integer(**c);
+                                let tracked = Tracked::from(integer, c.source.clone());
+                                values.push(IntermediateValue::Integer(tracked));
+                            }
+                            arguments.push(RepeatedArgument::List(values));
+                            ArgumentType::Integer
+                        }
+                        InvocationArgument::IntegerToken(integer) => {
+                            let tracked = self.parse_integer_token(&integer, &argument.source)?;
+                            let value = IntermediateValue::Integer(tracked);
+                            arguments.push(RepeatedArgument::Loop(value));
+                            ArgumentType::Integer
+                        }
+                        InvocationArgument::BlockToken(block) => {
+                            let tokens = self.parse_block_token(&block, &argument.source);
+                            let value = IntermediateValue::Block(tokens);
+                            arguments.push(RepeatedArgument::Loop(value));
+                            ArgumentType::Block
+                        }
+                        InvocationArgument::Invocation(invocation) => {
+                            let value = self.parse_invocation(&invocation, &argument.source)?;
+                            let received_type = match &value.value {
+                                IntermediateValue::Integer(_) => ArgumentType::Integer,
+                                IntermediateValue::Block(_) => ArgumentType::Block,
+                            };
+                            arguments.push(RepeatedArgument::Loop(value.value));
+                            received_type
+                        }
+                    };
+                    let expected_type = match received_type {
+                        ArgumentType::Integer => ArgumentType::Block,
+                        ArgumentType::Block => ArgumentType::Integer,
+                    };
+                    if definition.arguments[i].variant != received_type {
+                        let error = IntermediateError::IncorrectArgumentType(expected_type, received_type);
+                        self.errors.push(Tracked::from(error, argument.source.clone()));
+                        return None;
+                    }
+                }
+                // Invoke the invocation multiple times.
+                let repetitions = arguments.iter().map(|a| a.len()).max().unwrap_or(1);
+                let mut values = Vec::new();
+                for i in 0..repetitions {
+                    // Construct an argument map for this invocation.
+                    let mut argument_map = IndexMap::new();
+                    for (a, argument) in arguments.iter().enumerate() {
+                        let name = definition.arguments[a].name.clone();
+                        let source = invocation.arguments[a].source.clone();
+                        let value = match argument {
+                            RepeatedArgument::Loop(value) => {
+                                Tracked::from(value.clone(), source)
+                            }
+                            RepeatedArgument::List(list) => match list.get(i) {
+                                Some(value) => {
+                                    Tracked::from(value.clone(), source)
+                                }
+                                None => {
+                                    let error = IntermediateError::ListExhausted;
+                                    let source = invocation.arguments[a].source.clone();
+                                    self.errors.push(Tracked::from(error, source));
+                                    return None;
+                                }
+                            }
+                        };
+                        if argument_map.insert(name.clone(), value).is_some() {
+                            unreachable!("Uncaught duplicate macro argument name '{name}'");
+                        };
+                    }
+                    let mut env = Environment {
+                        label_names: &self.label_names,
+                        macro_names: &self.macro_names,
+                        macro_definitions: &self.macro_definitions,
+                        arguments: argument_map,
+                        errors: &mut self.errors,
+                        id: next_id!(),
+                    };
+                    values.push(env.parse_macro_definition_body(&definition.body, source)?);
+                }
+                if values.len() == 1 {
+                    values.pop()
+                } else {
+                    // Flatten all values into a list of block tokens.
+                    let mut block = Vec::new();
+                    for value in values {
+                        match value.value {
+                            IntermediateValue::Integer(_) => {
+                                let error = IntermediateError::ExpectedBlock;
+                                self.errors.push(Tracked::from(error, value.source));
+                                return None;
+                            }
+                            IntermediateValue::Block(mut tokens) => {
+                                block.append(&mut tokens);
+                            }
+                        }
+                    }
+                    Some(Tracked::from(IntermediateValue::Block(block), source.clone()))
+                }
+            }
+        } else if let Some(macro_name) = self.macro_names.get(&invocation.name) {
+            let error = IntermediateError::InvocationBeforeDefinition;
+            let source = source.clone().wrap(macro_name.source.clone());
+            self.errors.push(Tracked::from(error, source));
+            None
+        } else {
+            unreachable!("Uncaught unresolved reference '{}'", invocation.name);
+        }
+    }
+
+    fn parse_expression(&mut self, expression: &Expression, source: &SourceSpan) -> Option<Tracked<IntermediateInteger>> {
+        let mut intermediate = Vec::new();
+        let mut error = false;
+
+        for token in &expression.tokens {
+            let source = &token.source;
+            match &token.value {
+                ExpressionToken::IntegerToken(integer) => {
+                    let Some(integer) = self.parse_integer_token(integer, source) else {
+                        error = true; continue;
+                    };
+                    let token = IntermediateExpressionToken::Integer(integer.value);
+                    intermediate.push(Tracked::from(token, integer.source));
+                }
+                ExpressionToken::Operator(operator) => {
+                    let token = IntermediateExpressionToken::Operator(*operator);
+                    intermediate.push(Tracked::from(token, source.clone()));
+                }
+                ExpressionToken::Invocation(invocation) => {
+                    let Some(integer) = self.parse_integer_invocation(invocation, source) else {
+                        error = true; continue;
+                    };
+                    let token = IntermediateExpressionToken::Integer(integer.value);
+                    intermediate.push(Tracked::from(token, integer.source));
+                }
+            }
+        }
+
+        if error { return None; }
+        let expression = IntermediateExpression { tokens: intermediate };
+        let integer = IntermediateInteger::Expression(expression);
+        Some(Tracked::from(integer, source.clone()))
+    }
+}
+
+
+macro_rules! return_some {
+    ($option:expr) => {
+        if $option.is_some() { return $option; }
+    };
+}
+
+fn integer_contains_label_reference(integer: &IntermediateInteger) -> Option<SourceSpan> {
+    match integer {
+        IntermediateInteger::Integer(_) => None,
+        IntermediateInteger::LabelReference(label) => Some(label.source.clone()),
+        IntermediateInteger::Expression(expr) => expression_contains_label_reference(expr),
+    }
+}
+
+fn expression_contains_label_reference(expression: &IntermediateExpression) -> Option<SourceSpan> {
+    for token in &expression.tokens {
+        if let IntermediateExpressionToken::Integer(integer) = &token.value {
+            if let Some(child) = integer_contains_label_reference(&integer) {
+                return Some(token.source.clone().wrap(child));
+            }
+        }
+    }
+    return None;
+}
+
+fn block_contains_label_definition(block: &BlockToken, source: &SourceSpan) -> Option<SourceSpan> {
+    match &block {
+        BlockToken::LabelDefinition(_) => {
+            return Some(source.clone());
+        }
+        BlockToken::Invocation(invocation) => {
+            return_some!(invocation_contains_label_definition(invocation))
+        }
+        BlockToken::Block(blocks) => {
+            for block in blocks {
+                return_some!(block_contains_label_definition(block, &block.source))
+            }
+        }
+        _ => (),
+    }
+    return None;
+}
+
+fn invocation_contains_label_definition(invocation: &Invocation) -> Option<SourceSpan> {
+    for argument in &invocation.arguments {
+        match &argument.value {
+            InvocationArgument::BlockToken(block) => {
+                return_some!(block_contains_label_definition(&block, &argument.source))
+            }
+            InvocationArgument::Invocation(invocation) => {
+                return_some!(invocation_contains_label_definition(&invocation))
+            }
+            _ => (),
+        }
+    }
+    return None;
+}
+
+fn evaluate_integer(integer: &IntermediateInteger, source: &SourceSpan) -> Result<isize, Tracked<IntermediateError>> {
+    match integer {
+        IntermediateInteger::Integer(value) => Ok(*value),
+        IntermediateInteger::LabelReference(name) =>
+            unreachable!("Uncaught label reference '{name}' in condition predicate or pinned address value"),
+        IntermediateInteger::Expression(expr) => evaluate_expression(expr, source),
+    }
+}
+
+fn evaluate_expression(expression: &IntermediateExpression, source: &SourceSpan) -> Result<isize, Tracked<IntermediateError>> {
+    let mut stack = ExpressionStack::new();
+    for token in &expression.tokens {
+        let source = &token.source;
+        match &token.value {
+            IntermediateExpressionToken::Integer(integer) => match integer {
+                IntermediateInteger::Integer(value) => {
+                    stack.push(*value);
+                }
+                IntermediateInteger::Expression(expression) => {
+                    stack.push(evaluate_expression(&expression, source)?);
+                }
+                IntermediateInteger::LabelReference(name) => {
+                    unreachable!("Uncaught label reference '{name}' in condition predicate");
+                }
+            }
+            IntermediateExpressionToken::Operator(operator) => {
+                if let Err(stack_error) = stack.apply(*operator, source) {
+                    let error = IntermediateError::StackError(stack_error);
+                    return Err(Tracked::from(error, token.source.clone()));
+                }
+            }
+        }
+    }
+    match stack.pull_result() {
+        Ok(value) => Ok(value),
+        Err(err) => {
+            let error = Tracked::from(err, source.clone());
+            Err(Tracked::from(IntermediateError::StackError(error), source.clone()))
+        }
+    }
+}
diff --git a/src/stages/intermediate_tokens.rs b/src/stages/intermediate_tokens.rs
new file mode 100644
index 0000000..a09581e
--- /dev/null
+++ b/src/stages/intermediate_tokens.rs
@@ -0,0 +1,149 @@
+use crate::*;
+
+
+#[derive(Clone)]
+pub enum IntermediateToken {
+    Word(IntermediateWord),
+    PinnedAddress(Tracked<usize>),
+    LabelDefinition(String),
+}
+
+#[derive(Clone)]
+pub struct IntermediateWord {
+    pub value: usize,
+    /// Width of the word in bits.
+    pub width: u32,
+    pub fields: Vec<Tracked<IntermediateField>>,
+}
+
+#[derive(Clone)]
+pub struct IntermediateField {
+    pub value: Tracked<IntermediateInteger>,
+    /// Width of the field in bits.
+    pub width: u32,
+    /// Number of bits to the right of the field in the word.
+    pub shift: u32,
+}
+
+#[derive(Clone)]
+pub enum IntermediateInteger {
+    Integer(isize),
+    Expression(IntermediateExpression),
+    LabelReference(Tracked<String>),
+}
+
+#[derive(Clone)]
+pub struct IntermediateExpression {
+    pub tokens: Vec<Tracked<IntermediateExpressionToken>>,
+}
+
+#[derive(Clone)]
+pub enum IntermediateExpressionToken {
+    Integer(IntermediateInteger),
+    Operator(Operator),
+}
+
+#[derive(Clone)]
+pub enum IntermediateValue {
+    Integer(Tracked<IntermediateInteger>),
+    Block(Vec<Tracked<IntermediateToken>>),
+}
+
+pub enum RepeatedArgument {
+    Loop(IntermediateValue),
+    List(Vec<IntermediateValue>),
+}
+
+impl RepeatedArgument {
+    pub fn len(&self) -> usize {
+        match self {
+            Self::Loop(_) => 1,
+            Self::List(list) => list.len(),
+        }
+    }
+}
+
+pub enum IntermediateError {
+    ExpectedInteger,
+    ExpectedBlock,
+    ListExhausted,
+    LabelReferenceInConditionPredicate,
+    LabelDefinitionInConditionBody,
+    LabelReferenceInPinnedAddress,
+    StackError(Tracked<StackError>),
+    InvocationBeforeDefinition,
+    /// expected, received
+    IncorrectArgumentCount(usize, usize),
+    /// expected, received
+    IncorrectArgumentType(ArgumentType, ArgumentType),
+}
+
+pub fn report_intermediate_errors(errors: &[Tracked<IntermediateError>], source_code: &str) {
+    for error in errors {
+        report_intermediate_error(error, source_code);
+    }
+}
+
+fn report_intermediate_error(error: &Tracked<IntermediateError>, source_code: &str) {
+    let context = Context { source_code: &source_code, source: &error.source };
+    let message = match &error.value {
+        IntermediateError::ExpectedInteger =>
+            "An integer value was expected here",
+        IntermediateError::ExpectedBlock =>
+            "A block value was expected here",
+        IntermediateError::ListExhausted =>
+            "This string is shorter than another string passed to the same invocation",
+        IntermediateError::LabelReferenceInConditionPredicate =>
+            "The predicate of a conditional block cannot contain a label reference",
+        IntermediateError::LabelDefinitionInConditionBody =>
+            "The body of a conditional block cannot contain a label definition",
+        IntermediateError::LabelReferenceInPinnedAddress =>
+            "The value of a pinned address cannot contain a label reference",
+        IntermediateError::StackError(stack_error) => {
+            report_stack_error(stack_error, source_code); return; },
+        IntermediateError::InvocationBeforeDefinition =>
+            &format!("Macro cannot be invoked before it has been defined"),
+        IntermediateError::IncorrectArgumentCount(expected, received) =>
+            &format!("Expected {expected} arguments, but received {received} instead"),
+        IntermediateError::IncorrectArgumentType(expected, received) =>
+            &format!("Expected {expected} value but received {received} value instead"),
+    };
+
+    report_source_issue(LogLevel::Error, &context, message);
+}
+
+
+pub fn print_intermediate_token(i: usize, token: &IntermediateToken) {
+    match token {
+        IntermediateToken::Word(word) => {
+            indent!(i, "Word({:>0w$b})", word.value, w = word.width as usize);
+            for field in &word.fields {
+                print_intermediate_integer(i+1, &field.value.value);
+            }
+        }
+        IntermediateToken::PinnedAddress(address) =>
+            indent!(i, "PinnedAddress({address})"),
+        IntermediateToken::LabelDefinition(name) =>
+            indent!(i, "LabelDefinition({name})"),
+    }
+}
+
+fn print_intermediate_integer(i: usize, integer: &IntermediateInteger) {
+    match integer {
+        IntermediateInteger::Integer(value) =>
+            indent!(i, "Integer({value})"),
+        IntermediateInteger::LabelReference(name) =>
+            indent!(i, "LabelReference({name})"),
+        IntermediateInteger::Expression(expression) => {
+            indent!(i, "Expression");
+            for token in &expression.tokens {
+                match &token.value {
+                    IntermediateExpressionToken::Integer(integer) =>
+                        print_intermediate_integer(i+1, integer),
+                    IntermediateExpressionToken::Operator(operator) =>
+                        indent!(i+1, "Operator({operator})"),
+                }
+            }
+        }
+    }
+}
diff --git a/src/stages/mod.rs b/src/stages/mod.rs
new file mode 100644
index 0000000..e735f05
--- /dev/null
+++ b/src/stages/mod.rs
@@ -0,0 +1,31 @@
+mod syntactic;
+mod syntactic_tokens;
+mod semantic;
+mod semantic_tokens;
+mod intermediate;
+mod intermediate_tokens;
+mod bytecode;
+mod bytecode_tokens;
+
+pub use syntactic::*;
+pub use syntactic_tokens::*;
+pub use semantic::*;
+pub use semantic_tokens::*;
+pub use intermediate::*;
+pub use intermediate_tokens::*;
+pub use bytecode::*;
+pub use bytecode_tokens::*;
+
+
+#[macro_export]
+macro_rules! indent {
+    (0, $($tokens:tt)*) => {{
+        println!($($tokens)*);
+    }};
+    ($indent:expr, $($tokens:tt)*) => {{
+        for _ in 0..$indent { print!("  "); }
+        println!($($tokens)*);
+    }};
+}
+
+
diff --git a/src/stages/semantic.rs b/src/stages/semantic.rs
new file mode 100644
index 0000000..e225608
--- /dev/null
+++ b/src/stages/semantic.rs
@@ -0,0 +1,478 @@
+use crate::*;
+
+use std::collections::VecDeque;
+
+
+pub fn parse_semantic(syntactic: Vec<Tracked<SyntacticToken>>) -> Result<Vec<Tracked<SemanticToken>>, Vec<Tracked<SemanticError>>> {
+    SemanticParser::from(syntactic, Namespace::None).parse()
+}
+
+#[derive(Clone)]
+enum Namespace {
+    Macro(String),
+    Label(String),
+    None,
+}
+
+
+struct SemanticParser {
+    namespace: Namespace,
+    syntactic: SyntacticTokenStream,
+    semantic: Vec<Tracked<SemanticToken>>,
+    errors: Vec<Tracked<SemanticError>>,
+}
+
+impl SemanticParser {
+    pub fn from(syntactic: Vec<Tracked<SyntacticToken>>, namespace: Namespace) -> Self {
+        Self {
+            namespace,
+            syntactic: SyntacticTokenStream::from(syntactic),
+            semantic: Vec::new(),
+            errors: Vec::new(),
+        }
+    }
+
+    fn pull_from(&mut self, mut other: SemanticParser) {
+        self.errors.append(&mut other.errors);
+        if let Namespace::Macro(_) = other.namespace {
+            ()
+        } else {
+            self.namespace = other.namespace;
+        }
+    }
+
+    fn resolve_label_name(&mut self, symbol: ScopedSymbol, source: &SourceSpan) -> Option<String> {
+        match symbol {
+            ScopedSymbol::Global(name) => match &self.namespace {
+                Namespace::Macro(_) => {
+                    let error = SemanticError::LabelInMacroDefinition;
+                    self.errors.push(Tracked::from(error, source.to_owned()));
+                    None
+                }
+                Namespace::Label(_) | Namespace::None => {
+                    self.namespace = Namespace::Label(name.clone());
+                    Some(name)
+                }
+            }
+            ScopedSymbol::Local(name) => match &self.namespace {
+                Namespace::Macro(macro_ns) => {
+                    Some(format!("{macro_ns}:{name}"))
+                }
+                Namespace::Label(label_ns) => {
+                    Some(format!("{label_ns}/{name}"))
+                }
+                Namespace::None => {
+                    let error = SemanticError::SublabelWithoutNamespace;
+                    self.errors.push(Tracked::from(error, source.to_owned()));
+                    None
+                }
+            }
+        }
+    }
+
+    fn resolve_symbol_name(&mut self, symbol: ScopedSymbol, source: &SourceSpan) -> Option<String> {
+        match symbol {
+            ScopedSymbol::Global(name) => {
+                Some(name)
+            }
+            ScopedSymbol::Local(name) => match &self.namespace {
+                Namespace::Macro(macro_ns) => {
+                    Some(format!("{macro_ns}:{name}"))
+                }
+                Namespace::Label(label_ns) => {
+                    Some(format!("{label_ns}/{name}"))
+                }
+                Namespace::None => {
+                    let error = SemanticError::LocalSymbolWithoutNamespace;
+                    self.errors.push(Tracked::from(error, source.to_owned()));
+                    None
+                }
+            }
+        }
+    }
+
+    /// Parse the remaining syntactic tokens as a full program.
+    pub fn parse(mut self) -> Result<Vec<Tracked<SemanticToken>>, Vec<Tracked<SemanticError>>> {
+        while let Some(token) = self.syntactic.pop() {
+            if let SyntacticToken::MacroDefinition(definition) = token.value {
+                let namespace = Namespace::Macro(definition.name.to_string());
+                let mut parser = SemanticParser::from(definition.tokens, namespace);
+                let mut arguments = Vec::new();
+                while let Some(argument) = parser.pull_argument_definition() {
+                    arguments.push(argument);
+                }
+                let body = parser.parse_macro_definition_body(SemanticLocation::MacroDefinitionBody);
+                self.pull_from(parser);
+                let definition = MacroDefinition { name: definition.name, arguments, body };
+                let semantic = SemanticToken::MacroDefinition(definition);
+                self.semantic.push(Tracked::from(semantic, token.source));
+            } else {
+                self.syntactic.unpop(token);
+                if let Some(token) = self.pull_block_token(SemanticLocation::Program) {
+                    let semantic = SemanticToken::BlockToken(token.value);
+                    self.semantic.push(Tracked::from(semantic, token.source));
+                }
+            }
+        }
+        match self.errors.is_empty() {
+            true => Ok(self.semantic),
+            false => Err(self.errors),
+        }
+    }
+
+    /// Parse the remaining syntactic tokens as a macro definition body.
+    fn parse_macro_definition_body(&mut self, location: SemanticLocation) -> MacroDefinitionBody {
+        let mut tokens = Vec::new();
+        while !self.syntactic.is_empty() {
+            if let Some(token) = self.pull_macro_definition_body_token() {
+                tokens.push(token);
+            }
+        }
+        if tokens.is_empty() {
+            MacroDefinitionBody::Block(Vec::new())
+        } else if tokens.len() == 1 {
+            tokens.pop().unwrap()
+        } else {
+            let mut block_tokens = Vec::new();
+            for token in tokens {
+                match token {
+                    MacroDefinitionBody::Integer(integer) => {
+                        let error = SemanticError::ExpectedInteger(location);
+                        let tracked = Tracked::from(error, integer.source);
+                        self.errors.push(tracked);
+                    }
+                    MacroDefinitionBody::Block(mut tokens) => {
+                        block_tokens.append(&mut tokens);
+                    }
+                    MacroDefinitionBody::Invocation(invocation) => {
+                        // Convert invocation to a block invocation.
+                        let token = BlockToken::Invocation(invocation.value);
+                        block_tokens.push(Tracked::from(token, invocation.source));
+                    }
+                }
+            }
+            MacroDefinitionBody::Block(block_tokens)
+        }
+    }
+
+    /// Attempt to pull a MacroDefinitionBody token from the token stream.
+    /// Invalid values are noted and dropped, and a None is returned.
+    /// Each BodyToken is wrapped in a separate MacroDefinitionBody.
+    fn pull_macro_definition_body_token(&mut self) -> Option<MacroDefinitionBody> {
+        let token = self.syntactic.pop()?;
+        let source = token.source;
+        match token.value {
+            SyntacticToken::LabelDefinition(symbol) => {
+                let name = self.resolve_label_name(symbol, &source)?;
+                let token = BlockToken::LabelDefinition(name);
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Block(vec![tracked]))
+            }
+            SyntacticToken::MacroDefinition(_) => {
+                let error = SemanticError::MisplacedMacroDefinition;
+                self.errors.push(Tracked::from(error, source));
+                None
+            }
+            SyntacticToken::IntegerLiteral(value) => {
+                let token = IntegerToken::IntegerLiteral(value);
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Integer(tracked))
+            }
+            SyntacticToken::StringLiteral(_) => {
+                let error = SemanticError::MisplacedStringLiteral;
+                self.errors.push(Tracked::from(error, source));
+                None
+            }
+            SyntacticToken::WordTemplate(word_template) => {
+                let token = BlockToken::WordTemplate(word_template);
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Block(vec![tracked]))
+            }
+            SyntacticToken::BlockLiteral(tokens) => {
+                let mut parser = SemanticParser::from(tokens, self.namespace.clone());
+                let tokens = parser.parse_block();
+                self.pull_from(parser);
+                let token = BlockToken::Block(tokens);
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Block(vec![tracked]))
+            }
+            SyntacticToken::Expression(tokens) => {
+                let mut parser = SemanticParser::from(tokens, self.namespace.clone());
+                let expression = parser.parse_expression();
+                self.pull_from(parser);
+                let token = IntegerToken::Expression(expression);
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Integer(tracked))
+            }
+            SyntacticToken::Symbol(symbol) => {
+                let name = self.resolve_symbol_name(symbol, &source)?;
+                let arguments = self.pull_all_invocation_arguments();
+                // Extend invocation source span to cover all arguments.
+                let mut source = source;
+                if let Some(last) = arguments.last() {
+                    source.in_merged.end = last.source.in_merged.end;
+                    if let Some(last_in_source) = &last.source.in_source {
+                        if let Some(in_source) = &mut source.in_source {
+                            in_source.end = last_in_source.end.clone();
+                        }
+                    }
+                }
+                let invocation = Invocation { name, arguments };
+                let tracked = Tracked::from(invocation, source);
+                Some(MacroDefinitionBody::Invocation(tracked))
+            }
+            SyntacticToken::Separator => {
+                let error = SemanticError::MisplacedSeparator;
+                self.errors.push(Tracked::from(error, source));
+                None
+            }
+            SyntacticToken::Condition => {
+                let conditional = self.pull_conditional_block()?;
+                let token = BlockToken::ConditionalBlock(Box::new(conditional));
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Block(vec![tracked]))
+            }
+            SyntacticToken::Pin => {
+                let integer = self.pull_integer_token(SemanticLocation::PinAddress)?;
+                let token = BlockToken::PinnedAddress(integer);
+                let tracked = Tracked::from(token, source);
+                Some(MacroDefinitionBody::Block(vec![tracked]))
+            }
+        }
+    }
+
+    /// Attempt to pull an integer token from the token stream.
+    /// Invalid values are noted and dropped, and a None is returned.
+    fn pull_integer_token(&mut self, location: SemanticLocation) -> Option<Tracked<IntegerToken>> {
+        match self.pull_macro_definition_body_token()? {
+            MacroDefinitionBody::Integer(integer) => {
+                Some(integer)
+            }
+            MacroDefinitionBody::Invocation(invocation) => {
+                // Convert invocation to an integer invocation.
+                let token = IntegerToken::Invocation(invocation.value);
+                Some(Tracked::from(token, invocation.source))
+            }
+            MacroDefinitionBody::Block(mut tokens) => {
+                assert_eq!(tokens.len(), 1);
+                let token = tokens.pop().unwrap();
+                let error = SemanticError::ExpectedInteger(location);
+                self.errors.push(Tracked::from(error, token.source));
+                None
+            }
+        }
+    }
+
+    /// Attempt to pull a BlockToken from the token stream.
+    /// Invalid values are noted and dropped, and a None is returned.
+    fn pull_block_token(&mut self, location: SemanticLocation) -> Option<Tracked<BlockToken>> {
+        match self.pull_macro_definition_body_token()? {
+            MacroDefinitionBody::Block(mut tokens) => {
+                assert_eq!(tokens.len(), 1);
+                tokens.pop()
+            }
+            MacroDefinitionBody::Invocation(invocation) => {
+                // Convert invocation to a block invocation.
+                let token = BlockToken::Invocation(invocation.value);
+                Some(Tracked::from(token, invocation.source))
+            }
+            MacroDefinitionBody::Integer(integer) => {
+                let error = SemanticError::ExpectedBlock(location);
+                self.errors.push(Tracked::from(error, integer.source));
+                None
+            }
+        }
+    }
+
+    /// Parse the remaining syntactic tokens as the contents of a block.
+    fn parse_block(&mut self) -> Vec<Tracked<BlockToken>> {
+        let mut tokens = Vec::new();
+        while !self.syntactic.is_empty() {
+            if let Some(token) = self.pull_block_token(SemanticLocation::BlockLiteral) {
+                tokens.push(token);
+            }
+        }
+        tokens
+    }
+
+    /// Parse the remaining syntactic tokens as a list of integer tokens.
+    fn parse_integer_list(&mut self, location: SemanticLocation) -> Vec<Tracked<IntegerToken>> {
+        let mut tokens = Vec::new();
+        while !self.syntactic.is_empty() {
+            if let Some(token) = self.pull_integer_token(location) {
+                tokens.push(token);
+            }
+        }
+        tokens
+    }
+
+    /// Parse the remaining syntactic tokens as the contents of an expression.
+    fn parse_expression(&mut self) -> Expression {
+        let mut tokens = Vec::new();
+        for token in self.parse_integer_list(SemanticLocation::Expression) {
+            let source = token.source;
+            match token.value {
+                IntegerToken::IntegerLiteral(value) => {
+                    let integer = Box::new(IntegerToken::IntegerLiteral(value));
+                    let token = ExpressionToken::IntegerToken(integer);
+                    tokens.push(Tracked::from(token, source));
+                }
+                IntegerToken::Expression(expression) => {
+                    let integer = Box::new(IntegerToken::Expression(expression));
+                    let token = ExpressionToken::IntegerToken(integer);
+                    tokens.push(Tracked::from(token, source));
+                }
+                IntegerToken::Invocation(invocation) => {
+                    // Parse the invocation as an operator instead.
+                    if invocation.arguments.is_empty() {
+                        if let Some(operator) = Operator::from_str(&invocation.name) {
+                            let token = ExpressionToken::Operator(operator);
+                            tokens.push(Tracked::from(token, source));
+                            continue;
+                        }
+                    }
+                    // Parse the invocation as an invocation.
+                    let integer = Box::new(IntegerToken::Invocation(invocation));
+                    let token = ExpressionToken::IntegerToken(integer);
+                    tokens.push(Tracked::from(token, source));
+                }
+            }
+        }
+        Expression { tokens }
+    }
+
+    /// Attempt to pull a conditional block from the token stream.
+    /// Invalid values are noted and dropped, and a None is returned.
+    fn pull_conditional_block(&mut self) -> Option<ConditionalBlock> {
+        let predicate = self.pull_integer_token(SemanticLocation::ConditionPredicate)?;
+        let body = self.pull_block_token(SemanticLocation::ConditionBody)?;
+        Some(ConditionalBlock { predicate, body })
+    }
+
+    /// Attempt to pull an invocation argument from the token stream.
+    /// Invalid values are not dropped, a None indicates that no arguments remain.
+    fn pull_invocation_argument(&mut self) -> Option<Tracked<InvocationArgument>> {
+        self.syntactic.pop_if(is_separator)?;
+        let token = self.syntactic.pop()?;
+        let source = token.source;
+        match token.value {
+            SyntacticToken::StringLiteral(string_literal) => {
+                let argument = InvocationArgument::String(string_literal);
+                Some(Tracked::from(argument, source))
+            }
+            SyntacticToken::IntegerLiteral(value) => {
+                let integer = IntegerToken::IntegerLiteral(value);
+                let argument = InvocationArgument::IntegerToken(integer);
+                Some(Tracked::from(argument, source))
+            }
+            SyntacticToken::Expression(tokens) => {
+                let mut parser = SemanticParser::from(tokens, self.namespace.clone());
+                let expression = parser.parse_expression();
+                self.pull_from(parser);
+                let integer = IntegerToken::Expression(expression);
+                let argument = InvocationArgument::IntegerToken(integer);
+                Some(Tracked::from(argument, source))
+            }
+            SyntacticToken::BlockLiteral(tokens) => {
+                let mut parser = SemanticParser::from(tokens, self.namespace.clone());
+                let tokens = parser.parse_block();
+                self.pull_from(parser);
+                let block = BlockToken::Block(tokens);
+                let argument = InvocationArgument::BlockToken(block);
+                Some(Tracked::from(argument, source))
+            }
+            SyntacticToken::Symbol(symbol) => {
+                let name = self.resolve_symbol_name(symbol, &source)?;
+                let invocation = Invocation { name, arguments: Vec::new() };
+                let argument = InvocationArgument::Invocation(invocation);
+                Some(Tracked::from(argument, source))
+            }
+            SyntacticToken::WordTemplate(word_template) => {
+                let block = BlockToken::WordTemplate(word_template);
+                let argument = InvocationArgument::BlockToken(block);
+                Some(Tracked::from(argument, source))
+            }
+            _ => {
+                let error = SemanticError::InvalidInvocationArgument;
+                self.errors.push(Tracked::from(error, source));
+                return None;
+            }
+        }
+    }
+
+    fn pull_all_invocation_arguments(&mut self) -> Vec<Tracked<InvocationArgument>> {
+        let mut arguments = Vec::new();
+        while let Some(argument) = self.pull_invocation_argument() {
+            arguments.push(argument);
+        }
+        return arguments;
+    }
+
+    /// Attempt to pull an argument definition from the token stream.
+    /// Invalid values are not dropped, a None indicates that no arguments remain.
+    fn pull_argument_definition(&mut self) -> Option<Tracked<ArgumentDefinition>> {
+        self.syntactic.pop_if(is_separator)?;
+        let token = self.syntactic.pop()?;
+        let source = token.source;
+        match token.value {
+            SyntacticToken::Symbol(ScopedSymbol::Global(name)) => {
+                let variant = ArgumentType::Integer;
+                let definition = ArgumentDefinition { name, variant };
+                return Some(Tracked::from(definition, source));
+            }
+            SyntacticToken::BlockLiteral(mut tokens) => {
+                if tokens.len() == 1 {
+                    let token = tokens.pop().unwrap();
+                    if let SyntacticToken::Symbol(ScopedSymbol::Global(name)) = token.value {
+                        let variant = ArgumentType::Block;
+                        let definition = ArgumentDefinition { name, variant };
+                        return Some(Tracked::from(definition, source));
+                    }
+                }
+            }
+            _ => (),
+        };
+        let error = SemanticError::InvalidArgumentDefinition;
+        self.errors.push(Tracked::from(error, source));
+        return None;
+    }
+}
+
+
+
+struct SyntacticTokenStream {
+    tokens: VecDeque<Tracked<SyntacticToken>>,
+}
+
+impl SyntacticTokenStream {
+    pub fn from<T: Into<VecDeque<Tracked<SyntacticToken>>>>(tokens: T) -> Self {
+        Self { tokens: tokens.into() }
+    }
+
+    pub fn pop(&mut self) -> Option<Tracked<SyntacticToken>> {
+        self.tokens.pop_front()
+    }
+
+    pub fn pop_if(&mut self, predicate: fn(&Tracked<SyntacticToken>) -> bool) -> Option<Tracked<SyntacticToken>> {
+        match predicate(self.tokens.front()?) {
+            true => self.tokens.pop_front(),
+            false => None,
+        }
+    }
+
+    pub fn unpop(&mut self, token: Tracked<SyntacticToken>) {
+        self.tokens.push_front(token);
+    }
+
+    pub fn is_empty(&self) -> bool {
+        self.tokens.is_empty()
+    }
+}
+
+
+fn is_separator(token: &Tracked<SyntacticToken>) -> bool {
+    match token.value {
+        SyntacticToken::Separator => true,
+        _ => false,
+    }
+}
diff --git a/src/stages/semantic_tokens.rs b/src/stages/semantic_tokens.rs
new file mode 100644
index 0000000..dfbea1a
--- /dev/null
+++ b/src/stages/semantic_tokens.rs
@@ -0,0 +1,296 @@
+use crate::*;
+
+
+pub enum SemanticToken {
+    MacroDefinition(MacroDefinition),
+    BlockToken(BlockToken),
+}
+
+pub struct MacroDefinition {
+    pub name: Tracked<String>,
+    pub arguments: Vec<Tracked<ArgumentDefinition>>,
+    pub body: MacroDefinitionBody,
+}
+
+pub struct ArgumentDefinition {
+    pub name: String,
+    pub variant: ArgumentType,
+}
+
+#[derive(PartialEq)]
+pub enum ArgumentType {
+    Integer,
+    Block,
+}
+
+impl std::fmt::Display for ArgumentType {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        match self {
+            ArgumentType::Integer => write!(f, "an integer"),
+            ArgumentType::Block => write!(f, "a block"),
+        }
+    }
+}
+
+pub enum MacroDefinitionBody {
+    Integer(Tracked<IntegerToken>),
+    Block(Vec<Tracked<BlockToken>>),
+    Invocation(Tracked<Invocation>),
+}
+
+pub struct ConditionalBlock {
+    pub predicate: Tracked<IntegerToken>,
+    pub body: Tracked<BlockToken>,
+}
+
+pub enum IntegerToken {
+    IntegerLiteral(isize),
+    Expression(Expression),
+    Invocation(Invocation),
+}
+
+pub struct Expression {
+    pub tokens: Vec<Tracked<ExpressionToken>>,
+}
+
+pub enum ExpressionToken {
+    IntegerToken(Box<IntegerToken>),
+    Invocation(Invocation),
+    Operator(Operator),
+}
+
+pub enum BlockToken {
+    LabelDefinition(String),
+    PinnedAddress(Tracked<IntegerToken>),
+    ConditionalBlock(Box<ConditionalBlock>),
+    WordTemplate(WordTemplate),
+    Block(Vec<Tracked<BlockToken>>),
+    Invocation(Invocation),
+}
+
+pub struct Invocation {
+    pub name: String,
+    pub arguments: Vec<Tracked<InvocationArgument>>,
+}
+
+pub enum InvocationArgument {
+    String(StringLiteral),
+    IntegerToken(IntegerToken),
+    BlockToken(BlockToken),
+    Invocation(Invocation),
+}
+
+pub enum SemanticError {
+    MisplacedStringLiteral,
+    MisplacedListLiteral,
+    MisplacedSeparator,
+    MisplacedMacroDefinition,
+
+    ExpectedInteger(SemanticLocation),
+    ExpectedBlock(SemanticLocation),
+
+    InvalidArgumentDefinition,
+    InvalidInvocationArgument,
+
+    LabelInMacroDefinition,
+    SublabelWithoutNamespace,
+    LocalSymbolWithoutNamespace,
+}
+
+#[derive(Clone, Copy)]
+pub enum SemanticLocation {
+    MacroDefinitionBody,
+    Expression,
+    ConditionPredicate,
+    ConditionBody,
+    Program,
+    BlockLiteral,
+    PinAddress,
+}
+
+impl std::fmt::Display for SemanticLocation {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        let string = match self {
+            SemanticLocation::Expression =>
+                "inside this expression",
+            SemanticLocation::ConditionPredicate =>
+                "as the predicate of this conditional block",
+            SemanticLocation::ConditionBody =>
+                "as the body of this conditional block",
+            SemanticLocation::Program =>
+                "at the outermost level of the program",
+            SemanticLocation::BlockLiteral =>
+                "inside this block literal",
+            SemanticLocation::MacroDefinitionBody =>
+                "inside the body of this macro definition",
+            SemanticLocation::PinAddress =>
+                "as the address of this pin",
+        };
+        write!(f, "{string}")
+    }
+}
+
+
+pub fn report_semantic_errors(errors: &[Tracked<SemanticError>], source_code: &str) {
+    for error in errors {
+        report_semantic_error(error, source_code);
+    }
+}
+
+fn report_semantic_error(error: &Tracked<SemanticError>, source_code: &str) {
+    let context = Context { source_code: &source_code, source: &error.source };
+    let message = match &error.value {
+        SemanticError::MisplacedStringLiteral =>
+            "A string literal can only be used as an invocation argument",
+        SemanticError::MisplacedListLiteral =>
+            "A list literal can only be used as an invocation argument",
+        SemanticError::MisplacedSeparator =>
+            "A separator can only be used to construct an argument list",
+        SemanticError::MisplacedMacroDefinition =>
+            "A macro definition must be used at the outermost level of the program",
+
+        SemanticError::ExpectedInteger(location) =>
+            &format!("An integer value was expected {location}"),
+        SemanticError::ExpectedBlock(location) =>
+            &format!("A block value was expected {location}"),
+
+        SemanticError::InvalidArgumentDefinition =>
+            "Argument definitions must be in the form 'name' or '{{name}}'",
+        SemanticError::InvalidInvocationArgument =>
+            "This token cannot be used in an invocation argument",
+
+        SemanticError::LabelInMacroDefinition =>
+            &format!("Only sublabels can be defined inside macro definitions"),
+        SemanticError::SublabelWithoutNamespace =>
+            &format!("Sublabel was not defined inside a macro definition or after a label"),
+        SemanticError::LocalSymbolWithoutNamespace =>
+            &format!("Local symbol was not defined inside a macro definition or after a label"),
+    };
+
+    report_source_issue(LogLevel::Error, &context, message);
+}
+
+
+pub fn print_semantic_token(i: usize, token: &SemanticToken) {
+    match token {
+        SemanticToken::MacroDefinition(definition) => {
+            indent!(i, "MacroDefinition({})", definition.name);
+            for argument in &definition.arguments {
+                print_argument_definition(i+1, argument);
+            }
+            match &definition.body {
+                MacroDefinitionBody::Integer(integer) => {
+                    print_integer_token(i+1, integer)
+                }
+                MacroDefinitionBody::Block(tokens) => {
+                    print_block(i+1, tokens);
+                }
+                MacroDefinitionBody::Invocation(invocation) => {
+                    print_invocation(i+1, invocation);
+                }
+            }
+        }
+        SemanticToken::BlockToken(block) => print_block_token(0, block),
+    }
+}
+
+fn print_argument_definition(i: usize, argument: &ArgumentDefinition) {
+    match argument.variant {
+        ArgumentType::Integer => {
+            indent!(i, "Argument({}, integer)", argument.name)
+        }
+        ArgumentType::Block => {
+            indent!(i, "Argument({}, block)", argument.name)
+        }
+    }
+}
+
+fn print_block_token(i: usize, block: &BlockToken) {
+    match block {
+        BlockToken::Invocation(invocation) => {
+            print_invocation(i, invocation)
+        }
+        BlockToken::LabelDefinition(name) => {
+            indent!(i, "LabelDefinition({name})")
+        }
+        BlockToken::Block(block) => {
+            print_block(i, block);
+        }
+        BlockToken::PinnedAddress(integer) => {
+            indent!(i, "PinnedAddress");
+            print_integer_token(i+1, integer);
+        }
+        BlockToken::ConditionalBlock(condition) => {
+            indent!(i, "ConditionalBlock");
+            indent!(i+1, "Predicate");
+            print_integer_token(i+2, &condition.predicate);
+            indent!(i+1, "Body");
+            print_block_token(i+2, &condition.body);
+        }
+        BlockToken::WordTemplate(word_template) => {
+            indent!(i, "WordTemplate({word_template})")
+        }
+    }
+}
+
+fn print_block(i: usize, tokens: &[Tracked<BlockToken>]) {
+    indent!(i, "Block");
+    for token in tokens {
+        print_block_token(i+1, token);
+    }
+}
+
+fn print_invocation(i: usize, invocation: &Invocation) {
+    indent!(i, "Invocation({})", invocation.name);
+    for argument in &invocation.arguments {
+        print_invocation_argument(i+1, argument);
+    }
+}
+
+fn print_invocation_argument(i: usize, argument: &InvocationArgument) {
+    match &argument {
+        InvocationArgument::String(string_literal) => {
+            indent!(i, "String({string_literal})")
+        }
+        InvocationArgument::IntegerToken(integer) => {
+            print_integer_token(i, integer)
+        }
+        InvocationArgument::BlockToken(block) => {
+            print_block_token(i, block)
+        }
+        InvocationArgument::Invocation(invocation) => {
+            print_invocation(i, invocation)
+        }
+    }
+}
+
+fn print_integer_token(i: usize, integer: &IntegerToken) {
+    match integer {
+        IntegerToken::IntegerLiteral(value) => {
+            indent!(i, "IntegerValue({value})")
+        }
+        IntegerToken::Expression(expression) => {
+            print_expression(i, expression)
+        }
+        IntegerToken::Invocation(invocation) => {
+            print_invocation(i, invocation)
+        }
+    }
+}
+
+fn print_expression(i: usize, expression: &Expression) {
+    indent!(i, "Expression");
+    for token in &expression.tokens {
+        match &token.value {
+            ExpressionToken::IntegerToken(integer) => {
+                print_integer_token(i+1, &integer)
+            }
+            ExpressionToken::Invocation(invocation) => {
+                print_invocation(i+1, &invocation);
+            }
+            ExpressionToken::Operator(operator) => {
+                indent!(i+1, "Operator({operator})")
+            }
+        }
+    }
+}
diff --git a/src/stages/syntactic.rs b/src/stages/syntactic.rs
new file mode 100644
index 0000000..2e7f959
--- /dev/null
+++ b/src/stages/syntactic.rs
@@ -0,0 +1,323 @@
+use crate::*;
+
+use assembler::Tokeniser;
+
+
+pub fn parse_syntactic<P: Into<PathBuf>>(source_code: &str, path: Option<P>) -> Result<Vec<Tracked<SyntacticToken>>, Vec<Tracked<SyntacticError>>> {
+    parse_syntactic_from_tokeniser(Tokeniser::new(source_code, path))
+}
+
+fn parse_syntactic_from_tokeniser(mut t: Tokeniser) -> Result<Vec<Tracked<SyntacticToken>>, Vec<Tracked<SyntacticError>>> {
+    t.add_delimiters(&['@','&','%',';',':','|','{','}','(',')','[',']','#','~','"','\'']);
+    let mut tokens = Vec::new();
+    let mut errors = Vec::new();
+
+    macro_rules! push_err {
+        ($error:expr) => {{
+            push_err!($error, t.get_source());
+        }};
+        ($error:expr, $source:expr) => {{
+            errors.push(Tracked::from($error, $source));
+            continue;
+        }};
+    }
+
+    loop {
+        t.eat_whitespace();
+        t.mark_start();
+        let Some(c) = t.eat_char() else { break };
+        let token = match c {
+            '"' => {
+                let source = t.get_source();
+                t.mark_child();
+                let is_any_close = |t: &mut Tokeniser| {
+                    t.eat_char() == Some('"')
+                };
+                if let Some(_) = t.track_until(is_any_close) {
+                    let child = t.tokenise_child_span();
+                    SyntacticToken::StringLiteral(parse_string_literal(child))
+                } else {
+                    push_err!(SyntacticError::UnterminatedStringLiteral, source);
+                }
+            }
+            '\'' => {
+                let source = t.get_source();
+                let is_any_close = |t: &mut Tokeniser| {
+                    t.eat_char() == Some('\'')
+                };
+                if let Some(string) = t.track_until(is_any_close) {
+                    let mut chars: Vec<char> = string.chars().collect();
+                    if chars.len() == 1 {
+                        let value = parse_char(chars.pop().unwrap());
+                        SyntacticToken::IntegerLiteral(value)
+                    } else {
+                        t.mark_end();
+                        push_err!(SyntacticError::ExpectedSingleCharacter, t.get_source());
+                    }
+                } else {
+                    push_err!(SyntacticError::UnterminatedCharacterLiteral, source);
+                }
+            }
+
+            '{' => {
+                let source = t.get_source();
+                t.mark_child();
+                let mut depth = 1;
+                let is_matching_close = |t: &mut Tokeniser| {
+                    match t.eat_char() {
+                        Some('{') => { depth += 1; false }
+                        Some('}') => { depth -= 1; depth == 0 }
+                        _ => false,
+                    }
+                };
+                if let Some(_) = t.track_until(is_matching_close) {
+                    let child = t.tokenise_child_span();
+                    match parse_syntactic_from_tokeniser(child) {
+                        Ok(tokens) => SyntacticToken::BlockLiteral(tokens),
+                        Err(mut parse_errors) => {
+                            errors.append(&mut parse_errors);
+                            continue;
+                        }
+                    }
+                } else {
+                    push_err!(SyntacticError::UnterminatedBlock, source);
+                }
+            }
+            '[' => {
+                let source = t.get_source();
+                t.mark_child();
+                let mut depth = 1;
+                let is_matching_close = |t: &mut Tokeniser| {
+                    match t.eat_char() {
+                        Some('[') => { depth += 1; false }
+                        Some(']') => { depth -= 1; depth == 0 }
+                        _ => false,
+                    }
+                };
+                if let Some(_) = t.track_until(is_matching_close) {
+                    let child = t.tokenise_child_span();
+                    match parse_syntactic_from_tokeniser(child) {
+                        Ok(tokens) => SyntacticToken::Expression(tokens),
+                        Err(mut parse_errors) => {
+                            errors.append(&mut parse_errors);
+                            continue;
+                        }
+                    }
+                } else {
+                    push_err!(SyntacticError::UnterminatedExpression, source);
+                }
+            }
+            '(' => {
+                let source = t.get_source();
+                let mut depth = 1;
+                let is_matching_close = |t: &mut Tokeniser| {
+                    match t.eat_char() {
+                        Some('(') => { depth += 1; false }
+                        Some(')') => { depth -= 1; depth == 0 }
+                        _ => false,
+                    }
+                };
+                if let Some(string) = t.track_until(is_matching_close) {
+                    // Check if the comment fills the entire line.
+                    if t.start.position.column == 0 && t.end_of_line() {
+                        if let Some(path) = string.strip_prefix(": ") {
+                            t.embedded_path = Some(PathBuf::from(path.trim()));
+                            t.embedded_first_line = t.start.position.line + 1;
+                        }
+                    }
+                    continue;
+                } else {
+                    push_err!(SyntacticError::UnterminatedComment, source);
+                }
+            }
+            '%' => {
+                let name = t.eat_token();
+                let source = t.get_source();
+                t.mark_child();
+                let is_any_close = |t: &mut Tokeniser| t.eat_char() == Some(';');
+                if let Some(_) = t.track_until(is_any_close) {
+                    let child = t.tokenise_child_span();
+                    match parse_syntactic_from_tokeniser(child) {
+                        Ok(tokens) => {
+                            let name = Tracked::from(name, source);
+                            let def = SyntacticMacroDefinition { name, tokens };
+                            SyntacticToken::MacroDefinition(def)
+                        }
+                        Err(mut parse_errors) => {
+                            errors.append(&mut parse_errors);
+                            continue;
+                        }
+                    }
+                } else {
+                    push_err!(SyntacticError::UnterminatedMacroDefinition(name), source);
+                }
+            }
+
+            '}' => push_err!(SyntacticError::UnmatchedBlockTerminator),
+            ']' => push_err!(SyntacticError::UnmatchedExpressionTerminator),
+            ')' => push_err!(SyntacticError::UnmatchedCommentTerminator),
+            ';' => push_err!(SyntacticError::UnmatchedMacroTerminator),
+
+            '@' => SyntacticToken::LabelDefinition(ScopedSymbol::Global(t.eat_token())),
+            '&' => SyntacticToken::LabelDefinition(ScopedSymbol::Local(t.eat_token())),
+            '~' => SyntacticToken::Symbol(ScopedSymbol::Local(t.eat_token())),
+            ':' => SyntacticToken::Separator,
+            '|' => SyntacticToken::Pin,
+            '?' => SyntacticToken::Condition,
+
+            '#' => {
+                t.mark_child();
+                t.eat_token();
+                let child = t.tokenise_child_span();
+                match parse_word_template(child) {
+                    Ok(word_template) => SyntacticToken::WordTemplate(word_template),
+                    Err(mut parse_errors) => {
+                        errors.append(&mut parse_errors);
+                        continue;
+                    }
+                }
+            },
+
+            c => {
+                let token = format!("{c}{}", t.eat_token());
+                if let Some(hex_string) = token.strip_prefix("0x") {
+                    match parse_integer_literal(hex_string, 16) {
+                        Ok(value) => SyntacticToken::IntegerLiteral(value),
+                        Err(_) => push_err!(SyntacticError::InvalidHexadecimalLiteral(token)),
+                    }
+                } else if let Some(binary_string) = token.strip_prefix("0b") {
+                    match parse_integer_literal(binary_string, 2) {
+                        Ok(value) => SyntacticToken::IntegerLiteral(value),
+                        Err(_) => push_err!(SyntacticError::InvalidBinaryLiteral(token)),
+                    }
+                } else {
+                    match parse_integer_literal(&token, 10) {
+                        Ok(value) => SyntacticToken::IntegerLiteral(value),
+                        Err(true) => push_err!(SyntacticError::InvalidDecimalLiteral(token)),
+                        Err(false) => SyntacticToken::Symbol(ScopedSymbol::Global(token)),
+                    }
+                }
+            }
+        };
+
+        t.mark_end();
+        tokens.push(Tracked::from(token, t.get_source()))
+    }
+    match errors.is_empty() {
+        true => Ok(tokens),
+        false => Err(errors),
+    }
+}
+
+
+fn parse_integer_literal(token: &str, radix: u32) -> Result<isize, bool> {
+    match usize::from_str_radix(&token.replace('_', ""), radix) {
+        Ok(value) => match isize::try_from(value) {
+            Ok(value) => Ok(value),
+            Err(_) => Err(true),
+        }
+        Err(_) => Err(false),
+    }
+}
+
+
+fn parse_string_literal(mut t: Tokeniser) -> StringLiteral {
+    let mut string = String::new();
+    let mut chars = Vec::new();
+
+    while let Some(c) = t.eat_char() {
+        string.push(c);
+        chars.push(Tracked::from(parse_char(c), t.get_source()));
+        t.mark_start();
+    }
+    StringLiteral { string, chars }
+}
+
+fn parse_char(c: char) -> isize {
+    c as u32 as isize
+}
+
+
+fn parse_word_template(mut t: Tokeniser) -> Result<WordTemplate, Vec<Tracked<SyntacticError>>> {
+    let mut value = 0;          // Value of the whole word template.
+    let mut value_width = 0;    // Bit width of the whole word template.
+    let mut field_width = 0;    // Width of the current bit field.
+    let mut field_name = '\0';  // Name of the current bit field.
+    let mut fields: Vec<Tracked<BitField>> = Vec::new();
+    let mut errors: Vec<Tracked<SyntacticError>> = Vec::new();
+
+    macro_rules! push_field {
+        () => {
+            if fields.iter().any(|f| f.name == field_name) {
+                let error = SyntacticError::DuplicateFieldNameInWord(field_name);
+                errors.push(Tracked::from(error, t.get_source()));
+            } else {
+                let field = BitField { name: field_name, width: field_width, shift: 0};
+                fields.push(Tracked::from(field, t.get_source()));
+            }
+        };
+    }
+
+    while let Some(c) = t.eat_char() {
+        // Ignore underscores.
+        if c == '_' {
+            t.mark.undo();
+            continue;
+        }
+
+        // Add a bit to the value;
+        value <<= 1;
+        value_width += 1;
+        for field in &mut fields {
+            field.shift += 1;
+        }
+
+        // Extend the current field.
+        if c == field_name {
+            field_width += 1;
+            continue;
+        }
+
+        // Commit the current field.
+        if field_width > 0 {
+            t.mark_end_prev();
+            push_field!();
+            field_width = 0;
+            field_name = '\0';
+        }
+
+        // Parse bit literals.
+        if c == '0' {
+            continue;
+        }
+        if c == '1' {
+            value |= 1;
+            continue;
+        }
+
+        t.mark_start_prev();
+        if c.is_alphabetic() {
+            field_name = c;
+            field_width = 1;
+            continue;
+        } else {
+            t.mark_end();
+            let error = SyntacticError::InvalidCharacterInWord(c);
+            errors.push(Tracked::from(error, t.get_source()));
+        }
+    }
+
+    // Commit the final field.
+    for field in &mut fields {
+        field.shift += 1;
+    }
+    if field_width > 0 {
+        t.mark_end();
+        push_field!();
+    }
+
+    match errors.is_empty() {
+        true => Ok(WordTemplate { value, width: value_width, fields }),
+        false => Err(errors),
+    }
+}
diff --git a/src/stages/syntactic_tokens.rs b/src/stages/syntactic_tokens.rs
new file mode 100644
index 0000000..eabf34b
--- /dev/null
+++ b/src/stages/syntactic_tokens.rs
@@ -0,0 +1,160 @@
+use crate::*;
+
+pub enum SyntacticToken {
+    LabelDefinition(ScopedSymbol),
+    MacroDefinition(SyntacticMacroDefinition),
+
+    IntegerLiteral(isize),
+    StringLiteral(StringLiteral),
+    WordTemplate(WordTemplate),
+
+    BlockLiteral(Vec<Tracked<SyntacticToken>>),
+    Expression(Vec<Tracked<SyntacticToken>>),
+
+    Symbol(ScopedSymbol),
+
+    Separator,
+    Condition,
+    Pin,
+}
+
+pub struct SyntacticMacroDefinition {
+    pub name: Tracked<String>,
+    pub tokens: Vec<Tracked<SyntacticToken>>,
+}
+
+pub struct StringLiteral {
+    pub string: String,
+    pub chars: Vec<Tracked<isize>>,
+}
+
+impl std::fmt::Display for StringLiteral {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        self.string.fmt(f)
+    }
+}
+
+pub enum ScopedSymbol {
+    Local(String),
+    Global(String),
+}
+
+impl std::fmt::Display for ScopedSymbol {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        match self {
+            ScopedSymbol::Local(name) => write!(f, "~{name}"),
+            ScopedSymbol::Global(name) => write!(f, "{name}"),
+        }
+    }
+}
+
+
+pub enum SyntacticError {
+    UnterminatedBlock,
+    UnterminatedExpression,
+    UnterminatedComment,
+    UnterminatedCharacterLiteral,
+    UnterminatedStringLiteral,
+    UnterminatedMacroDefinition(String),
+
+    UnmatchedBlockTerminator,
+    UnmatchedExpressionTerminator,
+    UnmatchedCommentTerminator,
+    UnmatchedMacroTerminator,
+
+    ExpectedSingleCharacter,
+
+    DuplicateFieldNameInWord(char),
+    InvalidCharacterInWord(char),
+
+    InvalidDecimalLiteral(String),
+    InvalidHexadecimalLiteral(String),
+    InvalidBinaryLiteral(String),
+}
+
+
+pub fn report_syntactic_errors(errors: &[Tracked<SyntacticError>], source_code: &str) {
+    for error in errors {
+        report_syntactic_error(error, source_code);
+    }
+}
+
+fn report_syntactic_error(error: &Tracked<SyntacticError>, source_code: &str) {
+    let context = Context { source_code: &source_code, source: &error.source };
+    let message = match &error.value {
+        SyntacticError::UnterminatedBlock =>
+            "Block was not terminated, add a '}}' character to terminate",
+        SyntacticError::UnterminatedExpression =>
+            "Expression was not terminated, add a ']' character to terminate",
+        SyntacticError::UnterminatedComment =>
+            "Comment was not terminated, add a ')' character to terminate",
+        SyntacticError::UnterminatedCharacterLiteral =>
+            "Character was not terminated, add a ' character to terminate",
+        SyntacticError::UnterminatedStringLiteral =>
+            "String was not terminated, add a '\"' character to terminate",
+        SyntacticError::UnterminatedMacroDefinition(name) =>
+            &format!("The '{name}' macro definition was not terminated, add a ';' character to terminate"),
+
+        SyntacticError::UnmatchedBlockTerminator =>
+            "Attempted to terminate a block, but no block was in progress",
+        SyntacticError::UnmatchedExpressionTerminator =>
+            "Attempted to terminate an expression, but no expression was in progress",
+        SyntacticError::UnmatchedCommentTerminator =>
+            "Attempted to terminate a comment, but no comment was in progress",
+        SyntacticError::UnmatchedMacroTerminator =>
+            "Attempted to terminate a macro definition, but no macro definition was in progress",
+
+        SyntacticError::ExpectedSingleCharacter =>
+            "A character literal must contain exactly one character",
+
+        SyntacticError::DuplicateFieldNameInWord(name) =>
+            &format!("The field '{name}' has already been used in this word"),
+        SyntacticError::InvalidCharacterInWord(c) =>
+            &format!("The character '{c}' cannot be used in a word"),
+
+        SyntacticError::InvalidDecimalLiteral(string) =>
+            &format!("The string '{string}' is not a valid decimal literal"),
+        SyntacticError::InvalidHexadecimalLiteral(string) =>
+            &format!("The string '{string}' is not a valid hexadecimal literal"),
+        SyntacticError::InvalidBinaryLiteral(string) =>
+            &format!("The string '{string}' is not a valid binary literal"),
+    };
+
+    report_source_issue(LogLevel::Error, &context, message);
+}
+
+
+pub fn print_syntactic_token(i: usize, token: &SyntacticToken) {
+    match token {
+        SyntacticToken::LabelDefinition(symbol) => indent!(i, "LabelDefinition({symbol})"),
+        SyntacticToken::MacroDefinition(definition) => {
+            indent!(i, "MacroDefinition({})", definition.name);
+            for token in &definition.tokens {
+                print_syntactic_token(i+1, token);
+            }
+        }
+
+        SyntacticToken::IntegerLiteral(value) => indent!(i, "IntegerLiteral({value})"),
+        SyntacticToken::StringLiteral(literal) => indent!(i, "StringLiteral({literal})"),
+        SyntacticToken::WordTemplate(template) => indent!(i, "WordTemplate({template})"),
+
+        SyntacticToken::BlockLiteral(tokens) => {
+            indent!(i, "BlockLiteral");
+            for token in tokens {
+                print_syntactic_token(i+1, token);
+            }
+        }
+        SyntacticToken::Expression(tokens) => {
+            indent!(i, "Expression");
+            for token in tokens {
+                print_syntactic_token(i+1, token);
+            }
+        }
+
+        SyntacticToken::Symbol(symbol) => indent!(i, "Symbol({symbol})"),
+
+        SyntacticToken::Separator => indent!(i, "Separator"),
+        SyntacticToken::Condition => indent!(i, "Condition"),
+        SyntacticToken::Pin => indent!(i, "Pin"),
+    }
+}
diff --git a/src/tokens/assembler.rs b/src/tokens/assembler.rs
deleted file mode 100644
index 048062b..0000000
--- a/src/tokens/assembler.rs
+++ /dev/null
@@ -1,162 +0,0 @@
-use crate::*;
-
-
-#[derive(Clone)]
-pub enum AssembledToken {
-    Word(AssembledWord),
-    LabelDefinition(LabelDefinition),
-    PinnedAddress(PinnedAddress),
-    Error(AssemblerError),
-}
-
-#[derive(Clone)]
-pub struct AssembledWord {
-    pub source: SourceSpan,
-    pub value: usize,
-    pub bits: usize,
-    pub fields: Vec<AssembledField>,
-    pub errors: Vec<AssemblerError>,
-}
-
-impl AssembledWord {
-    pub fn count(&self) -> usize {
-        // If there is at least one field, and all fields have empty string
-        // values, then count will be zero. Else count will be at least one.
-        let mut count = 0;
-        let mut all_strings = !self.fields.is_empty();
-        for field in &self.fields {
-            if let IntegerArgument::String(string) = &field.value {
-                count = std::cmp::max(count, string.chars.len());
-            } else {
-                all_strings = false;
-            }
-        }
-        if !all_strings {
-            count = std::cmp::max(count, 1);
-        }
-        return count;
-    }
-}
-
-#[derive(Clone)]
-pub struct AssembledField {
-    pub source: SourceSpan,
-    pub value: IntegerArgument,
-    /// Length of field in bits
-    pub bits: usize,
-    /// Distance to left-shift field in value
-    pub shift: usize,
-}
-
-#[derive(Clone)]
-pub struct AssembledExpression {
-    pub source: SourceSpan,
-    pub tokens: Vec<AssembledExpressionToken>,
-}
-
-#[derive(Clone)]
-pub enum AssembledExpressionToken {
-    Integer(TrackedInteger),
-    LabelReference(Tracked<String>),
-    Operator(Operator),
-    Expression(Box<AssembledExpression>),
-}
-
-#[derive(Clone)]
-pub enum Argument {
-    Integer(IntegerArgument),
-    Block(Vec<AssembledToken>),
-}
-
-#[derive(Clone)]
-pub enum IntegerArgument {
-    LabelReference(Tracked<String>),
-    Integer(TrackedInteger),
-    Expression(AssembledExpression),
-    String(TrackedString),
-}
-
-#[derive(Clone)]
-pub struct AssemblerError {
-    pub source: SourceSpan,
-    pub variant: AssemblerErrorVariant,
-}
-
-#[derive(Clone, Debug)]
-pub enum AssemblerErrorVariant {
-    DefinitionNotFound(String),
-    NotAnInteger,
-    NotABlock,
-    IntegerInBlock,
-    StringInExpression,
-    /// expected, received
-    IncorrectArgumentCount(usize, usize),
-    /// expected, received, index
-    IncorrectArgumentType(ArgumentVariant, ArgumentVariant),
-}
-
-// ------------------------------------------------------------------------ //
-
-macro_rules! indent {
-    ($indent:expr => $($tokens:tt)*) => {{
-        for _ in 0..$indent { print!("  "); }
-        println!($($tokens)*);
-    }};
-}
-
-pub fn print_assembled_tokens(tokens: &[AssembledToken]) {
-    for token in tokens {
-        match token {
-            AssembledToken::LabelDefinition(definition) => {
-                println!("LABEL {}", definition.name)
-            }
-            AssembledToken::PinnedAddress(address) => {
-                println!("PINNED {}", address.address)
-            }
-            AssembledToken::Word(word) => {
-                println!("WORD {:b}", word.value);
-                for field in &word.fields {
-                    print!("  FIELD ({} << {}) ", field.bits, field.shift);
-                    match &field.value {
-                        IntegerArgument::LabelReference(name) => {
-                            println!("LABEL '{name}'");
-                        }
-                        IntegerArgument::Integer(integer) => {
-                            println!("INTEGER '{}'", integer.value);
-                        }
-                        IntegerArgument::String(string) => {
-                            println!("STRING {string}");
-                        }
-                        IntegerArgument::Expression(expr) => {
-                            println!("EXPRESSION");
-                            print_assembled_expression(2, expr);
-                        }
-                    }
-                }
-            }
-            AssembledToken::Error(error) => {
-                println!("ERROR {:?}", error.variant)
-            }
-        }
-    }
-}
-
-fn print_assembled_expression(indent: usize, expr: &AssembledExpression) {
-    for token in &expr.tokens {
-        match token {
-            AssembledExpressionToken::Integer(integer) => {
-                indent!(indent => "INTEGER {}", integer.value)
-            }
-            AssembledExpressionToken::LabelReference(name) => {
-                indent!(indent => "LABEL '{name}'")
-            }
-            AssembledExpressionToken::Operator(operator) => {
-                indent!(indent => "OPERATOR {operator:?}")
-            }
-            AssembledExpressionToken::Expression(expr) => {
-                indent!(indent => "EXPRESSION");
-                print_assembled_expression(indent+1, expr);
-            }
-        }
-    }
-}
diff --git a/src/tokens/bytecode.rs b/src/tokens/bytecode.rs
deleted file mode 100644
index 9ac340e..0000000
--- a/src/tokens/bytecode.rs
+++ /dev/null
@@ -1,49 +0,0 @@
-use crate::*;
-
-
-pub struct Bytecode {
-    pub words: Vec<Word>,
-    pub errors: Vec<BytecodeError>,
-}
-
-#[derive(Clone, Copy)]
-pub struct Word {
-    pub bits: usize,
-    pub value: usize,
-}
-
-impl std::fmt::Display for Word {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        for i in (0..self.bits).rev() {
-            let is_first_bit = i+1 == self.bits;
-            if !is_first_bit && (i+1) % 4 == 0 {
-                write!(f, "_")?;
-            }
-            match (self.value >> i) & 1 {
-                0 => write!(f, "0")?,
-                _ => write!(f, "1")?,
-            }
-        }
-        if self.bits == 0 {
-            write!(f, "0")?;
-        }
-        return Ok(());
-    }
-}
-
-pub struct BytecodeError {
-    pub source: SourceSpan,
-    pub variant: BytecodeErrorVariant,
-}
-
-pub enum BytecodeErrorVariant {
-    DefinitionNotFound(String),
-    DuplicateLabelDefinition(String),
-    /// pin, real
-    PinnedAddressBacktrack(usize, usize),
-    /// expected, received
-    ValueTooLarge(usize, usize),
-    StackUnderflow,
-    MultipleReturnValues,
-    NoReturnValue,
-}
diff --git a/src/tokens/expression.rs b/src/tokens/expression.rs
deleted file mode 100644
index 1d8a336..0000000
--- a/src/tokens/expression.rs
+++ /dev/null
@@ -1,78 +0,0 @@
-use crate::*;
-
-
-#[derive(Clone)]
-pub struct Expression {
-    pub source: SourceSpan,
-    pub tokens: Vec<ExpressionToken>,
-}
-
-#[derive(Clone)]
-pub struct ExpressionToken {
-    pub source: SourceSpan,
-    pub variant: ExpressionTokenVariant,
-}
-
-#[derive(Clone)]
-pub enum ExpressionTokenVariant {
-    Invocation(String),
-    Literal(isize),
-    Operator(Operator),
-    Error(ExpressionParseError),
-}
-
-#[derive(Clone, Copy, Debug)]
-pub enum Operator {
-    Equal,
-    NotEqual,
-    LessThan,
-    GreaterThan,
-    LessThanEqual,
-    GreaterThanEqual,
-    Add,
-    Subtract,
-    LeftShift,
-    RightShift,
-    And,
-    Or,
-    Xor,
-    Not,
-}
-
-#[derive(Clone)]
-pub enum ExpressionParseError {
-    InvalidHexadecimalLiteral(String),
-}
-
-impl std::fmt::Debug for Expression {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        for (i, token) in self.tokens.iter().enumerate() {
-            let string = match &token.variant {
-                ExpressionTokenVariant::Invocation(name) => name,
-                ExpressionTokenVariant::Literal(value) => &value.to_string(),
-                ExpressionTokenVariant::Operator(operator) => match operator {
-                    Operator::Equal            => "=",
-                    Operator::NotEqual         => "!=",
-                    Operator::LessThan         => "<",
-                    Operator::GreaterThan      => ">",
-                    Operator::LessThanEqual    => "<=",
-                    Operator::GreaterThanEqual => ">=",
-                    Operator::Add              => "+",
-                    Operator::Subtract         => "-",
-                    Operator::LeftShift        => "<<",
-                    Operator::RightShift       => ">>",
-                    Operator::And              => "&",
-                    Operator::Or               => "|",
-                    Operator::Xor              => "^",
-                    Operator::Not              => "~",
-                }
-                ExpressionTokenVariant::Error(_) => "<error>",
-            };
-            match i {
-                0 => write!(f, "{string}")?,
-                _ => write!(f, " {string}")?,
-            }
-        }
-        return Ok(());
-    }
-}
diff --git a/src/tokens/mod.rs b/src/tokens/mod.rs
deleted file mode 100644
index 53ccc6e..0000000
--- a/src/tokens/mod.rs
+++ /dev/null
@@ -1,19 +0,0 @@
-mod expression;
-mod packed_binary_literal;
-mod tracked_integer;
-mod tracked;
-
-pub use expression::*;
-pub use packed_binary_literal::*;
-pub use tracked_integer::*;
-pub use tracked::*;
-
-mod syntactic;
-mod semantic;
-mod assembler;
-mod bytecode;
-
-pub use syntactic::*;
-pub use semantic::*;
-pub use assembler::*;
-pub use bytecode::*;
diff --git a/src/tokens/semantic.rs b/src/tokens/semantic.rs
deleted file mode 100644
index 225cd6b..0000000
--- a/src/tokens/semantic.rs
+++ /dev/null
@@ -1,192 +0,0 @@
-use crate::*;
-
-use indexmap::IndexMap;
-
-
-/// The entire semantic program, ready to generate bytecode.
-pub struct SemanticProgram {
-    pub macro_definitions: IndexMap<String, MacroDefinition>,
-    pub label_definitions: IndexMap<String, LabelDefinition>,
-    pub body: Vec<SemanticToken>,
-}
-
-/// A symbol definition.
-pub struct MacroDefinition {
-    pub source: SourceSpan,
-    pub arguments: Vec<ArgumentDefinition>,
-    pub value: Value,
-    pub errors: Vec<SemanticParseError>,
-}
-
-pub struct ArgumentDefinition {
-    pub name: String,
-    pub source: SourceSpan,
-    pub variant: ArgumentVariant,
-}
-
-#[derive(PartialEq, Clone, Copy, Debug)]
-pub enum ArgumentVariant {
-    Integer,
-    Block,
-}
-
-pub struct ArgumentInvocation {
-    pub source: SourceSpan,
-    pub value: Value,
-}
-
-pub enum Value {
-    Integer(Integer),
-    Block(Vec<SemanticToken>),
-    Invocation(Invocation),
-}
-
-pub enum Integer {
-    Literal(TrackedInteger),
-    String(TrackedString),
-    Expression(Expression),
-    LabelReference(Tracked<String>),
-}
-
-pub enum SemanticToken {
-    Word(PackedBinaryLiteral),
-    Invocation(Invocation),
-    LabelDefinition(LabelDefinition),
-    PinnedAddress(PinnedAddress),
-    Error(SemanticParseError),
-}
-
-pub struct Invocation {
-    pub name: String,
-    pub source: SourceSpan,
-    pub arguments: Vec<ArgumentInvocation>,
-    pub errors: Vec<SemanticParseError>,
-}
-
-#[derive(Clone)]
-pub struct LabelDefinition {
-    pub source: SourceSpan,
-    pub name: String,
-}
-
-#[derive(Clone)]
-pub struct PinnedAddress {
-    pub source: SourceSpan,
-    pub address: usize,
-}
-
-pub struct SemanticParseError {
-    pub source: SourceSpan,
-    pub variant: SemanticParseErrorVariant,
-}
-
-pub enum SemanticParseErrorVariant {
-    UnterminatedMacroDefinition(String),
-    UnterminatedBlock,
-    InvalidToken,
-}
-
-
-impl std::fmt::Display for ArgumentVariant {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        match self {
-            ArgumentVariant::Integer => write!(f, "integer"),
-            ArgumentVariant::Block => write!(f, "block"),
-        }
-    }
-}
-
-// ------------------------------------------------------------------------ //
-
-macro_rules! indent {
-    ($indent:expr => $($tokens:tt)*) => {{
-        for _ in 0..$indent { print!("  "); }
-        println!($($tokens)*);
-    }};
-}
-
-impl SemanticProgram {
-    pub fn print_definitions(&self) {
-        for (name, definition) in &self.macro_definitions {
-            let variant = match &definition.value {
-                Value::Integer(_) => "INTEGER",
-                Value::Block(_) => "BLOCK",
-                Value::Invocation(_) => "INVOCATION",
-            };
-            println!("DEFINE {variant} '{name}'");
-            for argument in &definition.arguments {
-                self.print_argument_definition(argument);
-            }
-            match &definition.value {
-                Value::Integer(integer) =>
-                    self.print_integer(1, integer),
-                Value::Block(block) =>
-                    self.print_block(1, block),
-                Value::Invocation(invocation) =>
-                    indent!(1 => "INVOCATION '{}'", invocation.name),
-            };
-            println!();
-        }
-
-        println!("LABELS");
-        for (name, _) in &self.label_definitions {
-            println!("  @{name}");
-        }
-        println!();
-
-        self.print_block(0, &self.body);
-    }
-
-    fn print_argument_definition(&self, argument: &ArgumentDefinition) {
-        let variant = match argument.variant {
-            ArgumentVariant::Integer => "INTEGER",
-            ArgumentVariant::Block => "BLOCK",
-        };
-        println!("  ARGUMENT {variant} '{}'", argument.name);
-    }
-
-    fn print_integer(&self, indent: usize, integer: &Integer) {
-        match &integer {
-            Integer::Literal(value) =>
-                indent!(indent => "LITERAL {value}"),
-            Integer::Expression(expr) =>
-                indent!(indent => "EXPRESSION [{expr:?}]"),
-            Integer::String(string) =>
-                indent!(indent => "STRING '{string}'"),
-            Integer::LabelReference(name) =>
-                indent!(indent => "LABEL REFERENCE '{name}'"),
-        }
-    }
-
-    fn print_block(&self, indent: usize, block: &[SemanticToken]) {
-        indent!(indent => "BLOCK");
-        for semantic_token in block {
-            match &semantic_token {
-                SemanticToken::Word(word) =>
-                    indent!(indent+1 => "WORD #{word}"),
-                SemanticToken::Invocation(invocation) =>
-                    self.print_invocation(indent+1, invocation),
-                SemanticToken::LabelDefinition(definition) =>
-                    indent!(indent+1 => "LABEL DEFINITION @{}", definition.name),
-                SemanticToken::PinnedAddress(addr) =>
-                    indent!(indent+1 => "PINNED ADDRESS {}", addr.address),
-                SemanticToken::Error(_) =>
-                    indent!(indent+1 => "ERROR"),
-            }
-        }
-    }
-
-    fn print_invocation(&self, indent: usize, invocation: &Invocation) {
-        indent!(indent => "INVOCATION '{}'", invocation.name);
-        for argument in &invocation.arguments {
-            match &argument.value {
-                Value::Integer(integer) =>
-                    self.print_integer(indent+1, integer),
-                Value::Block(block) =>
-                    self.print_block(indent+1, block),
-                Value::Invocation(invocation) =>
-                    self.print_invocation(indent+1, invocation),
-            };
-        }
-    }
-}
diff --git a/src/tokens/syntactic.rs b/src/tokens/syntactic.rs
deleted file mode 100644
index 780c950..0000000
--- a/src/tokens/syntactic.rs
+++ /dev/null
@@ -1,84 +0,0 @@
-use crate::*;
-
-
-pub struct SyntacticToken {
-    pub source: SourceSpan,
-    pub variant: SyntacticTokenVariant,
-}
-
-pub enum SyntacticTokenVariant {
-    LabelDefinition(String),
-    MacroDefinition(String),
-    MacroDefinitionTerminator,
-
-    IntegerLiteral(isize),
-    PackedBinaryLiteral(PackedBinaryLiteral),
-    PinnedAddress(usize),
-
-    Expression(Expression),
-
-    String(TrackedString),
-
-    BlockOpen,
-    BlockClose,
-    Separator,
-
-    Symbol(String),
-
-    Error(SyntacticParseError),
-}
-
-#[derive(Clone)]
-pub struct TrackedString {
-    pub source: SourceSpan,
-    pub string: String,
-    pub chars: Vec<Tracked<char>>,
-}
-
-impl std::fmt::Display for TrackedString {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        self.string.fmt(f)
-    }
-}
-
-#[derive(Debug)]
-pub enum SyntacticParseError {
-    InvalidHexadecimalLiteral(String),
-    InvalidDecimalLiteral(String),
-    InvalidSymbolIdentifier(String),
-    UnterminatedComment,
-    UnterminatedString,
-    UnterminatedExpression,
-    LabelInMacroDefinition,
-}
-
-
-impl std::fmt::Debug for SyntacticToken {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        use SyntacticTokenVariant::*;
-        let start = &self.source.in_merged;
-        let name = match &self.variant {
-            LabelDefinition(name) => format!("LabelDefinition({name})"),
-            MacroDefinition(name) => format!("MacroDefinition({name})"),
-            MacroDefinitionTerminator => format!("MacroDefinitionTerminator"),
-
-            IntegerLiteral(value) => format!("IntegerLiteral({value})"),
-            PackedBinaryLiteral(pbl) => format!("PackedBinaryLiteral({pbl})"),
-            PinnedAddress(value) => format!("PinnedAddress({value})"),
-
-            Expression(expr) => format!("Expression({expr:?})"),
-
-            String(string) => format!("String('{string}')"),
-
-            BlockOpen => format!("BlockOpen"),
-            BlockClose => format!("BlockClose"),
-            Separator => format!("Separator"),
-
-            Symbol(name) => format!("Symbol({name})"),
-
-            Error(error) => format!("Error({error:?})"),
-        };
-
-        write!(f, "{start} {name}")
-    }
-}
diff --git a/src/tokens/tracked.rs b/src/tokens/tracked.rs
deleted file mode 100644
index ea37047..0000000
--- a/src/tokens/tracked.rs
+++ /dev/null
@@ -1,47 +0,0 @@
-use crate::*;
-
-
-#[derive(Clone)]
-pub struct Tracked<T> {
-    pub source: SourceSpan,
-    pub value: T,
-}
-
-impl<T> Tracked<T> {
-    pub fn from(value: T, source: SourceSpan) -> Self {
-        Self { source, value }
-    }
-}
-
-impl<T> std::ops::Deref for Tracked<T> {
-    type Target = T;
-    fn deref(&self) -> &T {
-        &self.value
-    }
-}
-
-impl<T> std::ops::DerefMut for Tracked<T> {
-    fn deref_mut(&mut self) -> &mut T {
-        &mut self.value
-    }
-}
-
-impl<T: std::fmt::Display> std::fmt::Display for Tracked<T> {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        write!(f, "{}", self.value)
-    }
-}
-
-impl<T: std::fmt::Debug> std::fmt::Debug for Tracked<T> {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        write!(f, "{:?}", self.value)
-    }
-}
-
-impl<T: PartialEq> PartialEq for Tracked<T> {
-    fn eq(&self, other: &Tracked<T>) -> bool {
-        self.value.eq(&other.value)
-    }
-}
-
-impl<T: Eq> Eq for Tracked<T> {}
diff --git a/src/tokens/tracked_integer.rs b/src/tokens/tracked_integer.rs
deleted file mode 100644
index fa55f09..0000000
--- a/src/tokens/tracked_integer.rs
+++ /dev/null
@@ -1,14 +0,0 @@
-use crate::*;
-
-
-#[derive(Clone)]
-pub struct TrackedInteger {
-    pub source: SourceSpan,
-    pub value: isize,
-}
-
-impl std::fmt::Display for TrackedInteger {
-    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
-        write!(f, "{}", self.value)
-    }
-}
diff --git a/src/types/expression_stack.rs b/src/types/expression_stack.rs
new file mode 100644
index 0000000..4d26eb2
--- /dev/null
+++ b/src/types/expression_stack.rs
@@ -0,0 +1,89 @@
+use crate::*;
+
+
+pub struct ExpressionStack {
+    stack: Vec<isize>,
+}
+
+impl ExpressionStack {
+    pub fn new() -> Self {
+        Self {
+            stack: Vec::new(),
+        }
+    }
+
+    pub fn pull_result(mut self) -> Result<isize, StackError> {
+        match self.stack.len() {
+            0 => Err(StackError::NoReturnValue),
+            1 => Ok(self.stack.pop().unwrap()),
+            _ => Err(StackError::MultipleReturnValues),
+        }
+    }
+
+    pub fn push(&mut self, value: isize) {
+        self.stack.push(value);
+    }
+
+    pub fn apply(&mut self, operator: Operator, source: &SourceSpan) -> Result<(), Tracked<StackError>> {
+        macro_rules! push {
+            ($val:expr) => { self.stack.push($val) }
+        }
+        macro_rules! pop {
+            ($name:ident) => {
+                let $name = match self.stack.pop() {
+                    Some(value) => value,
+                    None => return Err(Tracked::from(StackError::Underflow, source.clone())),
+                };
+            }
+        }
+        macro_rules! truth {
+            ($bool:expr) => { match $bool { true => 1, false => 0 } };
+        }
+        match operator {
+            Operator::Equal            => { pop!(b); pop!(a); push!(truth!(a==b)) },
+            Operator::NotEqual         => { pop!(b); pop!(a); push!(truth!(a!=b)) },
+            Operator::LessThan         => { pop!(b); pop!(a); push!(truth!(a < b)) },
+            Operator::GreaterThan      => { pop!(b); pop!(a); push!(truth!(a > b)) },
+            Operator::LessThanEqual    => { pop!(b); pop!(a); push!(truth!(a <= b)) },
+            Operator::GreaterThanEqual => { pop!(b); pop!(a); push!(truth!(a >= b)) },
+            Operator::Add              => { pop!(b); pop!(a); push!(a + b) },
+            Operator::Subtract         => { pop!(b); pop!(a); push!(a - b) },
+            Operator::Multiply         => { pop!(b); pop!(a); push!(a * b) },
+            Operator::Divide           => { pop!(b); pop!(a); push!(a / b) },
+            Operator::Modulo           => { pop!(b); pop!(a); push!(a % b) },
+            Operator::Exponent         => { pop!(b); pop!(a); push!(
+                if let Ok(b) = u32::try_from(b) { a.saturating_pow(b) } else { 0 }  ) },
+            Operator::LeftShift        => { pop!(b); pop!(a); push!(
+                if b < 0 { a >> -b } else { a << b }  ) },
+            Operator::RightShift       => { pop!(b); pop!(a); push!(
+                if b < 0 { a << -b } else { a >> b }  ) },
+            Operator::BitAnd           => { pop!(b); pop!(a); push!(a & b) },
+            Operator::BitOr            => { pop!(b); pop!(a); push!(a | b) },
+            Operator::BitXor           => { pop!(b); pop!(a); push!(a ^ b) },
+            Operator::BitNot           => {          pop!(a); push!(!a) },
+        }
+        return Ok(());
+    }
+}
+
+
+pub enum StackError {
+    Underflow,
+    MultipleReturnValues,
+    NoReturnValue,
+}
+
+
+pub fn report_stack_error(error: &Tracked<StackError>, source_code: &str) {
+    let context = Context { source_code: &source_code, source: &error.source };
+    let message = match &error.value {
+        StackError::Underflow =>
+            "A stack underflow occurred while evaluating this operator",
+        StackError::MultipleReturnValues =>
+            "More than one value was left on the stack after this expression was evaluated",
+        StackError::NoReturnValue =>
+            "No value was left on the stack after this expression was evaluated",
+    };
+
+    report_source_issue(LogLevel::Error, &context, message);
+}
diff --git a/src/types/mod.rs b/src/types/mod.rs
new file mode 100644
index 0000000..623d525
--- /dev/null
+++ b/src/types/mod.rs
@@ -0,0 +1,7 @@
+mod expression_stack;
+mod operator;
+mod word_template;
+
+pub use expression_stack::*;
+pub use operator::*;
+pub use word_template::*;
diff --git a/src/types/operator.rs b/src/types/operator.rs
new file mode 100644
index 0000000..a7e7b9b
--- /dev/null
+++ b/src/types/operator.rs
@@ -0,0 +1,87 @@
+#[derive(Clone, Copy)]
+pub enum Operator {
+    Equal,
+    NotEqual,
+    LessThan,
+    GreaterThan,
+    LessThanEqual,
+    GreaterThanEqual,
+    Add,
+    Subtract,
+    Multiply,
+    Divide,
+    Modulo,
+    Exponent,
+    LeftShift,
+    RightShift,
+    BitAnd,
+    BitOr,
+    BitXor,
+    BitNot,
+}
+
+impl Operator {
+    pub fn from_str(string: &str) -> Option<Self> {
+        match string {
+            "="     => Some(Operator::Equal),
+            "=="    => Some(Operator::Equal),
+            "<eq>"  => Some(Operator::Equal),
+            "!="    => Some(Operator::NotEqual),
+            "<neq>" => Some(Operator::NotEqual),
+            "<"     => Some(Operator::LessThan),
+            "<lth>" => Some(Operator::LessThan),
+            ">"     => Some(Operator::GreaterThan),
+            "<gth>" => Some(Operator::GreaterThan),
+            "<="    => Some(Operator::LessThanEqual),
+            "<leq>" => Some(Operator::LessThanEqual),
+            ">="    => Some(Operator::GreaterThanEqual),
+            "<geq>" => Some(Operator::GreaterThanEqual),
+            "+"     => Some(Operator::Add),
+            "<add>" => Some(Operator::Add),
+            "-"     => Some(Operator::Subtract),
+            "<sub>" => Some(Operator::Subtract),
+            "*"     => Some(Operator::Multiply),
+            "<mul>" => Some(Operator::Multiply),
+            "/"     => Some(Operator::Divide),
+            "<div>" => Some(Operator::Divide),
+            "<mod>" => Some(Operator::Modulo),
+            "**"    => Some(Operator::Exponent),
+            "<exp>" => Some(Operator::Exponent),
+            "<<"    => Some(Operator::LeftShift),
+            "<shl>" => Some(Operator::LeftShift),
+            ">>"    => Some(Operator::RightShift),
+            "<shr>" => Some(Operator::RightShift),
+            "<and>" => Some(Operator::BitAnd),
+            "<or>"  => Some(Operator::BitOr),
+            "<xor>" => Some(Operator::BitXor),
+            "<not>" => Some(Operator::BitNot),
+            _      => None,
+        }
+    }
+}
+
+impl std::fmt::Display for Operator {
+    fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
+        let string = match self {
+            Operator::Equal            => "<eq>",
+            Operator::NotEqual         => "<neq>",
+            Operator::LessThan         => "<lth>",
+            Operator::GreaterThan      => "<gth>",
+            Operator::LessThanEqual    => "<leq>",
+            Operator::GreaterThanEqual => "<geq>",
+            Operator::Add              => "<add>",
+            Operator::Subtract         => "<sub>",
+            Operator::Multiply         => "<mul>",
+            Operator::Divide           => "<div>",
+            Operator::Modulo           => "<mod>",
+            Operator::Exponent         => "<exp>",
+            Operator::LeftShift        => "<shl>",
+            Operator::RightShift       => "<shr>",
+            Operator::BitAnd           => "<and>",
+            Operator::BitOr            => "<or>",
+            Operator::BitXor           => "<xor>",
+            Operator::BitNot           => "<not>",
+        };
+        write!(f, "{string}")
+    }
+}
diff --git a/src/tokens/packed_binary_literal.rs b/src/types/word_template.rs
index a2720b7..33d5933 100644
--- a/src/tokens/packed_binary_literal.rs
+++ b/src/types/word_template.rs
@@ -1,35 +1,23 @@
 use crate::*;
 
 
-pub struct PackedBinaryLiteral {
-    pub source: SourceSpan,
+pub struct WordTemplate {
     pub value: usize,
-    pub bits: usize,
-    pub fields: Vec<BitField>,
-    pub errors: Vec<PackedBinaryLiteralParseError>,
+    /// Width of the word in bits.
+    pub width: u32,
+    pub fields: Vec<Tracked<BitField>>,
 }
 
 pub struct BitField {
     pub name: char,
-    pub source: SourceSpan,
-    /// Length of field in bits
-    pub bits: usize,
-    /// Distance to left-shift field in value
-    pub shift: usize,
-}
-
-pub struct PackedBinaryLiteralParseError {
-    pub source: SourceSpan,
-    pub variant: PackedBinaryLiteralParseErrorVariant,
-}
-
-pub enum PackedBinaryLiteralParseErrorVariant {
-    DuplicateFieldName(char),
-    InvalidCharacter(char),
+    /// Width of the field in bits.
+    pub width: u32,
+    /// Number of bits to the right of the field in the word.
+    pub shift: u32,
 }
 
 
-impl std::fmt::Display for PackedBinaryLiteral {
+impl std::fmt::Display for WordTemplate {
     fn fmt(&self, f: &mut std::fmt::Formatter) -> Result<(), std::fmt::Error> {
         if self.value == 0 {
             write!(f, "0")?;
@@ -41,7 +29,8 @@ impl std::fmt::Display for PackedBinaryLiteral {
                     write!(f, "_")?;
                 }
                 for field in &self.fields {
-                    if i <= field.bits + field.shift - 1 && i >= field.shift {
+                    let i = i as u32;
+                    if i <= field.width + field.shift - 1 && i >= field.shift {
                         write!(f, "{}", field.name)?;
                         continue 'bit;
                     }