My name is Joseph de la Plante, President and CEO of Evolve Royalties. Evolve is a copper-focused royalty company. We started the company in 2024. We have been building it out privately. We listed in December of last year, so we have not been trading for even a year yet. It is just the beginning of us building out this portfolio. A lot of you know our team. We have been in the royalty space for over 15 years. I started my career at Osisko, was part of the team that started Osisko Gold Royalties before moving on and creating Nomad Royalty with some of my partners. Nomad was acquired by Sandstorm in 2022. I have spent a lot of my career looking at gold opportunities, particularly in the royalty sector. After selling our last business, we decided to shift our focus into base metals, battery metals. The reason being that the royalty model is a model we know extremely well. We have done lots of transactions from M&A to acquiring portfolios to streaming. I really do believe it is a fantastic business model that has much more potential that can be applied outside of precious metals. We are applying ourselves to develop what we think is going to be a big opportunity to consolidate outside of the gold royalty sector. Copper is a really unique commodity right now. There is a lot of attention on copper and base metals generally, so we think it is the perfect time to be doing this type of strategy, and we see lots of opportunity to grow the business. Evolve is a CAD 150 million market cap. We have amassed so far a portfolio of 15 royalties. We started the year with one cash flowing royalty. By the end of the year, we expect to have four producing royalties in the portfolio. Three of those are copper royalties on high-quality Canadian copper mines. In a short amount of time, we have amassed a good high-quality portfolio. We have been fortunate to do so with the support of some very substantial shareholders, Orion Resource Partners being one of our largest shareholders at about 9% of the capital structure, and we have a long-standing relationship with Orion. Every royalty company needs to have an edge in terms of how they find transactions and new opportunities. Our relationship with Orion goes back many, many years, and we continue to look at new opportunities together, and I expect that we will continue to do so. In the latest development, we have been able to secure a CAD 75 million revolving credit facility with BMO. It is fully undrawn. The best way to describe Evolve today, in a short amount of time, we have gotten ourselves to a position where we have good cash flow in the portfolio. We expect 2026 will be somewhere between CAD 7 million and CAD 9 million in free cash flow, growing to CAD 12 million to CAD 15 million next year. We are ready to add more assets into the portfolio with this credit facility that we have put in place. I talked a little bit about our background. Nomad was the first company that our team essentially created and brought to market. It was a short-lived experience. We listed the company in mid-2020. It was acquired in August of 2022. During that period of time, we took a portfolio, IPO'd it, listed on the TSX, New York Stock Exchange, developed a fully-fledged royalty platform with 11 analysts covering the stock, dividend-paying company, and did two significant streaming transactions that were meaningful for the sector at that period of time. That really proved what our team could do and ultimately led to a successful outcome with Sandstorm acquiring us, and even today when we look at the Royal Gold portfolio, some of the streams that we had structured, for example, Platreef, Greenstone, still figure among the top assets within Royal Gold. The point is to say that even if we're a small company, we can still do transactions that matter to the sector, that matter to investors, and that's really what we're trying to do, replicate the same playbook here, just a different focus on the commodity side. As I mentioned, we started Evolve in early 2024. We were private until late last year. Over that period of time, we've raised about CAD 70 million, most of which have been deployed across transactions that we've put together. What really started the company is the acquisition of a portfolio of non-core copper royalties from Sandstorm. The main asset in that transaction was a royalty on Highland Valley Copper. It's a wonderful mine owned by Teck Resources in British Columbia. It still serves as the cornerstone in our portfolio today. But we've been very active over the last two years, leading to the listing in December of last year. And really the way we think of ourselves is just the beginning. We are one of the newer players in this space. The sector's constantly changing. But yeah, we're very proud of what we've achieved so far. From a strategy point of view, we are focused on copper. We're not looking exclusively at copper. We have other commodities in the portfolio today. We have lithium. We have tin. We are generally looking at a large basket of commodities. The way we've messaged our strategy is we want to dominantly be focused on copper with a target of 75% of our NAV from copper as we grow. Copper is generally the most exciting commodity that we see in the market today, outside of precious metals. We think there's a big opportunity here to create a larger platform that can have that generalist appeal when they want exposure to base metals and primarily copper. The base metal royalty space has very few players. All of them have different strategies. One of the exciting things about doing what we're doing is we find that we see higher returns on the transactions that we're looking at. A lot of royalty investors are familiar with the gold royalty space. It's become quite competitive. Naturally, there are niches there for companies to build out their platforms and do good deals. But across the board, when we're looking at the bigger transactions, the returns have generally come down over the years, and the transaction structures have materially changed to have step downs and features that take away some of the optionality in streams and royalties. When we focus outside of precious metals, we find a much better ability to structure deals that have all of those features that really allow that organic growth in some of the investments in the portfolio. That is really what drives a lot of value in these platforms. Yes, the team is out deploying capital into new deals, but what is great about royalty portfolios is there is an organic growth embedded in the portfolio when the operators spend money on the properties, expand their resource, and expand the processing facilities. Most of our portfolio right now is focused in North America. We have one investment in Argentina, one investment in Namibia. Generally speaking, we are open in terms of the jurisdictions we are looking at. We are not looking for high-risk jurisdictions in the portfolio, but what we are building is a portfolio of relationships with operating companies. Different companies have a different ability to operate in different jurisdictions. That is the main risk we try to assess when we invest is who are the partners, and can we mitigate some of the risks, whether they are jurisdictional or operating risks within those partnerships. Speaking of which, we have wonderful counterparties on our royalties already, from Teck to Eldorado Gold to Hudbay Minerals. A lot of really great names in our portfolio, and obviously that is something that we continue to look for as we seek new opportunities. If we take a look at the portfolio we have so far, within those 15 royalties, five of them have the bulk of the value in our portfolio. This is a timeline, a cash flow timeline of the assets in our portfolio. So it demonstrates how we think about building the company and building the platform. We are really looking to add assets that have a tangible value, that have a defined timeline to cash flow, and that is represented here at the bottom. Most of our assets will be producing by the end of the year. Highland Valley is a long-standing mine, has a long history, operated by Teck, will continue to do so. It is the cornerstone in our portfolio. We have two other copper royalties in the portfolio, one on the North Pit area of Copper Mountain, owned by Hudbay Minerals. We will receive our first royalty check later this year from that royalty. McIlvenna Bay, a brand-new mine being brought online, expected to reach commercial production later this year. This one is owned by Eldorado Gold. So these are really wonderful assets in the portfolio. We acquired also earlier this year a royalty on a tin mine in Namibia called Uis. This is a new mine brought online with the backing of Orion Resource Partners. Very long mine life, over 100 years. All that to say, by the end of the year, we will have four cash flowing royalties. We expect about CAD 8 million this year from just Highland Valley and Uis, and that will grow next year as Copper Mountain and McIlvenna Bay come online. We also have another asset in the portfolio on a lithium mine in Argentina, which is permitted and expected to start construction later this year, earlier next year. Our royalty on Highland Valley, it is a 0.5% NPI royalty. It has been paying for a long time. HVC has recently sanctioned a new mine life extension that is going to take the mine life beyond 2045. So another long life asset in the portfolio. There's about 1 billion tons in the reserves, almost another 1 billion tons in the M&I category. This is a royalty that can keep going well beyond that, and this is already the fourth mine life extension at Highland Valley Copper. What we're talking about is just a big pit push back. That'll be done by 2028, and have access to a very important mineral inventory for the many decades to come. McIlvenna Bay, this mine was financed and built by Foran Mining, which most of you will know. Foran was acquired last year by Eldorado Gold. Our royalty is a CAD 0.75 per ton tonnage royalty. We have begun receiving our first payments here already, and those payments will ramp up as the mine reaches commercial production, which is guided for by the end of the year. A great example of why royalties are such wonderful investments. McIlvenna Bay currently has a 38 million ton resource. The operator is currently drilling out Tesla. Tesla's largely expected to be of the same size as McIlvenna Bay. Significant resource growth coming here on this royalty. We are obviously following closely and that will add a lot of value to the royalty that we already own. More importantly, we have royalty coverage on the entire land package. There's a geological trend here. One of the great things when an asset changes hands like this into a bigger company, what we see is more exploration budgets. They have now started drilling on some of the south trend on the Balsam claim, where we have a 2% NSR and on the Hanson Lake claim, where we also have a 2% NSR. Much more to come, I think, on this property. What we see now is really, we think, just the beginning, and we expect within a few years, the portrait here will be quite different. We're now seeing Eldorado has begun a study to expand the mill. Lots of value drivers on this asset. Uis is a brand-new mine, tin-tantalum mine, that was started in 2022. Very interesting asset. These are tin-tantalum pegmatite swarms. There's already an 80 million ton resource that's currently being drilled out. We expect that's going to grow substantially, and that news will come likely later this fall. Just with the existing resource, there's over 50 years of mine life here. When I talk about the types of opportunities that you see outside of precious metals, this is a great example. We acquired this royalty for CAD 32 million. This year, when we acquired the royalty, we were forecasting about CAD 4 million in royalty payments to Evolve. That is likely going to be over CAD 6 million just based on the current tin price. We expect to recoup our capital quite rapidly here and then have exposure here for many decades to come. If you look at the return on this type of transaction versus what we see in precious metals, substantially higher, and these are the deals that really drive value and allow us to grow the portfolio quickly. Quickly on Copper Mountain, this royalty covers the north pit area of the pit. It's a 5% NSR. The royalty's paying about CAD 1 million a quarter currently. There's a CAD 10 million earn out that was left for Sandstorm. We expect to reach that point sometime in Q4, at which point the payments will accrue to Evolve. That will be another good catalyst within the portfolio. Lastly, on the lithium royalty, this is an asset that I think is quite underappreciated within our portfolio. We have a 2% NSR on a brine that is in Salta, located right next to AbraSilver's Diablillos project. The operator is permitted to build a 30,000-ton carbonate operation. They have begun early works on phase 1. They expect to start construction once they receive RIGI approval. We paid CAD 5 million for this royalty. Phase 1 of this mine will pay CAD 5 million per year. Again, a really good find. We are not looking to have a lot of lithium in the portfolio, but brines are a great place for us to park our capital, and we think we will have a very significant return on the investment that we have made here. Moving along, perhaps to some of the catalysts in the portfolio. As I mentioned, cash flow is really the focus of our business, and our cash flow will be growing over the coming years as McIlvenna Bay begins paying its first royalty payments. Similar thing with Copper Mountain. Also we are following closely the developments at McIlvenna Bay with a new resource at Tesla Zone, news on an expansion, and commencement of construction at Sal de Los Angeles, our lithium royalty. Within the portfolio, there is lots of organic growth coming. Obviously, we are active looking at new acquisitions also. We are a team that does a lot of transactions. We are very focused on M&A. We have the financial capability to continue and drive M&A and acquisitions. That will be, together with organic growth in the portfolio, the main way that we grow, and we currently in the market see lots of opportunity to do so. From a capital structure point of view, it is a very simple structure, about 50 million shares outstanding. We have just about CAD 10 million in cash and liquid investments. Basic market cap, about CAD 150 million. One of the things we focused on building out the platform has been bringing in institutional shareholders early on. We have about 40% of our register with institutions. Orion Resource Partners owns 9% of our shares, and the board of management about 15% of the company. It is a tightly held structure, but most importantly, as we grow, we have a lot of really great shareholders behind us to continue and help to fund that growth. We have a very lean team, just three people on the team right now. Myself, our COO is a resource estimation specialist, so we can do a lot of our technical diligence or our early technical diligence in-house. Our CFO was a 20-year partner at PwC, so lots of expertise within the team. On our board, my business partner, Vince Metcalfe, was my partner in building out Nomad Royalty Company. So together we have a lot of experience in the royalty space. Mathieu Gignac, the CEO of G Mining Ventures, also is on our board, a wonderful resource when we are looking at assets and thinking about due diligence. G Mining Ventures has about 400 mining engineers spread throughout the globe. This is a really deep network that we can rely on if we need it. Elif Lévesque, a financial background, used to be the CFO of Osisko Gold Royalties and the CFO of Nomad. Fraser Laschinger is a portfolio manager out of Toronto, that was a previous CEO of Voyageur, who we merged with to go public. Just a couple of minutes left. From a valuation point of view, we do think that we're discounted versus the peer set. We expect to be able to close that gap as we demonstrate the cash flow potential in the business and as we continue to deliver transactions. Mostly, really, I think this is just the beginning for us. Copper is in a really unique time. I think there's a lot of interest for this strategy. I think there's huge opportunities for us to pursue in the market, and we're really excited about where we are because we are ready to deploy into new acquisitions. We have everything that we need, and it's a great time for us in the market right now. On that note, I'll end the presentation. If there's any questions, we'll be happy to take them. Thank you, Joseph. You've got CAD 75 million burning a hole in your pocket. How quickly are you expected to deploy that cash? Is the focus on growing the portfolio, or would you go back and reinvest into some of your existing operations? With the credit facility, naturally, we're very busy. One thing that happens when you have that kind of financial capacity is the phone rings quite often, whether it's bankers with clients that need capital or just existing relationships. Right now I think is the busiest I've ever seen the royalty space. There's lots of big transactions on the gold side, and that has created a bit of a void for us to operate within our niche of, call it sub CAD 150 million transactions. We do expect to deploy the capital quickly, and naturally, we look at lots of types of transactions. Some of my favorite transactions are reinvesting with our existing partners. These are relationships that are important, and some of the best opportunities come with people that we have already backed. That's a strategy that we like a lot. Okay, excellent. Thank you, Joseph. Please join me in thanking Joseph for his presentation. Thank you. Good luck with your-