Good morning. We're so pleased to host Jason Hynes, the Senior Vice President of Royal Gold, who's going to tell us all about their progress and the various projects they've invested in. And without further ado Jason, let's hear the good news. Well, John, thanks for having us, and thanks for your support of the company over the many, many years you've been following us. As you said, I'm the SVP of Strategy and Business Development. I've been with Royal Gold for about 13 years. I've worked out of our headquarters in Denver, I've worked in our Swiss office, and I'm currently in our Vancouver office here, and it's a really good time. I need to give an update on Royal Gold, introduce the company, hopefully, to some new shareholders online today. Our portfolio is performing really well. It's being boosted by strong commodity prices, although maybe not today's strong commodity prices, but in general, if you zoom out enough. It doesn't really appear to be reflected in our valuation relative to peers in our industry and where we've traded historically. I'm happy to walk through today. Please, John, interrupt me at any time with any questions you got. This presentation's probably a 20-30 minute presentation, but you jump in if you want me to clarify or go into any more detail on anything in particular. I'm just going to go to some forward-looking statements. I will be making forward-looking statements here today. Risks and uncertainties could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in our most recent Form 10-K filed with the SEC. Please familiarize yourselves with this. I'm not sure if the audience is going to be very familiar with the industry and with Royal Gold, but maybe just as a general comment, we are not a mining company. We provide top-line precious metals exposure from a portfolio of royalties and stream interests on mines. These are run by well-known operators. The business is high margin. It generates consistent cash flows from a large portfolio of producing mines, with many more development and exploration projects also in the pipeline. In this presentation, I'm just going to cover some key attributes of Royal Gold and also the business model. Our focus is precious metals, gold in particular. Close to 80% of our revenue is from gold. The balance is made up mostly of silver and copper. It's a very high-margin business. It's a predictable business. It allows us to maintain a longstanding commitment of dividend growth, 25 years straight. Our portfolio itself of producing development exploration assets is the most diversified in the sector by asset, by operator, by jurisdiction. It' s not just diversified revenue-producing assets, but it's diversified in our growth pipeline as well, which means we are not relying on one or two mines or one or two development projects to make our results today or make our results in the future. Jurisdictionally speaking, our exposure is skewed to tier one geographies, with close to 70% of our revenue from North America. Just generally on the model, our operating cost exposure is limited, which means the margins are predictable, and we do not have very meaningful exposure to inflation, which I know is a topic of conversation these days. Actually, you benefit from inflation because if costs rise and prices rise, your revenue royalties are automatically worth more, and on the streams, your down payment is fixed and the revenue upside is uncapped. Yep, you are right. So we usually say that you benefit from inflation. All right. Yeah, you're right. If the commodity prices are moving with inflation, as they generally will, you're absolutely correct on that, John. Our market cap sits around $20 billion today. In the first half of this year, we generated over $750 million in EBITDA, and we have ample liquidity to grow and return capital to shareholders, all at the same time. The portfolio has a lot of optionality in it. We do not have to invest for the organic growth that's embedded in our close to 400 assets, of which over 80 are in production. Just maybe a quick overview of 2025, which was a very transformative year for Royal Gold with both corporate and asset acquisitions. On the corporate side, we acquired Sandstorm and Horizon. Just under a year ago, we closed those acquisitions. Those added growth at both the production and development side of our portfolio. They added diversification, and they added duration to our portfolio, meaning sort of the average reserve life that we have in our portfolio. On top of those corporate acquisitions, we did a couple of big asset acquisitions. We did a $1 billion gold stream acquisition from the Kansanshi Mine in Zambia, which is a copper mine operated by First Quantum. We made a $200 million commitment to the Warintza project in Ecuador, which is an emerging tier one copper-gold asset expected to have a very long life. It's only been two full quarters that we've put out since we've closed those acquisitions, and those quarters had record revenue, record cash flow, record earnings. On the diversification side, which is something that was very important for our management team, is really creating that portfolio effect, is no asset was more than 13% of revenue. I mentioned that we increased the duration, and what that means is the weighted portfolio reserve life of our portfolio, which was before those acquisitions was probably 14 years, is now more like 18 years. So close to 25% increase in our weighted average reserve life. We've already repaid most of the debt associated with these transactions. We've instituted and started executing on a share repurchase program, and we raised our dividend for the 25th consecutive year. To sum up 2025, we added scale, we diversified further, we added growth, and this was all on strategy. Maybe just keep all that in mind for when I get to the end of the presentation and talk a little bit about valuation and where we sit today. I just want to spend a few minutes talking about Sandstorm and Horizon, the corporate acquisitions, which were really transformational and remained on strategy. Like I said, we've only had two reported quarters, but the short-term developments in the portfolio from these acquisitions have been very positive. Our strategy here in adding these companies to the portfolio was they had a very high-quality development asset pipeline, and this pipeline of assets has advanced faster than we had anticipated, and I'll talk a little bit more about some of the assets in there. But it wasn't just a development pipeline. They have a lot of high-quality producing assets that have contributed significant revenue and operating cash flow in the two quarters since we've closed it. One of the tasks we took upon ourselves after closing was to simplify some of the more complicated and non-core investments that came along. Sandstorm and Horizon were sort of sister companies, with interests in common. We collapsed that intercompany arrangement and we unified those assets, and that was mainly the Antamina NPI royalty and the Hod Maden stream royalty and joint venture interests that were in that portfolio. We sold over $200 million of non-core equity positions. We also inherited some non-traditional investments in Hod Maden, a 30% joint venture interest is one of them, and we already converted half of this interest to royalties. By the way, that mine is now under construction and 25% or so complete. There were a bunch of smaller complex investments in the portfolio, and we converted some non-performing debt instruments at Bear Creek into royalty interests at Corani, which is now under construction by Highlander Silver. There has been some really good, like I kind of alluded to this, there has been some really positive portfolio developments in some of these larger development assets that we acquired. I think these have happened faster than we anticipated, obviously boosted by strong copper and gold prices, which encourage operators and developers to move things forward as quickly as possible. Talk first about MARA, which stands for Minera Agua Rica Alumbrera, and a little bit of history here. Alumbrera was an old Glencore-Goldcorp-Yamana joint venture in Argentina, which operated for 20 years until 2018 when their reserves were exhausted. Proximal to Alumbrera is a deposit called Agua Rica, which is now a 1.2 billion ton undeveloped resource. The concept here was you put these two projects together, you have the Alumbrera large-scale processing infrastructure, and you use that to process the ore from the Agua Rica deposit. Glencore has unified the ownership on this project 100% now, and Agua Rica is their next multi-decade leg of growth in their copper strategy. Royal Gold has a very in-the-money option on a 20% gold stream. This new Alumbrera-Agua Rica combined project is expected to produce 100,000 oz a year of byproduct gold from the Agua Rica deposit, which is what our stream covers. Glencore has been accelerating the development on it. They got RIGI approval, which is basically Argentine large project sort of commitments to fiscal stability that the Argentine government is giving large projects. They actually received approval for that last week, and they actually started the restart of mining at Alumbrera ahead of schedule, which is going to de-risk the Agua Rica start-up. The point here is there is a little bit of ore left at Alumbrera. They are going to use that to fire up the mills, make sure everything is working while they are developing some of the other infrastructure, and then actually fix a few high wall issues, and they are going to use these old Alumbrera pits to store tailings from the Agua Rica ore processing. Next step for Glencore on this project is a feasibility study update, middle of next year, and hopefully a full investment decision by the end of the year, and then full construction. The critical path on this project is a 35 km ore conveyor system to move the ore from the Agua Rica deposit back to the Alumbrera processing facilities. We are very excited about that development asset coming online over the next few years. Moving to Platreef, another development asset. This is Ivanhoe's bulk tonnage PGM mine in South Africa. We received our first delivery of gold from this asset in August, just a couple of months ago, and they continue to ramp up this project. They are already into a phase two expansion. It is well underway. They have completed shaft number three, and their new 5 million tons per year concentrator is on track for a completion at the end of year 2027. This team has a phase three expansion already planned to move forward. But right now, we are focused on execution of phase two. Maybe just to touch on some of the smaller things in the portfolio. People may know the Fruta del Norte mine, which is operated by Lundin Gold in Ecuador. We have a 0.9% royalty on that. They have had continued production success, continued exploration success at both the high-grade gold and on some new, very interesting copper gold porphyry targets. Corani, which is a silver development asset in Peru, is now under construction, and this is one of the world's largest silver deposits. This thing, according to the feasibility study, should produce around 10 million ounces of silver per year when it's up and running. Just some small things, like I will point to Omai here. This is a very exciting development asset in Guyana. They have a brand-new updated PEA. They'v e got a 6+ million o unce resource, and they are hoping to be producing north of 300,000 oz a year for 18 years, according to that study. As you can see, we are very pleased with the developments across this acquired portfolio that we have seen in such a short time since owning these businesses. We provided five-year guidance for the first time this past March, and that really demonstrates the growth runway that we have in the portfolio. Our 2026 guidance midpoint was 30% over 2025 actuals, and our first ever five-year outlook shows an additional 17% growth from there. This does not include material assets such as MARA, which I covered on the previous slide, Fourmile in the Cortez District, which we will talk about in a little bit more detail later in the presentation, Hudbay's Cactus copper project in Arizona, our interest in Rio Tinto's Oyu Tolgoi mine in Mongolia on the Entrée Rio Tinto joint venture ground, Omai, just to name a few. So there are a lot of projects still to come beyond that five-year outlook. As we hopefully update that five-year outlook on an annual basis, some of those projects will filter in, and you will see that growth continue to climb. Back to Fourmile. It is the first time I have mentioned it, and just to make it clear for everybody, we have full coverage of the Fourmile deposit with this 1.6% gross smelter royalty, which we acquired around five years ago. This is one of the most significant gold discoveries in a generation. It's right in the heart of the Barrick Newmont Nevada Gold Mines Cortez Mining Complex, which is where Royal Gold really built its business from the 1980s. Recently, it was a Barrick-owned project, Fourmile, but it has now been vended into the Nevada Gold Mines joint venture. This is great news because it can now be advanced in an optimal manner with the rest of the Cortez Complex, because Cortez has a lot going on. It has a lot of different ore types. It has a lot of processing methodologies. Having the flexibility to move these things forward under unified ownership is going to be great. They put out a PEA just on Fourmile last year, and that PEA had a production range of 600,000 oz-750,000 oz a year for 25 years. That is a very large discovery. Currently, they have 20 drill rigs on site doing infill and exploration drilling. They are planning for a PFS by the end of 2028, a feasibility study in 2029. There is a lot of permitting activities underway, and permitting in Nevada is complex and time-consuming. This is going to take a few years to get all this sorted. But in the meantime, there should be lots of great news coming out on that project. This is a very diversified growth pipeline that is really not dependent on one large asset, whether you are talking 2026, the five-year outlook, or beyond that. Maybe just a little bit, we have always been focused on gold, and we are going to talk a little bit about that gold focus here over the next couple of slides. Our company was started in the mid-1980s, so we have been focused on gold for 40+ years. The strategy has been consistent over that time. Find good assets in good jurisdictions run by good operators. As you can see here from the chart, our revenue has grown consistently, and the metal mix has not really changed, with gold remaining dominant. Our goal is to provide exposure to gold in a conservatively managed vehicle that investors can put in their portfolio and not worry about. Just to show that investing in Royal Gold is a good alternative for conservative exposure to gold, our beta of 1.6 to gold shows excellent leverage. Basically what that means is for every 1% move in the gold price, our stock has historically moved 1.6%. Conversely, we are far less sensitive to movements in the general markets, with only a 0.6 beta to the S&P 500. You can look back 20 years since the GDX was formed. Our share price has outperformed gold, the GDX, and the S&P 500. We have been a very good long-term investment in a volatile commodity. A little bit more about the business and our margins and our dividend growth and return of capital strategy. The business is high margin and very scalable. Production volumes and commodity prices can fluctuate, but margins are high, they are stable and predictable, and there is very limited exposure to inflation, as you and I traded thoughts on a few minutes ago, John. On a trailing 12 months basis, that EBITDA margin has been 83%, and importantly, our cash G&A is just 3% of revenue. That' s what it costs us on a cash basis to run this business every year. These costs are low, they are mostly fixed, and hence inflation to us is not a risk to our business and to our margins. Our head count is very low for the scale of our business. We have 39 employees managing a company with a $20 billion market cap and over $1 billion a year of operating cash flow. Our team is focused on identifying and negotiating new acquisitions. We spend a lot of time monitoring existing operations from a technical, financial, and legal perspective as well, make sure that we understand what it is that we have and what it is that we are getting paid on. We do not have to have the thousands of people that are needed to explore, build, and operate mines. Our partners do that for us, and this is what makes it a very scalable business. We can increase our volumes without material increases in our cash G&A costs. Return of capital is a key strategic objective for us, and it is one of the attributes that makes us unique among other gold investments. We have paid a growing and sustainable dividend since 2000, and we have increased that dividend every year since 2001, despite volatility in the gold price. We have paid out over $1 billion of dividends in that time, all while maintaining a sustainable payout ratio. We are the only company in the GDX that has paid an increasing dividend since the index was formed in 2006, and we are the only precious metals company, not just streaming a royalty company, but precious metals company, that's in the S&P High Yield Dividend Aristocrats Index, which recognizes that sustainable dividend growth over multiple decades. Our board reviews our dividend every year in Q4. Earlier this year, for the first time, the board approved a share repurchase program of up to $500 million, which we now have as an additional capital return tool, and we have started executing on this already. Diversification has been a key strategic goal for us for years. We are portfolio managers, and we don't want to worry about nor rely on any one or two assets to sustain and grow our business. It makes it much easier for us to sleep at night as managers and investors, and hopefully makes it easier for investors to make an investment decision where they can just set it and forget it. Our portfolio does span the globe, but it is very much weighted towards lower risk and mining-friendly jurisdictions. It also spans the various stages of mining project development. We have north of 360 assets, 80 of them producing, 30 of them in development, and greater than 250 of them at an earlier stage. It' s not surprising to see sort of a barbell curve like this, where you got a lot in production, a lot on the exploration side, and fewer in development. Just because projects, once they go into development, they only spend a short time there before they move up to the production phase, hopefully for a long time. Organic growth comes from the development and exploration stage assets that advance to production, but it also comes from extensions and expansions at existing operations, and strong commodity prices are a good tailwind for that. I have mentioned already our commodity focus is gold, and we do have the highest gold revenue percentage of our large cap peers. With the balance made up of silver and copper, both metals that we like. Our strong preference is precious metals, gold, silver, secondary preference for PGMs over base metals, but we entertain high quality, long life base metal assets, particularly copper assets, when the opportunity presents itself. I have mentioned that we are geographically diverse. North America has been the focus. We do invest in new jurisdictions from time to time. But when we do, we do significant due diligence, and we really have a preference for countries with both a strong rule of law and an established mining industry. Risks do move around over time, and we use diversification to manage that risk. But an established mining industry is an important component because some countries, you're going to go through rough times, rough political times. But if mining has been a big part of the sort of economic and social fabric of a country, they understand the value that it brings, and it'll usually come back around to the positive side. On a net asset value basis, this is the most diversified asset portfolio in the sector. Of our top 10 assets, eight of them are producing revenue, two of them are in development. Of the eight that are producing revenue right now, five of those have expansion or extension projects underway. On the right side, our operating partners are best in class. They are large, well-capitalized, experienced mining companies. Over the past few years, we've added First Quantum to this list, Glencore, Rio Tinto as well. Sometimes you'll see good projects move into stronger hands over time through M&A. So in the past, when we've helped smaller companies or private equity companies build projects, over time, those have moved into larger hands. We see that in many of our investments, and Khoemacau is a good example of that, which was we sponsored a private equity company to build that project, and it's now owned and operated and being expanded by Minmetals Group. This portfolio to us is the most important part of our business. It reduces our exposure to single assets, single operators, single jurisdiction risks, and like I said, helps us sleep better at night. This is very important in our view for generalist investors who can buy a portfolio instead of spending time reviewing asset details, they can just trust that there's a high-quality, diversified portfolio that they're investing in without spending too much time having to evaluate assets one at a time. I know that, John, that makes your job a little more difficult sometimes. We'll just talk a little bit about the limited operating risks associated with our business models, just for those who aren't familiar with it. I won't spend too much time on it, though. We provide gold exposure with reduced risk, and listed here are various ways you can invest in gold and how we are positioned relative to those other options. We provide upside exposure to gold. I mentioned our 1.6 beta. We provide optionality with a diversified portfolio of assets that are in production, development, and exploration and evaluation. We provide a dividend. All this is while reducing downside risk through diversity and without direct exposure to operating and capital costs. So on one end of the spectrum, you've got physical gold, which does not provide any alpha or a dividend, and at the other end, you've got mining companies which have exposure to operating and capital cost risks, which can expose them to greater inflationary pressures. There's the perception that our business model does not provide leverage to gold, but like I said, that 1.6 beta demonstrates it does. It might not provide the same operating leverage that you see from a lower margin producer, but our financial results demonstrate that leverage to gold. Jason, in some cases, it could be argued the royalty companies have better or more leverage than a producer because when the gold price rises, the CapEx costs go up, the operating costs go up. You get higher taxes, expropriation, wage hikes. I helped finance an Idaho exploration project in the spring, and for the diamond drill contractor, the fourth rig worked. The first three didn't. Then the poor guy flew to Missouri in August and bought two diesel engines for the RC rig that didn't work from a different contractor. Now he's got to pay 2027 in advance for them to buy new equipment. When the damn thing breaks down, he paid the workers anyway because if you don't pay the drill crews, those guys walk when the son of a bitch breaks down. Excuse me. I believe the royalty companies have better leverage than the mine operators. My clients don't always understand, but- Yeah You guys have less problems. Yeah, we definitely have less problems, and perhaps what I was saying, like, in the strict definition of operating leverage sense is when you got those lower margins, that moves in the gold price can have an effect. But you're absolutely right in terms of our exposure to gold and how that flows through to our financial results. And definitely on a simplicity perspective, our operating partners do amazing, very hard work for our benefit. This slide talks a little bit about it. On the right, you can see our costs are low and either fixed or they're actually tied to metal prices, and those are prices that we make upon delivery under our stream structures. So margins expand as the metal price increases, whereas on the left, you got operator margins, which are lower. Like I said, does provide greater operating leverage in the strict sense when the gold price moves, but it cuts both ways and leaves them exposed to inflation. As we see in various corners of the economy today, which eats into margins and makes margins much more difficult to predict. This is a simplistic comparison of the cost structure between a streamer and a producer, showing the various inputs that are exposed to inflation. Producers have labor input, energy, consumables, et cetera, and many of these increase when commodity prices increase, as you referred to, John. Energy is a key one these days as diesel prices have soared due to various global issues, and diesel is obviously a very key input into the mining process. On the Royal Gold side, our inflationary exposure is limited to G&A. We've got salaries, service, office rents, not typically subject to material short-term increases. Anything that impacts costs impacts margins, and we have limited exposure to it. Spend a little bit of time talking about where Royal Gold sits in the sector, in the royalty and streaming sector, and we like to refer to ourselves as sitting in the Goldilocks position. We are large enough to compete, but still small enough to show growth. We can compete for the largest transactions. We did a billion-dollar acquisition last year, as I mentioned, with First Quantum, and we have significant cash flow and access to capital, as demonstrated by those transactions that we were able to complete last year, both on the asset side and the M&A side. While that M&A transaction was a share deal, there was a significant amount of debt that we had to pay off for Sandstorm, and we did pay cash for the Horizon acquisition. In less than a year we've paid off $900 million of that debt. We can get lots of cash flow, we can do big deals, but still those small and medium-sized transactions, they still move the needle for us. They still add to the growth and it's visible. We've been monitoring, obviously, this industry a long time, and looking over the past 20 years, less than 20% of the transactions have been over $300 million. The bulk of the growth opportunities in this sector are in that sweet spot for us. This Goldilocks position really allows us to compete against our peers across the size spectrum, whether it's the bigger guys for the bigger deals, the medium-sized guys for the medium deals, and for a high quality asset that we want exposure to, we'll go down market and do some smaller assets because we believe that those could add a lot of leverage in the future. Growth and optionality in the portfolio here, John. Talk a little bit about this. Growth depends on successful capital allocation strategy, and our strategy has remained very simple and consistent over time. First, we reinvest in the business using non-dilutive financing, whether that's cash from our operations or we use our revolving credit facility. Secondly, we always want to maintain a strong balance sheet and have access to liquidity in order to be ready to fund the next leg of growth. When we do a deal, we want to be ready to do the next deal if a high-quality, attractive opportunity comes across our desks. Third, we want to continue returning capital to shareholders. We have to be flexible as market conditions change, but our principal framework is to target double-digit returns on new investments and we want to generate growth on a per-share basis. When we do use debt to fund acquisitions, if operating cash flow isn't quite enough, we repay it quickly, and we want to continue growing the dividend as we've done for 25 straight years. We added a couple of new tools to the toolbox last quarter. A $600 million accordion feature to our revolving credit facility, which gives us access to greater liquidity in times when the transaction pipeline looks strong, as it does right now. As I said, the board approved our first ever share buyback program up to $500 million. We're going to use this to address when we see value disconnects in the market. We were active on this in Q2, as we announced at the end of that quarter, and we'll give updates on that program with our quarterly results. What's our track record of actually implementing this strategy over the past 25 years? Here's a few stats that I think demonstrate it. Since 2000, our revenue and our cash flow have grown significantly. There's three key aspects to our growth. Our G&A has increased at a far lower rate. Revenue and cash flow growth are far exceeding increases in G&A expense, and that's back to that scalability point I made earlier on the number of people and the amount of G&A it requires to run our business. Secondly, our revenue growth, while it does benefit from the increase in metal prices, it's not dependent on increases in metal prices. We've added production volume through acquisitions, and just as importantly, we've seen organic growth from within the portfolio, which was bought and paid for long ago. That comes in at no additional cost to our shareholders. We've mostly financed our growth internally without a significant rise in the share count. We did issue 18.5 million shares last year to complete Sandstorm. This was the first equity issue we had done since 2012, so my entire 13 years in the company. Even with these new shares that we issued, we still have the lowest absolute share count of any company in the GDX index. We just want to focus on delivering sustainable per share growth for shareholders. We want to grow production and we want to grow revenue, we want to grow cash flow, and we want to be disciplined about increases in costs and about issuing new shares. I mentioned that our goal is to achieve double-digit returns on our investments, but this double-digit return potential is not always evident on the day of the announcement. When we're evaluating investment opportunities, our extensive due diligence process takes a bottoms-up technical approach using a team of mostly in-house technical experts. We will supplement that team of in-house experts with trusted outside advisors when we want a second opinion on certain matters that may be unique to a particular investment. Key areas of focus in that due diligence process are exploration potential, the potential to convert resources into reserves, and the potential for future upside in production with throughput increases, expansions and whatnot. These are very key factors in the evaluation process because that's the stuff that is going to move us into the double-digit return territory. When we announce deals, research analysts and shareholders don't always have the benefit of this detailed review, and this is often proprietary information to the company that we are reviewing, so we can't release it all. Street estimates that you see of returns on announcement are often low, and it may take years for the upside to become clear and to filter into research analysts' views and shareholder views. I think this slide illustrates that point. This uses Scotia research and their view of the internal rate of return, their estimate of the internal rate of return at the time of the announcement in the blue bar versus the return estimates that they update on a regular basis. This was updated end of 2025 or mid-2026. As you can see, as time has passed, expected returns have increased with production expansions, mine life extensions, and these are driven by reserve resource growth, reserve growth. Again, this comes almost uniquely with no investment from us. We are not cherry-picking assets here. These are six of our principal assets. Strong commodity prices can be a tailwind to these returns, and not just by driving higher revenues from the metal that we receive, but also they allow operators to reevaluate uneconomic scenarios. They allow them to convert resources to reserves because they can use lower cutoff rates, and it encourages them to explore. Almost as importantly, high commodity prices, they provide that excess free cash flow that operators need to invest in that growth because that investment isn' t coming from us, it's coming from the operators. You can see here just some examples here. Kansanshi has been in the portfolio less than a year, and the view on returns has nearly doubled. Obviously, not a lot has changed in the underlying operation there. That is largely driven by a pretty significant increase in commodity prices during that time. Khoemacau, we have had the benefit of a significant increase in the silver price, but MMG is undergoing a material expansion at that project which is going to benefit us. Just a few examples. Pueblo Viejo also undergoing an expansion. Mount Milligan announced mine life extension last year, putting our largest asset back into the two decades plus. Cortez is Cortez here, and it has just been an amazing asset for us over the decades and decades. We always look to add to it when that opportunity arises. Here we are just looking at that same story, but in a different way, looking at it from a net asset value perspective. This compares the investment that we made to acquire the asset, how much we had to spend to buy the stream of royalty, and that's in blue at the bottom. It compares it to the amount of revenue we've already pulled out, plus the remaining consensus view of value. The goal here is the bottom line always stays the same. We've already made the investment. The goal is to grow the top line through revenue and by adding to reserves, adding to resources, through expansions, through commodity price increases here. You can see here all these assets, the revenue plus the expected view of future value is significantly higher than the investment that we made. Kind of referred to extensions to mine life, which provides a double benefit here. You can see in the dark blue on the left, the mine plan, which is based on the reserves, and in the lighter blue is incremental production. This is just an illustrative chart. What it does is it provides longer exposure to the gold price as well. It doesn't just provide more production of revenue. That longer exposure to the gold price when you extend mine lives, which increases the odds of us hitting multiple bull cycles across an asset. As we'd all know, this is a bit of a cyclical business. The longer you're in the market, the more opportunity you have to hit the high parts of those cycles and reap significant returns. Operators are always looking to extend asset lives and try to capture incremental revenue. Near mine exploration, expansions will generally produce greater returns than over greenfield investments for them because they can leverage existing infrastructure, and permitting requirements are usually less burdensome compared to greenfields. Just to give you a sense of how extensive our portfolio is, in 2025, there was over 2 million meters of drilling across properties in which we hold an interest. That would include exploration and brownfield drilling. This is all drilling which will create value for Royal Gold shareholders, whether it's near- term, medium- term, or long- term. We do not have to fund a capital or invest further to get exposure to any of that upside. This is growth that we don't have to pay for and won't have to pay for. This optionality really is the most important part of our business model and is really what drives the premium valuations that royalty and streaming companies seem to get in the markets. We can get into a little bit on some detail of some actual assets here, John, and I think we have a development pipeline that is the envy of the industry. This slide is really just a sampling of some of the assets expected to ramp up or come online in the next five years. This organic growth pipeline has significant catalysts, which are going to extend well into the next decade, and really this is just a sampling here. I'll just pick a few here. Back River project or the Goose project as B2 calls it up in Nunavut is ramping up. We will eventually have a 3.3% royalty interest once they hit certain thresholds in the next year or so. I've talked a little bit about Platreef already. Look at Robertson here, another mine in the Cortez District here. This is an open-pit oxide mine. First production expected next year, and that's going to add 250,000 oz a year to the Cortez District for quite a long time, and we have a 2.6% interest over that specific part of the Cortez District. Hod Maden, which we haven't talked about a lot yet. There we have royalty interests. We still have a 15% joint venture interest, and we also have options on the royalty interests that are held by SSR Mining that they received back when they exited the project and transferred the operatorship back to Lidya. Great Bear, Kinross' flagship project in Red Lake, where we have a 2% royalty. Warintza is our new investment in Ecuador that we made last year, and we've forwarded $150 million of the $200 million total investment there. That should hopefully come online later this decade. MARA, we've talked about. Fourmile, Cactus. Gualcamayo, which is in Argentina in private hands. Oyu Tolgoi in the early 2030s. Again, this is just a sampling. Corani, now under construction and expected to produce 10 million ounces of silver, where we have a 2.75% royalty interest. I've talked a little bit about Omai. You know, not even listed on here, we got Thesis Gold's Lawyers-Ranch project in British Columbia that has strategic investments from AngloGold and Centerra, and we have royalties covering 0.5%-2% of the various parts of that project. People might be familiar with i-80 Gold and their portfolio of development assets in Nevada. They've raised over $1 billion in the past two years to advance that portfolio of assets, and we have royalties across all of them. Let me ask you a question. Sure. Franco invested $250 million for a 1.5% stepping up to 3% royalty on i-80 Gold. But you already had royalty relationships there. Were you outbid? You know, John, we don't talk about specifically how we think about things, but we have very significant royalty interests there already at such a low-cost basis that to us, the risk-reward of having somebody else's money come in and advance those projects rather than us having to buy royalty interests at a much higher gold price, commodity price. We just felt that the risk-reward was better to let somebody else's money come in and advance our royalty interests. You sent Paul a fruit basket. I did. That's an amazing company. What they're doing in Nevada, it's very complex. They got multiple projects going on, multiple processing methodologies, and we're really excited to see what they can turn those assets into. Great management team there. But yes, we did send them a fruit basket. I'm just going to conclude on this slide, John, then we can just jump into questions and talk about specific assets if you want to here. But this is really the opportunity for investors in Royal Gold right now. Hopefully I've demonstrated that the underlying business is performing well. We've got strong cash flow. We've got a good organic growth pipeline. We've got a clean balance sheet. We've got a management team that's focused on continuing to execute on a simple strategy. The opportunity is that our relative multiples are showing significant price and NAV discounts to our large cap peers. Our cash flow multiple is lagging both our large and our small cap peers. We obviously have to ask the question why? I think what we believe internally is we need to demonstrate that our investment thesis was correct. We did $5+ billion of M&A last year, and we've only put two complete quarters out with both Sandstorm and the Kansanshi stream under our belt. The market has not yet absorbed the scale and growth potential of the portfolio. But the numbers are already telling their story. Jason, I had a 2016 research report on Sandstorm when they had only a royalty before they bought Marianas and had the 30% working interest in Hod Maden. I was forecasting in 2016 the Hod Maden output in 2020 revenue. So now we're hoping for 2031. There's nothing wrong with your communication. I think that some of the properties had a couple bumps in the road, and the investors will pay for it when the cash is flowing. Yeah. Maybe just on Hod Maden in particular, that's now under construction and Lidya's telling us late 2028 for first ore. We've funded equity into it. The company is looking to do some project finance to close out the build, and we're very excited. That's a very attractive project. Turkey is one of those countries that's new to us, but it's one of those countries that has a very long history of mining. They understand the value of mining to the economy, to society. Having that project in the hands of a well-known local partner with significant construction experience, we think is going to be very positive. Things are underway there, and we're heading there for a site visit in November. Our next visit. I hope I'm not too conservative on that one. I hope you are too, John. You're right. Listen, things take longer, right. I think that you can look at the same thing with MARA. It's always difficult, especially big companies like Glencore, as to when they're going to pull the trigger on significant investments. MARA, it's a brownfield, but it's still a $4 billion-$5 billion incremental capital to get Agua Rica into production. It's not always easy to get the time right on these assets, especially when you're acquiring them when they're at an earlier stage. We're getting pretty confident on the timeline on a lot of these things now. So this valuation disconnect, John, it's starting to become recognized by the market. It's definitely recognized by a number of research analysts. Just cherry-picking one, RBC has us designated as a top 30 global pick across their, this isn't mining, this is across their entire global coverage universe. So it's starting to become recognized. We are just very well- positioned within a strong commodity price environment. Our portfolio has the scale, it has the diversification, it has the duration, it has growth, it has a strong balance sheet, it has the cash flow necessary to contemplate more accretive acquisitions. We'll continue to grow that shareholder return strategy, and we're just committed to being patient. We're going to take a long-term approach to value creation, and we're going to work hard to ensure that the market has the information it needs to close the valuation gap. I think as we continue to put out quarters, the next few quarters with the pro forma business with all these assets combined, and continue to give asset updates, I think that'll all come into focus for the market. Closing that valuation gap is a really big opportunity for current and new Royal Gold shareholders. This slide here just shows where we are trading relative to where we have traded historically. So this is our view that we should trade at or close to our larger cap peers is, it's born off of history. We've always traded at perhaps a lower cash flow multiple historically, and that, we believe, was associated with the limited duration of our portfolio. Which again, like I mentioned, we've fixed that with these acquisitions over the past years with that average reserve life now approaching two decades. Some of the large cap gold stocks are at historically low multiples because people didn't believe the gold price. Or maybe still don't believe it, even though it came down over $1,000. Yeah. I don't like to look at the gold price on a day-to-day basis. It's not just you. Yeah. It's a tough comparison. If you compare yourselves to Wheaton and Franco, it's easy to look cheap because they're so expensive. Yeah, that's right. I think if you look at our portfolio, the quality of it, especially the diversification, the fact that we do not rely on a single asset for our revenue, we do not rely on a single big development asset for future growth. It's just a very diversified portfolio. That diversification strategy, it's just a regular portfolio management approach. We've seen it in the industry. We've seen the issues that happened at Cobre Panamá, and that asset is one that we coveted back in the day and would've been happy to have in our portfolio at one time. It just goes to show you what portfolio concentration can do, even for super high quality, large companies. Every one of our peers in the space has one of those assets. Whether it's Salobo or Malartic or Triple Flag, Northparkes in Australia. Everybody's got that one big asset, and we have a real diversified portfolio. Mining is a risky business and things do happen. If and when they do happen, it should limit the downside to us. Jason, there's a slide you don't have that I encourage all the royalty streaming companies to have. In addition to not having CapEx and OpEx, you also don't have reclamation liability. At the end of 2023, BHP, Rio, and Vale each had $17 billion-$20 billion reclamation accounts, which were much bigger than their debt. That year, Newmont ended the year with $8.6 billion of reclamation, about $5 billion of it is Yanacocha. Part of the reason Newmont gave away or sold eight properties was to reduce their reclamation account. It's actually as big a deal as not having CapEx to not have reclamation liability. Yeah. Those things always get bigger because the requirements get tighter. Yeah, you can come back to this slide, and you can think about the producers on the right there. Those are sort of their cash costs. If you extend that to sort of what they call the full enchilada, all in, fully loaded, sustaining capital costs. If you think of every ounce of gold or pound of copper you produce and you got to set aside some money, future money for reclamation, that absolutely tells an even better story for us. It's a good point. Jason, sometimes when I studied base metal or industrial companies, earnings per share is a little bit abstract, because sometimes there's a gazillion shares. I would calculate cash flow positive or negative per day. That helps you understand whenever business is good or bad at U.S. Steel or General Motors is going out of business or not. I just want to explain where I'm coming from. In the first half of this year, Royal Gold had $3.5 million in after-tax operating cash flow per day, Franco $5.5 million, and Wheaton $8.5 million a day. I wish I had money like that to spend. When your small team is sitting around the table with $1 billion to reinvest every year or distribute to shareholders, how are you sure you're going to find all those good opportunities? I think the only thing that we have is the history of being able to find those good opportunities. And there's been times when that cash balance has really started to grow and the opportunities weren't there. We're not going to be desperate and deploy capital just because we have growing capital. And at that time, it's happened before. We've dusted off the old memo on incremental shareholder return, get that memo up, polish it up, and usually as soon as we do all the hard work to polish it up, some great investment opportunities have come along and allowed us to deploy that liquidity into where we believe it's highest value for shareholders, which is new growth. It is a risk for the future. I'll tell you, the business development pipeline right now, John, is one of the strongest I've seen in the industry in a long time. The royalty and streaming structure has become such an accepted form of financing now that we basically get to review almost every investment opportunity that a mining company is making. They are going to consider streaming and royalty as one of the tools. Every CFO that's presenting to their board, I don't think they can get away without presenting, whether you're looking at debt, whether you're looking at equity, whether you're looking at using your strong operating cash flow, you need to contemplate a royalty and a stream. And it's very easy for them to do because we are able to work so hard, and they know we have a pool of capital that is accessible in as little as six to eight weeks of due diligence and documentation. I'm confident right now that there is enough opportunities, not just for Royal Gold, but for the sector as a whole, really, for high quality. Now, listen, you got to take a view on commodity prices. You got to take a view on gold. You got to take a view on silver, on whatever you're investing in. But our jobs, we see our jobs as putting our shareholders' money to use in high-quality assets that are operated by high-quality mining companies in high-quality jurisdictions within the context of the commodity price environment that we're in. And that's what we will do and that's what we will continue to do. But we will be patient. We will not do a deal just because we feel like we have to do a deal because the cash balance is growing. If you look at our transaction history, which I think I've got on a slide in here somewhere, if you bear with me. You can see here that we have years where we deploy very little. Year 2023, 2024, 2016, 2017, 2018, and it's the years like 2015 and 2022 and 2025 where we see opportunities, whether it's within the commodity price, whether it's high-quality assets, whatnot, where we've deployed significant amount of capital, which has created tremendous value for shareholders. And 2015 is really the year that built the modern streaming industry for Franco, Wheaton, and Royal Gold. Balance sheets were extended among large, especially copper players, but also some precious metals players, and that's when we had the opportunity to do business with Teck. That's when we had the opportunity to buy a stream on Barrick's and Newmont's Pueblo Viejo mine, which in a million years did we think we'd have the opportunity to buy a stream on a million-ounce a year gold mine from a gold producer. We've seen companies be a lot more cautious with their balance sheets since that time. The opportunities have come in different ways over the years. Third-party royalties are always a little bit of a wild card opportunity. You never know when a third-party royalty holder is going to want to sell a royalty. That's where we got our extra Cortez exposure, including the Fourmile exposure back in late 2021, early 2022, with a $729 million investment there. That's just because there was a couple of big royalty holders that decided that the time was right to sell. As you can see here, we're going to be patient, we're going to invest when the opportunities are good, and we're going to make sure we've got a strong balance sheet to do so, all the while making sure that we continue to return some of that money to shareholders. Earlier this year, Wheaton did the $4.3 billion silver transaction on Antamina. That was a great advertisement both for Wheaton and the whole sector. What is the biggest transaction Royal Gold's been asked to do? Well, our balance sheet's in pretty good shape, John. I don't think it's in $4.3 billion cash payment on one day shape. I don't think we would want to extend ourselves to that point. We are comfortable going to 3x net debt to EBITDA. So if you just pick $1 billion EBITDA, just for argument's sakes, even though that significantly underestimates our current EBITDA. Could we do a $3 billion deal using our balance sheet? We could, but balance sheet isn't the only thing that we look at, John. We're looking at concentration. We just spent years diversifying our portfolio so we're not hanging our hat on any single asset. We really don't want to recreate new concentration risk by doing a huge deal and creating a new 20% of revenue or 20% of NAV asset in our portfolio. That is a factor that we will keep in mind as well, is really concentration, and that's concentration in a single asset to a single operator in a single jurisdiction. I can't tell you exactly. It's all dependent. Is this a cash flowing asset? Is it a high free cash flow yield asset? Is it a long life asset? Just to tell you that there's some large transactions in the market right now, and we feel like if they're the right ones for us, that we have the balance sheet to be able to execute them. Kansanshi has been your biggest single one at $1 billion. Correct. In acquiring the two companies last year was $4 billion. I'm your friend, but I'm looking at the slide you have, and I'm going to ask you about all the old deals that had bumps in the road. Sure. When you went into Euromax Ilovica in North Macedonia in 2014, I think I calculated that there were 13 different flags over Skopje since 1870. Your guys said that- You have a lot of political politics. Your guys said that you consulted with attorneys in North Macedonia, and I laughed my ass off wondering what the tradition of law was in North, whether it was Hitler, Stalin, the Ottoman Turks, or what. Has that project proceeded? Maybe just a little bit of the history there. That is a while ago. That was 2013, I believe. 2014. 2014 in your slide. Yep. That was a new jurisdiction for us. We definitely saw some risks and some uncertainties around the timeline. I don't think anybody thought it was going to take this long. Our approach to that, John, was not, "Hey- It' s still not built, right? It's still not built, yeah, and I can give a quick update on that. You have not advanced any money, have you? We have not advanced more than, I believe it was the $11 million that we advanced back in 2014. But what that bought us was an option on a gold stream for when that project does move forward. Now, clearly, the gold price back then was probably $1,200, $1,100. So that is a very significant in-the-money option. My father's birth certificate was written in Turkish and French, and borders move around a lot in that part of the world. That is now owned by- Sometimes the mining companies act like they're ranchers in Nevada and don't know much about the world. It's always good to stick to what you know. That's a good. There's lessons in our portfolio, for sure. In the same year is it the same year or a year later? Same year you invested in the Rubicon project in Red Lake. In the original management, I might have caught him talking in the Denver Gold Forum one year. They did not understand mathematics, and they could not talk about geostatistics or explain top cuts or the lack thereof. I like to look at coefficient of variation as the first statistic on a property, or the ratio of standard deviation to the ore grade estimate, uncut, uncomposited, the way God made the rock, without domains. I think those are all bullshit. How did Royal Gold fortify its mathematical analysis of deposits after Rubicon? Maybe I'll step back a little bit and say, we learned lessons from every deal we do, whether it's a successful deal or a less successful deal. One thing that we took away from that investment was, when there's high-risk elements to a project, you need to bring in a second opinion and sometimes even a third opinion to really get it. We obviously got something wrong in our evaluation process there, and we went back and analyzed it and, we've really fortified our due diligence process to say when we identify specific risks and specific evaluations, is bring in a second, bring in a third opinion. Would that second or third opinion have shown us what happened there? Possibly, and maybe would've avoided it. But I think you take a step back and you look at the impairment history that Royal Gold has relative to the streaming sector, relative to the mining sector, we have a very good track record of limited impairments relative to what we've done. You've done not a bad deal since 2014. So it speaks well for the last 12 years, the current team, and you've invested a lot more money subsequently. You had more opportunities to make mistakes. And to your credit, in 2021, you bought into Côté Gold. In 2010, based on the first resource of that deposit, I rendered an unfairness opinion to a company in a merger where the first resource on Côté had a coefficient of variation of nine, so I wasn't sure the resource held up. And there were a lot of cottages on the lake. I wasn't sure it was going to get permitted. And they actually got permits to kill 500,000 fish. And the CapEx was a triple overrun, but the gold price is so high, and the resource got bigger, and they're making money, and you guys are heroes. So you paid $11 million for Alturas, which Barrick sold in the last year. Give us an update on that one. I think the new owner is called Boroo. Yeah, the new owner is, yeah, Boroo. They are a private equity company out of Singapore. You've also seen them in the news lately. They're, I think, the preferred bidder on the Eagle Mine, which is out of bankruptcy, the sale out of bankruptcy. That would be a big deal for OR Royalties if that got going again. Yeah. Listen, those guys are. We know them. They give us updates on what's going on down there. They have really turned around the other Barrick assets that they bought in production down there, have done a great job. We think that's in great hands to advance it. These are not the types of folks that buy stuff to sit on it for a long time. They buy stuff because they want to move it forward. I don't have a really specific update on it, John. Again, this is just that optionality that is in the portfolio. It has been sitting there for five, six years. We paid almost nothing for it. Now it's in the hands of people that are investing significant money into the area. In 2015, you took more of Pascua-Lama, where the construction was halted Halloween day 2013, with the thing half-built. I think that you had a merger that brought in the first piece of Pascua-Lama or the Pascua side of the asset. Yep. Give us a little update on that one. We stay on top of Barrick, and they continue to do studies, and they are evaluating whether they can just do something on the Chilean side, just something on the Argentinian side. We acquired that royalty in various chunks. Like you said, one was through a corporate acquisition, one was a cash acquisition as well, and then this third piece back in 2015 was a smaller kind of a sliver addition to it. We have got a nice royalty interest there. Wheaton has a nice stream option there. When is it going to be advanced? We are not 100% sure. There is a significant amount of infrastructure that has gone up there. Barrick says they continue to study it, and so we are hopeful that one day it will move forward, and it's a very large resource. There is obviously some social issues, some environmental issues that everybody has to be comfortable with before it moves forward. But I definitely don't have a timeline, and it's definitely not in any of our forecasts right now. In that era, the Barrick management, I think, was challenged by having many assets in many places, and they delegated a lot to the contractors in that construction, and they had both safety and environmental failures. There were shutdowns due to safety violations before the final shutdown on an environmental basis. So, I think it was an evolution where the modern Barrick would not have had the same problems, today's Barrick. Many were sitting aground. Yeah, coming back to Barrick just generally, you think about the North American IPO that they are planning to move forward with. I think that's going to include their Nevada Gold Mines interest. That's going to include Pueblo Viejo. We believe that might be good for Pueblo Viejo to have a dedicated management team associated with making sure that expansion goes well. We would obviously love to see an improvement in the silver recoveries there, which we do expect, not in the near- term, but eventually. That might be great for that investment, for that to have its own management team focused on it. There are no questions in the question box. We appreciate everyone's interest and participation, and you are all welcome to ask questions. I am letting this session run extra to 1:00 P.M. because there is so much ground to cover in Royal Gold and so many assets. Could you just review a couple of numbers you did quickly I didn't get down? How many shares did you issue for the acquisitions last year? 18.6 million shares were issued to Sandstorm shareholders. How many was the $30 million buyback in the second quarter? 100,000, 150,000? That sounds about right, John. I don't have the number on the tip of my fingers here. There's room on your cash balances to buy back more shares. This morning, the 30-year Treasury was at 5.71%, up from 5.64% last night, up from 5.69% the night before. So hypothetically, if the 30-year Treasury went to 7% even and the gold price and the stock market got clipped, do you think your company would buy back that whole $500 million authorization? It's a tool that we have in the toolbox, and it's going to depend on a lot of things. We use it to, the main goal is, "Hey, where are we sitting? Do we feel that we are undervalued in the market on an absolute basis relative to our peers?" We have to look at our business development pipeline and how that's shaping up because like I said, our first priority, and we believe the highest value activities that we can undertake, and we've demonstrated that in the past, I think, is through new acquisitions. So there's a lot of factors that come into play before we decide there, John, and it's just one that we're going to be reporting to the market on a quarterly basis as we use it. I'm trying to get you into trouble, and you're dancing around it real good. In terms of the mines that aren't built yet, which to me is always the most exciting part of any company, give us an update on MARA first in a little more detail. Mara, Glencore is saying it is the next leg of growth in their copper development strategy. They just got their approval of RIGI, so basically that large-scale tax stability agreement with the government. They are mining already at Alumbrera. In the old Alumbrera pits, they are mining in order to put some ore through the mill, get those mills restarted. They are finalizing the feasibility study on the MARA, the Agua Rica, Alumbrera combined project. We expect that middle of this year, and we expect an investment decision on that by the end of this year. The hope then is you got a two or three-year construction period. If there is an investment decision, it could jump into your five-year outlook. Yeah. It is going to be a two to three-year construction period. We will wait to see what the feasibility study has to say. We will wait to see what they have. But they have 2,000 people working on site there, John. They have already hired 2,000 people. They bought $250 million worth of gear from Caterpillar to start mining the old pits and to prepare those old pits to accept tailings. The mill is already there. The processing facilities are already there. What they need is, obviously, they have got to strip the new deposit area, the Agua Rica deposit area. They need a 35 km long conveyor system, and that conveyor system will be used to bring the ore that is mined at- Would that be all one belt, or it will be sections? Oh, I'm sure it'll be sections. Multiple sections, yeah. There's a 5 km, give or take, tunnel as well. That's going to be on the critical path. Tunneling takes some time. That'll definitely be sectioned. That would be one long belt to repair if it broke. I was shooting the breeze with somebody in Colorado Springs last week that said that Great Bear hasn't smoked a peace pipe yet with the First Nations. But you have the confidence to have that in your five-year outlook. Give us an update. And Hod Maden. Give us an update why you're sure there aren't going to be any problems there. Listen, we've heard those rumors as well, John. People have brought them to my attention. There were some "legal challenges." They seem to be dismissed. Kinross is continuing to advance the exploration ramp. They clearly have very good relations with the major First Nations in the area. We have no reason to believe that they aren't on schedule. They haven't made any changes to their timeline, and so we have no reason to question what they're up to there. It's a major asset. It's got a big spotlight on it, and Kinross are great operators, and they're great operators from a technical perspective and a social perspective as well. So I'm sure they're doing things the right way. Several years ago, Newmont had a four-month strike at Peñasquito, and the silver part of that's real big for Wheaton. And Wheaton still came in in the middle of their guidance range, even though their biggest asset was shut down for a third of the year. So we respect when there's conservatisms. [Samarra] could come in earlier. For Fourmile, there's already a mill and two roasters, but they're talking about building another roaster. And when Barrick had their little lunch in the golf club last Tuesday at Colorado Springs, the guy whispered $2.5 billion-$3 billion for a roaster, where the Newmont 1994 roaster was $360 million. So there's some huge money going in. Is the reason why you have Fourmile this five years out that you're waiting for the roaster to get built? Because it's just an extension of the Gold Rush tunnel almost. Yeah. Listen, we don't know exactly what their plans are, and we don't want to be ahead of them in their plans. I think you can either build a roaster within the Cortez Complex, or you got to build a railroad likely to move a bunch more ore out of the complex and into one of the existing roasters. I think that that's probably the trade-off study that they're doing, John. Listen, I think when you look at the value of these assets, there's obviously going to be a cost trade-off, but there's a timeline trade-off. What might be easier to permit? What's going to be best? What's their view on? Obviously, if they built a roaster, Cortez at Gold Rush, that'd be great because that would give them some significant flexibility to expand production in a district where we have obviously major royalty interests. But I don't know where they're sitting on that. Like I said, it's either that or you got to have a railroad. Both of them will have fairly significant permitting burdens on them, which is why we're being a little bit cautious on timeline until Nevada Gold Mines tells us what they think it's going to be. All we do know is that pre-feasibility study they're aiming for for next year, feasibility study the following year. That information will be required to inform the permitting process. 20 drill rigs on site doing infill and hopefully some exploration drilling as well. There's some good targets there, I believe, too, to expand not just the Fourmile deposit, but elsewhere in the Cortez District as well. Once again, everyone's welcome to submit questions in the question box. I think they're having fun seeing whatever I'm going to do next because they haven't submitted any. But I think we covered the big ones. Do you think Horne 5 might get going? There's a lot of gold and copper under the Noranda smelter, and they've been negotiating that one for over 10 years. Yeah. It's an interesting one. It's great optionality to have in the portfolio. It's not one that we're factoring into our guidance anytime soon. I think it's obviously very complex to think about building mines underneath smelters. I don't profess to be an expert on the subject matter, so I won't say too much about it. Obviously, we are hopeful that they can find some kind of way to do it. It's not just agreement. You got to make sure that it's safe, and it takes into account environmental risks. Listen, again, it's just examples of optionality that's in our portfolio. Whether it's a year or three years or seven years from now, we'll be generating value for our shareholders. Well, super. Jason, thank you for the detailed presentation and letting me ask a couple questions. It might've been a little unfair and tough. No. We appreciate your support. We respect very much the achievements of your company. We, the investors, we're left to walk the plank when companies screw up, so we really appreciate a company as successful as yours. Yep. Well, John, we appreciate your support. Thank you everyone for your attention, and I think we'll reconvene at 1:00 P.M. for Alamos Gold. Thanks, John.