We're so happy to host Flora Wood, the VP, Investor Relations, Sustainability, and Corporate Secretary from Altius Minerals. Altius is a base metals, royalty, and project generation company. We knew Flora prior to Altius. She was in a senior role at Inmet, which sold out to First Quantum, and also at Inco, which sold out to Vale. It must be 25 or 30 years we've known one another. Have I missed any of your important positions before then? You left out Sherritt. That's very important because Sherritt sold Altius the potash and originally thermal coal royalties, but it didn't get bought out. Just one tiny correction is I wasn't at Inco, but I was part of that original sort of 2007 set of takeovers in the steel industry when you were covering steel. I was with Harris Steel, and Harris got bought out by Nucor, and that was the same year as the falling. I got confused. Excuse me. Yeah, no, not at all. John, thank you. Thanks for inviting us. I always miss your in-person conference, but I love this one too. I'm happy that I already got a couple of questions from investors that I would never get to talk to except in a forum like this. That's really great. I also want to say the timing for this is great for me. Unfortunately, it's really bad for my boss and for the moose in Western Newfoundland because the moose hunting season has just opened. Sadly, you don't get Brian Dalton today, but I hope I'll be able to fill in some gaps and make up for it. Just starting with our slide that breaks down our NAV and gives you a snapshot of how our royalties are spread between what's operating, what's in construction, and what's still in the advanced study stage. We'll talk a lot about project generation and its value to us and how we'll never cut it to become more of a pure play royalty company. Those royalties that we acquire through project generation really distinguish us because of the extraordinary returns for cents on the dollar cost. If one of those greenfield projects becomes a mine or a prospect of a mine, then you have a very valuable royalty, which we'll talk about when we get to Silicon and Kami. While this might sound kind of speculative, we're the opposite of speculative when you look at this wheel and really how these commodities are dispersed. We're not anywhere comparable to most of the royalty companies where they're actively striving to be 80% in precious metal. We're more like a diversified miner. I like the HP's categorization where steelmaking materials, potash, base metals, those are really what we're looking for. When we're analyzing markets, we're looking really at global trade flows and deep markets. Looking at where we've got actual paying royalties, we've got 10 that are in production on the non-renewable energy side and 13 renewable energy royalties. These are all in the U.S., wind and solar, with some associated battery storage and very small hydro. We've got one mine in construction on the diversified side. Last quarter, you would have seen it as three mines in construction. Two of those are very small lithium operations. Both of them have gone into construction or have gone into production. We've got five renewable projects that are in construction. Long lives are something that we're always aiming for, and the potash in particular helps us get there. Starting out with the project generation business, this is a really recent success story, as those of you who followed Silicon will know. The slide's value for selling a 1% royalty, keeping a 0.5% NSR royalty, is around CAD 560 million versus the original cost, which was around $300,000 or CAD $400,000. The process to sell that royalty went on for close to nine months. Happy to take questions on that because it's been very topical and it's been a recent sale. We've got a little bit more detail on that in the next couple of slides. You'll see more detail here on really how that royalty came to be. It's very much part of our DNA. We're really trying to be early-stage geological work. Our team is mainly, well, it's sort of half and half technical and finance, but the company was formed back in 1997 by Brian Dalton and a group of Memorial University geology students who mainly are still with us today. Another thing about what we're seeking when we're doing this really early-stage work is we're doing it at a time when no discoveries have been made or there's really just a hint of discovery. What we're seeking in the way the royalty agreements are written is to have as much potential blue sky as possible because we really don't know which way the trends are going to go, what the drilling is going to bring. This is a great example. Some of you might have followed the arbitration process that we went through with AngloGold as the operator. The box around the Silicon and Merlin deposits there is the original area of interest, but the royalty agreement was written to specifically call out lands that were adjacent to or contiguous with the original plunkage, whether staked or acquired in the future. The arbitration panel did rule both a preliminary and now a final award that yes, that agreement was valid. The carvings that you see, the white in the centers where we don't have royalty coverage, the reasoning of the panel in that case was that these were deposits that had known activity on them prior to our royalty agreement. Known activity before the 2015 royalty agreement exempted those deposits from being part of the package. This is a very big ruling for us and now for Franco-Nevada because they own the 1% royalty after our transaction. It means that what was the original AOI is 6x bigger than what it started as. With all of the comments that the AngloGold CEO made at the Denver Gold Forum, they're about to see this, what they're now calling the Arthur Project, become a very substantial part of their business, with February really being the timing for their next expected update on Silicon. Now we get into our core business. Potash, these royalties were part of the Prairie Royalty that I mentioned in the beginning that we acquired in 2004. Since the time of that acquisition, our total royalty entitlement has grown by almost double, and that's really because of the low and steady increase in volumes every year that reflects the importance of this agricultural commodity. On that, there's a lot going on in the agricultural world that encompasses farmer affordability. Farmer affordability is extremely low in the fertilizer space, and the potash is the most affordable of the three components, but it's absolutely indicative of what kind of macro environment there is in agriculture right now with the U.S. There was a big concern when tariffs really started coming in that potash would be hit with 25% and then escalated to the 35% tariff because most of the U.S. potash application is all coming from Canada. That got alleviated both with the agreement that the tariff on potash would only be 10%, and what's even more favorable is there's a USMCA exemption. Products that qualified under the USMCA are tariff-free, and both the operators of these potash mines, Mosaic and Nutrien, have confirmed that their product is flowing over the border tariff-free and that they continue to benefit from these shifts in potash demand. They both raised their guidance for potash in the second quarter this year. Other big announcements in potash would be the announcements that BHP made on Jansen. The Jansen, and just to talk about Jansen because Jansen's always been seen as a threat to potash supply overall. In the context of a global supply and global demand market of 73 million tons- 75 million tons annually, Jansen phase I, it's half of its total, so only around 4.5 million tons. The yearly demand growth in potash absorbs a Jansen really every couple of years. Jansen's not a threat, but the announcements of yet another cost overrun on Jansen and a big delay in phase II and a possible reconsideration of whether phase II goes ahead just continues to make the case for what kind of incentivization price is required to really bring new potash to market. It cements the prominence of the Saskatchewan mines that are the biggest potash producers in the world. Basin battery metals, you also would know us for our basin battery metals exposure. Our main copper asset now is the Chapada copper stream and soon to come Curipamba, which is in construction and expected to have the first production end of 2026. We present here a really long-term chart, and the reason that we're going so long here is to show that even though there's lots of focus on micro trends in copper, if you go back to 1900, you've seen wars, geopolitical events, droughts, depression, energy transition, etc. In all of that, you barely see dips and recessionary periods in copper. This is really probably our biggest focus when we're asked what would we like to deploy our new treasury on because this is one of the deepest markets and one of the most underinvested. We talked a little bit about Chapada. Another hallmark of our royalties and streams and how we like to structure agreements when we have the chance is we like to stay away from capping, step downs, etc. Sometimes that's not up to us because the negotiation with the counterparty really requires that that's needed to get the transaction done. Chapada is an interesting case because it is a 3.7% stream and there is a step down. The step down is based on a definition of throughput expansion and output expansion. The operator of Chapada is Lundin Mining. Lundin had a big discovery of Saúva, which is around 14 km away from Chapada. True to our usual objective, that does fall within our stream area. We're always looking for the most upside we can get in future exploration. The current studies on Saúva are looking at Saúva's higher grade than Chapada, are looking at expanding the Chapada production, so mill expansion, but not to the extent that it would trigger the step down in our stream. We would have the benefit of higher output. Lundin's guidance makes it higher by about 25% - 35% and no step down in the actual stream. This remains to be seen because it will all be presented in the updated study, but that's their initial guidance from Q1 and Q2. We talked a little bit about Curipamba. Voise's Bay was our first, the first royalty that we purchased in 2003. We basically share that with Royal Gold. On the bottom, these are the three lithium royalties. John and I had an interesting discussion about lithium, so I know he considers it non-core. Lithium is a good example for us of a market that is growing to the extent that we felt we couldn't ignore it. We have made a cornerstone investment in Lithium Royalty Corporation. We own just under 10% there. As part of that, we had piggyback royalty rights on their new royalties where essentially we could take up 10% of their new royalties. That's how Grota do Cirilo, Mariana, and Tres Quebradas all sit on our books where we have small royalties, but they're letting us really understand that lithium market more. We've already achieved our return on capital in that original LRC investment. Getting into high-purity iron ore, we believe that the steel market, the steelmaking market, has always been a mix of blast furnaces and EAF. It's roughly 50/50, just a little bit. This is on a global basis, just a little bit more than 50% on the blast furnace side. Geographically, that can be very different depending on what jurisdiction you're in. In the U.S., I think it's already around 80% EAF. This transition from blast furnaces to EAF has been very steady over the last 10 years, especially when you look at what is on the books for changes in China, India, etc. The EAF steelmaking basically requires more energy and less metallurgical coal and what's an end scrap. What's key to the characteristics of these high-purity DR grade iron ore in the Labrador Trough is that we're able to provide the source of iron ore that can further displace metallurgical coal and ultimately might also displace scrap, but it doesn't need to displace scrap in order to continue its steady march upward. This is where we have, this is actually showing the Labrador Trough and showing where we have a royalty interest. The single biggest interest we've got is Kami, but our IOC interest is through our ownership of shares of Labrador Iron Ore Royalty Corp. Julian Lake is a very interesting one. It's basically a very large resource that the government currently has entered into a phase II process of awarding a tender for Julian Lake to be developed. Our positioning here is that we're one of the largest claim owners, so that development of Julian Lake really is dependent on doing something with us to access a very significant expansion of the resource. This is not yet a royalty. You can think of it as something like a royalty in the making. I want to clarify or elaborate on Horace's point that the top boxes are still owned by the Quebec government at Julian Lake and Labrador West. Would the flowchart be that the government would put them up to auction, or how would it transfer from public to private development? I'll speak to Julian Lake because that's the one that currently has a process underway. Like you said, it's a deposit that was always on government-owned land, and it has now transferred back to the government after work was done on it, including an initial resource. The government is doing this award, like you said. This is also very connected to the designation of high-grade, low-impurity iron ore as both a federal critical mineral and a Newfoundland and Labrador critical mineral. As part of that designation, the government is incentivized to basically accelerate these resources being developed. The government invited tenders from companies that had an interest or could show the capacity to potentially take this resource further into eventual production. The steps to eventual production are more metallurgy to determine what the recovery is going to be, etc., and then to go through all of the required drilling, metallurgical work, processing, permitting, etc. Phase I of that process has already occurred. Altius was a participant in that. Out of phase I, there's now a shortlist. The shortlist of parties who were vetted by the government as seen as being both capable and financially having a name, they were invited to submit for phase II. All of those submissions have gone in. I caught up with my colleagues who are really focused on Julian Lake. I just asked what's the expected timing of this phase II announcement. Because there's a Newfoundland election going on, the timing is pretty unknown because the government is otherwise occupied. What you're describing is right. It's basically a government tender process. Is this area where the two projects lie in the tribal territory of Chief Mackenzie? Yeah. Chief Mackenzie is the dune for Kami and the current Champion mines. It's a great question. I remember you were on the Champion site tour, so you have more knowledge of Chief Mackenzie than I do. I'll have to find out. He thinks he owns the land. Did you say he thinks he owns the land? That's what you said? Yeah, yeah. He spoke for half an hour at the Champion four-hour program in four hours, including breaks. He expects to own 1/4-1/3 of all their projects and for the province to write a check to finance his tribe's buy-in. He spoke two or 3x longer than the founder of the company to the analysts. I was very surprised they gave him a podium. The Champion was trying to explain that since the Chief is their buddy, everything gets permitted, that he calls the Premier and the Premier jumps. They viewed it as an asset. I was just there enjoying the spectacle. That maybe sounds like you, John, but that also sounds like Champion because Champion's done a really good job of their First Nations agreements and relationships. There's no question they pulled off a feat that many people thought was not going to be possible with Bloom Lake. I don't know enough to understand what the. It might be a different tribe on those two properties further north. That's a topic for subsequent research. Yeah, I'll definitely check that out for you. It's a good question. Alicia will send you the contact information for your listeners, and you can send us a little note afterward. Oh, that's great. Thanks for that suggestion. Yeah. Excuse me for interrupting. I'm glad you interrupted. Interrupt again anytime you want. This is the Kami project. Champion has partnered with Nippon Steel and Sojitz. If the U.S. Steel acquisition goes through, then Nippon's the largest steelmaker in the world. If it doesn't, it's still something like number four. Sojitz is basically a Japanese trading house, sort of like a Glencore. Sojitz is one of the trading houses that has done work with the Bloom Lake concentrate. Sojitz already knows Champion, knows the region, and Nippon sees this as critical to their transition from blast furnaces to EAF. They've sanctioned a $6 billion CapEx investment that helps with that transition. Really couldn't have better partners. $249 million gets spent before Champion is in a situation where they need to potentially put more money in. I know, John, you asked me about potential timing of this. This is a big project, 9 million wet metric tons, or we call it 8.5 million dry metric tons of high-grade, high-purity steel per year. It would be roughly a four-year construction cycle if the definitive feasibility study does result in an investment decision. Timing on that is expected around at latest end of 2026. That would mean Kami going through construction, being in first production in the timeframe of 2031, 2032, that sort of general area. If it makes it, Kami would become our single biggest revenue contributor. Another example of a royalty that came from project generation. Renewable energy, right? We did get a question from one of our shareholders. Thank you, actually, for being on this call and sending the question in advance. It's really about our renewable energy business. You might remember that in 2021, we IPO'd a company called Altius Renewable Royalties. Altius Renewable Royalties was IPO'd really at the height of the renewable market, lived through the crash in the renewable market, and was taken private at the end of last year, at the end of 2024. We now have 57% of private company Altius Renewable Royalties. Our partner is Northampton. Northampton's principal is ex-Apollo Infrastructure. It accounts for around 18% of our NAV. It's been a real roller coaster of a year to be in renewable energy in the U.S. These are U.S. wind and solar. After a real log jam where initially the ITC and PTC, the major tax credit landscape in the U.S. for renewables, they were frozen. Those freezes were partially undone. That log jam is just beginning to clear because you have the competing forces of, on the one hand, a very anti-renewable current regime in the U.S. On the other hand, you've got a very power-hungry movement with the data centers and just overall demand for energy. Often, the renewables are both the fastest way of getting load to the market, especially now that you can couple it with battery storage, and the cheapest way of getting load to the market. That might be controversial for some, but I'm happy to take questions on it. This is really how the revenue of the operating company, which is Great Bay Renewables, has grown. Just going back to the structure, what you're seeing on the chart is the GBR total revenue and in Canadian dollars. What we would get would be about 29% of that, so 57% of 50%. We're still in this joint venture with Apollo. The guidance for this year, that $27 million -$ 32 million at the GBR level, we're trending toward the low end of that, and that's consistent with what you've seen in the first half. Just basically a few quarters, a couple of quarters of lower merchant power rates. PPA prices, on the other hand, have been quite high, and that's really good news for these new projects that are coming online. The pie chart here shows you what's new and coming online in construction. Those are likely to start contributing in the sort of first to second quarter of next year. We made an announcement a week ago, and it basically acknowledged the retirement of two very long-term Altius employees who are going to be very much missed here. The good news is they're staying on as advisors for us both on the renewable side and on the project generation side. The board of directors was a board of nine. It now goes to a board of eight. The chair had been an Executive Chair, John Baker. He's now off the board and continuing as an executive. He's now the President of the company, while Fred Mifflin, who had been our Lead Director, becomes our independent Board Chair. Average tenure goes down a little on the senior management side. We've had two resignations, and we've still got great continuity. I got corporate secretary added to my role here, and I'm learning that role as we speak. André Gaumond is one of the ones who left your board? Who did you say left our board? Yeah, he's on the left-hand column and not on the right-hand column. Oh, no. What's on the right hand? What's on the. He's in management. Is the updated board. You're still going to André? Yeah. We hosted him many times when it was Virginia Mines. Yeah, you scared me for a second, John. Excuse me. I'm being too hurried. No, no, no. The market's open. If André Gaumond had jumped off our board, I know I'd get a lot of criticism for that. Excuse me, I misspoke. Don't worry. Just to be clear, what's on the names are the current board and also current management team. This is basically showing you our balance sheet. The big news here is really the cash balance. This reflects the sale of Silicon to Franco-Nevada for cash and also the sale of Orogen Royalties to Triple Flag Precious Metals, where we owned about 19.6% of Orogen. We are also a big holder of what we call Orogen II, but that's the Orogen SpinCo. Yes, we've got some debt. We're paying it down. The costs are reasonable. We've obviously got more than enough liquidity to extinguish it if that became advantageous. I'll just end here with our capital structure. You can see that we've always cared about keeping the share count low. This is after close to 30 years, 46.3 million shares outstanding. When we don't have a better use for our cash, when there's not an environment where it's really advantageous to be buying new base metal or diversified commodity royalties, we're using our cash for our normal course issuer bid, which you can see below there in the green. We also just increased our dividend in the last quarter. The rest of the slides are basically an appendix of slides. I'd be happy to take any questions. If there are none, I'll address the couple of questions that got sent in in advance. Evans, thank you, everyone, for your attention. Please submit questions via the question box. Why don't you go ahead and address the advanced questions now? Yeah, sounds good. I'm probably not taking them in order because I'm going by memory. One question is about the sort of Newfoundland both permitting environment and bull market for junior gold, or I guess positive environment for gold exploration. The question was about, do we have exposure to that? Even though in our pie chart of our operating royalties, our only NAV is for the Silicon Royalty. Absolutely in project generation, we have a lot of exposure to Newfoundland gold. This table is showing it's just under 50 exploration royalties, most of which we started through our project generation business. Everything you can see sort of a third of the way down, most of those are Newfoundland gold plays. We've got a lot of exposure, and it's really our area of Newfoundland and Labrador, our real areas of expertise. We're very happy to see the kind of interest in juniors and happy to be a part of that. The second question was about our renewables business. It goes back to the take-private transaction at the end of December. The question was around why or could the opportunity have existed for us to exit renewables altogether, to sell the whole position to Northampton instead of having Northampton take out the minority partners, so the stake that was public under arr.to that we didn't own. Two parts to that question. One is that Northampton didn't make that offer to us. I think that reflects a few things. One is that Northampton had a lot of knowledge of GBR because the partner who formed Northampton had been the original Apollo Infrastructure, who was there when the partnership with Apollo was first formed. He was very familiar with both renewables and with GBR's business plan, how they were launching it, what kind of success they were achieving, and how they navigated the whole renewable energy macro scene because of the volatility that existed. Northampton clearly valued Altius Minerals as a continuing partner, and therefore, the offer wasn't made to us. The second part of that is, as part of the Apollo joint venture, there are some restrictions that wanted to basically preserve continuity for when the joint venture was first formed and required Altius Minerals to stay as a major shareholder for a period of time. That period of time had not expired during the time when the negotiation was ongoing. They didn't make the offer to us, and if they had, there would have been restrictions from that JV. Flora, I'd like you to explain a little bit about how Altius Minerals happened and the culture and strategy as a project generator. Let me make an analogy or comparison. EMX Royalty is just selling out to Elemental Altus. Yeah. Dave Cole at EMX was a geologist at Newmont mining for gold, mostly in Nevada. Yep. When he started his royalty project generator company, he funded a bunch of his geo buddies. He didn't tell them what to do. He just gave them money. One of them did a lot of work in Scandinavia, and some of the properties were gold only. Some of them were copper poly-metallic. Another one did a lot of work on the Tessian trend and got them into the Timok Copper-Gold M ega Mine that's now Zijinn Mining. It's copper gold and some properties in Turkey for gold. There also were people from Eurasian Minerals, which had been a, I guess, a JV partner at one time at Newmont for things they never built. EMX did not have a prescription for geology or mineral targeting. He just trusted certain geos and gave them money. Whatever they found is what they found and how the company evolved. I'm just comparing that laissez-faire model and wondering how Brian managed and evolved the project generation at Altius. Yeah. It's a really good question. I met Dave Cole years ago when I first joined Altius in 2017, and I always had a lot of respect for EMX. It's good to hear the story of really what their founding was. There's certainly commonalities, but I guess there's some big differences too. Just to go back, in 1997, this group of geology students at Memorial University in Newfoundland are putting themselves through university, paying tuition by staking land and selling it on to buyers. The buyers are typically juniors. This model, if you want to call it a model, was really just a means of paying tuition to continue the geology degree. They graduated in 1997. In the lead-up to graduating, there had been more interest in Newfoundland and Labrador. There were snips of Voisey's Bay. There was a bit of a mineral rush. This activity of staking land and selling it on was becoming a lot more lucrative. The decision was made, really led by Brian, to say, "Wait a minute. Why don't we just start a business? Why don't we IPO and we can run a junior exploration company?" That's what happened. Went public in 1997. Stock price was well under CAD 1. On the Alberta Exchange, 3x happened. There was an immediate crash. The sentiment toward exploration companies really tanked. At the same time, this very small company was continuing to do their business, grassroots exploration. When the market allowed, they would raise money, but always being very sensitive to not diluting. They really tried to keep the team together. One difference that jumps out to me is we weren't much of a cash machine. We weren't taking in more money than just kept the lights on, especially in the trough. Your focus was Eastern Terra because of the Newfoundland education. Yeah, absolutely. A pivotal moment would have been 2003 when the prospector from Voisey's Bay was basically rich on paper, but no liquidity event. He came to Brian. He had been, like the EMX description, a friend from another geologist. Brian kind of had visibility because he had taken this company public. He wanted to know about what's it like, how do you do it? Brian basically went back to his management team and small board at the time, deliberated on it for a while, and then the company came back and said, "You don't want to take this public. We want to buy your royalty. To buy your royalty, we'll finance, we'll leverage, we'll do whatever we can." The purpose of buying that royalty was Altius had already realized being a junior was pretty difficult. You had such peaks and valleys. Buying this Voisey's Bay royalty was going to generate enough revenue to keep the lights on. In subsequent project generation activity, it's interesting where you share the geographies of where EMX went because at one point, we were one of the largest claim holders in Finland. Finland, Australia, we absolutely went well beyond the Newfoundland backyard. Mainly on the project generation side, we were funding our own team and keeping it together. We absolutely, when we make investments in juniors, they do get vetted. They do get vetted heavily. Often, there is a connection from early geology days. When we give them money, we take back a royalty. We absolutely don't have any hooks on how they're exploring. We trust how they're exploring. We want to also be there as advisors. We think our VP Generative and Technical is one of the best in his team. We want to be sort of pooling that knowledge all the way around, all the way along. Thank you for that explanation. It's a wonderful beginning in geology school. You develop better contacts than some of us in the finance business would have. Yeah. You're studying geology every day. Yeah. I think that's very true. One of the things that I learned since I've been here is a couple of the companies that you mentioned, Eurasian Minerals, etc., I've met a lot of project generators, and they can be in Australia, so outside Canada. I've also met a fair number of juniors, management of juniors. The general feedback that I got was, one, they knew Altius. They thought of Altius as kind of the original project generator. I also never met anyone who said, "I got burned in a deal with Altius." We have this project generation equities portfolio. At any given time, it can range from 15, sometimes up to over 20 stocks in it. We will hold those stocks. We're not optimizing to be selling those stocks if we believe in the project and basically are continuing to be willing to be the partner. I think we've taken lots of sun, lots of them, but it matters to be able to go into a negotiation with a new counterparty and know that that party will call other projects, other juniors that we've invested in and never be told, "Altius killed us. They sold us, you know, they sold us all in one trade and tanked the stock." I think that's a really hard thing to earn. Equinox for gold last month at Valentine Lake, which is the first large-scale mine in Newfoundland. They were able to staff and build and get it done. They explained that many Newfoundland natives commuted to the oil sands in Alberta. Yes. To work in the fly-in, fly-out camps. Yes. Only ecstatic to stay at home and work in a project nearby. How much has the Valentine Lake construction credentialized the juniors and brought infrastructure and helped Newfoundland as a province? Yeah. It's a great question. I don't have a front row seat to that because I'm not in Newfound Gold or Firefly Metals, one of those companies. I can tell you that I sat on a panel once with two of them, and that was their whole thesis, that Newfoundland is experiencing a really beneficial wave of both investment and employment. What you're describing about the oil sands workforce and how much they want to come back home, that's something I'm definitely familiar with because I've met a lot of those people just on flights to St. John's. I think. When I flew back from the tech field trip at Fort McMurray, there were all these guys that were just taking their showers to go back to Newfoundland. Right. Yeah, yeah. You're welcome to questions from anyone on the webcast. Right now, the question box is empty. I pretty much went through the things I was working on. I'm just excited for a potential $30 million 3% royalty on Kami, with a 2026 feasibility study, the 2030 completion of production, and 2032 two-year commissioning ramp-up period. Some people might not want to wait seven years, but $2.5 million a month U.S. is pretty nice. Yes, absolutely. Thank you. Thank you for highlighting that. I really appreciate the opportunity to talk to you again and to your followers. Thank you. We'll see what the new developments bring in the coming year. Thank you, Flora, and congratulations to Brian and the team. Thanks so much. Thank you.