We're so honored to host Fred Bell, the CEO and Executive Director of Elemental Altus Royalties. Elemental was born as the royalty portfolio of South32 that BHP spun out, and they accumulated some more assets, and then they merged with Altus Royalties. It's a formidable company. I'm going to let Fred tell the story before I say too much. Thank you, John. Much appreciated. Thank you for hosting us here. I will run through this presentation, and if anyone has any questions as we go, please, as always, feel free to ask. A disclaimer there, but look, the real story on the company today as it is, is we're about a $260 million market cap company. We have, for this year, at a $2,600 gold price and $4 copper, so materially below where we are today. We had guidance of $30-$34 million U.S. dollars. On top of that, we have about $13-$15 million U.S. dollars in one-off payments. That royalty revenue is coming from 10 different assets. That's really well diversified by operator and by jurisdiction. We have another about 70 exploration and development assets spread across the portfolio, and an average asset life of mine of about 11 years, which continues to be replenished. If you look at the portfolio today, I think for a company our size, you do not get that much direct exposure to operating assets through the royalty revenue and base that we have. I think also that we have had a lot of news over the last couple of months in terms of catalysts across our development portfolio that I can talk a bit through today as well. A highlight, 2025 here, it is about a 50% increase in adjusted revenue coming from last year. That is really important in a business that is scalable and has a fixed cost base in the model that we are in. We talked a little bit on those portfolio payments, $13 million-$15 million. Just to give some perspective to everyone, I think our G&A this year was guided to be around $6 million and about $4.5 million of tax. Everything beyond that is free cash flow. Those portfolio payments should more than cover all our G&A and costs alone before the royalty revenue. We will be strongly cash flow positive. Part of that is driven from our maiden revenue from the Korali Sud royalty with Allied Gold. They started producing there in December in Q4 last year. First payment came in from Q1. It puts us in a position today where we have getting towards $25 million in U.S. in cash. We have about a $50 million credit facility that is currently undrawn and available to use. We recently put in place a normal course issuer bid, giving the company the flexibility to buy back shares where we think we're really good value. There are six themes we'll run through today, which is the peer-leading revenue and cash growth that we have. That, I think, is a real differentiator for us, and it always has been for the company, underpinned by two really high-quality uncapped royalties in Casserones and Karlawinda that we'll talk to a bit. I think important for any investor or shareholder in the company to be familiar with. Organic growth coming from a number of key assets in 2025. We had a few announcements just recently that I think will continue to add to that growth going through 2026, 2027. That is already embedded within the portfolio. We have a track record of value-creating transactions that every year has got better over time. We are currently in a position, as I referenced earlier, where we should have approximately $80 million-plus to deploy in non-diluted capital over 2025. I think that from where we sit today, it is a compelling entry point valuation. We have fully repaid any debt that we had drawn in the last year. We have gone from a cash balance at the beginning of this year of probably a few million dollars to going towards $25 million as it stands now in June. This slide, we always like to include it because it really shows where we came from as a startup in 2017 with $400,000 of revenue. We went public in 2020. As John alluded to, that was a really transformational point where we brought in the South32 portfolio, scaled up the company that came online. We also merged Elemental and Altus together in 2022. That started adding some scale and further growth to the portfolio from 2023 onwards. If you look at that profile there, I think based on where the gold price and copper price has been today, expecting revenue number there to be higher for 2025. With the portfolio payments that we have been getting most years in recent time since the merger, but particularly high this year. When you think about us, I think generally we talk to $10 million-$11 million of G&A and also tax on the royalties. Beyond that is really the free cash flow. At this point, if we have $10 million of additional revenue, 90%-95% of that is coming through the bottom line. We could probably be a business that is twice the size we are today with the same team still running it. There is that really scalable feature in the royalty model that you do not get elsewhere in mining. Where you look across our portfolio now, you can see very well diversified across jurisdictions. Australia is our biggest, then Chile, Canada, U.S. in terms of net asset value, mostly producing assets based. Of those producing assets, about 85% currently is exposure to gold and about 15% to copper, so very weighted towards the gold price. Two assets that we should focus on at the outset, and this is Karlawinda. It is a gold mine in Western Australia. It only came into production in 2021. By modern standards, it's a very new mine in Australia. It's got about a 10-year reserve life. That again in resources. The royalty revenue in 2024 was about $5 million with the increase in the gold price. Also, the fact that they've announced an expansion there, that should be materially higher in 2025 and then materially higher again in 2026. That is becoming an even more material royalty for us going forwards. Really high-quality asset with a really high-quality operator and track record in Australia. Casserones Royalty, it's another cornerstone for us. Lundin Mining are the operator in Chile. The asset has about a 15-year mine life based on reserves. Again, plenty of scope to expand that with resource to reserve conversion. Interestingly, Lundin Mining is actually doing the first exploration there last year and again this year since the mine was built, going back over a decade. It is great to see that exploration going. I think we see both of these as really cornerstone high-quality uncapped royalties in two very good jurisdictions, Australia and Chile. A bit more on Karlawinda here. I think we are going to draw out three themes in this slide. Number one is if you look at the, in that graph here, the ore reserves, about 900,000 ounces in reserves in 2019. If you look at it today, it is about a 1.4 million ounce reserve having mined about 400,000 ounces. That right there highlights the value in the royalty model. That reserve has paid us on 400,000 ounces of production. The reserve today is 50% larger than it was at the time we built the royalty. We get that exposure to increased resources and reserves. We also over that time have seen the gold price materially increase, which every month now that goes forward, we're getting materially more revenue at spot gold prices than we ever thought we would. Lastly, and this is, I think, a great example again of the inherent optionality in the royalty model, Capricorn have announced a 50% throughput expansion, which will increase production by about 30%. That is scheduled to be permitted middle of this year, roughly, and coming into production middle of 2026. Here we'll get an asset that by the middle of next year, it will have 30% more production. It will have a gold price that is plus 50% higher than where it was when we bought the royalty. It will also have reserves that are probably 50% higher. That really is a neat summary in some of the optionality, highlighting some of the optionality and the value you get in royalties, where our first check is generally our last check Capricorn I will touch on it quickly here. Casserones, as I mentioned, 14,000 meters of drilling last year, 18,000 meter drill program planned for this year. We have seen some pre-material transactions with BHP and Lundin just across the border. This whole district is now known as the Vicuña District with NGX, who own Los Helados and Jose Maria Filo. This whole district is effectively controlled by the Lundins in various companies. We have seen some major discoveries there. I think excited to see the first drill program happening on the project for over a decade. I think, again, for us, this is the only operating asset in that district at the moment, with a very long mine life ahead of it and the potential for that to keep going. Again, a really high-quality asset. Moving on to the bullet point three from the beginning, which is the organic growth. I think we have a royalty here covering part of what is Allied Gold Sadiola. It is called Corrales Syd. That came into production at the end of 2024. We had our first royalty payment from it in Q1 2025, $6.6 million. We also have up to $5 million in milestone payments. I think first of all, what I would flag is that we have partial coverage. Like any royalty on that, it will come in and out of the royalty area. I think that in terms of consensus value, we have $12 million on this royalty. I think we're expecting to have received approximately $9 million by the middle of the year from this asset. I think it's materially, materially undervalued in our portfolio, part of that being the fact that Allied were private until relatively recent, limited information and data on it. Part of it is that the asset has only just gone into production, so there isn't a lot of information on it in the public domain that's available. Lastly as well is some of the permitting issues in Mali, which slowed down production and changed some of the fiscal terms. Really what we see here is we see a royalty on a tier one geological deposit. Sadiola itself is over a 10 million ounce mine. I think if this asset was in North America or Australia, it would have a materially different value. From our side, we have the benefit of uncapped exposure on those two license areas that are extremely underexplored in terms of historical. If you just look at La Canfla as an example, we may not have some of the drill intercepts here, but it is 100 meters as an example at over a gram from near surface. Some of those results hardly had any drilling. I think that there are years and years of exploration ahead across those two license areas. When you tend to be in these massive tier one systems, I think you always benefit from the exploration upside. This is a royalty that is going to pay us back probably the entire sort of analyst consensus value on it by the end of this year. It is on a mine that will be operating decades into the future where we see a lot of upside. This is a slide here where we have a bit more detail on it. Example of La Canfla, 127 meters at 1.27 grams from 21 meters depth. Really interesting, the exhibiting evidence of carbonate hosted cast mineralization, which is very similar to what they have got at Sadiola that hosted the majority of the sulfides. I think a huge amount of exploration potential that we are going to see advanced over the coming months and years by Allied. They are really the best person to do this. They understand the geology. They have the team, technical team, drill rigs, infrastructure on site. For them to get this fast track into production, I think it will have a long life ahead of it and a lot of value inherent in that asset. The other royalty that we probably would not have included in here even a month ago is our Laverton royalty. We bought this as a bit of background for people. We bought this royalty in 2021. I think our view on it at the time was it was extremely prospective ground in Western Australia. It was owned by a Chinese parastatal effectively. No work had been done on it for maybe eight years. Our view was at some stage, this project would be consolidated. The obvious people to do that were here, if you look, Gold Fields, Granny Smith Mine, AngloGold Ashanti, Sunrise Dam, or what was Dacian and is now Genesis at Laverton here, Mount Monger. The deal that was just announced really in the last two weeks, and I think it closed last week, was Genesis Minerals. It is a $ 5 billion company. Raleigh Finlayson runs it, who built Saracen and merged it into Northern Star. He has been consolidating the district, and he acquired the project for $ 250 million in cash. The deal closed last week. They have the mill here at Laverton, which they have currently been buying in third-party ore to keep that full. In our royalty area, the whole Laverton project is about 4 million ounces. Our royalty covers just under half of that. It covers, really importantly, some of the high-grade oxide on granted mining leases that are 15-20 km from the road from the mill. If you look at Genesis's announcement, I think they highlight a few things, which is 98% of the total resources are on granted mining licenses. I think that they say that it is materially, materially underexplored. The last time there was any substantial exploration work here, you're going back over 10 years. The last time there was any production here, which was trucked to Gold Fields, Granny Smith Mine, was in 2013. The last time Lancefield operated was in the 1990s. Just to give you an example, Lancefield was a top 10 underground gold mine in the 1990s in Western Australia, 10,000 ounces plus per vertical meter, shut in 1997. In the following 28 years, has had zero work done on it by anyone. To get a land package like this in the heart of Western Australia with a tier one deposit, Sunrise Dam, Granny Smith in the region, and now with a really motivated operator with a hungry mill here in Genesis and a very well-known management team, I think that royalty, as Genesis put out their mine plan, will become materially more valuable and more attractive for people. I think that is going to be a key development asset for us going forwards. I would just flag that this 2% royalty we have on it, on 1.8 million ounces, is not far off what we have our 2% royalty on Karlawinda's approximately 2 million ounces, which is a cornerstone asset for the company. I think Laverton is going to be a really important development asset that even two weeks ago, people did not think was going to get progressed. I think that every week, every month now that goes by, and Genesis's plan is going to start to be put out in the public domain. I think it is going to be a combination of fast tracking some of the resources, also exploring and adding new ounces there and looking at some of the refractory components that are in some of these deposits as well alongside their other assets. Bullet point four here is really just looking at two recent transactions, Mactung and Cactus. I will not talk too much in detail on them, but I would say that at Mactung, what we saw was we saw a junior exploration company that wanted cash. We were familiar with the asset and followed it for a number of years. I think AMAX Inc. owned that in the 1980s. That is a long history. AMAX Inc., yeah. Interestingly, the royalty was held by Teck. It was sold to, I think it was Cornish Metals, and then eventually we bought it from them. The project went through different owners as well. What we liked about it is the fact that it has had seven years of permitting done. Our view was that we were paying $3.5 million. We did not have perfect visibility on what would happen with it going forwards. I think that an asset that's had that kind of timeframe done on the previous studies that were done by North American Tungsten, I think on the basis of those studies, the royalty would have been paying us its acquisition price almost on an annual basis. Looking at the production levels they were anticipating then in 2016, 2017, there was sufficient mine life there, talking decades and decades ahead. I think that this asset, we were able to acquire it at the price we were because it was a tungsten asset. I think if it had been a gold asset, you wouldn't have been able to do it. For us, it's a really, really good value buy. Subsequent to the royalty purchase at the end of last year, they were awarded about $25 million in total by the U.S. DOD and the government of Canada initially. That is to fast track the project to a final investment decision. I think that royalty is a good example of one where we've seen material catalysts and value growth in it. Over the next 12 months-18 months, seeing that feasibility study progress and hitting some of those key milestones. The Cactus Royalty is another example of one where we think we've really created value even on non-producing assets. To give you an example, we bought this in 2023. About three months ago, Royal Gold bought the sister royalty to this, so it's identical, and they paid about a 65% higher price. I think they said that they thought they got a really good value deal on that. It is a pretty good market indicator of the value growth we have seen on this since we acquired it. Just to flag that, three times increase in contained metal in the royalty area since we bought it. It is a 31-year conceptual life of mine in the PEA. They are advancing it PFS second half of this year. They have still got resource update to come in the second half of this year alongside a lot of work. I think for us, we see it as a really good quality acquisition done at a good price when there was a lot of resource growth. You have recently seen Hudbay come in as a shareholder along there alongside Tembo and alongside Rio Tinto. In terms of track record, this is the slide that we could not have spoken to when we started the company buying that Qualay royalty in 2017 and raising just under $1 million to do it. If you look at that now, we can update this slide every quarter that goes by. We can talk to the revenue that we have received, the current consensus NAV on the assets. I think every quarter that goes by, this slide looks better and better. You can see that we've been fully repaid now on four of the royalties, the first four producing assets that we bought. You can see a number of the other assets now. We're getting material payments back on those as we go. I think it's a really good example for us to be able to demonstrate to shareholders how some of these royalties, you get a lot of optionality in them as you go through over time. In terms of our corporate structure, touched on it earlier, $260 million market cap. At the end of our Q1s, when we put them out, we had about $23.6 million in cash. And that continues to grow month on month. We're covered by four analysts at the moment, Canaccord, Haywood, Raymond James, and National. In terms of our shareholder base, you'll see on this slide that we've always had a very concentrated shareholder base, so incredibly institutional shareholder base. La Mancha and Alpha Stream is really the two biggest. Some of you may have picked up on the announcement today that we have a new shareholder in Tether Investments who has acquired a very significant position in the company going forwards and will be able to, with that deal, that shareholding acquisition being announced today, the company will be able just to put something out on that as well and update our deck. I think worth mentioning as we go through. One thing we've always had from our material shareholders is I think a view that they can see the value in the royalty space. They can see the value in us scaling the company up. They can see the value that you get as you get those increased margins, the bigger portfolio, and the benefits of size and scale. I think we're going to continue to really grow the company. I think that the transaction today is really going to help support us doing that. Just to end it off here, valuation. I would say here that on a price to revenue on a 2025 basis, this does not include our one-off payments that I said about $13 million-$15 million, just price to royalty revenue. We're trading at about eight times, which is lower than any of the other junior royalty companies. As you would expect, it's half of the mid-tiers and lower again than the majors. On a price to NAV, we're really well valued again, especially when you consider the majority of our portfolio. Brad, excuse me, excuse me. I me. I was thinking there were three reasons why you're only at eight times. Yes. One is that your average life is 11 years for your producing royalties. Wheaton and Franco have some 40- and 50-year huge base metal mine streams where they paid hundreds of millions to buy in. Yes. A couple of your items there are copper and tungsten, not gold. Three or four of the eight gold projects are in West Africa. Maybe Barrick has made West Africa less fashionable with Mali. There has been some violence in BK. Maybe this crypto company, Tether, tomorrow will be your big investor relations consultant for free. You will cap up 10% or 20% tomorrow, not because I hosted you, but because people think Tether is going to buy the other 53%. Maybe your valuation will be fuller in 48 hours or 72 hours. I was thinking to myself as I read your slides overnight that maybe if you merged with one of the companies in the sub-billion-dollar size range, there would not be as much West African exposure. Maybe some people would not wet their pants as much about West Africa. Yeah. Yeah. Look, yeah, one thing I would say is that if you take our West Africa exposure as an example, that Coralie Sid royalty on analyst consensus value, we will have recovered approximately, I think, 80% of that analyst consensus value come the end of Q2, which is in a month's time. I think that every month that goes by, Bonacro is heavily cash flowing at the moment. I think some of that West Africa exposure risk is going to reduce just as a natural function of the fact that that is on producing paying assets. I also think it was good to see Allied Gold being the first company in Mali to get their permits, to get the agreement with the government, and to be able to get Corrales Syd, notwithstanding everything else, into production in under 18 months from the point we sold it to them. That is building the whole road, drilling out the resource, declaring a maiden reserve. And none of Allied Gold's people got thrown in jail like Barrick's people? No, no. They're actually talking about picking up more licenses in Mali. I think they said in their last announcement that they were looking at additional ground in Mali with the government. I think common features in West Africa are you've seen some renegotiation of fiscal terms in a number of countries. You've also seen some volatility in terms of governments and sort of the regulatory side. For us as a royalty holder so far, I think it's been relatively smooth and we're insulated somewhat by the operators. I think on the West Africa side, every month that goes by, at the moment, our exposure to that is reducing and we're receiving the cash on risk. The other thing I would say is on your two other points, look, I completely take your point on the mine life versus some of the majors. That's always when you've got a 10-year reserve life versus a 30-year reserve life, there's always going to be a different function there. This is not a criticism, Fred. You don't have $500 million checks to write. Yeah. That is a blessing. I have a lot of respect for EMX Royalty or project generators that have their assets without writing nine-figure checks. It's real easy to write a nine-figure check with somebody else's money. Yeah. Exactly I think actually in some ways, it's easier to grow and easier to do material transactions when you're our size rather than when you are the Francos and the Wheatons and the Royals of the world. That deal needs to be of material value. They go on one because there's people that need the big checks. . Yeah. Yeah. In answer to your third point around consolidation, if you look at the company, I mean, in the sense that the transaction without Elemental and Altus was consolidation. The transaction that we did in October of last year, we consolidated the portfolio from Alpha Stream. In that sense, that's also we were consolidating the portfolio we owned 50% of. I think we definitely see the value in that. I think our major shareholders, be it a La Mancha or an Alpha Stream, up until just recently, or whether it's going forward at Tether, I think they all see the same picture, which is that there is an awful lot of value to be created here by scaling up the company. The two ways to do that are acquisitions. That includes whether you're generating royalties or buying them and also consolidation. I think continue to look at all of those strands as avenues for growth. I think that the new shareholder we have today brings an element of firepower and support behind them that I think is greater than any other company in the size or space range that we would have. Look, that's pretty much the presentation. Happy to answer any other questions or run through anything you have. Brad, I want to thank you. I want to thank all the people in the audience for their attention. Everyone is welcome to submit questions through the question box, of which there are none at the moment. How many people do you have evaluating acquisitions, Fred? There are 13 people on the team. Of those 13, there are, you'd say, five people full-time in the business development team. There is probably six if you sort of juggle things. It is the biggest part of the company, that business development side. Brian and Richard on here, Brian an engineer by background, Richard geologist, have always had a really strong technical core to the company. I think that's critical because in the mining business, you can't replace that experience and those scars from the projects that haven't worked and where you maybe learn the most. I think for us, having a really strong technical team helping us diligence assets is crucial. Do those six people find deals from their old workmates in the old camps where they used to work? Look, it's a good question because I think where you source your deal flow is one of the critical questions for a company in our space. I think for us, it's a combination of the network. It's a combination of the people we know on the commercial, on the corporate, on the technical side. It's a combination of deal flow that we see. Sometimes that also comes to us through shareholders and through related parties. I think it's also what we as a team are able to generate in terms of going out there and finding opportunities ourselves. That is the only way if you jump all the way back to the beginning of the presentation and you look at the history of the company, the only way we're here today having started with a sub-million-dollar fundraise is because we went out there and I would say we did the hard work. It was only at that point, myself and Richard initially, and then Peter and Greg. We did that work by finding the difficult-to-find transactions and not sitting back in the office and having deals brought to us. I think that's a really key part of the company, actually going out there and generating opportunities ourselves. In my case, when I host new companies, a lot of them call me up out of the blue. Vior Tomorrow or X of Cisco Mining people that are just sold out and have a new asset. I walk the floor in PDAC. People sell their companies and call me up when they have their new companies. There is a certain flow. It is analogous. I am always looking for new companies because my best friends get bought out and then I have a smaller roster. You have been very good over the years in bringing in companies that actually do get acquired and attractive enough to have those qualities. I guess it is part of the blessing and the curse, picking the right companies, a lot of transactions, but also. I am there in the Americas. If I am in Australia or Africa, I do not get on the other side of the ocean often enough. The world is a big place. Look, it's hard to be, it's probably impossible to be an expert and cover every single base. I think important to. You guys have one asset in Latin America. Do you think that your exposure in North America and Australia and Africa is enough and you don't need to be all over Asia and cover all of Latin America? Yeah. Look, we're definitely, I would say we're open to opportunities in the Americas. I think we've been pretty cautious around parts of Africa and South America. We just haven't spent the time and effort. I think that between the Americas, Australia, and certain African jurisdictions where we have more comfort or background or relationships, those have been areas we've focused on. To be honest, there's enough opportunity across those jurisdictions that we still have a huge amount of room to grow there. In terms of activity, are you worried that you have too much Africa? It's an interesting question. I think that if we are diversified by operator and by jurisdiction, I think we've actually got a healthy exposure. I mean, if you look at the—that's a sales forum's answer. They wouldn't go and get another deal in Mongolia or Turkey because they have enough there. Would they have one? As long as they diversify, they're fine. Yeah. I think it's also the way we think about it philosophically, that it is a trade-off between the exploration potential and the upside and the jurisdiction risk sometimes. Not always the case, very much generalizing here, but sometimes in the more mature mining jurisdictions in the Australias and Canadas and the U.S.s of the world, sometimes you're looking at brownfield assets that were formerly operating mines. Sometimes those have had 10 years of mining already and they're moving on to the underground, the next stage of the mine's life. I think what's often appealing about a lot of the jurisdictions and some of the ones in West Africa where we have assets is a lot of those are new mines. They are assets or deposits that are being mined in the last sort of five years. I think we see a lot of exploration outside of potential ahead of them. For us, trying to balance that jurisdiction risk with that geological upside has always been really key. Now, you talked about your historic revenue growth, Fred. Many of the royalty companies stick their neck out and trust their operators and project future revenue, which you have not done. Yes. Do you think next year is an up year for revenue? Look, what I would say is if the gold price is where it is today, 2025 should be materially up on revenue. This is using $2,600 gold and $4 copper. How about 2026? We had to see your slide for 2025. How about 2026? Yeah. For 2026, it is an interesting question. When we started, we actually included multi-year, not official guidance, but sort of projections going forwards. I think we have been more cautious on that. What we have in this slide, this is all from producing assets. When we have in the past put out some of the guidance, we have sort of, not guidance, sorry, but projections going forwards. We have been, I think, tried to highlight what is coming from existing operating assets and what is from development assets. Because look, it's a mining industry, and we all know often development assets can take longer than people anticipate, whether that's through financing or permitting or just operational issues. I think for us, we see a pretty flat revenue profile just from the producing assets until about 2030. Now, what I would say that's changed is I think that's not incorporating any additional value coming from Laverton. I think our view is that Laverton is going to be some of those deposits, particularly some of those oxide deposits, are going to be brought into the mine plan pretty quickly by Genesis. I think that is going to add to our revenue growth in the coming years. If you look at our financial position, I mean, we're in the strongest financial position the company's ever been in to grow the portfolio, add to that revenue base. We already have organic growth in it, I think, over 2026 and 2027. We'll be cautious around how we guide that. The short answer is we have organic growth over the next 24 months. I think in terms of beyond that, we're going to be deploying some of our cash that we have on hand to continue to grow the company. If you look at our revenue chart, if I'd shown you a presentation in 2017, 2018, 2019, 2020, 2021, all of those slides looked very different. We never had the revenue profile and production profile ahead of us that we have today. What we already have today is orders of magnitude better than anything we have had up till now. Every single year, we have grown that revenue base. Expect to keep doing that going forwards. Once again, we invite questions from the people on the call. We benefit from them. It is more than just a courtesy. I learn from the good questions people ask me. Tell me how many deals you have bid on in the last year where someone else outbid you. That is a very good question, I think. How many pretty girls did you not quite kiss? Look, I think if you looked at it honestly and said, "How many transactions did we want to transact on and did we not get?" When I say want to transact on, how many transactions did we do material work on and we took it to the level of getting a presentation to the board, that sort of stage? I think there's probably two material transactions that we would have liked to have done that ended up with some of the larger royalty companies. I think the encouragement that I take from it is that were we looking at those opportunities today, given the position of the company, and that's the financial position of the company, it's also the team and the shareholder base, I think if we were presented with the same situation, I think we would be able to do both those deals today. For some reasons, various reasons, we lost out on over the last sort of, call it, 18 months. I think that is the position you want to be in. I can't tell you when we started in these early years how many opportunities we saw that we really liked that we could not do because they were too large for us or we weren't able to. As we grow the company and the portfolio is larger and more diversified, there are more and more opportunities that we actually can do. We can do them from existing cash. We can do them without having to put out a technical report because it's a material asset for the company. I think in terms of that, our ability to move quickly and efficiently has never been greater. Something that people always underestimate as well is the intellectual property in a team. Half the battle is identifying the opportunity and the other half is actually negotiating it and executing on it. There has never been a deal in the company's history where we were unable to execute on a transaction we wanted to. There have been plenty of obstacles to it. I could take you through half the royalties on this page, and there was some sort of a tax or structuring or legal issue that cropped up on them. What we have been able to do now is we have closed in total royalties approximating 70 royalties -80 royalties across over a dozen jurisdictions ranging from early stage exploration through to operating assets. I'm very confident that if the right deal is there, we can execute on it from a legal or from a corporate perspective. The real question is, can we find the right opportunity for us? We've tried to be really disciplined in how we've approached that to date. I think it's put us in a really strong position where we don't dilute the quality of the company. As we sit here today, $260 million market cap, coming up to 10% of the company in cash on the balance sheet, really record strong cash flow growth. I think it puts us in a very strong position going forwards. Super, Fred. Thank you for your presentation and your service to the company. Congratulations on the progress. We're looking forward to the growth in these areas in West Africa where the mining is very early stage. You follow the artisanal miners that do the soil geochem for you. You have a great position in Western Australia and Victoria. Congratulations on everything you have. Thank you. Much appreciated. John, thank you for inviting us once again to your event. We are honored to host you. Thank you. Much appreciated.