Scope, and we're going to look at some royalty companies and what they're doing and how they're supporting the companies that are finding, discovering, and mining the gold. We'll start with EMX Royalty, and to take us through that is David M. Cole and... Fred Bell. Fred Bell, thank you very much. I'm sure it's obvious to everybody that we announced the merger last week. Very pleased about that. First of all, I always like to note, I see a lot of supportive shareholders. Some folks have been with us 23 years, like these gentlemen here. How many EMX and/or Elemental shareholders in the room today? Thank you for your support. I hope that you're very pleased with this. I'm certainly delighted to be here with Fred today. Royalties are phenomenal ways to be exposed to the value of mineral rights, and the value of mineral rights is going up every day. This last couple of weeks being a pronounced example. We love to be exposed to royalties because of commodity price optionality, of course, as we've seen recently, but even more importantly is discovery optionality. There's an interesting aspect of the royalty business, and that is the more royalties you own, the more they're all individually worth, thanks to the portfolio effect, greater capital availability, and liquidity that comes along with that. I will say that over the years we've had a chance to get to know Elemental very well. We've syndicated royalty purchases with them, gotten to know their team. There's a lot of mutual respect. We've shared directors at different times, and my pleasure to be joining forces here today with Fred. Thank you, Dave. I'm very, very pleased to be here. I think, as he alluded to, just looking at a disclaimer here and going through that, one of the key benefits of this transaction and the reason it's always made such sense from a logical perspective is the quality of the assets that combined we have. We have four really cornerstone assets here. We both own part of Caserones, and together it's an even more meaningful asset. We have the Timok royalty, we have the Karlawinda royalty, and we also have the newly recently acquired and expanded Laverton royalty. That gives us four cornerstone assets that would look good in the portfolios of any of the mid-tier or major royalty companies. It also gives us a size and scale going forwards that everyone who understands the royalty business and the model can see the benefits of. We're a pro-forma, roughly $950 million U.S. market cap company. We've got $80 million of revenue on a consensus basis for 2026. With that, you get that wonderful increasing margin expansion. Just on the growth, near and dear to my heart, discovery optionality. There are some assets in here that are truly phenomenal. I'd like to point out that from the very beginning, we talked about the power of other people's money being invested across our portfolio. There's hundreds of millions of dollars being invested in this portfolio globally in mine development expenditures and tens of millions, in excess of $50 million a year being put into the ground by our counterparties, creating that discovery optionality by drilling holes through that and some preeminent examples within that. I'd like to point out that I strongly believe that it's our fiduciary duty as CEOs of companies to strive for strong compounded annual growth rate returns to our shareholders. That's why we're here. The royalty companies in general have done a very good job of that in providing that compounded annual growth rate within the context of an industry that has been challenged previously on behalf of the producers because of compounding of risks. I'm very proud of the fact that we've achieved now an 18% compounded annual growth rate in our share price since we first raised money from outside sources over our last 23 years, which puts us in a fairly high rating relative to the rest of the companies in the world, especially within the mining business. Fred has even one-upped that with over 20% compounding on a growth rate over the course of the last eight years. Good job, Fred. I think this is very important with respect to our ethos and how we drive forward. As we go forward, it's a portfolio over 200 royalties in total, but importantly, 16 producing assets from day one. When you look at that, that's more than most mid-tier major mining companies have in terms of diversification. The first thing I think that strikes you when you look at this map here is really how we have gone around the world to search for quality. We haven't focused just in the Americas or Australia or in Asia or restriction. We have really chased the projects and the geological opportunities where we can see the upside and are going to deliver for our shareholders. That gives us today a platform that, as it sits, over 200 royalties, 16 producing, but also with some really key assets that are in recent weeks and months actually delivering updates in terms of growth and what's coming. I might pass over to Dave to cover a couple of those. You know what I'm going to say next? I'm going to talk about the discoveries being made on the portfolio, right? A great example, Diabloyos, where we own a 1% royalty. They just keep finding more gold and silver on that property, and we're just delighted to be along for the ride. The beautiful aspect is, of course, as royalty holder, we're not paying for that advancement, and that's a royalty that we paid a de minimis amount of money for. In fact, we're already at scratch. We're already scratch even on that, thanks to Stagegate payments that were embedded in that royalty. Moving on from there, Caserones, Lundin is doing a fantastic job of operating that property. They continue to speak more positively about advancements of the Angelica discovery immediately adjacent to Caserones. From a royalty holder's perspective, there's no better place to find more mineralization than drilling in pit and finding high-grade breccia bodies, which they're currently bragging about and are putting into their presentations. That's exemplifying that constant aspect of increased production, increased discovery within our footprint that creates the value of these royalties. Moving over to my favorite royalty within the portfolio, it is operated by Zijin and the Timok complex. A number of royalties in that district where we have a net expenditure of $200,000 has already paid over $16 million. The in-ground value of what is yet to come is measured in hundreds of millions of dollars, and they just continue to find more metal in that system. I know Fred wants to tell you about Laverton. Yeah, thank you, Dave. That's a great example of one where we're not just doing the merger, which we announced last week, but we're also in parallel continuing to make new acquisitions. The latest acquisition we announced last week was an expansion on our Laverton royalty in Western Australia. This takes it to a 2% to 4% royalty over the core ground at Genesis's Laverton mine there already in operation. I think when we look at it, one of the things that was most appealing to us, and the royalty covers between 2 million and 4 million ounces, but one of the things that was most appealing to us was the fact that over the last 12 to 15 years, this project has seen virtually no exploration by virtue of its historical ownership. It's ground that is in a time when the Aussie dollar gold price has probably almost tripled, is really behind in terms of exploration, and the optionality and the upside there is what really attracted us. I think it's significant that 45% of the net asset value of the company is tied to producing assets. Perhaps even more significant is the fact that 55% is tied to assets that are in development stage, and that speaks to the future cash flow of the company and the catalyst for further growth across the portfolio. I'll definitely point out that from current cash flow, 67% is from precious metals. I know that that's particularly important in today's environment. Personally, I like the diversification. I think copper is a strategic metal. I'm glad that we have that in the portfolio as well. Looking here, I think this is a slide we've always been proud of, and combined, it looks even better. The revenue growth of the company year on year has been consecutive records in terms of royalty revenue. 2025 is forecast to be another record, and 2026 again. That's both on the basis of existing organic growth in the portfolio. I think it's really important to point out that this revenue, 2025, 2026, is not coming from development-stage assets. These are already producing assets in production that we're forecasting. As Dave alluded to, there's a whole half of the portfolio that is in the development exploration stage, being advanced by our partners and bringing it forwards. One of the magical things you get in the royalty space when you've got relatively fixed overheads and you've got that margin expansion is you get that free cash flow. Just on the basis of this transaction, we're expecting multimillion dollar synergies. That's going to flow through to the bottom line, and it's flowing through at a time when we've got record revenue, record production by our partners, and at record commodity prices. Looking at this slide here in terms of pro forma where we sit, despite all of that, we're today, I think, incredibly attractively valued. We're trading at actually a lower P/NAV multiple than a lot of our peers in the junior space, despite the benefits of the synergy and the scale that we've talked to and the quality of the cornerstone royalties underlying the portfolio. When you look at us on a revenue basis, you can see that we're starting to separate and move into that intermediate space there in the direction of travel that we're going to. For many years now, prior to the last number of months where we've been in a bull market, both Elemental and EMX have seen net asset value, as determined by the analysts who follow us, on a per share basis, move significantly up and to the right. That's showing that we're doing our business right. During that timeframe, our stock prices were trading sideways, continuing to increase the gap that existed between what we were really worth and where we were trading, which we're seeing correcting today. That trend that is up and to the right will continue. Near and dear to my heart is royalty generation. Everyone here has heard me talk about it before. Interestingly, both companies have roots in royalty generation. Royalty generation is how we started both of these entities, the product of a well-executed royalty generation or prospect generation business is a portfolio of royalties. Both companies have gone out and created scale by adding royalties to that. That's an even furtherment of exactly that, what we're doing here today. Very importantly, we will continue royalty generation fully integrated into our business model of looking for royalties to purchase, royalties to generate, strategic investment opportunities, royalty financing opportunities, and potential corporate action and large-scale royalty acquisition. We're looking across that, casting a broad net with an attitude that we want to allocate our capital astutely and continue to grow the company. We will move on to the Management and Board slide. I think it might be a good time to introduce here our Executive Chairman, Juan Sartori, and he can come up and close off the presentation. Real quick, while Juan's walking up, I want to say I keep walking around the shot here and inside my ear, out of my ear, I keep hearing people say the word Tether, Tether. Here's the guy. Thank you, Fred and David. Tether, we invested in Elemental around three months ago, taking a 51% position there. We now are very supportive of this merger, investing around $100 million. Listening to the presentation, I think I should have invested more because I don't know if you were convinced. It looks really, really good. The reason why, and many people ask about Tether and gold and what we are doing, is that we operate the biggest U.S. dollar stablecoin in the crypto world. It's a currency that started from zero around 10 years ago and today has assets of $168 billion. We started it in order to have an alternative, a currency that does not rely on the banking system, on government systems. Ironically, in order to keep the backing of the U.S. dollars that the token requires, we ended up being one of the biggest owners of U.S. Treasury bills in the world. If we were a nation, we would be the seventh holder of Treasury bills on the planet today, which with our ideology and the way we believe, is almost owning a stablecoin that is on the most unstable and dangerous asset out there. I don't know what is your view, but you know, with a debt of $37 trillion, a deficit of $2 trillion a year, I mean, we think this is not going to a right place. In order to hedge from that inevitable default of the U.S. dollar, whether it's inflation, successive downgrades, or capital controls, we are going there, we started believing, how can we hedge that scenario? We saw also a little bit philosophically, three very superior assets that were Bitcoin in the digital world, gold in the physical one, and farmland because we believe in that diversification too. Limited supply, not intervened assets from a government point of view. For the first time, we created a second currency called Tether Gold, which is backed by physical gold. We bought a bunker in Switzerland that we control, and we started accumulating physical gold at a very quick pace. We now own around $10 billion of physical gold over there, one of the biggest stashes of gold. The idea of that is to support the emergence of a cryptocurrency backed by physical gold that can be an alternative in the future for the U.S. dollar weakening or becoming less of a reserve. In our opinion, a currency that people would choose to manage, whether it's to pay, to store wealth, or to operate around the world, is for the first time a truly global physical gold-backed currency that is not government intervened. Our exposure to gold mainly relies on the belief that that's coming. The way we do it is, first of all, by owning that physical gold, but also then trying to be smart about the exposure. To accumulate gold long term, we are having off-take agreements with big producers. We are having a gold-backed lending book. We discovered that the royalty model was probably a very appropriate one for us, very financially interesting for all of the reasons that David explained. Also, again, looking at it from a very macro point of view, when we analyze all of these companies, we don't understand one big hole in the way they are analyzed. Everybody analyzes them based on the future price of the gold curve, which basically tells you that gold is going to go from $3,600 to $2,500 in the next two to three years. We have a view that is completely the opposite. We think it's much more likely gold goes to $10,000 in the next years than back to $2,500. If you are able to deploy capital with all of the superior qualities of the business model of the royalty companies, with a good management team who knows what they're buying and operating it, we're doing a trade in such a superior way where all is valued based on $2,500 gold in two, three years, and we believe it's completely the opposite, that generates much more exposure, much more leverage to it. That's the meaning and the reason for these platforms, the interest that we have in them, and why we're going to continue supporting them strongly to consolidate, to deploy capital efficiently, and one day to be the basis of this dream that we have, that is this gold-backed currency. Gold was transformed into a bad asset by the financial industry. They say it's a negative carry asset. Not at all. It could actually be a positive carry asset, but it's just a lot of fees put by the financial system. The token allows you to hold physical gold with full redeemability, with no cost of storage whatsoever. Our fixed cost of the bunker is taken by us without cost of transaction, and probably is going to replace a lot of elements like the $200 billion that are today in ETFs, or a lot of the way the flows are made in the industry, which are very inefficient from a banking and financial point of view. All those ideas are what really took us here today and what allowed us to support Elemental in the future growth stage. The why Tether, who is Tether, I think is a very aligned company with all of you, and we are happy if you join us in investing in this company together. Thank you very much.