Good morning, ladies and gentlemen. Welcome to the Lithium Royalty Corp 4th Quarter 2023 Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press the star zero for the operator. This call is being recorded on Thursday, March 28, 2024. I would now like to turn the conference over to you, Jonida Zaganjori, Vice President of Investor Relations at Lithium Royalty Corp. Please go ahead. Good morning, everyone. Welcome to Lithium Royalty Corp's 4th Quarter and Full Year 2023 Earnings Call. Please note that our complete financial results are available on our website, lithiumroyaltycorp.com, under the Investors tab, and also accessible on SEDAR+. This event is being webcast live. A replay of this call and transcript will be available on our website. Joining us today are Ernie Ortiz, President and CEO of Lithium Royalty Corp, and Dominique Barker, Chief Financial Officer and Head of Sustainability at LRC. Ernie will begin with introductory remarks, followed by Dominique, who will provide an overview of our financial results. After the presentations, we will transition to a Q&A session where our executive team will respond to your questions. We would like to remind participants that today's commentaries may contain forward-looking information. For more details, please refer to our forward-looking information statement in our press release dated March 27, 2024, available on our website and on SEDAR+. Please note that all figures referred to on today's call are in U.S. dollars unless otherwise noted. Also, Sigma Lithium has not yet reported earnings for 2023, so we will be limiting our discussion on our royalty with Sigma. I will now turn the call over to Ernie Ortiz. Thank you, Jonida, and good morning, everyone. We are pleased to present our 4th Quarter and 2023 Earnings Results, our first annual results as a public company. We grew revenue by 200% for the quarter compared to the same period in 2022. Revenue declined by approximately 56% from Q3 2023 due to a 54% decline in spodumene prices. Revenue was further impacted by provisional pricing adjustments to price from our operating partners. Dominique will discuss further in the financial overview. Full year revenue increased by 228% quarter-over-quarter to $5.5 million, with Adjusted EBITDA at a $300,000 loss for the full year. Putting these results into context, LRC only benefited from the partial ramp-up of Sigma Lithium and Core Lithium during the year. For example, our 2023 annual results only incorporate two quarters' worth of Sigma Lithium royalty revenue. In 2023, we invested further in our team, and we were able to invest significantly in human capital and our public company infrastructure. This positions us well to take advantage of future growth without the need for additional costs. We expect additional projects to enter commercial production in 2024 and to generate incremental revenue for the company that should demonstrate the operating leverage of our business model. 2024 will also mark a full year of calendar operations for LRC as a public company without the presence of pre-IPO reorganization activities. Our 2023 accomplishments came despite a challenging backdrop for the sector, as lithium prices declined by more than 80% during the year. That said, the industry has seen this type of volatility before, with the price declines from the 2017 peak to the trough in 2020 being quite similar at an approximate 78% decline. We note that prices appear to have bottomed in 2024 at levels that are 2.5-3 times prior cycle lows, while prices on a 5-year time horizon are up more than 150%. Going forward, we expect higher prices over time due to a steepening marginal cost curve and higher CapEx intensity across the industry, while demand from electric vehicles and energy storage remains robust. Notably, the LRC Go Public transaction was the only IPO in Canada in 2023, highlighting both the challenging equity capital market conditions but also the excitement and robust business model that LRC exhibits. LRC completed 8 royalty transactions in 2023, with 6 transactions following the IPO, which is in line with the leading public royalty companies in the world. Of the 8 royalties we have in the year, over 85% of the capital deployed was directed towards assets that were either in construction or fully funded by the end of 2023. This fits our strategy of prioritizing royalties with near-term cash flow potential while also utilizing our competitive advantage in uncovering attractive exploration and development stage royalties. Additionally, the 8 royalty transactions completed in 2023 cemented LRC as one of the most active royalty companies globally, as we believe we completed the greatest number of transactions in the last three years among royalty companies. We continue to see a strong pipeline of opportunities available to us, which will provide meaningful growth if they meet our targets for accretion on both a financial and qualitative basis. LRC now holds 35 globally diverse royalties following the recent acquisition in March with a private Brazilian company, M4E. M4E controls one of the largest lithium land holdings in Brazil, with over 100 pegmatites mapped within its boundaries. Of the 35 royalties, three are currently in production, at least three are expected to enter production in 2024 as per each company's public guidance, and many more continue their development. The 2023 decline in lithium prices has led to several supply disruptions across the industry. Marquee projects such as Greenbushes, Wodgina, and Kathleen Valley have either curtailed output or slowed expansion. The LRC portfolio has also been impacted, as Core Lithium has temporarily suspended mining at Finniss, although it continues to produce spodumene concentrate through mid-2024 as per the latest guidance. Arcadium at Mt. Cattlin has guided to 37% lower spodumene concentrate output in 2024. At Mt Cattlin, it's important to note that LRC has already recouped its investment from this 2018 transaction, and the latest reserve update from prior owner Allkem disclosed that open-pit mining methods could continue through 2017 to 2028, while underground operations would be studied further. We are optimistic that these combined impacts on the company will be more than offset in 2024 by increased volumes elsewhere in our portfolio, projects commencing commercial production, and a recovery in lithium prices. As we mentioned in the IPO, the diversity of our asset base is a key strength, as no single asset will drive our results. Just to highlight this diversity one more time, LRC now holds 35 royalties, and the number of royalties in production is set to double. The embedded optionality within the LRC portfolio represents a huge opportunity to investors. Even without any additional acquisitions, the near-term organic growth profile at LRC is best in class, with at least three assets expected to start production, most of the key development assets in the portfolio are well-funded, and we expect continued mineral resource growth within the portfolio. Additionally, should lithium prices continue to recover, Core Lithium's Grants open-pit operation could restart, and Mt Cattlin output could expand. I will now provide an abbreviated update on the key portfolio events of 2023. Sigma Lithium entered production, with LRC now receiving consecutive royalty payments from the leading lithium producer in Brazil. Following the year-end, Sigma announced that it increased mineral resource to 109 million tons, with guidance to increase it further to 150 million tons, cementing it as one of the best hard rock ore bodies globally. Ultimately, this is a royalty that is nearly impossible to replicate today and highlights our ability to act opportunistically. Core Lithium began DSO and spodumene concentrate operations in 2023 from the Grants open-pit. LRC has already received back more than 50% of its acquisition purchase price from Core Lithium. Also, it is important to note that the Grants open-pit was a starter operation for Core and only represents 10% of its mineral resource at Finniss. The next scheduled deposit, BP33, is more than three times the size of the mineral resource at Grants, which should benefit from greater economies of scale. Core Lithium holds a 31.1 million ton resource, has no debt, and has already invested significant capital in infrastructure, which positions LRC well to continue to benefit from future royalty payments as market conditions improve. LRC acquired a 3% NSR on Atlas Lithium in Brazil for $20 million. LRC underwrote this transaction at 150,000 tons per year of production. Atlas has since updated their production throughput to 300,000 tons per year. Additionally, Atlas has announced that they are fully funded for Phase One via a $50 million investment from Chengxin and Yahua. Both of these customers also recently signed offtake deals with industry leader Pilbara Minerals. And just this morning, Atlas Lithium announced a $30 million investment from Mitsui. Atlas has guidance for production to commence in 4Q 2024, or approximately 18 months from our initial investment. Four companies in the LRC portfolio announced a mineral resource, including Winsome Resources, Delta Lithium at Yinnetharra, Green Technology Metals, and Grid Metals. Winsome announced a mineral resource of 59 million tons at Adina, which ranks as the top five asset in North America. This is extremely important for LRC, as we hold a 4% GOR and an additional 2% NSR on the our Adina ore body. At Yinnetharra, Delta delivered a maiden resource estimate of 25 million tons, making it just the 15th in Australia with a mineral resource and the 10th in Australia to be above 20 million tons. Turning specifically to 2024, based on guidance from our operators, we expect Core Lithium's Finniss project to begin production, Ganfeng Lithium's Mariana project to contribute revenue to LRC in 2H 2024, and Atlas Lithium's Das Neves project to start production in 4Q 2024. Additional near-term organic growth should come from Sigma Lithium's Phase Two plant, which is expected to add 240,000 tons of SC6 to the current plant, Atlas Lithium, which is guiding to its Phase Two plant, adding 150,000 tons of additional production by mid-2025, and Sayona Mining's Moblan deposit, as Sayona recently released their definitive feasibility study on the asset. In addition, many of our development partners maintain aggressive exploration programs, with Winsome expected to drill another 50,000 meters in 2024 to support enhanced resource upgrades. Furthermore, Delta Lithium has well capitalized, with cash on hand of $116 million and expected to drill over 150,000 meters at Yinnetharra. The significant accomplishments and progress of these companies highlight the power of our business model. Within the LRC portfolio, there are many hundreds of millions of dollars being spent by our royalty partners that should continue to deliver attractive organic growth to our shareholders. Whether it's new asset ramp-ups, production expansions, or additional resource growth, we expect 2024 to be marked by several positive portfolio company updates that should de-risk LRC's operating position and set the company up for continued revenue and cash flow growth. While LRC will remain acquisitive in 2024, we have already been one of the busiest royalty companies in the world since our IPO. We'll continue to add high-quality assets to the portfolio that offer strong financial accretion to our shareholders. The vast opportunity set, coupled with the sizable embedded optionality in the LRC portfolio, keeps us excited for the years ahead. I will now pass to Dominique, who will discuss our financial results. Thank you, Ernie. Our royalty revenue this quarter was $1 million compared to $3 million in the previous quarter, and up from $0.3 million in the same period last year. There are two main reasons for the decline. First, despite volumes increasing in the quarter, there was a negative impact from the lithium price decline. Second, a true-up took place in Q4 that relates to volume shift in Q3 but subject to subsequent price adjustments. In essence, the true-up is related to the time it takes for our operators to close out their contracts with their buyers, which can take as long as three months. Our operators forecast as accurately as possible, but with the abrupt changes in the price of lithium over the course of the last months of 2023, revisions were made downward after the end of Q3, and that downward revision impacted Q4. This should work in reverse in a rising price environment. Let me take a step back and describe our revenue recognition policy. We recognize revenue in the quarter based on best available information at the time. The two inputs are volume and price. The volume typically does not change following the close of the quarter, unless, of course, there's a change on the quality of the product once assays are completed by the purchaser. The other input is price. In some cases, our operators collect revenue based on the best available information at the time, or what is known as provisional pricing. That information is typically a mix of China, Japan, South Korea market pricing. Given the time to close out a contract, which again takes about 2-3 months, any change in pricing results in a true-up to reflect the actual result. G&A, or general and admin expenses, was $2.3 million in the quarter, which is the same as the previous quarter. Excluding non-cash, stock-based compensation, cash G&A was $1.5 million in the quarter compared to $1.4 million in the previous quarter. LRC's Adjusted EBITDA declined to -$695,000 in the quarter compared to -$390,000 in the same period last year, and compared to a positive EBITDA of approximately $1.3 million in the previous quarter. That's due to lower lithium prices, which were partially offset by the volume increases at two of our projects, as previously discussed. On taxes, we've paid cash taxes of approximately $1 million in 2023, of which $500,000 was attributed to the Q4. Three of the eight acquisitions we made in 2023 are currently under construction and expected to enter commercial production in 2024 and start paying us royalties. Those are Tres Quebradas, Das Neves, and Mariana. This compares favorably with 2023, when we only had two royalties commence production. So just want to take a step back. Compared to one year ago, when we had 1 of 29 producing royalties, or 3% of our royalties producing, today we have 3 of 35 producing royalties, or 9%, and that number should increase over time. As our projects progress from exploration to construction and commence commercial production, we begin to receive royalty payments without any associated financial obligations. As the projects increase production volumes, so do our royalty payments increase, subject to the positive or negative impact of price movements. Adjacent to this, we expect to continue to experience meaningful resource growth from several of our pre-production royalty companies, which set them up to commence construction and then production in the next 12-36 months, which will further add to our royalty revenues and accrete to our net asset value. In other finance-related events, our current liquidity position is strong. We have $11.7 million of cash at quarter end and zero drawdown on our credit facility. In summary, we are optimistic in 2024 that the combination of recovering commodity prices, the ramp-up of producing projects, and new projects commencing production will add meaningfully to our revenue and EBITDA. As these things happen, we expect our NAV to grow as producing and exploration assets are de-risked and we add to new royalties. Back to you, Ernie. Thank you, Dominique. I'll briefly discuss our view on the market dynamics for lithium before moving to Q&A. LRC estimates that lithium demand grew by approximately 28% in 2023, driven by the continued adoption of electric vehicles. Electric vehicle penetration was in the high teens for 2023, with EV sales growing by 31% quarter-over-quarter. Despite moderating growth rates from prior years, the 31% growth rate was still very robust and supportive of strong aggregate demand for electric vehicles. There are a number of cross-currents underway in both the electric vehicle market and, by consequence, the lithium market. In the EV market, we are witnessing fierce competition among several OEMs that is pressuring margins at the OEM level, but at the same time, improving customer affordability. Furthermore, the EV rollout on a global basis remains strong, with 631 EV models expected in 2024, which is up from 482 in 2023. In China alone, some estimates call for over 200 new models to be introduced in 2024, showing the continued investment into the EV ecosystem. For 2024, many third-party estimates believe that EV sales should go between 20% and 25% year-on-year. A few other anecdotes worth mentioning include LG Energy Solution, Korea's largest battery manufacturer, is guiding to mid-20% growth for EVs in 2024, with a ramp-up to low 30% growth in 2025. They estimate North America will be the fastest-growing region. Stellantis recently commented that they will not be slowing down their EV offensive and answered that they will keep it flat out as they introduce 18 new EV models for a total of 48 in 2024. In the energy storage sector, SMM notes that the global shipments for LFP cells, with LFP being the predominant chemistry in the ESS sector, grew by 49% year-on-year, with energy storage now growing to one-seventh of global lithium demand in 2023. Meanwhile, Samsung SDI commented that they expect growth of at least 18% in energy storage in 2024. As mentioned previously, 2023 was a challenging year given the lithium pricing backdrop and the elevated level of global interest rates. LRC was able to capitalize on the weakness in the lithium market, with eight royalties added in 2023, with six following the IPO. Again, over 85% of the capital deployed following the IPO was directed towards assets that are expected to start production in 2024, highlighting the strong focus at LRC on organic growth and cash flow generation. While recent lithium pricing activity has been encouraging, as spot-going prices have already rallied by 30%-40% from the recent lows, LRC will remain focused on what it can control and stay focused on execution and ticket management of our balance sheet. Lithium prices are likely to remain volatile but should improve over time, given challenging returns from many projects at current market conditions, as battery inventory levels continue to improve and as energy storage growth rates accelerate. LRC is very well positioned to benefit from the rise in prices and an eventual lithium recovery. Overall, LRC has royalties on many of the best mineral endowments within the lithium sector, and as the industry grows from approximately 1 million tons in 2023 to potentially over 3 million tons in 2030, our portfolio will become increasingly strategic and unique to investors globally. We are excited by the year ahead, and we look forward to the many catalysts the portfolio has to deliver in 2024. I will now pass back to Jonida to open the question-and-answer portion of the call. Operator, we're now ready to answer questions. Can we open up the lines for Q&A? Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the number 1 on your cell phone keypad. You will hear a 3-tone prompt acknowledging your request, and your questions will be polled in the order they are received. Should you wish to decline from the polling process, please press the star followed by the number 2. One moment, please, for your first question. Your first question comes from the line of Patrick Cunningham from Citi. Your line is open. Hi, good morning. This is Eric Zhang for Patrick. My first question is, have you seen the royalty pipeline accelerate as a result of a weaker financing environment? And what is the potential for larger check sizes to bridge some financing for larger development-stage assets? Sure. So we have seen the royalty pipeline continue to grow. At the time of the IPO, we mentioned there were roughly $130-$150 million of near-term opportunities in the next 18 months. We did complete over $60 million in 2023. That pipeline is still robust and continues to grow. We're in active conversations with many parties. At the same time, we are looking to make sure that the portfolio is best in class, and only if those transactions meet our objectives when it comes to financial and qualitative accretion, and by that I mean high-grade, low-cost, low-technical complexity, will we transact. But we do still see a robust pipeline. We do still see deals on the horizon in 2024 for LRC, but it's all obviously very asset-dependent and negotiation-dependent. And as far as larger check sizes, we don't feel constrained. I think there's a lot of opportunity at the table to continue to grow in various types of check sizes, whether it's small, medium, or large. But overall, we still see a strong opportunity and pipeline ahead. Got it. Thank you. My last question is, can you walk us through what you're seeing in regards to near-term cash flows from producing assets? And is weaker cash flow potentially impending your ability to execute on attractive royalty acquisitions at the bottom of the cycle? Thank you. Sure. So I think we will. Thank you. I can start, Dominique, and then I would love for additional commentary. But as far as cash flow, you've seen our report, but we did see good results from Core and Sigma in the quarter, and we do expect additional revenue to come from Mariana and Atlas in the second half. And when it comes to Tres Quebradas, we did highlight some of the commentary that they had from their annual report, in which essentially phase one construction for Tres Quebradas is basically complete. Now, it's important to note that going up from construction completion to production to shipment is very important for us because we get paid on shipment. Last year in 2023, for example, Sigma started production in the second quarter, but our first royalty payment ended up coming in the Q3. So that's something that we are monitoring quite closely, and it is something that's worth monitoring for everyone. But no, we don't feel constrained. We think there's a lot of opportunities for us to grow the business. Our second-to-last deal, we actually used shares, and it is a substantial premium to where we're trading at now. So that's just one example of creative ways that we can continue to grow. But I'll let Dominique continue to add to this question. So actually, you took my point. We have ample liquidity between our current cash and our facility and all the expected royalty payments that we'll have in 2024. But as Ernie mentioned, we can really be creative, and you saw that in 2023 when we issued stock to vendors. And so we could potentially be creative in doing that. And as Ernie noted, the stock was issued at a premium to where it is. So I'll leave it there. Great. Thank you. Your next question comes from the line of Ben Isaacson from Scotiabank. Your line is open. Thank you very much, and good morning, everyone. My first question is for Dominique. I mean, now that we're at the end of Q1, can you talk about the direction that the true-up will be for this quarter? Hey, Ben. Really appreciate the question, but I think that would be considered forward-looking information. The only thing I would say is that we've seen some constructive movement in the price of lithium. You would have seen a couple of private auctions that have happened. I think there was an announcement from Sigma yesterday with regards to some pricing that they've secured on a shipment. So as the price increases, we can expect that the opposite would happen on true-ups. That's helpful. Thank you for that. Ernie, can you talk about why you've been unable to receive technical data on Finniss? I think there's no hindrance in us being able to receive technical data. We get operational. You said that in the report. Yeah. Every quarter, we receive data from the company via operations report, and we do have rights to attend the site and different information rights. And there is a published DFS that we can report to. And on top of that, we do have our third-party GO that reviews kind of all their filings and so forth. But yeah, as far as kind of any if we haven't really gone to anytime that we've requested, I think Core has always been very amenable. But yeah, there hasn't been a problem for us. Sorry, Ernie. I'm just reading the report that you published yesterday. It says, "The company requested but has not received access to technical data on the project from Core Lithium. Ernie, I'm going to Phil Panet is in the room, and he's our legal counsel. I'm going to ask him to answer the question. Phil. Thank you. This is just as part of preparing the technical report. I mean, we have to do this wraparound technical report that's basically just done off of Core's work. So in the course of preparing it, we requested to Core for information. I think given where they are, they're busy, and in their situation, there wasn't time for them to give us the information, so we proceeded with a technical report on that basis. I think the technical report you'll see is consistent with the one that we released last year and with their report. I don't think there's really any new information in the technical report. I don't think there aren't any issues in the relationship with Core. I think it's more just a function of how busy they are and what's going on than that they just weren't able to support the request. Great. Thank you. And just last question, back to Dominique. So you have $11 million or $12 million of cash on hand, and I think you have a $25 million credit facility. Presumably, you said, I think, $1.5 million of SG&A cash burn in Q4. Is that a fair assumption in terms of cash burn for SG&A going forward per quarter, or do you think that'll grow or shrink over time? I think in the short term, it's fair to say that our cash G&A will be $5 million-$6 million. As we grow, and I would put that in the more medium- to longer-term, one would expect the G&A to increase. I would just note that for those who don't follow royalty models, the largest royalty company has on the order of 35 employees, which is not a lot. We're currently at 10. Thanks. Great. Thanks so much. Appreciate the questions. Your next question comes from the line of David Deckelbaum from TD Cowen. Your line is open. Thanks, everyone. Thanks, Ernie and Dominique. My question, Ernie, first one, is just regarding pricing. We talked about the true-ups and obviously the M+1 impact that's been happening, especially on the spodumene concentrate side. I'm curious, as you've observed and you know that obviously you have a significant royalty, obviously, in Sigma, and then Das Neves is one of the largest in your portfolio. We've seen, I think, some recent measures taken by some companies to do auction or look for different price indications. I'd be interested in your comments on how you see pricing evolving, especially for a lot of these Western Hemispheric hard rock projects, and if you think that we're seeing an earnest movement away from China price indices that would otherwise obviously benefit you with perhaps more premium pricing. Yeah. So we do think, and we're big proponents of price transparency, and we are seeing the market evolve real-time. A cycle ago, many companies were using fixed pricing, and that transitioned then afterwards to pricing that had a quarter or two lag in index pricing. And as you pointed out, now it's M+1 or M+2. And with these new auctions that we've seen in the last few months from the likes of Mineral Resources, Albemarle, Pilbara, and a few others, we think it does provide more transparency to the sector, especially with recent reported prices that have been anywhere 20%-25% higher than some of the price reporting agencies. I think it is very important to us and certainly a positive since there is such a large price discrepancy that it's very positive to our portfolio that we'll continue to generate positive and growing cash flow with this kind of growing premium pricing that our customers are reporting. So we commend Sigma in our portfolio for announcing that result yesterday. It was a great result. But ultimately, we do think that price transparency is a positive for the sector. I think it does allow for investors to make more educated decisions. And like I said, if there's a 20% difference between price reporting agencies and the recent pricing that we've announced, that is a significant delta, and it's to the positive for the LRC portfolio. Appreciate the color there. I also would like to ask a follow-up question on just the M&A pipeline. Obviously, you have a number of projects coming online in 2024 and in 2025. With the recent move in pricing, are you seeing any more projects or opportunities or investment opportunities that would otherwise be attractive that would have perhaps near-term production timelines in the next couple of years, or are most of the opportunities still described as opportunities that would be sort of later in the decade? I would say it's varied. I would say it's all of the above. But we are still prioritizing near-term cash flow opportunities. As we mentioned in the prepared remarks, the majority of our capital was directed towards assets that essentially were going to start production in the next 12-18 months. So I think we still have that mindset in mind where we're going to look to deploy capital with near-term cash flow potential. And we are in discussions with several opportunities that either are cash flowing now or also share those similar attributes of near-term cash flow. So yeah, I would expect for us to continue to deploy the majority of our dollars towards near-term cash flow. But we do feel that we have a comparative advantage in the sector. We will also transact in exploration-stage royalties where we think we can uncover hidden gems, and they provide a lot of value for us down the line. Thanks, Ernie. Good luck, guys. Your next question comes from the line of Mac Whale from Cormark Securities. Your line is open. Hi. Good morning, Ernie. I'm wondering if you could give us an update on just the competitive landscape. Given the point we are in the market, are you seeing new players come in and sort of add to the competition or change the pricing that you kind of have to assume when you're looking at opportunities? Sure. So as far as competition, we think the main competitors, particularly on the secondary royalty side, tend to be the actual operator themselves. There's been a few opportunities where that particular operator wants to buy back the royalty. So that, I would say, for the secondary royalties is something that we've seen. But I wouldn't say that's increased in the last few months. I think that's just something that we've seen throughout our history in the last 5 or 6 years. As far as for new royalties, we have seen there's other kind of royalty companies that have openly spoken about lithium. But at the same time, we haven't seen too many transactions from other players in lithium, and there's no other major royalty company that is fully dedicated on lithium full-time. So we haven't seen kind of any major competition on that side. But at the same time, we're always vigilant to protect our industry-leading IP and so forth. And I would say the bigger probably competition outside of the royalty space likely comes from strategics, and that would be large mining players that want to get involved in either exploration or development-stage royalties. But there again, we're also very encouraged that we're still a nimble and lithium-focused where we can act much faster and much earlier than a lot of those companies can. So in many cases, we're the ones that are putting many companies on the radar. And Atlas is a good example there where after we invested, Martin Rowley, the prior chairman of Allkem, came on board. And then just this morning, Mitsui announced a deal with Atlas, and in December, Yahua and Chengxin. So, we're still winning business, and we're still seeing a competitive advantage on that front. Okay. When you look around the world, the various regions, has there been a shift at all in your focus or your view as to which areas are more maybe over the course of the year - I'm trying to get an idea of the change - some areas that look more interesting to you now than, say, a quarter or two quarters ago? Or do you still look at the regions in the same way you would when the pricing was higher? Sure. I think our thinking has certainly evolved, but it's not necessarily due to price. I think it has been more out of just seeing the speed to market for a lot of different countries. So there's no shift on our region. We've always prioritized kind of stable jurisdictions, pro-business, pro-mining, and pro-lithium. So there's no shift on where we would invest. But there has been a new prioritization of which regions we want to continue to pursue and grow in. One thing that we've been commenting to investors in the last six months is our ABCs of hard rock lithium. That would be Australia, Brazil, and Canada. We want to continue to grow in these particular regions. Brazil specifically, we see there's a lot of promise in the country. We've been a leader there through our investment in 2018 with Sigma, then last year in Atlas, and we just completed one this month with a private company called M4E. And we think Brazil is going to be a powerhouse in hard rock lithium production. Just a lot of benefits from Brazil, whether it's kind of consistent core-grade ore bodies, generally high-grade, very supportive environment, and of course, the fast and robust permitting regime is something that we think is highly attractive. So yeah, I would say the regions themselves haven't necessarily evolved, but we certainly are prioritizing those ABCs of hard rock lithium. Okay. And then the last question, I just wanted to ask about if there's any update to be had on the Orion case on the Thacker Pass royalty? No major update beyond what we put in the release yesterday. We're awaiting to schedule a damages trial, so that'll be the next key event in this particular trial. We expect that to occur in the second half of the year, although it could go into the H1 of 2025. We'll continue to communicate to the market as we learn more and to the extent that we can. We're just awaiting the scheduling of that damages trial as the next key event. Okay. Great. Thanks, guys. Your next question comes from the line of Brian MacArthur from Raymond James. Your line is open. Hi. Good morning. Sorry, a lot of my questions have been answered, but could you just give us an update on Horse Creek and what's going on there, timing, silicon market? Sure. So on Horse Creek, there are private companies, so we're limited in some ways of what we can discuss. But they are working on a $multi-hundred million financing at this time with leading investment banks. And once that financing is completed, which they expect that to occur this year, to essentially vertically integrate their smelter in Tennessee with the mine, which is fully permitted in British Columbia, then production will start in earnest. The latest commentary that we've received from the company is that they expect the mine to start at some point in 2025, subject to financing, of course. But that's the latest communication, and they expect that to start in 2025. Great. That's very helpful because I know originally it was going to be earlier, so I'm just not quite as familiar with it. Thanks very much, Ernie. That's helpful on the timing. Thank you. There are no further questions at this time. I would like to turn it back to Jonida Zaganjori for closing comments. Thank you to everyone who joined us today. This concludes our Q4 and full year 2023 results conference call and webcast. We expect to release our Q1 2024 results after market close on May 13th, 2024, with a conference call held on May 14th at 9:00 A.M. Thank you for your interest in Lithium Royalty Corp. Goodbye. Thank you for your time. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.