All right. Thanks for staying with us here this morning. It's my pleasure to introduce Vox Royalty. You guys are right here in Denver, right? Correct. All right, outstanding. Vox Royalty is a mining royalty and streaming company. They have a diversified portfolio of royalty assets across multiple commodities and jurisdictions. Going to be a very interesting story, so I'm glad you're here to hear it. Presenting for the company is Kyle Floyd. Kyle is the Founder and CEO. Afterwards, remember, there will be a breakout session in the Platte River room. Afterwards, we'll usher Kyle out and get you where you can get into more due diligence on some of the things he's talking about. Kyle, thank you. Well, thank you to Jim and Blanca and the team here at EnerCom. Great to be here. As Jim mentioned, it's nice to just have a little drive down the road to come to a conference. I guess I'll start with addressing the elephant in the room. We're actually not an Oil & Gas company. If you're expecting to hear about O&G, you might be in the wrong room. But if you're interested in learning about how we approach the metals markets and generate risk-adjusted value for our shareholders, largely within gold, then you are in the right place. As Jim mentioned, I'm the CEO and Founder of the business, and Vox was a purpose-built company to create a very purposeful objective. A lot of companies present, they get up, they talk to you about what they're doing, but they don't really get into the real purpose and why they exist. We exist for a very, very simple purpose, and that is to create the best risk-adjusted returns we can for shareholders that want metals exposure. Primarily, that's gold exposure within the Vox portfolio. How do we do that, and how do we achieve that? First, we believe that royalties are the best way to achieve the best risk-adjusted returns. I'm hoping that by the end of this conversation, I can essentially prove that to you. The second thing that we'll prove is that Vox is generating the highest returns on invested capital in our mining royalty industry. Lastly, what I think is a huge opportunity for investors is that we are trading at a significant discount to our peers. Meanwhile, our belief is that should be a premium. The first proof that I have for you is, well, Kyle, tell me why royalties are the right way to play metals. There is a very, I think, simple chart that demonstrates the power of royalties and their ability to generate risk-adjusted returns that are superior to any other available medium in the market for metals exposure. Within this chart, the details would be easy to get lost, but I will summarize what is going on here. We have aggregated the average returns of the top three mining royalty companies. That would be Franco-Nevada, Wheaton Precious Metals, and Royal Gold, also based here in Denver. Since 2008, they have returned almost 10x. Meanwhile, gold has returned, in comparison, a paltry 400%, the Russell 2000, even less, and obviously the miners even less than that. This would also well outperform the Nasdaq. The reason for this is this particular niche asset class, which I think is one of the best undiscovered secrets in the capital markets for investing in mining, it has convexity well in its favor, and it leads to generating the risk-adjusted returns. Not just are the royalty companies outperforming based on share price returns and shareholder returns, they are doing it with a lot less risk. I think that is what investors miss is it is not just outperformance, it is outperformance with less risk. That is why Vox was created. That is why I built the company. I believe that this was the best way to get metals exposure, but I also believe that Vox could do it differently and ultimately generate better risk-adjusted returns than these major companies that have been doing it for a very long time. A bold statement originally, but I think we are proving that out. Why do royalties outperform? The same can be said in large part for Oil & Gas royalties as well. But it is the power of convexity. When things go poorly for the operator of the mine and in the metals markets, they go far less poorly for the royalty holder. If metal price declines, you do not have the fixed operating cost to deal with. You do not have the dilution to deal with when you have to raise capital for both problems and returns. When things go not as well as you would have hoped, the royalty typically sticks and runs with the land through insolvency events and administrative events. But then it is also not capital exposed when things go wrong. So in the downside environment for metals and to a similar degree in Oil & Gas, the royalty holder is very protected from a lot of the issues and a lot of the risks. Now, on the flip side, when things go well, a lot of times the mining companies and the operators, they are investing hundreds of millions and billions of dollars to realize large-scale expansions, whether that is proving up more reserves or whether that is increasing mill capacity, or a combination thereof. The mining companies are spending a lot of money. But once you own the royalty, we do not have to contribute any capital to that equation. We're not being diluted, but we're benefiting from billions of dollars of expenditure that are going to grow that asset. The royalty generates this really positive convexity, which is less downside with even more upside than what's typically understood within this business model. The second proof is, what does Vox do differently, and why do we think Vox is better than the other alternatives that are out there in the market? That's not to say that these other larger peers of ours are not great investments. They've proven to be over time. But we took a very differentiated approach to the industry. It's delivered very consistent growth, scalable growth, while maintaining extreme discipline and focus on risk-adjusted returns and fundamentally per-share returns within that. We've generated the highest. This is Vox now speaking. We've generated the highest return on invested capital over the last five years in the mining royalty industry. Our compound annual growth rate of our cash flow per share has been over 76%. It's been about a 10x return since 2021. We went public in May of 2020. We do all of this. As I mentioned earlier in the presentation, it's not just that we're generating great returns. I believe we're doing it with very low levels of capital at risk. We're generating that low level of risk through very good purchases of royalties at very good value that ignore significant margin of safety. It's just that when we do, it's not a huge cost for the business or a big loss for the business. We have a very diversified stable of royalties and streams approaching 80 of those, with 10 in production now. We get the benefit of diversification, and when we're buying a new royalty or a new metal stream, we're doing it at very disciplined prices, which means that we're generating, when things go well or go as expected, very high return on invested capital or returns for our shareholders. This is a very quick highlight reel of some of the royalties that have returned the paybacks that are either in line with expectations or in some cases even better. But with what's come into production and what's paid us back, we're generating, on average, beyond a 10x return on most of our assets. We believe that this trend will continue. Round numbers, we put around $130 million buying royalties and metal streams. We ultimately believe this portfolio will demonstrate to be worth in that billion-dollar range. This is just a small sample size of the realizations that we've had, both from assets producing and ultimately paying us back as expected, and we've strategically sold some assets when we felt like we were getting beyond full value for those royalties and streams. A quick look at us versus our peers. We believe we have a differentiated business model. It's really borne around competitive advantages that I'll touch on a little bit further on in the presentation. But how do we compare to peers? How does this relative valuation look versus the rest of the market? In my opinion, we're unbelievably priced versus our peers. We've demonstrated that we have a competitive advantage. We've demonstrated that we can continue to compound capital at more aggressive rates of return in favor of our shareholders. We're going to be able to do that on a very durable basis. I started this business over 12 years ago, and we've been extremely consistent around our return principles, our discipline, and ultimately, the return that we're generating for shareholders. We trade at essentially less than half of where our peers are trading. There's not a good reason for that. I can give you some of the reasons within our breakout session. Our belief is that we should ultimately ignore a premium multiple in our sector, both for the returns that we're generating, the durability around those returns, and then also the quality of our royalty and streaming portfolio. We are the second largest holder of hard rock mining royalties in Australia, second to only Franco-Nevada, who's a $50 billion business in our industry and been doing it for 15 - 20 years longer. We've almost caught them in that respect. Australia is the world's best mining market, where we believe it's the best place to hold royalties. That should, at the end of the day, generate a premium on Vox's portfolio of royalties and streams. What are the core values? When I started this company 12 years ago, I partnered with a family office that I had worked with historically as an investment banker in the sector. What I believe has made us successful and which will continue to make us successful is we share these same core values with both our founding shareholders and all of our shareholders today. That fundamentally is discipline. It's easy when we're in the extractive industries to get super exuberant when gold or oil is doing extremely well. We find ourselves in a situation where gold's doing fantastically. A lot of times, that leads to poor capital allocation decisions and then ultimately poor returns for shareholders. We have the ability to be disciplined because we lean into our competitive edge, and we have the ability to find these assets at dislocated values and to compound that value consistently. What's that yielding? Per-share returns. What do we focus on? Per-share returns. Right now, we're around a $400 million market cap. We could easily be a $5 billion market cap, but I can almost guarantee you our share price would be less if we would've chased scale versus returns. Our commitment to shareholders is that we're going to continue to chase per-share returns over anything else. What factors into that? Long-term thinking. We don't look and manage our business on a quarter-to-quarter basis. We are buying value, and sometimes that value takes quarters and years to prove out. With the benefit of patient shareholders and a patient business model that doesn't have very much in the way of holding costs, you can run our business for a million dollars a year and you would see revenue continue to increase. We have the ability to be very long-term thinking and then in the end, generate the best long-term shareholder returns. We're very aligned. Prior to being CEO of a public company, I think it's easy to overlook the alignment with your shareholders. Management and the board, we own 20% of the business. What that gives the shareholders, I think, is extreme confidence that we continue to look at every decision we make in terms of maximizing long-term shareholder value. If you look at the history of the business and how we've evolved and how we've grown, and talk to any of our existing shareholders, I think what you would find is they agree that there's strong alignment, and that they trust our team to do what's best for shareholders above all else. Lastly, as I mentioned, margin of safety. I believe we have one of the best portfolios of mining royalties in the world, and that it is in one of the best jurisdictions, if not the best jurisdiction for owning mining assets, and especially mining royalties, being Western Australia. Quick side note on Australia as it relates to mining. It's obviously very far away, almost the furthest point of the planet from where you can be from Denver. We have a very strong Australian team. Australia very much values mining. It values its contribution to GDP. In Western Australia specifically, mining accounts for almost 20% of the labor force, both direct and indirect into mining, and female participation rate is growing at an exponential rate as well. One of the biggest factors that's going to happen in mining over the coming years is with this significant increase in metal prices and the significant demand increases in terms of metal for the AI movement, you're going to see that, yes, mines are going to get pushed into production, which is fantastic, but the cost that miners face to actually mine the material is going to continue to go up at an ever-increasing pace. The interesting thing about royalties is we're very well-positioned, and we don't have exposure to cost inflation. We are a pure top-line revenue interest, so it doesn't really matter what the mining's cost structure is. When metal prices go up, when production goes up, we benefit from those factors, and their cost structure does not impact what we return. Also in Western Australia, what you'll see is they have more labor capacity, which is the largest cost for mines. So the relative base that they're afflicted by cost inflation is going to be less. You're going to see more cost inflation in the U.S. and Canada as the other top-tier jurisdictions where they're going to see ever-rising costs at an ever faster pace. Australia should be able to ameliorate that issue over the long term, probably better than any other developed market. Quick overview now on Vox. Where are we? Where are we going? Again, started the business 12 years ago with $7.5 million. We've successfully compounded $7.5 million very patiently. That was not a lot of money to start with in our industry. However, it was a big risk from our original investors backing me with what was really a concept and a set of core principles that we started building around. Now at almost a $400 million market cap, we have $31 million of cash on the balance sheet. We have no debt. We do have a $75 million revolver that's open with Bank of Montreal. We are now able to grow the business without diluting shareholders. Over the last 12 years, we've raised equity and debt in various sequences all designed to minimize dilution for our shareholders, but we have had to issue equity to buy royalties. Right now, we don't expect to have to issue any equity as far as the eye can see. Between the revolver capacity, our cash flow generation, and the cash on the balance sheet, we're going to be able to fund accretive royalty acquisitions. What that means is that cash flow per share torque that we saw on previous slides, that should accelerate. If you're looking at the key reason to buy Vox, I think that's the key reason is that we're continuing to compound capital at faster rates of return. As I mentioned, management and board own a very meaningful piece of the business that aligns us very significantly with our shareholders, and I think that alignment's key in terms of evaluating businesses. We have some of the world's best investors that understand this business model, BlackRock probably being chief among them. That's their mining team out of the U.K. that controls trillions of dollars of capital and hundreds of billions of dollars in our sector. Also U.S. Global, VanEck, Luther King, some of the world's best long-term investors have seen what we've delivered and have confidence in us continuing to deliver on this mission. Quick overview on the portfolio. Again, we're not Oil & Gas. We're a little bit of anomaly here at this conference today, but pleased that you're with us. We're mostly gold. The other metals would be copper, and then kind of a smattering of base metals. Again, we weren't necessarily and aren't necessarily gold bugs. Do I think gold's going to do well? I do. We're very much value hawks. Where do we find value? There's more gold mining royalties than any other metal or first commodity to buy royalties over. What does that create for us? More shots on goal. You'll continue to see us most likely heavily weighted to gold. Again, most of the portfolio is in the tier 1 jurisdictions in the world. You're not taking huge African exposure or other developing countries where mining code changes, coups happen, all the issues that are risky around the world. We've done a good job, I think, insulating our shareholders from a lot of that jurisdictional risk. Where you find us now is we have approximately 12 producing assets. We expect that number to grow to 22 over the near term. That's not with spending any more money. That's with what's already in the portfolio of royalties. Ultimately, we believe that producing asset count will grow well past 30 within the 80 streams and royalties that we have in the portfolio now, probably more. What is the Vox opportunity? We've grown significantly. We've had 100% revenue growth over the last 12 months. We're sitting in net cash of $31 million, no debt, so we're extremely well-positioned to capitalize on the great royalty acquisitions and stream acquisitions that are in front of us. We have approaching 80 streams and royalties, so for our investors, we're very well-diversified. Also, that's a lot of optionality embedded within the portfolio. The producing asset count is expected to grow dramatically over the next few years. What makes us different? There are other metal royalty companies, I mentioned some of the biggest businesses in our industry. We were built to be different and generate a different kind of return with a different kind of risk profile that we believe is well in the favor of our shareholders. The first thing that we did is we put a technical team on the front lines. We're only a full-time team of seven, but about half of our team is either mining engineers and geologists, and they're scanning the world every single day, and AI has significantly enabled our team to act like probably closer to a team of 14 than a team of seven. We're looking for interesting catalysts and developments on mining projects that we can price that show us that a royalty that's typically two to five years out from production is now on a fast timeline to ultimately reach commercial production in a way that we can probably price ultimately at a level that's going to be favorable to our shareholders. What also helps us and underpins a lot of what we do is we bought the world's largest proprietary database of mining royalties back in 2019. Since 2019, we've bought more of these assets in independent transactions than anybody else in the world. That's great. Volume's nice, but volume's only nice if you're actually generating great returns around that volume, and that's the proof on us is that we've generated the highest return on invested capital with this business model. The last leg of the value creation stool, if you will, is that over the last decade, we've built an immense network of deal sourcing agents. We're buying royalties from third parties. These people have nothing to do with the mining operations. They just own this legacy contract that entitles them to a percent of the revenue that this mine will ultimately generate. However, these royalty assets are buried in mining companies, they're with prospectors, they're with estates, they're with trusts, and almost everything in between. We have people that can get face to face in what ultimately becomes usually a somewhat personal transaction. On the front end, we're looking for the catalysts that matter, that we can price. In the middle part of that process is we're finding royalties that the rest of the world doesn't know exist through our database. Then lastly, we have a set of people and systems that we're able to find the unique groups that own these assets, get in touch with them, and start this conversation around the potential to buy this asset that they own. You may ask, "Well, why does someone sell you the royalty?" Usually, we've seen an asset that has been sitting latent, not in production, not generating cash flow for multiple decades, that we now, through catalysts believe that we've seen, is going to come into production in the next two to five years and be a very successful mine. The people that sell us the royalties or the parties that sell us the royalties, what they're looking for is liquidity now. They want cash. We have the cash to give them, and then we're a better home for multiple royalties as a royalty portfolio business. That duration mismatch works well in our favor. I mentioned where we were. I also said where we are now. Looking ahead, we came out earlier this year after we raised guidance for 2026. We gave our inaugural 2030 guidance, which is what a lot of companies in our industry do. We were really reticent to give guidance that far out, because we want to be very confident around what we're going to generate and the expectations we set for shareholders. 2030, we came out with original guidance for $66 million. There's an asset that we believe will ultimately take this to closer to $100 million in royalty cash flow. The key to understand about this is we're different than most businesses. The sustaining capital to run Vox Royalty Corp, if we're not trying to grow the portfolio, is about $1 million a year. That's just really to audit the checks that are coming into the business. We're positioned to see another doubling, if not more, in our cash flow growth with very few additional expenditures to the business. Ultimately, this business can be run where most of that $100 million could be cash flow returned to shareholders with an average mine life of 15 - 20 plus years. That's the interesting thing about mining royalty companies is it doesn't take a lot to run them. They're extremely light, they're extremely scalable, and when you start to hit this curve of compounding returns, it goes dramatically in the favor of our shareholders and investors. Again, very strong cash flow growth, more cash flow growth on the horizon for Vox. It's been an industry-leading return on invested capital, and that number is about to go through the roof as we continue to deliver on both the organic side of the business, what's already developing with higher mining prices and a very well-capitalized industry, alongside the inorganic growth of the new acquisitions that we'll make. As we look ahead for Vox Royalty Corp, I think you can continue to expect discipline from Vox, focus on per-share returns, leveraging both the organic profile of the business, organic growth profile of the business, also the inorganic firepower that we have. This cycle for us, we are as well positioned as we possibly could be. We have $31 million of cash on the balance sheet and growing. We have a $75 million undrawn revolving credit facility with Bank of Montreal, and we have probably the biggest pipeline of acquisition opportunities that we've ever had, alongside which are some of the most significant macro tailwinds I've seen in almost 20 years operating in this sector. Gold, silver, copper, near all-time highs. The macro setup for these metals is very strong. AI and data centers is driving significant metal demand across the spectrum. I think we're going to continue to see persistent inflation, which all benefits a mining royalty company like Vox. That's the end of our prepared remarks. I think we will now head to the breakout room. Thank you for your time. Absolute pleasure to be with you