Good morning, everyone, and thank you for being here. I'm Kyle Floyd, CEO and founder of Vox. Joining me is also Spencer Cole, Vox's President and CIO. This is a presentation I'm very excited to share with our investors and the market. First, before we get started, please take a minute to read the cautionary statements around forward-looking information. When we set out to build Vox, we made a promise to be different. Different in how we underwrite, different in how we allocate capital, different in how we think about per share value, not just headline growth. We said we would build a royalty company that compounds for the long term, disciplined, diversified, and downside protected. Six years in as a public company, the numbers are reflecting that mission. Over that six-year period, we expect to have grown receipts at a compound rate well over 50%, and we're projecting 2026 receipts double over 2025. Operating cash flow per share is set to grow another 120% this year, on top of 9.5x growth since 2021. We're delivering this at a 28% ROIC. A number that, frankly, is rare in any sector and almost unheard of in mining royalties. What I want you to take away today isn't just the numbers, it's the process behind them. A portfolio of more than 70 assets, 14 of them producing this year, receipts going up while G&A holds flat. A platform built to scale, not by chasing the biggest deals, but by underwriting the right deals again and again with discipline. Today, our team is going to walk you through exactly how our process works. We're going to highlight the track record. We'll also offer detail around the updated 2026 guidance, which I'm pleased to say we are raising significantly today. The presentation will also detail the embedded growth that takes this business towards north of $60 million annual receipts by 2030, and possibly well beyond. Regarding our track record of returns, let me start with the scoreboard. This slide tells you everything you need to know about what kind of business we're building. On the left, you see return on invested capital. For 2026, we're tracking to 28%. That's against a five-year history that itself outpaces virtually every name in our peer group. Return on invested capital is the truest measure of capital discipline in this business because it strips away the noise and asks one question: For every dollar we deploy, what are we generating for our shareholders? In the middle, cash flow per share. Per share, it's the entirety of what we are solving for. 9.5x growth from 2021 to 2025. That's not financial engineering. That's not stock-based dilution masking the picture. It's true value creation. On the right, the philosophies that drive it all. Three principles that drive how we allocate capital: quality at fair value, diversification that we offer across more than 70 assets, and ultimately measuring risk-adjusted returns. Every deal we do passes through that filter. A 76% compound growth rate over four years doesn't happen by accident. It happens by saying no to a lot of deals and to executing the right process time and time again. For 2026 guidance, now our headline. We came into 2026 with original guidance of $28 million-$32 million in royalty and net precious metal receipts. That itself would have represented a very strong year. Today, we are raising that guidance. Our updated range for 2026 is $32 million-$37 million, and that represents a 100% growth over 2025. We are doubling this business in a single year. Most of our industry is struggling to deliver growth. Meanwhile, we're expected to increase receipts by over a 100%, and we're going to be giving more detail around the expected growth over the medium term. For the key assumptions driving 2026 guidance, we expect 14 producing assets contributing this year, a blended mix of roughly 30% royalties and 70% streams on a receipts basis. On the stream side, we expect 230,000 ounces delivered for the year, 77,000 of those already realized in the first quarter at a margin of approximately $179 per ounce, with another 153,000 ounces to come at what we expect to be $50-$85 per ounce margin through the balance of the year. Our expectation is that volatility will normalize, but we'll be very happy to be proven wrong on that. Operating cash flow is guided to $21 million-$26 million. That's 130% growth over 2025. At a $4,000 gold price and the midpoint of our receipts guidance, that translates to 8,625 gold equivalent ounces. Underneath all of it, a 28% return on invested capital. That is discipline showing up in the numbers. Meanwhile, we continue to deliver more with less, and I'm pleased to walk you through our cost breakdown. This slide should summarize the cost of the business well. We have aimed to increase clarity on both the revenue drivers of the business, along with further details on costs, with our goal to be transparent with our expectations. A few important details to note. We have run Vox as efficiently as possible since inception. We run one of the leanest teams in the industry, and as you can see with our FTE headcount, our team is asked to work hard and to work efficiently for our shareholders. I am proud to say we deliver on that mission. Evidence of our efficiency can be seen in our cash G&A. It's been held within a $5 million-$6 million band for four consecutive years. While the absolute number has remained relatively flat, the cash G&A as a percentage of receipts has gone from 40% in 2023 to just 17% expected in 2026. Meanwhile, revenue per employee has dramatically increased from approximately $2 million to nearly $5 million per employee. That is the operating leverage we have been suggesting was embedded within the business. There are some heightened costs that we do not believe will be persistent beyond a couple of years, and I want to walk through those. One is an increase in royalty enforcement and litigation expenditures. We believe the most costly part of this process will begin to recede after quarter two. The second category of cost I want to highlight is the non-cash cost increase associated with stock-based compensation relating to an option grant in the first quarter of 2026. After a thorough review by the Independent Compensation Committee of the board, decided to grant 2.4 million options at a CAD 4.99 share strike price, vesting over two years. This grant was designed to increase management's equity holdings in line with increases many of the peer executive teams in our industry have seen over the last few years. For that upside exposure, only to be realized by driving a significant increase in per share value. The options were granted with a strike price of approximately CAD 5 per share. This structure allows management to share in the gains it creates for shareholders, but only realize a benefit when shareholder value has increased dramatically. Moreover, we are pleased to drive a shareholder-focused business with a focus on capital efficiency. We are building a royalty company that doesn't bulk up by adding bodies and expenses. We built Vox with the objective of being thoughtful about the deals we pursued, building systems at scale, and cultivating a team that punches well above its weight. With that, I'm going to hand it over to our President and Chief Investment Officer, Spencer Cole. Spencer? Thanks, Kyle. I'm really excited to share a little bit around our 2030 illustrative receipts build-up. It's worth noting this is the first time we've actually disclosed any forward-looking estimates beyond current year guidance, we're quite excited to share this with investors. The headline total illustrative 2030 receipts are $66 million, which represents considerable growth on last year's revenue receipts of $16 million. This comprises approximately 2/3 royalty receipts and 1/3 streaming receipts. It's also worth highlighting that these $66 million of receipts assume no new acquisitions or capital deployed. That $66 million number is all on the current base of invested capital of $125 million. We can break out this $66 million into a few key buckets. Firstly, the base royalty revenue of approximately $30 million. This is contributed through, up to 26 separate royalty assets. I'll outline a bit more on this in our next slide. Secondly, our Bonikro gold stream. In February of this year, reserves at Bonikro were expanded over 300%. At a current production levels, the mine has a potential mine life of 13 years on reserves only. Secondly, the Blyvoor stream. The operator of this asset expects to expand production materially. At these gold prices, the asset continues to perform ahead of our expectations. At the current run rate, based on the most recent 2024 technical report, this asset would have a mine life in excess of 100 years. Quite a generational ore body. The next key asset is the Sugar Zone gold stream. This is a key growth asset for the recently announced AUD 10 billion merge co of Vault and Regis. The key catalyst for this asset is mining is expected to recommence in July of this year, and processing is expected to restart November of 2027. The next key asset is the Los Filos gold stream. Subject to the finalization of community agreements and the development plan, Equinox is guiding towards 280,000 ounces of production from this asset publicly. 50% of that annual production would be attributable under our off-take streaming contract. The next asset is the Wyloo North Iron Ore Royalty. This was a $1 million counter-cyclical iron ore acquisition that we made last year that's operated by $50 billion major mining company, Fortescue. They just released a key EPA permitting filing in March of this year, which indicates near-term mine development decisions are coming. A really exciting asset from a returns perspective. Lastly, but certainly not least, our Red Hill Gold Royalty. This asset has the potential to generate, you know, $20 million-$40 million per annum of potential receipts through the displacement of low-grade stockpiles. The key catalyst for this asset is completion and commissioning of Northern Star's AUD 1.5 billion Fimiston mill expansion that'll expand the mill to 27 million tons per annum. They're expecting that commissioning in FY 2027. Next up, I'm excited to share more detail on our embedded organic growth and upcoming catalysts for a number of key growth assets. This has really been fueled and accelerated by widespread M&A amongst our operator universe. As a company, we're returns and cash flow focused, so we don't typically talk about embedded organic growth, but this really is our first opportunity to share visibility on the substantial ounces we've got in the ground, as shown by these bubbles. One growing critique of the royalty industry is that the market really desires cornerstone assets that are typically not acquired at value. In stark contrast, we've bought later stage assets with large cap operators at truly dislocated values with what we believe is immense optionality that isn't priced in. It goes without saying, but this gold price environment has really increased the flywheel development expenditure on our assets. Now, while not every one of these assets will prove out, with this many shots on goal, we remain very confident around our organic growth pipeline. Of the 79 assets we have in our portfolio today, over 45 of them have resource estimates in the ground, 37 of these are shown on this chart that have greater than 1,000 GEOs in the ground. As I mentioned, there have been quite considerable M&A tailwinds in our portfolio from the Orla Equinox merger that was just announced, to the Vault and Regis merger that was just announced, in relation to our Sugar Zone asset, Allied Gold's takeover by Zijin, Bullabulling project divestment from Zijin. A number of key M&A catalysts that have really accelerated these project developments. I guess some of the key growth assets that we believe the market is overlooking within this portfolio of assets. The first would be Limpopo, which is a very large 20 million+ ounce PGM asset with near-term restart optionality, from a $10 billion operator. We're really confident that activities is gonna pick up around this asset in the coming years, so we're excited to share some of the catalysts that we expect to come down the pike on this one. The next one would be our Ashburton Gold Royalty. A pre-feasibility study is expected to be released on this asset in early 2027, and the operator, Kalamazoo, has stated a target of delivering a production profile exceeding 1 million ounces. That would be a considerable sort of production profile that we have exposure to. The next asset is the Bowdens Silver Royalty. This is actually the largest undeveloped silver deposit in Australia, and the key catalyst around this asset is final permitting, which the operator, Silver Mines, is expecting later in 2026. Lastly but not least, our Stockman Copper Gold Royalty. This is an Aussie royalty that we acquired in late 2025. The key catalyst for this asset is an update to the feasibility study that's expected to be released in Q3 of this year. A huge amount of exciting catalysts coming down the pike associated with these large ore bodies and GEOs. I guess from a peer comparison perspective, we've always been focused on balancing the barbell of cash flow and organic growth, given the tendency of some small -cap royalty companies to be overweight growth without immediate cash flow. On both a cash flow and a 2030 potential receipts basis, we continue to trade at a substantial discount to peers with just as much, if not more optionality than our peer universe. With that, I'll pass back to Kyle. Well, thank you, Spencer. Look, this has been a very exciting day for us. We're excited to share these results with the market. I'll focus and I'll close with what matters most to our board and management, and that's per-share returns. On the left, as we have detailed, our receipts and cash flow are growing significantly, and our cash flow per share is compounded at over 76%. We've raised guidance to $32 million-$37 million for 2026. Meanwhile, we see potential for organic receipts to grow roughly at 300% from 2025 to 2030. That's over a 30% compound rate over five years, equating to approximately $60 million in incremental annual receipts by 2030 and nearly 1 million gold equivalent ounces under Vox Royalty and stream coverage. To be clear, this growth is already underwritten, and that's organic. Well, as you can see on the right, industry-leading return on invested capital, 28% for 2026 expected. Few companies in any sector deliver this, almost none in mining royalties. Vox embodies strong cash flow today, embedded growth tomorrow with an abundance of long-term optionality. This alongside a shareholder-focused discipline that compounds year after year. That's the Vox model. Thank you again for spending your hour with us. We're excited to detail more, and we'll open up the forum to Q&A. Thank you again. Thank you, Kyle and Spencer. We are now moving into the Q&A session. I'd like to remind attendees they can ask questions via the chat. Our first question is from Rene Cartier of BMO, covering analyst of Vox Royalty. Question: You've historically been successful in unlocking opportunities in Australia. Are you noticing an increase in competition as peers focus more on the market? Thanks for the question, Rene. Look, as most of our listeners should be aware, Vox, you know, for 90% of our focus really is secondary royalties and existing contracts, as opposed to project finance. What I would say is we've seen, you know, a lot more competition for writing new royalties, particularly with Wheaton and Franco, announcing multi-hundred million dollar deals in Australia in the last few months. You know, for our focus in the secondary royalty landscape, we're still finding a lot of uncompetitive deal flow in Australia. You know, of our last five deals in the past 12 months, all of those have either been on Australian assets or an Australian seller. Very limited competition on those types of, you know, typical Vox secondary deals. You know, if we were writing new checks, much more competition. Excellent. Thank you, Spencer. Second question from Rene. What's your view on Tether in the royalty and streaming ecosystem, and what do you think is their long-term intentions? Yeah, thanks, Rene. They've been certainly an interesting entrant into the space, and overall, look, I think they're gonna have a tremendously positive impact. There's a lot of royalty companies that have the exact same business models, very low levels of differentiation, competing for the same transactions and competing for mind share from the same investors. I think Tether is clearly a consolidating force within the industry. They're bringing a spotlight on the little niche sector of mining royalties. Ultimately, they're very bullish on gold and the trajectory of the metal. All in all, I think they're gonna be a very positive influence in terms of consolidation and bringing higher valuation to the sector, which we've already seen start to play out. Thank you, Kyle. One more question from Rene. Given your strong balance sheet, how are you prioritizing capital allocation? Should we expect a continued focus on new royalty and streaming opportunities, an increase in the dividend, opportunistic execution on a share buyback? Yeah, great question. Look, I think we've given the market a lot of additional information and detail around the intrinsic value on Vox today. Excited to give this presentation, excited for the quarter that we had with earnings. I think the presentation really speaks to the long-term value that's intrinsically within Vox right now, and we fundamentally don't believe that's reflected in the share price. With where we're currently trading, you know, the question around buybacks is probably a little bit more relevant. We continue to have a very deep pipeline with very accretive opportunities. We truly run the ruler over what we're acquiring, and it needs to be more accretive than where we're trading. Again, I think with the information that we've been able to detail today, we've made a case that we're trading at a dislocated value. Thank you so much. Next questions are coming in from Nick Dion from ATB, another covering analyst of Vox Royalty. Are you able to provide any update on Red Hill? Look, we remain very optimistic on our situation with Red Hill and the facts and circumstances. That being said, it is protracted litigation. I don't expect that we're going to be able to offer a material update for 12- 18 months. Again, we feel very good about our position on that matter. Thank you. One more question from Nick. Can you please provide an update on ETF inclusions? Yeah. Positive update there, Nick. We were included in the last rebalance for the GDXJ. That was a big one. Excited to report back on that. Also, we've been included in the S&P/TSX 500 Mining Index, which was another nice index to be included. There's actually another one. There's a royalty-specific index out of Australia that we're included as well. You know, we've done kind of the basic blocking and tackling to make sure that we've been included in those indexes. I'm pleased to say I think that's gonna have a positive effect on our liquidity over the long term. That's the update on indexes, which has been very positive. Thank you. Next questions come from Mike Kozak, Cantor Fitzgerald, covering analyst. On a scale of 1- 10, 1 easiest, 10 most difficult, how competitive is the royalty acquisition landscape right now? Any commodity preferences? Yeah. Thanks, Mike. Look, I'd say if you're knocking on boardroom doors in Toronto, Vancouver, or Denver trying to find, you know, royalty or streaming deals, it's 12 out of 10 competitive. You know, there's been a number of auctions run by well-paid investment banks in Q1. You know, these are these auctions are subject to 20- 30 bids coming in. Yeah, if you don't have a differentiated edge to source deal flow, it's 12 out of 10 competitive. If you know where to find these forgotten royalties, you know, similar to the deal we announced in January, February this year, buying a cash flowing gold royalty for a couple hundred thousand dollars. Like, if you know where these legacy royalty contracts exist, then if you're able to continue and systematically find uncompetitive deal flow, you know, you're closer to 1 out of 10 competition instead of 12 out of 10. As it relates to sort of commodity preference and where we're tilting towards for deals, look, our focus has been very consistent on this. We are returns first, commodity second. Our portfolio is heavily weighted towards gold, not because we're gold seeking towards x-percent. It's because that's where we found deep value. We'll continue to focus on the value first and then the commodity exposure, you know, will be largely weighted towards precious metals, but with some base metals and select bulks, I would imagine. Thank you, Spencer. Next question also from Mike Kozak. When you set revenue guidance, what is what gold price volatility do you use as it relates to the offtake quotation period? What was your internal estimate for volatility when you acquired the portfolio versus what it has proven to be now that you've had them for approximately six months? Yeah. In today's presentation, we shared that our guidance is based on implied margins for the remainder of the year of $50-$85 per ounce. You know, we took a lot of consideration, a lot of time sort of coming up with that range that we've taken a conservative approach. It effectively works out to approximately about a 1.5% margin on the gold price. If you look at these streams, historically, you know, historical margins have been around sort of 1%-2% historically. You know, certainly the margins we saw in Q1, those were closer to 4%. You know, we've been very deliberate that we're not sitting here expecting Q1 to be reflective of, you know, every quarter going forward. That's why we've settled on that range of $50-$85 an ounce margin. Thank you, Spencer. Next question's coming from Tate Sullivan of Maxim, covering analyst of Vox. Does Vox Royalty have to reevaluate the offtake streams every quarter? Yes. They are deemed a financial asset under IFRS. Every quarter, we revalue those assets and reflect any change in the fair value. Thank you. Next question from Tate. How do taxes work on off streams versus payments from royalties? The good news is, within our portfolio, the streams are called active managed assets. Taxes around those kinds of assets are very minimal and when you blend that with what we're paying on our royalty rate, it's really reduced the effect of tax on the business. We're pleased to report on that, and that's a result of, you know, very careful thought and consideration and structuring that our shareholders now benefit from. Thank you. Next questions are coming in from Greg Kitt of Pinnacle Fund. 5- 10 of the assets that Vox bought streams on in September 2025 have received an offer to be acquired. What are the takeaways from this? Yeah, thanks, Greg. Look, it has been a very heightened M&A activity market, particularly in the last couple of weeks. You know, seeing Orla and Equinox announce their merger and Vault and Regis, you know, AUD 10 billion+ type mega mergers in the gold space, I think it speaks to the strength of the gold price environment we're in. I think ultimately, you know, what our takeaway from that is, you know, our focus at Vox is selecting high-quality mining assets that are deserving of some of the most sophisticated operators and some of the most deep-pocketed operators in the industry. As this industry consolidation plays out, you know, we expect the flywheel of development expenditure on our properties to continue increasing. You know, it's really, I guess, validation of the projects and operators we've been selecting, you know, within these acquired portfolios. The net result, we think it's probably more dollars in the ground on our properties. Thank you. We have one more question from Greg. Is there any change in your acquisition strategy? Look, it's gonna sound really boring, but the answer, short answer is no. It's more of the same. Find dislocated value on assets that have considerable optionality, you know, and sort of compound those returns to the benefit of our investors. Yeah, I think we've always prided ourselves on not getting carried up with the exuberance of the market. We definitely find ourselves in a bull market, particularly for gold and silver. You know, it doesn't change our sort of focus. I think, you know, we have seen a little bit more value emerge in base metal opportunities, you know, pure play gold and silver assets. You know, there's some sellers of royalties that have some more lofty price expectations today. The benefit we have is we've got a very deep pipeline of opportunities. You know, we just continue to focus on opportunities and sellers, you know, where we can reach alignment around price and value. Thank you. Next question comes in from Ryan Cohen of Coghill Capital Management. To confirm, the $66 million of receipts by 2030 excludes Red Hill, which could take it to $80 million-$100 million if Red Hill comes on at $3,500 an ounce per gold? Yeah. Great question, Ryan. Correct. Excellent. Next question is coming in from Arvind Mallik of KMF Investments. Could you say more about gold price sensitivity and also about exposure to industrial metals? Yeah, I can take that one. Thanks, Arvind. I think our main exposure to the gold price is obviously our producing assets today. What's not probably as well understood is the multiplier effect that we have and exposure we have to new assets coming online. You know, it's not as simple as saying if gold price goes up by 10% or down by 10%, you know, revenue's gonna go up or down that much. I think what it means and what is more impactful for investors is, you know, we will see more capital bringing ounces forward in mine plans. You know, it's we've got more sort of convexity or sort of leverage on the upside to volume growth. We get the question all the time, what happens if gold trades down 20% or 30%, which, you know, we don't necessarily think that's gonna happen, but, you know, it would have some implications for certain timelines and growth projects. Overall, we've stress-tested our assets at much lower gold prices and are confident that this growth profile comes online, you know, in considerably lower gold price. Yeah, I think we're really well, you know, insulated and have leverage on the upside from that perspective. In terms of industrial minerals and, you know, we've got a healthy and growing exposure to metals, that electrification facing, like copper. You know, in terms of the deals we've acquired, the assets we've acquired in the past 12 months, we've acquired multiple sort of industrial metal, copper, or iron ore assets. You know, I think as electrification or other industrial growth type, trends continue to play out, you know, we have sort of between 10%- 30% of our portfolio exposed to those types of trends. Thank you, Spencer. I'd just like to take a moment to remind attendees that questions can be submitted via the chat on the platform. I'm now moving on to a few questions that have come in from several shareholders. First question being, Q1 should be a good cashflow quarter. How does management plan to allocate capital? Yeah, it was a fantastic quarter. you know, in all respects, we were really pleased with the outcomes that we generated in Q1. I think with the asset profile that we have now within the portfolio, I think we're going to have quarters that, you know, certainly exceed expectations. That's one of the benefits of the gold portfolio that we bought in September, is that there's now kind of an upside that's hard to quantify within Vox. As a result of that, you know, the operating leverage that we're realizing, the cashflow that we're generating is very significant. There's really no change in how we execute in terms of capital allocation. We have always maintained that we're going to be disciplined, that we have a very attractive pipeline of assets. We can never predict exactly which ones are going to cross the finish line. We're fighting for value for our shareholders every day and within that pipeline. You know, we're not going to reach. We see a lot of royalty companies reaching for scale and that won't be Vox. In the event that that capital is building on the balance sheet and not put to use, you know, the consideration goes largely to the dividend and to, you know, potential buyback. You can rest assured we don't want capital wasting away on the balance sheet, but we do have a very quality pipeline of assets in uncompetitive situations where we expect to realize significant value for our shareholders. Thank you, Kyle. The next investor question: Is the current strength in gold prices creating more opportunities or more challenges for the M&A activity? Look, it's, you know, for the rest of the market, it's created, as Spencer said earlier, a 12 out of 10 on the competition scale. The reality is Vox, from day one, was designed to maneuver outside of those competitive waters and to find really attractive dislocations in value. That's what we're always built to accomplish, and I'm pleased to say we continue to be able to accomplish that goal for our shareholders. The transactions we've acquired since we've gone public, I think, have really kind of edified that position. While the rest of the industry is seeing higher prices and royalties as a function of that, and royalty company valuations I think are ticking higher as well, we continue to be able to find great assets at valuations that we view are favorable for our shareholders. That is an advantage that we believe is going to hold on a very long-term durable basis. Thank you, Kyle. New question in from Jimmy Cliff of Tyndall. When you give your 2030 revenue forecast, what gold price are you using? Should we assume one-to-one relationship with the gold price? Look, we use long-term consensus pricing on that. That was around $3,273 per ounce. Thank you very much. Next question in, this is coming in from anonymous investor. Have you considered selling an asset to help validate or unlock the underlying value of the portfolio? Yeah. Yeah, I'll take that one, Kyle. Look, we have sold assets in the past, non-core assets we sold two graphite royalties, and sort of crystallize a 10x return inside of 18 months. Look, we don't need the validation of Mr. Market telling us, you know, what our assets are worth or what we've transacted on. You know, we're pragmatic, and when someone offers us full value, particularly for an asset that we have a pretty, you know, good understanding of what's in the ground, you know, we'll be open-minded about it. Thank you. Next general investor question. Are you becoming more open to using debt financing to accelerate the company's growth? Look, we've used debt financing to acquire royalties, and we have up to a $75 million facility that's completely undrawn with BMO. We have the ability to use debt. Certainly our preference right now would be debt over equity or any other forms of financing. With the strong cashflow that we have and with the asset diversification that we have, we're open to debt. That being said, you know, we've done our absolute best to build a very infragile business that's capable of withstanding shocks from all angles. The one way that, you know, you add risk into that equation is through debt. We'll always be very pragmatic with the amount of leverage that we use, but it's certainly a tool for us to make sure that we're delivering the best shareholder returns that we possibly can. Thank you very much. Next question comes in from Taylor Dart. On Bonikro, it doesn't seem like you're getting any value whatsoever for the significant mine life extension on this new and uncapped 50% off takes with reserves now up to 1.3 million ounces. Allied has included expansion capital for plant throughout expansions this year. Do you have any idea of the magnitude of what this could look like? Good question, Taylor. Appreciate that. This Bonikro is really emerging as a cornerstone asset within our portfolio. I mean, having any asset go from four years of reserve life to over 13 years of reserve life is, you know, I guess abnormal or abnormally positive, particularly an asset that's producing over 100,000 ounces per annum. You know, that release around the updated reserve life in February was really important. We're still working through, I guess, the implications of that, and what that means in the medium term. You know, directionally, we think that that increase in mine life and rumblings around, you know, throughput expansion, and the CapEx that will be attached to that, you know, we think it's very positive for short, medium, and long-term value. We're still seeking some extra details on that to quantify the exact specifics long term. Taylor Dart, what I would add to that and for our audience is this equation that played out at Bonikro is playing out across the portfolio, we tried to really highlight that within the presentation that we made earlier. In that with these gold prices, we're seeing cutoff grades lowered, also higher exploration spend as well. That combination of lower cutoff grades, more exploration spend, we're seeing resources grow, reserves increase as a function of that, and then mining companies being compelled to move forward with mill expansions and other expansionary efforts to where this compounding equation that works deeply in the favor of the royalty holder, you know, tends not to get reflected until later on in the cycle. I think for those investors that understand it earlier on, what we've seen with Bonikro is likely to play out across a number of our assets. You know, I think contributes to the dislocation of Vox's present value. Fine. Thank you so much. In now, an anonymous question coming in from a shareholder. In a competitive market, how are you going to continue to generate superior returns versus peers? Kyle, do you wanna take that one? Sure. Look, Vox has a very well-defined, well-invested process to finding value and creating value for our shareholders. When this company was conceived more than a decade ago, the current competition that we're seeing, again, we've said 12 out of 10, it may have been a 10 out of 10, as you go back in time. This is not unexpected. I think it's ultimately gonna prove out to be helpful. Our ability to find catalysts with a technical team on the front lines, then moving into our database where we can find royalties that the rest of the world is generally blind to or unaware of. Third, our deal sourcing network that allows us to get face-to-face with a very eclectic and wide-ranging group and different kinds of parties that own these assets, makes us very distinct from everybody else in the sector. We have the biggest funnel geared towards finding value. AI is helping in that. You know, we're only a full-time team of seven and, you know, ultimately we've been capacity constrained in terms of analyzing information. AI is taking, you know, is taking us forward in that respect by magnitudes. I think you're going to see the benefit of that over time. We continue to be able to find very good valuations in the favor of our investors over very good assets, and you'll continue to see that demonstrated on a very durable basis. Thank you, Kyle. Touching on the same subject. This just in from John Basler of Basler Capital Partners. Can you provide an update on your proprietary database and how AI may be helping you unlock value from existing data or finding new data on third-party royalties? Thanks, John. Without wanting to give away the secret sauce, how their proverbial sausage is made, as Kyle alluded to, we've been investing a lot of time into sort of augmenting, expanding and enhancing the database, using AI. Look, I think the main focus is in sort of two different directions. One is around, you know, identification of additional royalties and expanding the total quantum of the database. The other sort of direction is around augmenting our sort of tracking of catalysts and whatnot. You know, it's as much knowing what's happening in the market and tracking obscure catalysts as it is knowing where a, you know, a forgotten royalty from 40 years ago is located. AI is a real force multiplier that, you know, we're already seeing gains from. You know, we expect that to continue in the coming weeks and months. Hopefully that shows up in some of the deals we announce going forward. John, what I would also add to that is that our, you know, the front -end of our funnel is development catalysts that, you know, we're able to understand and that are ultimately going to lead to assets that come into construction and production. The amount of capital that's been injected into the industry over the last 18 months and these higher gold prices, lower-end cutoff grades, and frankly making the industry far more healthy than it was just two or three years ago, increases the opportunity set for us by magnitudes. The benefit of that will play out for Vox and for our shareholders over the next few years, where you're going to just see a lot more opportunities for us to process and understand, and then ultimately bring in into the portfolio for our shareholders. It's a very good market for Vox, in all respects, and, namely the opportunity set has increased dramatically for us over the last 12- 18 months. Thank you so much, Kyle. We have time for one last question, and this question is coming in from several investors. As our last question of the day, what are your thoughts on share buybacks, and do you view Vox shares as a more attractive investment than acquiring additional assets? Yeah. Thank you for that question. It's, the presentation that we gave today, I think really underlines how undervalued our business is. Not just for the assets that we possess today, but also the capability that I think we've well demonstrated in terms of finding and creating value for our shareholders within our differentiated approach to buying and acquiring royalties. I don't think there's another company like Vox in existence today. You know, I fundamentally believe the market is mispricing the assets within the portfolio. Again, Spencer and I and our team did our absolute best today to articulate that value that is embedded within the business. In the context of, you know, where we're at today in terms of valuation and where I think that we should be, while we continue to find very, very deep value in what we're acquiring, the equation that's supportive of a buyback is certainly changing and more dynamic than maybe it's been over the last 12- 18 months. Thank you so much, Kyle. I'm now going to pass it over to you and Spencer for some final remarks on today's call. I would also like to remind attendees and those who could not attend today's call that a replay is available on the company website under the events section. I'll now hand it over to Kyle and Spencer for final remarks. Well, thank you. Thank you to all of our shareholders that took their time today to join our presentation. We worked very hard to unpack what's in our portfolio of assets. We are very proud of our first quarter and the results that we've generated for shareholders. If I can leave you with one thought, is that we're gonna continue to execute with discipline. This is a market that is encouraging, what we would call, you know, less disciplined capital allocation. What I can tell you within Vox is that the discipline will be maintained. We're reinvesting in our capability to continue to find royalties at favorable valuations for our shareholders, and we're very excited with the asset portfolio that we possess today and the assets that will undoubtedly also come into the portfolio through new acquisitions. We're working hard, we're working efficiently. We're proud of the results, but more excited about the results to come. Thank you again on behalf of our entire team, our board, for spending this 45 minutes with us, and we look forward to providing further updates as we continue to make progress within the business.