Hello everyone, and thanks for joining us today. I'm going to provide an update on Vizsla Royalties. For those of you that are not aware, Vizsla Royalties is a single asset, precious metals royalty holder, with the principal asset being the Panuco Project, which is Vizsla Silver's flagship silver and gold development story located in Mexico. We are listed on both the Toronto Stock Exchange under the ticker VROY, as well as the OTC in the U.S. under the ticker VROYF. I will be making some forward-looking statements today. Just to reiterate the opportunity here and the investment thesis, it's really a threefold investment thesis. We've got upside to project development, as of course Vizsla Silver advances the project towards feasibility through permitting, project finance, and of course to ultimately get to first silver and gold in the second half of 2027. There are tremendous amounts of upside still related to that mine plan as Vizsla Silver sorts out the sequencing of that mineralization and brings forward more oz, of course, to bolster those economics. In addition, there are tremendous amounts of exploration upside that exists in this district. So far, Vizsla Silver has outlined 93 km of cumulative vein strikes. That's the amount of veins that they've mapped and sampled on surface. The mine plan that is going to go into this feasibility study that's pending represents about 8% of that total 93 km. There is still lots of mineralization that they can bring into the fold in terms of an economic mine plan, but also the potential to locate additional centers of high-grade mineralization to exploit in future mine studies, ultimately to get into production. Lastly, here the timing, right? There's a scarcity right now of these tier one assets that are out there in the world, especially if you're looking for a primary silver tier one royalty. In fact, there's zero tier one silver royalties held outside of the big three royalty companies that are trading at multi-billion dollar valuations. We've got something special here, and when you've got rising commodity prices, both in the silver and gold space, it only stands to be that much better in terms of that cash flow generation owing to Vizsla Royalties. For those that are not aware, about two months ago, we increased our royalty ownership on the Panuco asset. We now have 3.5% covering a NSR royalty covering the Panuco Project mine plan, and then an additional 2% covering all of that exploration upside potential that I alluded to a moment ago. In fact, this map really does highlight where those royalties are covered. You can see the light green concessions, the 3.5%. It really does cover the bulk of the mine plan. There is a small bit of Napoleon here that is not completely covered. However, you know that is covered by the 2% NSR covering those exploration concessions. The last element here is this right of first refusal on any new property acquisitions that Vizsla Silver is to make within a 24-month period. For those that are not aware, Vizsla Silver has been incredibly active in terms of property acquisitions in and around this Panuco Project number one. You can see a little bit of that here down below the project. This is a San Enrique acquisition. They also made a recent acquisition called Santa Fe, which does have an operating centre, also contiguous to the south. There is also a big large asset of 10,000 hectares located up to the north, about 30 km, called La Garra. Those don't have royalties yet, so I won't spend the time talking on them, but that does hold an opportunity for Vizsla Royalties Corp. and its shareholders for future growth. I just want to touch quickly on the Panuco asset to give you a sense of its access to infrastructure, of course, the ability to push it forward. This is a brownfield district. The discoveries date back to the conquistadors here almost 450, 500 years ago, and it's Vizsla Silver that consolidated and now can actually explore systematically on that consolidated basis. Vizsla Silver is very well funded. It's got about $200 million currently in the bank, which really enables them to move forward from a position of strength as they negotiate the last elements of project finance as they march towards through ongoing development, and of course to construct the project at a very modest CapEx bill of just $224 million. With the $200 million in the bank and the CapEx being only $224 million, they're in a very enviable position to push this project forward in a non-dilutive fashion. They are advancing again with the feasibility study coming out shortly here. They've got a fully funded test mine that is underway. Most folks don't realize that they are underground now, about 300 m down the ramp to get to a bulk sample location that'll serve as really stope shapes years one and two. Really getting your hands on that mineralization early benefits everyone in terms of de-risking, all to get to first silver in the back end of 2027. This is the resource growth that's gone over the years at the Panuco Project. Again, it's a testament to how well endowed this area is with silver and gold mineralization. What you're seeing here is only based on silver and gold, and it's happened in a very rapid fashion. Vizsla Silver has drilled about 400,000 m since 2022, outlining a global resource base of over 360 million oz of silver equivalent. Every structure that made up this resource is open in every direction. Here's a closer look at that resource. You've got 11 key structures here, namely Copala and Napoleon being the largest, but they're open not only laterally along strike, but they're also open at depth. We have not tested the depth extent whatsoever at Vizsla Silver of these key structures. It's very likely that you'll be mining here for 50+ years on these structures that you see today. The mine plan that was published last year by Vizsla Silver in the form of a preliminary economic assessment, or a PEA, highlighted about 20 million oz per year in the first few years, then dropping down to about 15 million oz over the life of the project. These are phenomenal numbers. If you were in production today with these numbers, you'd probably be, at least in those first few years, the third largest silver primary mine on the planet. With that life of mine number here in the top five, it's very clear that this is a world-class tier one production profile. Vizsla Royalties has significant exposure in terms of that 3.5%. That's what you're seeing here in the more green color, and that darker shade, as mentioned, covers a small portion of the northern end of Napoleon. The cash flows that we're expecting here are in the range of $18 million discounted over the life of the project. You can see that that's significant in terms of exposure here for Vizsla Royalties and its shareholders. Beyond that operational upside, there's tremendous amounts of exploration upside. I suggest everybody on the call goes over to Vizsla Silver 's website. They just recently did an exploration webinar with their VPX, Jesus Velador, a PhD in epithermal systems here, to really highlight where that next leg up could come from, not only extensionally from where the open-ended resources in the mine plan exist right now, but within haulage distance. That's what you see in this orange ellipse here in the bottom left-hand corner of this map. Any discovery made within that ellipse is within direct haulage distance to the proposed mill site. That could be a direct knock-on effect to the mine plan that already exists. Of course, you've got all of these satellite or distal targets that we're highlighting here that really, if success is made and a discovery is made, potentially could warrant its own standalone mill, similar to what is envisaged down here in the southwest corner and potentially justifying the same economics that we highlight right down here. Again, just to reiterate, you're looking at a CAD 1.1 billion after-tax NPV5 with an 86% IRR, and that's based on that preliminary economic assessment production profile. Of course, things are likely to improve with the feasibility study coming out here shortly. Quickly to just highlight the development timeline here, PEA was announced, conversion drilling leading into that resource update that I highlighted. Permits have been submitted around Valentine's Day this year. Feasibility study slated for the second half of this year. As soon as we receive positive receipt of permits, we get right into construction and some of those long lead items to get things underway to ultimately achieve first silver here in the back end of 2027. If we look at the corporate structure here, it is Vizsla Silver's shareholders as Vizsla Royalties was a direct spin-out from Vizsla Silver. Vizsla Silver, if you had three shares at the time of spin-out, you received one share in Vizsla Royalties. Vizsla Silver is a shareholder. In fact, hold a 17% ownership. The impetus for the spin-out was always to provide optionality for Vizsla Silver. for ongoing exploration and ongoing development to be less dilutive in terms of equity financings. We are well covered here. We've got CIBC at a CAD 4 target, Raymond James at a CAD 2.50 target, and Canaccord at a CAD 3.75 target. I should note to the viewers on this call that Raymond James has yet to update their target price since acquisition of that additional 3% royalty that I mentioned at the beginning of this call. This is outdated. In fact, I think this report was published last year. They've got some work to do in terms of updating. The real key, you know, we like to highlight Vizsla Royalties, you know, it's different than Vizsla Silver. Vizsla Silver is not for sale, right? At Vizsla Silver, we're focused on building the next world-class silver mine, and we want to maximize value for shareholders. That really means taking it into production and then growing that production profile either through acquisitions or exploration. When we look over at royalties, and again, arguing back to the impetus for spinning out this file as an optionality tool, Vizsla Royalties is for sale, right? When we look at those players in the space who could afford us for the valuation that it warrants, well, there's only a handful that could pay up to 2x NAV or net asset value and still have it be accretive to their overall profile. Right now, you're looking at an average here in the royalty space of about 1.3x price to NAV, where VROY is trading at almost 1.1x price. These big boys, you can see here where they're trading, up northwards of 2x price to NAV. There are a few precedent transactions that I like to highlight. In that, Origin recently transacted with Triple Flag. Triple Flag purchased Origin for about CAD 343 million at a 1.8x P/NAV acquisition multiple. Similarly, Great Bear Royalties, another single asset royalty, was transacted for CAD 200 million at a 1.4 x price to NAV ratio. Where we're trading now, if you were to apply that same multiple, the average multiple being 1.6x, you can see that our file would be worth upwards of CAD 350 million, CAD 400 million Canadian. That's exactly where we feel this is heading. It creates an excellent opportunity for shareholders right now. It can get delivered on that operational upside, given what silver is doing from PEA to FS, and of course on that exploration upside, bringing more ounces into the fold in time, of course, through its exploration programs. I'll land it there and open it up for questions if there are any. This is a standout project with a standout team, and timing could not be better. With that, I'd like to thank everybody. Don't hesitate to reach out if you do have any questions. Info@vizslaroyalties.com or drop us a line. Thanks a lot. Star Gold Corp trades on the OTCQB under the symbol SRGZ. It's a leading royalty company based in Nevada, dedicated to the exploration and development of high-quality mineral properties and aims to deliver long-term value to its shareholders and stakeholders. All right, happy to welcome Chairman and CEO Lindsay Gorrill. Welcome back to the conference, Lindsay. What's your update today? Thank you. Yeah, I just wanted to give everybody a quick update from our presentation we had two months ago. Just kind of remind everybody that Star Gold is a little different junior mining company than most other mining companies, whereas Star Gold 's financing majority of it comes from directors and officers. We continue to fund the company through, obviously, starting the permitting process and getting obviously the company into production. We're a little different on that side. We're also a little different on another side. As you see, we have a large property in Mexico, which is between major mining districts, just across the hill from other significant projects. A little different than other junior mining companies that like to drill everywhere, we focused most of our work on what's called the main zone because we're funding the company. The goal is to get to final permit and get to production. We focus most of our time on having enough ore proven in a zone that we can go into production, and we have that. What's interesting about this deposit, it's this very small fine gold veinlets, very difficult to drill. It's similar to what other major projects had discovered in their oxidized zone, like our oxidized zone. Even though we have gold everywhere, including the high quartz vein, we focused on main to move into a productive mine that can be into production quickly. If you kind of look at what we did, we have about 100,000 oz of recoverable gold and obviously large ounces of silver. This was all done at $1,500 gold. At $3,000 gold, there's a lot more gold here to be recovered because things that were under cutoff grade at $1,500 are now above cutoff grade. We're very, very confident of the ore body we have to go into production. We did about 30 some odd thousand metres in the top of main. What you're looking at here, where the colors are, are the different grades of the gold, the small veinlets that are sitting at the top of main. A lot more ore body below main, as you can see, a lot of drill holes below the actual ore body that we've done to mine all show gold. With this type of ore body, you have to have very, very close drill holes to get a resource that you can basically show into a preliminary economic assessment and move forward. Initial preliminary economic assessment was done at $1,518 silver. From that, we then said, okay, we need to design a small pit and a leach pad. This is mainly all the ore coming off the top of this hill, and it is oxidized. It's only about 200 m away from the pit to the leach pad. Get the stuff off the ore body, almost one-to-one strip ratio, so all surface onto the leach pad. Within a few weeks, we had 80% gold recovery and 30% silver recovery. If you think about the mining cost, it's run of mine, one crush on the leach pad, 80% gold, and that's what we're focused on. At the last presentation, I talked about next steps. I said we're putting together our plan of operations. That plan of operations was filed on August 6. We believe it will take about 45 days for the U.S. Forest Service to come back to us, have some comments, and maybe we have to change things or not. We believe the plan of operations that we did submit will be approved. The idea is that once the plan of operations is done, we only have a few more things to do to get to final permit: production water well drilling. We have negotiated our own water, so we own our own water for the mine. We just have to go in there and do some production water drilling and do some water monitoring and drilling to set those up. We have some geotechnical drilling, and we have a few more diamond core drilling. Inside this, we think at full speed, maybe 18 months to two years, just over between $3 million-$ 4 million to get the final permit. When we get the final permit, the idea is to go into production. We're working right now on a lot of our updated costs. We have costs from 2021, but costs have moved up since then. We have a lot more costs that we're looking at to update on that, which we're finalizing over the next few weeks. If you look at the economic viability of this, you're looking at a preliminary economic assessment that was done in 2021 at $1,700/ounce gold, and you're looking at about a $52 million after-tax NPV5. If you look at it at $2,700 gold, we took the 2021 PEA, increased the operating cost by 20%, increased capital by 35%. We're getting final numbers on that. You're looking at an NPV of over $100 million at $2,700. As you bring this thing up higher, it gets even higher. That's a quick update. I wanted to open the floor to some questions, if there are any questions for me. All right, Lindsay. Thank you. Now that you've filed the plan of operations, how long do you think it'll take to get the permit to mine? I think if we can finalize the rest of the funding, which is about $3 million, we can get all the work done, and we hope to have final permit to go into production within two years. Okay, great. One second. Let's see. I can't get my... Can you tell me what is next with Star Gold? What is next really is sort of what we had on our plan of operations is get back in, do our production water drilling, final engineering on the leach pad in the mine, updating engineering plans, update a couple of the environmental studies that we've done in the past that show that we have no issues there to go to mine. That's all going to be done over the next 12 months. We figure we should have most of this done within 12 months, and that's where we're focused on trying to get a permit within two years. Perfect. All right. Thank you so much for this update. We look forward to having another conversation with you very soon.