We're very pleased to have David Garofalo, the Chairman and CEO of Gold Royalty Company, and Peter Behncke, the Manager of Corporate Development and Investor Relations, to tell us all about the progress at Gold Royalty Company. David, please. Thanks, John, and it's always a delight to be included in your conference, and thank you so much for the effort you've put in following our story. It is still a relatively new story to the royalty space, having only IPO'd in March 2021. Initially, with a relatively modest portfolio of 18 royalties, none of them were cash flowing, though the foundational assets of our portfolio have over 30 million ounces of gold equivalent resource on them, in a dozen development stage projects throughout the Americas that we had written royalties on, from our parent company, former parent company, GoldMining Inc., before we were spun out in an IPO of March 2021. Looking to raise $30 million in our IPO, we raised $90 million and achieved a post-money valuation of $200 million. As John pointed out just prior to this presentation, the stock IPO at a much higher price than what we are today, but I would say that the company's immeasurably better than it was in our IPO, because back then, we didn't have cash flowing assets. We have now over 240 royalties in the portfolio, and we're very much in a catalyst-rich year from the standpoint of a lot of the growth in our revenue that we've been promising since our IPO is now being crystallized in a very meaningful fashion. Now, Peter, can I advance these slides, or should you, or? You just let me know. I can move forward. Peter has the controls. Yeah. Okay, perfect. Thank you. So this very much is an inflection year for us. Up to this point, we've been... I would characterize this as a startup where we were assembling assets. Again, a very diverse portfolio of assets at over two hundred and forty royalties, but we now have seven that are cash flowing. We have another fourteen at various stages of construction and development, and this year, that's translating to 160% growth in revenue, and that means our first year of positive free cash flow, and we're seeing 60% compounded annual growth in our revenue right through the end of the decade. Given that we have a very stable cost structure, in fact, that G&A cost profile has come down significantly as a result of our post-merger integration efforts over the course of 2021, when we absorbed three companies, we realized significant G&A synergies. We're seeing our cost structure having come down and our revenue going up quite, quite dramatically over the course of the next several years. So that, incremental growth in revenues falls right to the bottom line, and it means quite exponential free cash flow generation and growth over the course of the decade, coming from some of the largest scale mines in North America, upon which we have royalties. Very attractive valuation at this point, and this is based on a consensus estimate of P/NAVs, and you'll see a little later on in the presentation, we're trading at less than half the P/NAV of many of our competitors. But I would argue that we offer quality, not only in terms of the long tenure of our assets, the scale of them, but also the low geopolitical risk, with a heavy concentration of our portfolio in the Americas, with particular focus in Nevada, Quebec, and Ontario, which are perennially rated one of the top five jurisdictions or three of the top five jurisdictions in the world for mineral potential, low political risk, and low regulatory risk. And even though we have 240 royalties, and we certainly have a heavy preponderance of royalties in an earlier stage, either a resource stage or pre-resource stage, which gives us a lot of optionality, I would argue that we have some of the largest scale assets in the universe. We have royalties on three of the five biggest producing gold mines in North America, and that provides a foundational element, a cornerstone, if you will, for our business for decades to come, given the long reserve lives, the significant scale, and an inherently low cost structure because of the economies of scale in those large scale mines. And the reason we've been able to scale up the business so quickly, again, off a very modest portfolio of 18 non-cash flowing royalties, is because we've been as careful about curating people as we have assets. And collectively, my board of management has over 400 years of industry experience. I've come from an operation and mine-building background, having run Goldc orp before, Hudbay before that, was the CFO at Agnico Eagle for a dozen years, and then started my career at Inmet Mining. But there are a lot of people around the boardroom table who have similar experience levels to me. That includes the former head of Merrill Lynch's mining group, as our Chief Development Officer, the former head of UBS's mining group as our Chief Financial Officer. And within our board, we have Warren Gilman, who runs Queen's Road Capital, over 35 years of industry experience, a mining engineer by training. Alan Hair, a mineral process engineer with over thirty-five years experience and a prolific mine builder in his own right, having built the Constancia mine in Peru, Lalor in Manitoba, and the 777 mine, which is now exhausted, but 777 mine in Northern Manitoba, so he brings a wealth of experience as a mine builder and operator and a former C-level executive, having been my successor at Hudbay, so it's really curating good people that gives us the opportunity to leverage their relationships within the industry, to bring opportunities to the table for us, as a result of those relationships, and allowing us to build our portfolio by buying assets on an exclusive basis. We're certainly not in a position to compete with Franco-Nevada and Wheaton Precious Metals. Our cost structure, our capital cost, or cost of capital, excuse me, is significantly higher. The reason we've been able to build the portfolio so quickly and so dramatically is by leveraging those relationships. We have been able to acquire deals on an exclusive basis. So we're not in competitive processes where inevitably we would fail, where there's always somebody that has a lower cost of capital, willing to pay a dollar more for any acquisitions we might be able to do. But as you can see, and we'll talk about this when we talk about the various platforms for growth, it's very important for us to have those multiple platforms of growth in order to be able to grow when one window closed, open up another where we can acquire royalties at a much more cost-effective, high rate of return basis. Peter, we can go to the next slide. This just gives you, in an encapsulated form, an overview of how we built the business in three and a half short years since our IPO. Again, starting with 18 royalties, none of them cash flowing, raising $90 million, recognizing, as John correctly pointed out prior to this presentation, that we got a very healthy valuation in our IPO. Recognizing that we had a healthy valuation, particularly on a relative basis to our competitors, we started rolling up our peer companies, and we bought three of them over the course of 2021: Ely Gold Royalties, Golden Valley, and Abitibi Royalties, and that added another 150 royalties to the portfolio. Most meaningfully, out of those acquisitions, we were able to acquire a royalty on Canadian Malartic, which is around the number two, number three producer in Canada in terms of gold production, and is transitioning through a $1.6 billion expansion into an underground mine, where we have significantly more royalty coverage with a 3% NSR on about half of the overall resource. A resource that I should add, and I hasten to add, is still growing significantly through Agnico Eagle, my old shop's exploration efforts, as they gain access to drill that deposit from underground, from the underground infrastructure they're putting in place for production. Through the acquisition of a third-party royalty on Côté. This was one of the original prospectors that actually staked out the property. He died a few years ago, and his estate was looking to sell the royalty. We were able to pick up a $16.5 million acquisition on a 0.75% NSR royalty on the highest grade portion of the open pit of C ôté. So at current gold prices, we'd be seeing a payback on that investment of sub-3 years. And it'll be in that high-grade zone for the next five or six years, so we're going to get all of our return in the first half a dozen years of production at C ôté. Then over the course of the last year, again, through a third-party royalty acquisition from Endeavour Silver, we bought a royalty on the producing copper silver mine, Cozamin, that's operated by Capstone in Mexico. And that has six years of reserves, and with resources, about a dozen years of mine life ahead of it. This is a deposit, since its inception in 2006, has always had about six years of reserves ahead of it. The operators have been able to demonstrate geological continuity just through ongoing brownfield exploration efforts. We have a high degree of confidence this will represent a long-life deposit that's already paying us cash flow from day one. It was immediately cash flow for share accretive. Also, last year, we did a project financing for Borborema along with Dundee Corp. Again, leveraging relationships I had with Jonathan Goodman, the CEO of Dundee Corp, who had a joint venture interest in the project, was organizing a debt project financing, and left my team in charge of trying to find a royalty financing to put in place to supplement the project debt financing they did with Santander. We acquired this royalty, wrote this royalty, originated it for $31 million through a structured financing that pays us during the construction phase and pre-production royalty payments. But also, part of our financing is a gold- linked convertible note that pays interest to us during the construction phase as well, which we can then convert into an additional NSR when we're confident that the project has achieved design capacity over the course of the next year or so. Expected to be in production in the first quarter of 2025. Another unique avenue for growth has been through SOQUEM. This is the Quebec arm, or the, excuse me, the exploration arm of the Quebec government that underwrites exploration efforts for the juniors in the province. Over the course of many decades, it assembled a royalty portfolio, a number in the dozens. We found a core of royalties, 21 in total, within that portfolio that we thought had economic interest with solid operators. For $600,000, we picked up 21 royalties, and that was $600,000 in stock. As a result of that, not only did we get SOQUEM as a strategic shareholder of the Quebec government, but we also now have an exclusive conduit to pick up additional royalties in the Quebec region from SOQUEM as a result of the relationship we established with the Quebec government. Having that critical mass within the province of Quebec has paid dividends for us in terms of being able to cost-effectively continue to perpetuate our substantial royalty portfolio in the Abitibi region in particular. The Vares stream is a first time we've done a copper stream on a project in a producing mine, in fact, in Bosnia, which was built by Adriatic Metals. Now in production, expected to achieve nameplate capacity in the fourth quarter, and will be contributing revenue immediately to us over the course of the next couple of quarters as it achieves its design capacity. We have 100% of the copper stream on this project with fixed payability factors. That's very important. Rates tend to fluctuate within constant rates, but it doesn't matter. We get 24% payability on the copper concentrate, regardless of whether those payability factors fall below that level or not. That is a fixed payability factor with complete upside on the copper price, on a substantial long life, two-decade deposit with significant exploration, expansion potential in a fledgling democracy or in a fledgling, I should say, EU membership state, which has applied for EU membership in short order. We are in a country that's de-risking geopolitically very rapidly as a result of their desire to become part of the European Union. That's really how we've grown to 240-plus royalties over the course of the last several years, and it's really a testament to the fact that we've built up this our multi-platform approach to grow. When we had the currency to do so, over the course of 2021, we used it aggressively to roll up our competitors. So we've done M&A, and that was just an important source of providing over 150 royalties through that approach on the M&A side, when we had the currency to do so. When the Federal Reserve pivoted and started tightening interest rates in early 2022, we saw a significant de-rating of the gold industry, an exodus of capital, if you will. But in particular, stocks that had significant growth saw a disproportionate de-rating. Recognizing that we started to lose that multiple advantage in 2022, we stopped doing M&A, and we started growing through other means. And as I mentioned, we picked up royalties through third-party royalty acquisitions from prospectors and the like, that were looking to monetize their staking efforts. We've picked up royalties through project financings, as we did the Borborema financing with Aura Minerals last year. And then through the acquisition of Ely and Golden Valley, we picked up the capability to generate royalties organically. We have one gentleman in Reno, Nevada, Jerry Baughman, one of the co-founders of Ely, and Glenn Mullan in Quebec, who runs a couple of small exploration companies. We have rights on any of the royalties they generate organically, and so through their sweat equity, they've generated collectively over 60 royalties since we acquired their companies, and effectively at zero cost for us. And not only at zero cost, but they get option payments on their staking efforts. So as they farm out the properties, not only do they get a royalty back in return from the operator, but we also get option payments. And last year alone, we generated over $3 million of option revenues on those farmed out properties, which has helped to mitigate almost 50% of our G&A costs corporately. So not only has it become a source of cheap optionality for our shareholders, but it has also helped to defray our corporate costs, which is about $7 million per annum, including all of our listing fees and people. And you're looking at about a quarter of the company, I should add, here on the phone beside me. Between myself and Peter, we have eight full-time equivalent employees, and I'm quite confident we could run a business 10 x the size in terms of the number of royalties in our portfolio, without having to add any additional heads to our headcount. It's very much a highly scalable business, which means that revenue growth that I talked about earlier on really falls right to the bottom line. Peter, we can go to the next slide, please. This just gives you a sense of the revenue growth. What we see in the bar chart here is our gold equivalent attributable production to us. Last year was our first year, first full year of revenue, from a number of our assets, and we produced about 5,000 tons of gold—5,000 ounces, excuse me, of gold equivalent ounces of production. Sorry, 2,500, excuse me. Now we're close to 5,900 ounces of gold equivalent this year. What you see in the lines is what that translates to in dollars of revenue based on your gold price assumptions. We've flexed it between $1,800 to up to $2,800 an ounce. Exiting the decade with between, at current gold prices, $60-$80 million of revenue against a G&A forecast of about $7 million. Quite dramatic growth in revenues. If we very crudely took the multiple that, for example, Franco-Nevada is trading at on their revenue profile, it's about 20 x, and apply that to our revenue profile at the end of the decade, that would intimate that we should be at, well, close to $1.5 billion market cap versus the $230 million that we're currently experiencing in terms of our aggregate market cap. Quite a dramatic reweighting that we expect over the course of the next several years as that revenue growth is crystallized. By the way, these are not our own projections. These are consensus estimates from the six analysts that cover us across the sell side universe. And so it's based on the guidance provided by the underlying operating companies, which typically gets haircutted by the sell side analysts that then publish their estimates of revenue growth within our portfolio. So quite dramatic growth, driven by some, again, some of the largest cap companies in the world. We have royalties on the assets of Agnico Eagle, Barrick, Newmont, among others, and some of the largest producing gold mines in North America, namely Canadian Malartic, Côté, and Gold strike. We have the underground extension, a royalty both on an NSR and NPI basis, that are the biggest drivers of growth. But what we've been able to do over the last year in adding cash flowing royalties from Borborema, Vares, and Cozamin, has allowed to vastly diversify our portfolio of cash flowing royalties in some of the longer life assets, in the mid-tier space, to supplement the growth that we have from some of the largest cap companies in our sector. Peter? This gives you an overview, and again, on a consensus basis, for the six sell-side analysts that cover us, and I'll get into who those sell-side analysts a little later on in the presentation are. But on a consensus estimate, we're trading at about 0.5x net asset value. You can see the category killers in our industry, Wheaton, Franco and Royal Gold, are typically trading at- 2-3x, a little bit deflated of late, particularly with the problems that Franco-Nevada has had in Panama, that saw a bit of a derating in their stock, but typically, they've been trading it upwards of 3x price to net asset value. And there's quite a divide between the large caps and everybody else, and I would characterize everybody else as being relatively small cap, sub $5 billion market cap. And you can see quite a disparity between the large cap players and the smaller cap players in our sector. And that, in itself, affords an opportunity for this industry to create a mid-tier champion where currently none exists. There isn't anybody in that Goldilocks zone of $5-10 billion market cap that's big enough to be institutionally relevant, but still small enough to grow. I would argue as high quality a company as Franco, Wheaton are, and they are tremendous companies with great management teams and tremendous assets. I would argue that their growth at that size is very difficult for them to move the needle with any individual royalty acquisition. Where within the smaller cap universe, through consolidation, we think there's the opportunity to create that $5-10 billion market cap company, that can provide the liquidity that many large cap institutions are looking for on the buy side, but still provide a platform to significantly grow. I think if we can create that vehicle through consolidation, and when I say we, I'm talking collectively among the smaller cap universe, as pictured here. If we can come to a meeting of the minds and create that consolidated vehicle that achieve that mid-tier status, we think we can capture market share, if you will, from the buy side, from the larger cap players in the space, and have the potential even to achieve a multiple superior to those, 'cause we can offer both liquidity and growth. Which I think they're gonna be challenged to provide, in spite of the quality of the portfolio they currently own. So that's the opportunity that we see. Absent that, if all we do is sit on our hands and crystallize the growth I showed you in the previous slides, we see re-rating to at least the median mean of our smaller cap peers, which are typically trading at 1.2x NAV, which would indicate that we should see a doubling in our shares, all things being equal, as we achieve that growth with some of the highest quality assets and the highest quality jurisdictions in the world. Peter? This just gives you an overview of how pure a play this is from a precious metal standpoint. Yes, we've introduced some diversification on the copper side with both the Vares copper stream and the Cozamin royalty, but we're still very much focused on precious metals when you look at the percentage, not only of our book value, but I would say our asset, net asset value is still very much in that horizon as well, in the 90% range, give or take. Which means we do have some scope for diversification, but we'll still always remain a very much precious metal-oriented company. And from a geographical standpoint, even though we've introduced some diversification in Brazil through Borborema and Vares in Bosnia, we still have over 80% of our royalty portfolio by number and by net asset value, focused in Nevada, Quebec and Ontario. Again, rated among the top five jurisdictions globally by the Fraser Institute for Mineral Potential, low political risk and low regulatory risk. Peter? This next slide just gives you an overview of some of the levers for growth that we expect to deliver 160% growth in revenue this year alone. As we see, Odyssey is gradually ramping up from a ramp as they complete the permanent shaft. And as we'll get into this a little later on, and I'll hand it off to Peter to talk about Odyssey in particular, a little later on. There's significant exploration potential within Odyssey. As they open up the underground horizons for production, they also open it up, as is, as has been Agnico's habit, as I know well from my many years there. As they open up those horizons for production, they also open them up for exploration, and they're very aggressive about getting underground drill platforms in place as they open up those lower production horizons. And virtually all the drilling up to this point at Odyssey has been from surface, where they've delineated a massive resource upon which we have a 3% NSR and the majority of that resource. But they, they are going to be opening up drill horizons and expanding that resource, converting a lot of that resource into reserve. They've only incorporated about half of the underground resource into the mine plan. As they tighten up the drill spacing, that'll open up conversion of that resource in the reserve and open up our economic footprint on this deposit as they convert a lot of those zones into reserve within our coverage area for our 3% royalty that we have on this property. Vares, as I said, started up production earlier this year, expects to achieve nameplate capacity in the fourth quarter. We have 100% of the copper stream, and this has not only an eighteen-year mine life, but significant expansion potential, both from an exploration and production standpoint, which we'll get into a little later on in the presentation. Côté achieved production this year as well, IAMGOLD's new flagship mine in northern Ontario, and it's expected to achieve nameplate capacity in the fourth quarter. Already achieved commercial production a month ahead of schedule in August of this year. And as I said, we have coverage on the highest grade portion of the open pit zone five, and up with a 0.75% NSR, and we're looking at a very quick payback on the small initial investment that we made. And Borborema, expected to be in production in the first quarter of next year, already half constructed, Aura has been a prolific builder of mines over the last several years. As a result of the structure that we have in place, we're getting pre-production royalty payments and interest on the convertible Gold Royalty loan that we put in place to help finance the construction of this project. So all these are contributing. Meaningful revenue growth overall, about 160% growth in our revenue this year, and our first year of positive free cash flow, and we expect positive book earnings in the second half of this year for the first time as well. So we very much transition from a start-up to a sustainable and significantly growing business from a free cash flow perspective. Peter? So, with that, I'm gonna hand it off to Peter, maybe to talk in a little bit more detail about our pipeline, from, again, free cash flow or cash flowing assets at the right end of this spectrum to pre-resource stage assets right in the left side of this spectrum that you see here that represents the life cycle of a mine. So, Peter? Yeah. Thanks, David. And just to reiterate on that last slide, this really is the key inflection point of the portfolio. And not to dance around the slides too much, but one of the critiques of the company and why we've seen ourselves at this 0.5 suppressed multiple relative to peers is so we haven't delivered that cash flow yet to date. It's been a development-heavy story, and as we've seen across the sector, whether it's royalty companies, explorers, developers, growth is out of favor in contrast relative to cash flow. But 2024 is really that inflection point, as David mentioned, going from 2,500 GEOs, $5 million in revenue, not even covering fully our G&A costs in 2023. Now breaking into free cash flow and having that line of sight to $20 million plus in revenue in 2025 and upwards of $70 million, with that major step change in 2028, really being driven by those key development stage assets, which David already spoke to, Vares, Côté, Odyssey, the largest gold mines in Canada, really driving forward our growth. Coming back to our pipeline, looking at the cash flowing assets, seven in the producing category. Vares and Côté, having achieved production this year, ramping up in Q4 to full nameplate capacity, will benefit from a full year of production from both those assets in 2025. Importantly, both with 20-year-plus reserve lives, with significant expansion and exploration potential to produce beyond that. Borborema and Cozamin, two other recent acquisitions, Borborema, providing us initial cash flow through a structured financing package, but really ramping up through 2025 as that asset achieves initial production. I'd highlight as well at Borborema, only approximately a quarter of the underlying ounces are incorporated in the, in that initial twelve-year mine life. We see significant potential beyond that. Then the other producing assets within our, our portfolio, Canadian Malartic, Borden, and then a smaller asset, Isabella Pearl, supplementing our revenue this year. Beyond these cash flowing assets, and I won't go through all 224, thirty-some odd, advanced exploration assets, John, but, the one we really do like to highlight is our royalty over the Ren project. Ren is the underground extension of the Golds trike mine, the northern underground component there. Barrick delineated an initial resource of approximately 1.6 million ounces and inferred at just shy of 7 grams per ton. So very attractive, high grade to supplement the feed at the complex in at Goldst rike. They're completing advanced engineering studies and dewatering currently, and we've had a team on site there, so we have strong conviction that we'll see this incorporated into the overall Carlin Complex ten-year mining plan, in the very near term. Qualitative metrics, just to reiterate David's points. Geographically, you see a lot of Canadian and U.S. flags on our pipeline, over 80% of the portfolio by number of assets and value in very safe jurisdictions, specifically Quebec, Ontario, and Nevada. And importantly, a lot of these advanced exploration and exploration projects are brownfields claims associated near existing mine sites, where we're seeing exploration investments by the likes of Newmont, Barrick, Agnico Eagle. That really helps validate the potential there, the amount of exploration investment that's being put into our portfolio by well-established operators with the expertise. And in fact, to quantify that, we've seen over 500,000 meters of drilling across the portfolio per year over the last four years, upwards of 2 million meters drilled. That's the equivalent of over $200 million being put into the portfolio each year by our operating partners. That doesn't immediately result in near-term cash flow or near-term production increases in our portfolio, but it's a metric that'll help drive increased resource growth and increase that growth out towards the 2030 s and beyond in our portfolio. And to reiterate the benefits of the royalty model, all of this investment, all this R&D, comes at no cost to us as a royalty holder. That investment in exploration and expansion is being conducted by our operators, but we don't have to put up a dollar. Now, to briefly go over some of the nuts and bolts before getting into specific assets, or John, opening it up to any of your questions, I'd highlight our shareholder base. This is not just a testament to the strong management team and the expertise that we bring at Gold Royalty, but also an indication of the inflection point. We've seen an uptick in our institutional ownership over the past year, and that is representative of the change in the fundamentals of the company. We're a much stronger free cash flowing business with a strong outlook over the coming quarters, with strong strategic backing, with the likes of GoldMining Inc., our former parent company. Also, Barrick is our second largest shareholder, through the Nevada Gold Mines joint venture. Other groups like Orion Mine Finance, Taurus Royalty Fund, Queen's Road Capital, resource sector specialists, financiers in the space, are strong strategic backers and see the rerate potential here in the near term. Board and management also own approximately 5% beyond the gold mining stake. Looking at the balance sheet and analyst coverage, six analysts, BMO, Haywood, H.C. Wainwright, National Bank, Raymond James, and Scotiabank, so well-renowned analysts on the street. I'd also highlight a recent appointment of the company is Jackie Przybylowski, a well-respected analyst from BMO, who used to cover the gold and copper majors for them. She's joined as VP, Capital Markets to help increase the awareness of the Gold Royalty story with larger institutions. That's been a very exciting appointment for us at Gold Royalty. Looking at the balance sheet, about 169 million shares outstanding, about 199 fully diluted share count. Market cap, as it sits today, around $225 million. We have $4 million in cash in the bank, about $10 million available within our credit facility. We do have a convertible private placement that we completed in late 2023 with Queen's Road Capital and Taurus, which I mentioned previously. So relatively clean balance sheet. Peter, what is the conversion price of the convert? The converts have a $1.90 conversion price. That's a five-year piece of paper, John, unsecured, no financial covenants, callable by us after three years. So the anniversary, they were issued November of last year, so the three-year anniversary would be November of 2026, upon which we can call them, but they mature in November of 28th. So- Here, I think we are on the last slide. So, just to wrap it up, Peter did a really excellent job of running through the portfolio in a bit more granularity, but this is our inflection year. This is the year that we the rubber hits the road from the standpoint of generating free cash flow, positive earnings against a very stable and scalable business in terms of our cost structure. That we not only stabilize our cost structure, $7 million, but through our post-merger integration efforts last year alone in 2023, we actually drove 35% out of our pro forma G&A costs from the combination of the three companies we rolled up. There's probably $50-70 million of stranded G&A costs within the small cap universe in the royalty sector that can be essentially eliminated through consolidation. So it's not only a matter of achieving critical mass in order to hasten the rerate, but also, I think there's some significant economics to be realized through putting these companies together, because at the end of the day, we're just managing contracts. We don't need to keep inflated headcounts here as other companies are absorbed into the system. We're certainly not in a position to do large-scale M&A right now. We have to kind of sit on our hands, hopefully, as we start to achieve that rerate, and we've been disciplined in that regard. We haven't done any M&A in over three years because we simply haven't had the currency to do that, so we found other means to grow other platforms, if you will, through project financing, third-party royalty acquisition, and royalty generation, which is, again, generating royalties through our sweat equity, just using the contacts we have and our expertise on the ground in Quebec, Nevada, and Ontario in particular. But this is an attractive entry point as we start to achieve that inflection, and you saw that in terms of the consensus, NAV trading at less than half of what our direct peers are trading at, and about a quarter of what the seniors are trading at in this sector. I would put our quality portfolio, our cornerstone assets up against the cornerstone assets of even the seniors in the space, when you consider they have royalties on three of the five biggest producing gold mines in North America. That's a pretty attractive portfolio of assets for what is still a relatively small cap company. I would argue that that's how Franco-Nevada started with their royalty on Goldst rike back in the nineteen eighties, and they built off on that foundation to create what's now one of the biggest players in the space. And we have that kind of potential, we believe, not only with the quality of the assets, but the long tenure and experience of our management team, that's allowed us to grow that portfolio so quickly and dramatically to deliver what is industry-leading growth from tier one assets and tier one jurisdictions. John, over to you. Thank you. Just trying to clarify, Vares of Adriatic is in Bosnia, and that's the copper project? Correct. So we have a 100% copper stream on the project. It's a primary silver, zinc, polymetallic deposit, so about 30% silver, 30% zinc, and actually, copper is only 2% of the mine revenue, hence why our stream isn't overencumbering the economics of the project. Borborema in Brazil is gold? Borborema is a pure gold project, relatively simple, low CapEx, open pit. They're looking at about 85,000 ounces a year of annual production over the initial years of the mine life there at Borborema. If we were to say- I think it's worth putting a slide up. Sorry, John. I was just gonna say, you might wanna learn a bit more about the Borborema asset, because it is a very attractive opportunity for us, so we value this acquisition based on the seven hundred and fifty thousand ounces, including the life of mine, and so, as Peter said, a little over eighty thousand ounces a year, but there's an additional two million ounce resources underneath the federal highway that's not incorporated in the mine plan currently, even though it's been drilled to reserve level, can't be called a reserve until they can demonstrate they can include it in the mine plan and get it permitted, and the highway movement is within an area that's very with a very low population, about forty thousand people in aggregate along that area. In terms of moving the highway, we don't think it's going to be a very socially difficult thing to do. In fact, the process to get the permit to do that is currently underway. When Aura does that, moves the highway, that liberates that two million ounces into the mine plan. Now, when we valued this, we valued it based on the three-quarter of a million ounce reserve, not on the additional two million ounce of reserve first trapped underneath the highway. Once they incorporate that in, that not only extends the mine life dramatically, but they'd be looking at about a 75% increase in the production rate here to accommodate the additional ounces. None of that we paid for. That exploration, or I should say, that conversion upside, as a result of the highway movement and also the expansion that they are contemplating when they do that, has not been incorporated into our valuation. That would effectively double our rate of return on this investment. David, I build on that, highlighting the expertise of Aura Minerals as a team. A lesser-known, I'd say, producer in North America, given a Miami-based team, Brazilian nationals, but they just came off the successful construction of the Almas Mine, also in Brazil, on time and on budget, which is, as you know, John, increasingly rare these days. That construction team has now shifted to Borborema to deliver on that similar success. We're very confident in the track record here of the Aura team to not only deliver that production on time in early 2025, but to see that expansion potential moving the highway and also potentially increasing the annual throughput here at Borborema. One of your slides guided to $20-$30 million of revenue next year at a range of $1,800-$2,800 gold, if I'm reading it right? Yep. The four mines, Malartic, IAMGOLD, Borborema, and the Bosnian mine. What percent of next year's revenue are they? The key assets that'll be driving revenue next year will be Vares, Borborema, Côté, and Canadian Malartic. They'll be driving over 80% all together. The smaller components of revenue will be Borborema and Cozamin, or pardon me, Borden and Cozamin. Each of those produce approximately $1 million a year. But it would be those four assets we're really driving forward. Do you want the breakdown? Is that what you were looking for? No, no, no. That's good enough. I'm looking at your development slide 11, where eight of 11 projects are in the U.S., or maybe it's seven of 10, and two are in Canada, and one, La Mina, is that Colombia? Yes. Because of the recent soccer match, I'm recognizing the Colombian flag. From the Americas Games. So you have an unusual focus on U.S. and Canada on slide eleven. In the far left, the exploration column is all U.S. and Canada, and the advanced exploration column is all the U.S. and Canada. So it's just a almost a small subset of your future, it's not the U.S. and Canada. That's exactly right. A small subset in South America, some of our maiden assets in Brazil and Colombia, but the vast majority of development, advanced exploration, and exploration is in the U.S., Canada, specifically Quebec, Ontario, and Nevada. Everyone on the call is invited, by the way, to ask questions from the question box. Excuse me. Yeah, that's great, John. Love you to hear more questions from your audience, but I should highlight, and I'll let Peter get into this in a bit more detail, but there's been some very timely news out of Whistler, GoldMining's project in Alaska, where they've doubled the overall resource and led quite a surge in the public company that owns the Whistler project, and we have a significant royalty on that. Maybe, Peter, you can hit some highlights from that press release. Yeah, Dave, and I think it's important to highlight that the vast majority of the value of the business is within those 20-some-odd cash flowing and development stage assets. We really don't get credit for the optionality inherent to the advanced exploration and exploration buckets of this slide. I'd argue today we don't even get credit for the future cash flows of the semi-cash flowing assets, but that's besides the point. To highlight some of those key catalysts across the yellow advanced exploration bucket, Whistler is one we're tremendously excited about. They put out an updated resource, the U.S. GoldMining team, on Monday morning, that the indicated resource had nearly tripled at Whistler. This is a circa 11 million ounce deposit, about 100 miles north of Anchorage, all on state land claims, so not running into some of the issues we've seen with other Alaskan-based projects, and importantly, this isn't stuck at the top of the mountain. This is very attractive topography. The initial years of the high-grade core at the Whistler pit could see this with upwards of 1 g per ton gold equivalent with a strip ratio of zero, just given the favorable shape and the mineralization at the top of the hill. So a very attractive ore body, and that team's continuing to advance it towards initial economic studies in the coming years. The other major highlight and support here at Whistler is the tremendous state and local community support. There's state funding right now to build an access road directly to site, which would be used to conduct further development, exploration, and ultimately potential shipping to port. As this asset advances, and we hold a 1.75% NSR over this project. The other advanced exploration asset, lesser known that, I, I'd argue, again, we're not getting credit for, is our royalty over the Tonopah West project. Tonopah West is an asset that was originally staked and claimed by Jerry Baughman through our royalty generation model, and we just completed the option agreement with Blackrock Silver. They made their final $1 million payment to us earlier this year, and now we hold a full 3% NSR over Tonopah. This is not Jim Heskett's company, Viva Gold? No, this is Blackrock Silver in Tonopah. And they just outlined an initial preliminary economic assessment at Tonopah West, seeing over 100 million ounces of silver equivalent production over that relatively short nine-year mine life, I believe. So, another exciting asset and a big royalty for us, a 3% NSR over a project like that could be a meaningful cash flow driver out early next decade. So that's an example of with 200 plus assets, there's a lot of optionality in the portfolio. 2+ million drilling over the last four years, you start to see these developments. Whistler increasing its resource and advancing towards economics. Tonopah West, significant drilling and initial economics being wrapped around those projects. And we start to see those value catalysts within the advanced exploration bucket, that in a portfolio this large and the challenge that comes with valuing a royalty company, we don't get credit for, but in the fullness of time, will help supplement our cash flow profile beyond that, revenue forecast chart I shared earlier, John. There's no questions in the question box. I'm admiring your portfolio. Could you review your Ren NSR and NPI since that's the highlighted property? Yeah, absolutely. So the Ren NPI and NSR fully cover the project, fully cover all of the ore bodies associated with Ren. This was acquired through the Ely Gold acquisition, which we completed in mid-2021. As I mentioned, we've had a team on site there. Barrick's been quite generous with our access, and the management team at Nevada Gold Mines seem quite bullish on this- What is the revenue percentage? What is the revenue percentage? Yeah. You said you have a revenue royalty. What's the percentage? 1.5%. What is the NPI percentage? 3.5% net profit. Has the operator disclosed the current resource size? Yes, it's 1.6. The current resource is 1.6 million ounces at 6.6 g per ton, an additional 60,000 ounces in M&I at 11 g per ton. But they've continued to explore, and that's somewhat dated at this point. We see the potential for that to triple or more than that. So you said 1.6 million ounces at 6.6 g in M&I? Inferred. And then the smaller number was indicated? Yes. Just in terms of stage of development, they are developing into the deposit. They ramped into it, which means that they are getting better and better access for drilling. All indications from Barrick is they expect this to be a five million ounce-plus reserve, and they're looking at completing a PFS in 2026. Given their access, that'll be afforded as a result of this underground development and the fact that they've got massive infrastructure there to process this material, it's quite conceivable they'll go quickly from PFS to production. Okay. John, just in terms of location, you can see the outline here on this map on the left. The gray outline is our royalty coverage, covering the main areas of mineralization, and Ren is directly north of the existing open pit mine operations at Carlin. And declines are already in place to explore from the underground. Is it fair if there's a million six ounces, to think of your direct and indirect interest to something like up to eighty thousand ounces, whatever the recovery rates are, 1.5% plus 3%? Yes. Yes. Yeah. Because Nevada Gold is very big and you're not very big, if they sequenced it in three or four or five years, it would be a big lump going through Gold Royalty. Precisely, and given the grade here, that's what gives us the optimism to see it coming sooner than later. What they're producing out of the open pit currently is substantial. So, a lot more funded at being small, things have a big impact, right? Indeed. Yeah, we can move the needle. As I said earlier on, the prospect for growth among the smaller cap universe is significantly higher than it would be among the category killers in the space. They're great companies, but very difficult to grow off of the capital base that they have right now, and that's the opportunity, again, through the growth that we have organically, but we think the prospect for M&A in our space is significant. And, you know, since our IPO, we've absorbed three companies, but nine other royalty companies have been absorbed by a competitor. So there has been a significant amount of consolidation, but we think there's still quite a bit of scope for consolidation to achieve that mid-tier status, to create a mid-tier company where we think none exists currently. David, because your valuation is the least in your slide number eleven, that would suggest if you're gonna have consolidation, you're gonna be the one selling out, and the other guy's gonna pay a premium for you, right? You know, I, I guess at the end of the day, control is in the hands of the shareholders. That being said, 20% of the shareholder base is insiders. I feel like we can control our own destiny, and we're happy to sit on our hands and achieve a re-rate just through harvesting what we've invested up to this point, and make sure that we have a currency where we're competitive, where we think we can create off of what we think is an enviable asset base into a much bigger vehicle. This revenue profile really matches up well with virtually all of the other smaller cap players in the space. You know, from the $5 billion below market cap, we feel we have not only a quality proposition, but we'll have the revenue profile to be competitive with them. And I'd like to think with the pedigree of our board and management, all having come from large cap backgrounds, that we should, we should be the survivors at the end of the day. We have to have the currency, you're correct, John, and that's why we've sat on our hands for three years from the M&A side. We've been disciplined. We haven't tried to do M&A, when we didn't have the currency. We focused on the other platforms for growth, and we're happy to wait it out. But we do think consolidation will happen among the smaller cap universe. Every one of the CEOs I know, they know me, and we all understand the economic imperative of creating that mid-tier player. What I can't predict is the sequence and who the survivors are gonna be. I can't predict that, but I feel like we're in a great position given the quality of the assets and the management that we have. Super. Congratulations. You're really in a good place, and I'm looking forward to seeing what the next chapter of the story is. Thanks for following us, John, and always including us in your conference. We really appreciate it. Super. We like the royalty companies because they're lower risk. They're... You don't have OpEx, you don't have CapEx, you don't have $16 billion-$19 billion of reclamation liability like BHP, Rio, and Vale each. Some of our investors are conservative and just don't want to get wiped out. Thank you. That's right. And the important thing I'd leave you with, John, is we own all of our royalties outright. They're all bought and paid for. There's no capital calls on anything we own. We can again sit and just continue to sustain this company as a public company with very low G&A costs and just wait to harvest that growth that we've shown you on a couple of these slides. And that's the great thing about our business. And we can continue to add royalties for effectively nothing through our sweat equity in our royalty generator model if we did nothing else. So if our currency stayed depressed, we'll be disciplined, and we'll just grow for free, and we'll wait for this growth on revenue to hit the bottom line and grow our per share metrics. Somebody popped a question in the box. Great! Your presentation gives GEOs to 2030. What will be your overall costs each year? Again, the overall G&A costs are about $7 million of cash G&A per year, and that's flat, and in fact, has come down. Maybe the questioner doesn't understand that there's only the one copper stream, and all, everything else is free revenue. Yeah. Correct. Super. Thank you very much. Congratulations. I like it that the story gets better every year. Thanks, John. Thank you for your presentation. Bye-bye. Bye-bye.