Franco-Nevada Corporation ($FNV)

Good afternoon, and welcome to Franco-Nevada's Investor Day. Thank you for attending this presentation in person, and welcome to those joining us online. My name is Candida Hayden, and I am the Senior Analyst, Investor Relations at Franco-Nevada. The presentations today are planned to take 2 hours. Questions will be taken in person and via the webcast at the end of the presentation. A reminder to kindly mute your devices for the session. Please note that some of today's commentary contains forward-looking information, kindly see our cautionary statement on Slide 2 and other cautionary statements contained in this presentation. I would now like to welcome Paul Brink, President and CEO of Franco-Nevada to the podium.

Thank you, Candida, and welcome, everybody. Thank you for those of you attending in person, and welcome to all the folks who are on the webcast as well. I'm going to start off today to speak about the objectives in our business, our approach to our business and our portfolio. Next up will be Eaun Gray, our CIO, who will speak about our business development strategy. And then by popular demand, we have a number of our partners who will be speaking. So a very special welcome to Richard Young from IAT, [indiscernible] Downey, from [indiscernible]; Mark Hooding from Discovery, who are here in person and will be presenting. And then also, we have online Ryan King from Equinox, who will be presenting online, and we'll also have Metals 260, who we're piping in from Australia. We appreciate them staying up late at night. Two core things about our business. And the first is we believe gold should be a risk of investment. And so in designing our business, if we can design a low-risk business, we feel we'll have the greatest appeal to investors. The second is the incredible value that is created if you can expose yourselves to resource optionality. The first part of that is most predictable thing in mining is as the industry mines deeper every year, at the end of the year, they expose more ore in their ore bodies, and we can participate in that. But even better than that, ever once in a while, an exploration program or somebody mines deeper, you find an ore body that is multiple times bigger than what you ever imagined. That approach has worked terrifically well for us. Over the last 18 years, the CAGR on our stock is around 19%. We've outperformed all of our peers. We've outperformed all of the relevant benchmarks. We've outperformed bullion itself. Interestingly, bullion has returned about 9% over that period. So we've been able to double the return that you could get investing in bullion alone. It starts with the portfolio and our portfolio was built up over much more than 18 years. It's actually been more than 40 years in the making, building up this portfolio, both in the old Franco and in the new Franco. It's given us the broadest, most diversified portfolio in the industry. We've also been tremendously lucky. We've been exposed to some of the greatest successes in the industry, and that's allowed us to generate some of the highest returns of capital. And if you look on the average the last 5 years, that's a 12% return on invested capital. Those investment returns have driven our share price. And it's that share price appreciation that's allowed us to produce industry-leading returns. Looking forward, we've set up robust growth going forward in the business. We have no debt. We've got more than $3 billion of available capital, that's the fuel that allow us to drive the next leg of growth in Franco-Nevada. In the royalty and streaming place, there are a number of players that are in the game. We think we're different, and we think mostly because we play the game differently, and what I mean by that. The first is our approach to growing the business and where it starts with is ownership. The first thing we think is to be aligned with your shareholders, you want to own the stock, it really changes the way that you think about the business because you're not thinking about growth for the sake of growth, you're thinking that every deal that you do, you've got to increase cash flow per share, you've got to increase NAV per share. You've got to make sure that when we do a deal, we get the share price up. Second is financial flexibility, and it's a discussion we're often having with companies that we're dealing with, but we believe it honestly ourselves. We think financial flexibility is more important than cost of capital. And what that means is having the capital available when you need it most. And the way we run our business is to make sure that through the cycle, we always have a lot of capital available so that we can deploy capital when the industry needs it the most. Next is being adaptable. We don't just think of ourselves as a royalty and stream financier. We think of ourselves as capital providers to the industry and it's to an industry that is highly capital intensive. So our thought is if we can find the right assets, we can find the strong teams to back and we can be flexible in how we provide capital to those teams. We can create a lot of success, both for them and for ourselves. Next up is a focus on optionality, and that's the incredible value that can be created through the drill bit in the industry. It's imbued in our DNA at Franco-Nevada because of the successes that our company has had over time to make sure that every deal that we do, the one core tenet is we expose ourselves to that potential resource optionality. And the last thing there differently in terms of how we think about this business is, we understand cyclicality, and that is gold and all commodities at the end of the day and the bullion in their bare markets. You have to be able to decide when do you want to spend a lot of capital when you want to pull back. You've got to decide when is the right time to let organic growth lead when you want your growth to be through acquisitions. When you need to make the calls in terms of -- is this the time to put a lot of money in gold or are there other commodities where you can actually get better value in these markets? And also, it's thinking about how to use your balance sheet. What is the right time to take down debt so that you can maximize returns without taking on the risk of carrying financial leverage potentially into a downturn. In terms of our sustainability focus. There are six core pillars that responsible capital allocation is making sure when we are financing companies that we're financing teams that design their minds to have minimum impact on the environment, but there are net benefits for the communities. We contribute ourselves, get involved with the operators' programs that they feel will benefit their communities, they will build social license at their operations. We work with them and support financially those operations. Already mentioned in terms of good governance, the #1 thing we believe is shareholder alignment. That comes through share ownership. Climate action is always on the agenda. When we're looking at investments, part of our due diligence, part of our evaluation is making sure that these are operators that are at least in the best half of their space, so that any investment we're making is making the world a better place in terms of climate performance. We're a tiny organization ourselves, but we also look at ourselves and say, every year, how can we improve just to show that we're doing what we can to contribute to that effort. We want to be a good employer. We want to create good jobs for our employees. We want to create great careers for our employees. We're very proud of the diversity that we've been able to attract to our business by being inclusive. And overall, in terms of our approach on sustainability, number 1 is we want to be pragmatic. We want to be genuine in everything that we do. We want to make sure that the efforts that we make are effective. And we also want to be open about it and transparent. So that all of that is clear. We're tremendously proud that, that's been recognized by the rating agencies. We are premially top rated by Sustainalytics. An achievement this year is Corporate Knights. And previously, we've been in the top 50 more sustainable Canadian companies. This year, we were also included in the top 100 sustainable companies globally. And most recently, we were just upgraded by MSCI. We were AA rated by MSCI. We are now AAA rated by MSCI. So while the United States is no longer AAA rated, I can say honestly, Franco-Nevada is AAA rated. What I think is most unique about our portfolio, it's not just its breadth, but it's the combination of royalties on gold mines and streams, principally on copper mines that I think makes it so attractive, and I'll speak a bit to each. We all know typically in gold mines, gold mineralization is very hard to drill up. It seldom that an operator will drill up more than 10 years at a time. But it doesn't mean that, that's the full extent of the ore body. And the history of our company has shown from time to time as you drill deeper, you can evolve -- reveal ore bodies that are multiple times bigger. In the old Franco, the two winners were Goldstrike and Stillwater. Many hundreds of times the value of the investment is what you see the bad today. And when we show the value here, that is the cash we've received so far and then the analyst consensus NAV going forward. In a way, it's a bit of a conservative way to do this if I just took the total expected cash that we generate, the numbers would be far higher here. In the new Franco, we've had a couple of those two, Detour Lake, Tasiast Duketon down in Australia, all of those up to 100x our investment that we're making. Even more recently, an investment we made a couple of years back now, 6 million on Greenstone Mine's only been operating 2 years the value of that investment today is more than $300 million. That's 50x the value that we paid for making that investment. For the streams, it's a different calculus. Most of our precious metal streams are in big cotton mines; cotton mines, we all know geologically, they just tend to be much bigger in damage. It's also much more massive mineralization, much easier to draw up 30 years of reserves at the outset. So when we invest in a stream on a copper mine, the -- it's not likely that you're going to get 100x your money. But that doesn't mean they don't get a whole lot better and still generate great returns over time. The -- I'd say that the -- what we found with investing in ore bodies over time is -- the bigger the mineral endowment to start with, the more likely it is that you'll find more ore around that mineral endowment. If the conditions were there to create in mineralization, they inevitably is more. So most predictably, these are the assets that do get better? To put it in perspective what that can be, when we did the Candelaria deal, it was 12 years ago now. We financed Lundin Mining, buying that asset out of Freeport. At the time, the mine life on Candelaria, the Go-forward Mine life was 14 years. It's 12 years later. The mine like -- the go-forward mine life today goes out 20 years. So that 14 years has become 32 years at Candelaria. Those are the sort of returns you can get on these big stream assets. [indiscernible], a very similar story. John will actually speak to it later, and the potential expansion there through the CorcoWaco deposit. Putting all of that together, I've given you some good examples for the portfolio. But if you take the portfolio as a whole and you look at the returns of capital, and I have to thank the Scotia team here, these are their numbers that I'm presenting. The return on invested capital for Franco, the last 5 years, leading the back 12% return on invested capital. If you look at what that is projected to achieve with the run in the gold price is '26, '27, that's looking at over 20% return on capital that we're generating in the business. I'll turn now to our growth outlook. What we show on the stream is what we achieved in 2025, and what the outlook is in 2030. The growth that we already know is taking place in the portfolio is in the order of 12%, 13% growth from those assets. The big potential is obviously Cobre Panama. If Cobre Panama is operating at full strength again within the next 5 years, I think there's a very good likelihood it is, that would boost our growth would be in the order of 45% growth over the next 5 years. I think that is very achievable. In the last column that we show there, we put on top of that long-term options. And these are assets we don't expect them to produce in the next 5 years. We're not certain on the timing of them, but they are what is going to drive and sustain us over the longer term. This is a breakdown of those assets that make up those long-term assets. In terms of potential annual contribution, if you put it all together, it's 222,000 geos. Now they're not all going to operate at the same time, but that is an indication of the annual contributions that they individually could make. We've also shown there what that is in terms of royalty ounces, and I'm going to speak a bit more about that -- in detail on that in a minute. But the main takeaway from this slide is we've got good growth, hopefully, with Cobre that 45% over the next 5 years. There's a lot of gas in the tank with these assets. I'm absolutely confident we can sustain that level for the following 5 years, if not grow it, with the assets that we've been able to add over the last couple of years. I'll turn now to royalty answers. Every year, what our team does is we go through the reserves and resources of all the underlying assets that will be out in our asset handbook. And then we do a calculation of royalty ounces. It's a Franco-Nevada term. But what we're doing is taking the answers and say, if you convert them into an ounce, that is 100% attributable to us, so it's converting stream out as to be the equivalent of royalty ounces. So these ounces where 100% of the value will accrue to us over time. And what are those across the portfolio. Show here, reserves measured and indicated exclusive of reserves and also the inferred ounces. As you look at the changes year-over-year, there are a couple of moving parts. We did have a buyback on our Cascabel stream. So we lost some ounces as a result of that. Nonetheless, a very attractive buyback on good terms. So John will speak to you about it later on. Second impact that we had is, obviously, we've been active with acquisitions, biggest last one last year was Cote, so we added ounces through the acquisitions. Some changes due to commodity prices. We do have some NPIs. Obviously, with the gold price being that much higher year-on-year, the NPIs convert into more ounces because we're assuming a higher margin on them. On the flip side, for the diversified assets, on the iron ore, on copper, gold price is relatively higher. So we -- when you convert that slightly lower royalty ounces coming from those. What the underlying impact. The underlying driver, obviously, is what are the reserves and resources of the assets doing, there is good growth across the board reserves M&I and inferred, the underlying reserves and resources grew in each of those categories. What were the big contributors for reserves. It was Guadalupe, [indiscernible], Magino, Brucejack were the most notable in the resource categories, [ Etour, ] Malartic and an asset I've mentioned before, some of you may be familiar with it, regard, we'll speak a bit about it over in Serbia. What I've also added on this slide, we don't have them officially in our royalty ounce calculations is Cobre Panama and New Prosperity. Obviously, those are potential. We want to have greater certainty on Cobre returning to production, new prosperity moving into production before we put those back into the ounce into the official ounces, but it is important potential that we have in our portfolio. Just a quick snapshot. Where are all those ounces. You'll see heavily weighted the biggest jurisdictions, all safe mining jurisdictions, Canada, United States, Chile, Peru are our biggest exposure in terms of where the ounces lie. This is just a summary chart to break that into categories, so that you can both see where is the annual contribution coming from plus where the royalty ounces are broken out by the assets that are in our 5-year outlook, potential for Cobre Panama, what the long-term assets could contribute to that. And then those totals that take you over 27 million ounces of inventory. And where we put at the bottom is that doesn't include the exploration potential. We have 230 other assets that are not included in that, and there will certainly be value from that portfolio over time. Just for fun, putting a value on all of that. If you take that total inventory, you've got 27.5 million ounces at today's gold prices, that's $126 billion of value in the portfolio. Contrast that with our enterprise value, $47.8 billion. So the underlying value there is 2.7x what our enterprise value is today. Now that's undiscounted. Obviously, that value will accrue over time. We don't include our energy assets in doing this. The revenue we get from our energy largely offsets the taxes and the G&A that we have. So this is indicative of the ultimate undiscounted cash flow that will ultimately accrue to our shareholders. I put at the top of that, a little dash box exploration potential. Just as a reminder, this doesn't include that 260 exploration assets. It doesn't include the potential growth that we'll have from these assets, which predictively at year-end, we always do. So I'll speak a bit about that exploration potential. The broken out, first of all, by the amount of ground that we cover, we show that is spread Canada, Australia, the U.S., South America. In total, we cover 17.8 million acres. So I was trying to put that in perspective in my own mind, I was doing an AI search. I found the individual in the world who owns the most amount of land is Gena Reinhart in Australia. Gina has our beat. She has 22 million acres that she covers, but we're right up there with her. In terms of exploration spend, we've identified on our properties more than $600 million of exploration dollars that will be spent this year. Now that's conservative. A lot of companies don't break out their spend by individual asset. So for sure, there will be more than that $600 million spent. In my own head, I was just doing some math to say, let's take an industry average finding cost $50 an ounce means probably you get 12 million ounces that will be discovered on land that we cover just this year that inevitably will add to our NAV over time. I'm going to finish off. I've spoken broadly about some of the impacts, but more particularly just a couple of the assets to speak about that I really think exemplify the resource optionality of our portfolio. The first one here is Detour Lake. You'll all recall, if you go back 6 years ago, it was Detour Gold that Detour Lake, they had drilled it out, 20 million ounces was the resource. The mine plan at the time had it growing up to 650,000 ounces a year of production. Tony Makuch at Cotton Lake Gold at the time had acquired it. They drilled it. They took that 20 million ounces up to 30 million ounces of resource, expanded the mine to land. Agnico acquired Gokan Lake. They have continued to drill at the end of last year, the total resource in all categories, more than 43 million ounces. You've gone from 20 million ounces to 43 million ounces in just 6 years. The mine plan currently has them expanding production up to 1 million ounces a year. But that's not the end of the story yet. They have a big fleet of drills, still drilling at Detour Lake. They've extended the mineralization 2.4 kilometers to the west. I don't know they will be putting out a technical report this year that they say we'll look at expanded scenarios. I don't know if that's a bigger underground don't know if it is a super pit. But some of the speculation on the street you hear is that you could see 1.2 million, 1.3 million ounces of production per year coming out of Detour, these assets just keep getting better. Next asked to speak about Cote, and I think it is on a similar trajectory. Cote initially discovered 10 million ounces in the pit. They did the feasibility got permitting that while they were permitting. The discovery made was made on Goslin. Goslin is roughly another 10 million ounces. The mill was originally scoped for just the 10 at Cote. So it's clearly undersized. I am Gold, Renault has said he will put out a technical report again later this year, looking at a bigger mill to optimize that operation. It's likely in the order of 50% bigger. Again, you can see they're contemplating a super pit. So I think about Cote, it's currently after Detour and [indiscernible], the third biggest ore body in Canada. Today, it's 20 million ounces. If Detour can go from 20 to 43 in 6 years, I'm wondering where is Cote going to be in 6 years' time. So with that, I've finished all my comments. I'm going to hand the mic over to Eaun, who's going to speak to you about business development and our acquisition strategy. Eaun?

Thank you, Paul. It's my privilege today to speak to you about our growth strategy. But before that, I'd like to thank many of our partners who are here today because really, without them, none of this would be possible. So thank you all for joining us. Our growth strategy is anchored on two core tenets. The first is to provide our shareholders with exposure to among the best precious metals, royalties and streams. The second is to selectively add long-duration, high-quality royalties and streams in other commodities. And the way we execute on this strategy is by finding the upside but structuring our deals to mitigate the downside. Our recent deals illustrate that this can be a win-win strategy. By providing patient capital at a low cost, we allow our partners to unlock value for their shareholders. Where you'll hear us use a lot is optionality. That's for good reason because it's core to all of the deals that we do. But we actively look for this without giving away the farm. We have to stay disciplined in volatile commodity markets, and that's a core part of our strategy. Finding optionality really starts with deep due diligence. You have to understand what drives the upside of assets over time. And we've got an excellent track record defining just this, as Paul has outlined. Starting with Goldstrike, moving on to assets like Detour, Cote and many, many others. In 2024 and 2025, we committed over $3 billion to new transactions. Given the due diligence that we've done and some of the fantastic drill results and other information that has been coming out of the market, I'm quite confident saying that I think we're just scratching the surface on a number of these wonderful new assets that we've added. In this environment, we expect resources to convert to reserves and continue to grow. The benefits of this approach have manifested a whole lot faster than I think many of us had expected with these higher gold prices. Two great examples would be Magino and Valentine. We have Richard here today is certainly familiar with 1 and Ryan will speak to Valentine as well a little bit later. But these demonstrate exactly what I mean. You've seen announcements of higher throughput rates, increased reserves and continuously improving mine plans over time, just absolutely wonderful. And to me, it demonstrates that when we harness the skills of our technical team that our shareholders benefit tremendously. When our team and our Board have conviction on an asset and we can mitigate downside that's when we act. In fact, we think we're truly blessed by having such a strong team and board. These are industry veterans that have seen cycles and projects succeed and fail. Often, we see deals where we're offered a small pricing concession in exchange for giving up upside. That's something generally we've learned over time is not a good trade. What we're looking for instead is that winning combination, assets with really good upside, but where we also have confidence that we can get our capital back using conservative parameters around mine plan and commodity price. So probably comes as no surprise to you that we spend a lot of time thinking about the commodity price setup when we make new investments. We want returns that are there across the cycle, not just for a snapshot in time. Then of course, there's a structure of any deal. Legal framework is key to managing risk. And so we take it very seriously when we write our contracts. I look at Lloyd when I say that. Long tenure assets are a defining feature of our portfolio and diversification enhances that duration. Even more important though than security on paper, of course, are the fundamentals of the assets that we invest in, the margins, the license to operate. That's where we spend a lot of our time when we do due diligence. Good environmental and social practices aren't optional anymore. Their prerequisite to the success of any mine in the long term. Now the best contractual safeguard in many cases, is actually just getting as close to the asset as we possibly can. And this mitigates expropriation risk and insolvency risk in many cases. A good example would be Cobre Panama. We have undertakings down the chain and a counterparty located in Panama. This allows us our own arbitration rights, enhancing our leverage and protecting us while mitigating credit exposure. If we're only to rely on a parent guarantee, the likely outcome could just be waiting for a very long time to get your money back. We think our approach is better. And I think in light of recent events, you'll probably agree too. More broadly, we view international arbitration as a key risk mitigant, especially for assets that are located in developing countries where many of the highest quality assets are, in fact, located these days. And finally, we're always refining our approach, looking at what worked, what didn't and looking to allocate capital more effectively going forward. So now as we look forward, I'm actually incredibly optimistic about our ability to continue to deploy capital successfully. Part of the reason that I'm so optimistic, if you look at the chart that I have on this slide, you'll see that many projects are advancing through new milestones. That's in light of improving gold prices and other commodities. When you see that, it naturally drives more project financing business, which is a core pillar of our growth going forward. We're very happy with IAD and Minerals 260 to have two very recent examples of just that. Now also a very important lesson that I'll highlight with this slide, your partners matter a lot when you're investing. It's a lesson, I think, that it cannot be understated. A good asset on its own is not sufficient for success. So what have we done? We've looked to work with teams such as those you'll hear from today that have the capability to deliver. By backing these strong teams, we deploy capital more effectively. And this chart highlights what we mean. You see the step change in the amount of capital and the number of transactions done with our partners. Now probably the thing that brings the biggest smile to my face is this slide because as you can see, the shareholders of our partners have succeeded, and that is very key for us moving forward. We are able to effectively help our partners with patient capital to unlock value. Also key here is that many of these partners have vastly outperformed their peers, something they should all be very proud of. We look forward to hearing their stories a little later today. Now shifting on to royalties and streams outside of precious metals. Everything that I've said already remains consistent here as well. We've always kept some of our powder dry to deploy capital into great endowments at good entry levels. This countercyclical approach supports a leading return on capital, as Paul highlighted, as well as share price appreciation. We see fantastic synergy with these investments, complementing our gold investments very well. We're going to stay opportunistic here, though. We're going to make sure that our precious metals revenue remains at at least 80% across the cycle. In fact, within this portfolio, we see great upside coming from copper growth in the near future with Taca Taka and Copper world. Franco-Nevada has had meaningful exposure to diversified commodity royalties really since inception. In environments, like we're currently in with cost pressures and energy market tightness, you really see the benefit of this. It's a winning combination. This slide highlights exactly what we mean by countercyclical investing. You can see we deployed capital into the energy space during trough commodity prices. And we're reaping the [indiscernible] of that today. Now pivoting to another important slide. What I'd like to highlight is that across the commodity universe, low-risk, long-duration assets accrue premium multiples. We have some of the best energy basins in North America reflected in our portfolio and leading iron ore producing regions as well. When you look at many of these coveted asset classes, you see those features reflected in what we have in our portfolio. Now shifting back for a moment to our most recent investments. As I noted, we have several guest speakers here today who will speak about their projects. This represents a cross-section of some of the key areas driving our growth. namely project finance and acquisition finance. Our first speaker here today is Patty Downey. Patty is going to speak to us in a moment about his plans and his team's plans for Quebec's Casa Berardi mine. I'm very excited to hear them. Patty, will you please join us.

Thanks, Eaun, and thanks to the Franco team for inviting us today. We're very excited to sort of unveil where we're going with Casa Berardi. We just acquired it on the 23rd of March. So it's really first sort of weeks of getting going. So we expect a lot of work in the next 12 to 18 months. We are a multi-asset company now. Thanks for the help of the Franco team. We have another operating mine in Burkina Faso, has been going since in 2021. We have a sort of a unique way of doing things in the sense that we actually manage all of our own growth, the execution, the build et cetera, is all by us. We're very proud to say that our 2 operations in Burkina have been built on time, on budget and very trying conditions. Just recently started up hard rock plant. It normally takes about four quarters to reach nameplate on a hard rock operation. We're at nameplate within 6 weeks. So it's a testament to how we do our business. And we look forward to doing the same at Casa. Casa is in Quebec, as you all probably know, we acquired it, as I said, in March 25th. Gold production last year was about 91,000 ounces. We expect similar this year, we will be privy to, but 9 months of that, obviously, reserves 1.2 million ounces and resources of 2.3. Reserves at Bombardier are 2.4 at $1,500 gold and 4.5 resources at $1,700 gold. So a lot of upside there as well. So we got involved with the France team in September. We -- they knew about this asset. They talked about teams, which was a big part of them joining with us. Paul said they would love to work with us after a conversation that Eaun and I had, I have to say, I've never worked with Franco before. It was a pleasure working with them on this acquisition. It truly was. They really got stuck in with us on the due diligence. I did a lot of the hard lifting, went to site with us for 4 or 5 days, I believe. It was a lot of fun. We eventually after many months of negotiation, which included many sleepless nights. We closed the transaction in January, which included a $270 million upfront payment of cash and equity. Hecla [indiscernible] 9.9% shareholders, which is really a big part of their upside. And we look forward to sharing in the upside of this asset with us. Franco provided $100 million of cash, and we put in $60 million. We have deferred payments of $80 million, that's $30 million in 18 months and $50 million in 30 months. And that really was to allow us to invest back into the asset. We see a huge exploration upside here, and we really want to put that money back into the asset very quickly. And we have deferred payments of $241 million. There's two large pits here of a grade of about 2.7 grams per tonne, which quite had grade for open pit. They aren't permitted. And we worked in an agreement that we would only pay once we start producing. So it's $80 an ounce for the first 500,000 ounces, no matter what the price of gold and then $180 an ounce up to $240 million of payment. So if those pits don't get permitted, and we don't mind them as open pits, they obviously don't come into the acquisition price. And so clear path here to, we believe, to unlocking significant value. I have to say on the site visit a big part of what we do and what we look at is the team. Are the team there? Are they going to be actively involved with it? What do they think of the asset? How do they look at the asset? Are they actively engaged looking forward to participating with us in the next phase of the journey. Because sometimes when you take over an asset, the team want out, they're fed up. They've been going through a sale process. They want to go. They're staying to get their bonus payment on the sale process. That was not the case here. Very, very engaged team Franco, their team got exactly that same feeling from what they really, really wanted to see the new growth on the asset. And that's very important. When you're coming into a new jurisdiction like Quebec, it's very important to have a group of people on the ground who are really actively driving your investment. It is in Quebec, it's north of Lazare. Some people say it's remote, it's actually not. If you drove from Val-d'Or to LaRonde despite the same drive, most of the team living in Lazare. Some of them live in Lean, others live in Val-d'Or, a very strong technical team. It's an established operation. Paul talked about mineral and diamond, and that's what really grabbed me here. There's been 3.2 million ounces of production at this asset. There's over 1.7 million ounces in the open pits. There's another 900,000 ounces underground of inferred and measured -- sorry, mention indicated and proven and probable and another 600,000 of Inferred. That's over 6 million ounces of gold, down to an average depth of 700 meters. That's a lot of gold per vertical meter, and we think it's still very, very underexplored. When you've got that sort of mineral endowment in an orogenic system in the Abitibi, it's worth exploring. The mill was built for 3,850 tonnes per day. It was built by Ancora was TVX, Gold, I guess. And it was built based on the mineral endowment per vertical meter. And there's the east and the west. We actually met the guy who was on the discovery team, and the discovery hole in the West was 33 meters of over a [ 9. ] So hopefully, we can drill some of those holes. But we see exactly the same here. Right now, they're only mining 1,000 tonnes a day from underground simply because they were really winding it down and 2,600 tonnes a day from the open pit. We see that changing back to 3,000 tonnes plus from underground. And if you take an example down the road, which is El Dorado's mine in Valdor, they're mining at around 1 million tonnes. This is a 1.4 million tonne per annum. It's a 6-gram per tonne ore body. This ore body was always a 7-plus gram per tonne ore body, and they're doing 180,000 ounces a year. And that's the sort of vision that we have for this asset. As I said, it was only discovered in the '80s. It's not like Timmins or Valdor, where you've got a lot of geology, a lot of rock out crop. You can see it, a lot of mines in the district. This is a large clay cover of around $30 million to $50 million [indiscernible]. So geophysics in the day would not find this. Inco actually were most of the north and discovered the Casa Berardi deposit. They got it up and running on the east only, and I'll show you that running at over 7 grams a tonne. Gold went to 260. They had a few other operational problems. And so they sold it to a company called Aurizon. I don't know if you remember that. Aurizon drilled the west only. The build a mine, stuck a shaft developed underground, were producing at 7.6 grams per tonne, doing about 150,000, 160,000 ounces a year. They were subject to a hostile takeover by Alamos and Hecla Caminis the white night. Hecla mined it fairly successfully for a number of years, but really what happened to Hecla was they had a 24-month strike at Lucky Friday, which curtail our cash flow. They then bought a company called Klondex for $100 million cash, plus a couple of hundred million of debt, lasted for 3 months and they had to shut it all down. So they did not focus on Casa Berardi. It became a non-wanted unloved asset they didn't put any capital into it. I'm not judging anybody here. That's just the way it went, focused on the open pits that they get mine, contract mining, so no capital. So you can see the underground started to go down in production and the open pit was what sustained it. We see it completely differently, as did the Franco team, thank God. So it's wide open at depth. Literally, what you see here in the red is M&I around existing infrastructure. The blue is inferred. The gray is what's been mined, and you'll see why when I show you the next slide. Essentially, if you look at the cross-section of this ore body in 2013, when they were taken over by Hecla, it looks exactly the same. There's been no major exploration. There's been no underground development. Hecla focused on two open pits called the EMCP, which is now mined out and the AF-160, which is still operating. And we're looking to develop the WMCP pit and the Printer Poll pit. We see it completely differently. We're going to really go after the underground exploration. We're going to reopen the East mine and start exploring there again. We're going to -- right now, they're mining 1,000 tonnes a day only from underground at the shaft. They're not using the west ramp because they don't have the equipment. That has not been invested back in over the past number of years. We will reinvest back into that. We look at ramping up to 2,000 tonnes a day underground fairly quickly. We will have 7 rigs operating here very soon. We're going up to 9%, probably by the end of Q2. So a lot of drilling. We expect to drill approximately 100,000 meters a year for the next coming years. You'll also see some announcements on some new key team members coming on to help drive that. We will start exploring beneath the east ore body, again, which is a very high-grade system. It's narrower. It's about 10 meter wide to 12. The west is 20 to 60 meters wide. So a very, very significant ore body. And there's a large gap between the East and West that has not been explored for various reasons. Just recently, they've been testing that, we can start to see the results of it. And we see significant exploration right near surface at the gap. So really and truly a lot of exploration ahead of us. And again, it should be very, very rapidly ramped up. It is a high-grade mine. The magenta here is plus 15 grams. So you can see why it will develop very quickly, and you can see why Incobuelt a 3,700 tonnes a day or 1.4 million tonne per annum mill. The East is quite a planar ore body, very, very simple to follow, not complicated whatsoever. The west was more folded, [indiscernible], very wide, very high grade lots of tonnes per vertical meter. Again, no exploration below around 1,000 meters. And then in the principal a game like the East, quite high grade in various areas, again folded and then the linear structures that go down at depth. So again, wide open. The mustard color is plus 4 grams. So you can see this is quite a significant ore body. So the mineral around the high grade is still very good grade. And we will look to reestablish that high grade. You can see our neighbors like LaRonde down the road, 3.7 kilometers deep, Red Lake, 3.7 kilometers, Westwood over 2 kilometers, Macassa 2.25. The deepest hole being drilled here is 1.5 kilometers. The average depth of development of 700 meters. So there's a lot of exploration to happen here, and we're very, very excited about it. The other key thing, again, attracted both of us, our sales and Franco is very, very unusual to grab an ore body like this and have 37 kilometers of the belt. This is in the Abitibi. We're an orogenic system you're anchored by an operating mine and you got 37 kilometers of the belt that has not been actively explored. LacGermane was actually discovered by Inco in the '80s. That's how much exploration has been done here. And it truly is down to the fact that it's got that 30 to 50 meters of thick clay. It's not easy exploration. You really have to go after it. I did the same in Sweden, where you had to go down through that sort of thick play you really look for gold grain, gold cans, glacial movement. You drill into the bedrock, you look for alteration really, the key to this will be alteration. We've seen some really interesting stuff underground recently, very excited about it. So we will have a separate, very focused regional exploration on this 37 kilometers of strike extent. The other key thing about being in Quebec, there's wonderful tax incentives to do this as an operating mine in the region. So that's also a big part of what our strategy would be. So we will get at that. We started already. We expect to announce some results of that. So that has been ongoing under our tenure for the past couple of weeks. Also in the portfolio, which we bought from Heckler Quebec assets is the advanced stage Heveasco, not been explored for 5 years, 1.9 million ounces of mineral inventory there some of it refractory, but we're in the Cadillac larger break there. Our neighbors are Agnico, Agnico, IAMGOLD and Eldorado. So we're in a great address. And we own a chunk of ground, and that's something that we will actively follow up on. We have another asset up in the James Bay area nearby the Eleonore mine, and another one on the Duverne on the same break as I believe AMAX exploration is on, again, something we don't know a lot about right now. focus has been Casa Berardi. But we will bring a lot of folks to that in the coming months and years as we get ourselves well established in this region. So we have 3,500 hectares of -- sorry, I think it's 7,000 hectors property in the region. So we're quite well endowed in an area that is undergoing a lot of focus on exploration. We have actually established a lot of good relationships right away. There are obviously -- First Nation for us. Community is a huge part of our DNA. In indi at Bombore, we've relocated 3,700 people into new communities, belt churches, most hospitals community centers. We've established local businesses that are all running on their own now. So we will look to establish something similar with the first nascence groups there. We have impact benefits agreement, but we really want to ensure that they know who we are, and what we're going to do going forward. And the same with the local government authorities as well as we look to expand and develop some of these ore bodies. So right away, we went from 110,000 ounces last year. We'll be looking at around 230,000, 240,000 this year. Clear line of sight to 350,000. So we will become a mid-tier very quickly. We expect casa to be a major part of that going forward. We have an expansion plan at Bombore. We have a lot of drilling going on at both assets right now. We expect to provide a lot of results hopefully, some very exciting results from CASA going forward and a new development plan that we will lay out probably in Q3, Q4, where we'll look to lay out our vision for the project we're going to be doing over the coming years, where we see production coming from and where we see growth come from at that asset. So I look forward to that. And as I said, adding to the team as we move forward into the next stage of our growth. Before I sign off, it was sort of amazing to me that Franco controls was a 17 million acres with such growth, and I'm thinking, wow, come from an 8-acre farm in Ireland, but it's still produced a better growth. So it's a marvelous story to listen. I've never really, really truly listened to the Franco's. I'm really happy to have you as partners and looking forward to doing you pride and doing our shareholders proud in the coming years. Thank you very much.

Thank you, Patty? When the team was working through this deal, we got comfortable on our base case assumptions and then we're thinking about the upside case. And so I said to the team, like do you really think that Patty can find the few million ounces that he's pointing to there in his exploration program. And they said, "Well, lucky Irish." So we said, all right, we're good, deals done. Thank you, Patty.

[indiscernible]

Next up at the podium. Please welcome Richard Young gold.

Well, thank you, Paul. And before I get started, I'd like to make a comment about Patty, I've known them for quite a while. We worked in West after together, and he delivered on everything. He said he was going to do almost a decade ago. So congratulations. So in turning to I-80, we've got forward-looking statements that I think everybody is accustomed to. So we got our name I-80 because we're located just along Interstate 80 in Northern Nevada, where some of the biggest gold mines have discovered. We have four past producing gold mines that were owned by Barrick and Newmont. We're able to acquire those as those companies continue to acquire and they were looking to rationalize assets, and we've been very successful with the drill bit. So we've got 1 of the largest resource portfolios in the state behind Nevada Gold Mines, Barrick and Anglo. All these deposits have been mined. And so we know the neurology and the geology, and I joined 18 months ago. We strengthened the team to execute on this plan. We've refreshed the Board so that we've got a Board that can assist us as we move forward. So we currently produce about 50,000 ounces per year. We laid out 18 months ago just after I started a 3-phase development plan to grow that to over 600,000 ounces per year. and we're well on our way to achieving that. And with Franco's help, and I can't -- this is my fifth company I've worked with Frank on, they provide what you'd call long-term foundational capital that allows us to bring the other partners in because they know the work that Franco does in arriving at their investment decisions. So we've got 6.5 million ounces of measured and indicated gold 7.5 million ounces of inferred. We've got another 200 million ounces of silver so on a gold equivalent basis, we have about 16.5 million ounces of gold in Nevada. So the blue bars are what we're converting to Gold Bar. So we're converting in '25 and '26. And really over that 2-year period, we'll spend over $100 million on those infill and step-out drill programs we convert the blue bars, the gold bars, and we'll be reporting reserves beginning this year through the next 12 months. So the 3 underground mines average grade about 8.5 grams good, high-grade underground that are going to grow. We've got 2 of the 3 open pit deposits, Grant Creek open pit and Mineral Point both oxide in the current development plan. LoanTree will come in a little later on. So we put out 5 PAs for 5 of these 6 gold deposits back a year ago, and it showed production rising to 800,000 ounces. Now ultimately, as we work through it, we won't hit 8, it will probably be between 6 and 7. But we've got a clear pathway to become a 600,000 ounce plus producer, essentially through 2050. Now that blue bar, we're about 3 -- about 4 million contained ounces short of delivering 600,000 ounces through roughly about 2050. Where will that come from? That will come from LoanTree. It's a 3 million-ounce resource that will ultimately bring into the mine plan. We're currently drilling with the benefit of Franco Nevada, Mineral Point, our flagship asset. We expect to add between 0.5 million and 1 million ounces to that. We expect, on a conservative basis to add a couple of million ounces to our 300 underground and then we've got some other open pits that we'll build into the plan. So we've got between 6 million and 7 million ounces of M&I that ultimately, we think will come into reserves to allow us to be a very solid, strong mid-tier gold producer for the foreseeable future. So again, a year ago, we put out the PEAs. None of us expect gold prices at these levels. So we put out the base case at 2175 goal. $1.6 billion at $3,000 gold. The NAV was -- with a 5% discount rate was $4.9 billion. We said at the time, we expected those were conservative and that as we complete the infill drill programs and step-out programs, we thought the numbers would grow. And we expect that to grow at current metal prices, that NAV would be about $10 million. And Today, with the recap on a fully diluted basis, we have a little bit over 1.2 billion shares outstanding, so roughly a $2 billion U.S. market cap. So there's a lot of room to grow in a great jurisdiction. This can chart lays out the 3 stages of development and the work that is underway. We put that plan out 18 months ago and we're largely on track to deliver on that. A couple of caveats, we moved some of the technical work forward. at our committees, 1 of our 2 underground that's in Phase I as well as Mineral point, thanks to the investment by Franco Nevada. So we are aggressively pursuing this plan, and we believe that we'll be able to execute on it. In order to execute on it, we had to recap the balance sheet. We had about $2 million that was coming due when I first started in the fall of '24. We didn't have any credible plan to actually repay that debt. So we put that development plan out, and we've been able to raise over $1 billion with the capital coming from Franco-Nevada, that foundational capital that allowed us to bring National Bank in Macquarie on the senior bank side. And then we are able to complete a convertible debenture last month, led by BMO and National Bank. So we are fully funded through the 3 phases of development that we've laid out. Since I started in September of '24, we've been very active. We put out a new development plan that we've been executing on we put out those 5 PAs that allowed both Franco and the other investors in the STACK to come in. We strengthen the team. We've completed the technical work on the refurbishment of our autoclave. We're 1 of 2 companies in Nevada with a permitted autoclave. The other is Nevada Gold Mines. Hatch built that plant for Safe that was acquired by Newmont. They are currently doing the refurbishment. And we think that work will be done by Q4 of next year. We've completed the capital we've added Board depth, management depth to be able to execute on the plan. As we move forward, we expect to have 5 technical reports on those 5 deposits over the next 12 to 18 months. and that will allow us to convert resources to reserves and really lay the foundation out for that growth plan that we've laid out before. We've got two fees coming out in Q2, and what we're seeing is that more than a 1:1 conversion of inferred into M&I. So the programs have gone very strong. We put out a press release in advance of pricing participating today on our third underground or committees with very good drill results. And again, we would expect more than a 1:1 conversion of inferred into M&I. We've begun the loan tree refurbishment. I'll talk a little bit about that shortly. That will be done late next year. Our committees is our second underground mine. We put the press release on those drill results earlier today. but that development program is ahead of schedule. So all things are moving forward very well. Maybe just spend a little bit of time talking about some of the optionality. So Granite Creek is our current operation in production. We expect it to produce between 30,000 and 40,000 ounces this year. What we like about this asset is it's within 10 kilometers of Turquoise Ridge. Turquoise Ridge is a 30 million-ounce discover within Nevada Gold Mines. All of our senior team worked at Turquoise Ridge, our mining contractor continues to work at Turquoise Ridge, and everybody says it's in the same system. And so when you look at the ore body, the upper portion, which we've been mining looks like [indiscernible] from the '90s remember, [indiscernible] buying Getchell and that was a bit of a challenge, poor ground conditions narrow. But as you get deeper in the South Pacific zone, you see better ground conditions better grade and more latitude to be able to increase money rate. So this is the asset that our geologic team believe have the most upside. So that's the first asset in Phase I. Our committee is a second, $50 million to bring that into production. Things are proceeding well, and the answer rates are going above plan. We put out those early drill results that were better than expected. We think this is going to be a good solid asset. So between the two of them, we would expect roughly about 200,000 ounces of annual production through our autoclave that's being refurbished, a little over $400 million to refurbish that autoclave. Hatch is doing that work on our EPCM contract. They built the facility, they put you. They've spent about -- we spent about $15 million on the engineering work. We're very comfortable with the execution plan. And so we would expect to be commissioning September of next year and first gold by the end of next year. But the real care of it us is Mineral Point. In the tech report, that was 282,000 gold equivalent ounces over a 17-year mine life, 1,400 ASIC. We believe that deposit is going to get bigger. We are looking to move that project forward, part of the $250 million that Franco put in was earmarked for advancing expediting mineral point. So we're going to spend $50 million on infill drilling over 400,000 feet of drilling plus the engineering and early permitting work, and this is going to be our flagship asset. So in summary, we've got four past producing properties. We expect to increase production from 50,000 ounces to over 600,000 ounces over the next 5 or 6 years. We are fully funded. Current fully diluted market cap is about $2 billion. And we think the NAV is at least 10, if not higher, as we complete these programs. So that's the IAD story, and sorry, I took more than 15 minutes. Thank you.

Thank you, Richard. When we set out on our partnership strategy, the key part of it was we said, how do we provide financing to teams where we can make them successful. If we make them and their shareholders successful, then we'll have other people that will come to us and say, "I want to do that." And we said, if we can do that, then we can legitimately continue to grow our business over time. But it gets even better when it's actually the same team that comes back and says, we want to do another deal with you. As Richard mentioned, it's the fifth company that Richard has been with where AE has been engaged with Franco-Nevada. It's been a fantastic partnership, Richard, I think this one is going to be the best one yet. Thank you. Now we invite Mark Hooding going up to the stage. Mark is going to speak to Discovery Silver.

Thanks very much. Thanks, Paul. Pleasure to be here. And again, I apologize for Tony not being able to make it, but he is under the weather. So I'm happily filling in. It's a real honor. I can tell you, we very much value our partnership with Franco Nevada and getting the Porcupine acquisition completed early last year. The working relationship we had with them was extremely valuable, very much appreciated and as a partnership, I just think it gets better and better. I noted Patrick's comment about getting his deal done sleepless nights. And we had a few of those, and they went on for a while, like this deal took months to get done. It was a very complex deal. That's the reason for. And when we finished getting this done, and we announced the deal in January, we went to BMO. And Paul and his team were very kind to take the discovery team up for dinner around the time of the conference. And we were talking about the war stories of getting this thing done. And I believe Paul said something to the effect of getting this done is kind of like having a baby. And I remember that very clearly because my wife was standing right beside us and without skipping a beat, she said, no, it is not. No, sir, it is not. And I think that gave us all a little bit of perspective on that. But we did get it done, and it's just been a great relationship so far, and because of that, we can stand -- I can stand here today and say that we truly believe we've got one of the most compelling growth stories in the gold industry today. We already had and continue to have one of the most compelling and attractive development stories in the silver space with our Cordero project in Mexico. And I'll mention that the rest of my talk, I'll really focus on porcupine and what we're doing there. The other thing I noted in Paul's earlier comments was the number of times he mentioned expiration and exploration optionality. And I've worked with Tony, this is my fourth company now working with Tony and the success we've had, it all starts with the drill bit. And it has in every company we've been at. I was really interested to get a little update on Detour because that was probably one of the shining examples of where we got drilling really quickly. We had 10 million ounces of reserve in less than 2 years. And credit to AgEagle because they're leading that project to its full potential and it's just a terrific mine. So this year at Porcupine, we'll be drilling over 208,000 meters. We've got over 20 drill rigs turning now because the exploration potential in this over centurial gold camp is absolutely tremendous. And we'll be investing somewhere between $55 million and $75 million. We've already had a couple of press releases out that show the results are extremely favorable. And this is going to be a big part of the story. We're going to ramp up production, but we're also going to have a steady stream of exploration releases out because we're getting good results virtually everywhere we're drilling. So -- we do -- I do have the forward-looking statement and other cautionary language in the deck. We've put it at the end because I know there have been a lot of cautionary slides. But I'll quickly go over to those at the end. But this really gets to what we expect to do. Last year, the porcupine assets produced 234,000 ounces, including the period before we own them. Based on work we are doing today, we expect to take that production to somewhere between 0.5 million and [ 3 quarters ] of million ounces of gold over the next 3 to 5 years. And I'll give you a sense of where that growth is going to come from. Through Credera, I'll mention it quickly over the same, and I should mention this is about a 3- to 5-year time frame. Over that same period, we expect to develop Credera and bring that in, which would give us about 14 million ounces of silver and considerable over 200 million pounds of zinc a year. We're not just going to add ounces for the sake of adding ounces. We're going to drive down costs and we're investing today to do that. We plan to be in the lowest half of the cost curve for both gold and silver. And then you see credit [indiscernible] Minerals there. We recently announced the acquisition of Glencore's kid operations. And I'll give you a little bit of color. I mean that acquisition is going to do great things, we believe, for us for our Porcupine business as well as have its own optionality. I won't get into all the details of what our investment philosophy is that are on that slide. But basically, I can tell you, we invest capital with maximizing value for the shareholders in mind. And again, as I said before, that really starts to having a very significant commitment to exploration and drilling to make sure we get all the value we can out of the asset. Last year, in conjunction with the financing for the deal to acquire Porcupine, we issued a technical report at the PEA level. It really involved just a portion of what we acquired and involved the existing mines in operation at the time, Hoyle Pond, Born and Panama, which I'll talk about in a second. This shows the production profile as well as the unit cost performance. What we can say is we're already beating those numbers. And we expect, obviously, to do a lot more than what's here. We're more or less the growth trajectory we're moving forward. We expect to basically do what they -- what was in that report in 2028, we're going to do that this year. We're also going to continue to invest to grow production from the existing assets, and then you see the arrow on the right. We've got two very significant near-term projects, Dome and TVZ, and sort of we project around 2029, that's where you see a significant step-up in what we expect to produce. The technical report itself, just by executing it, we will improve our unit cost from over 1,900 today, but we think we'll even beat the numbers. And our goal would be to sort of get an ASIC that's a lot closer to the $1,000 announced by 2031. That's currently shown for cash costs. But we will continue to manage to drive our costs down. Now I'm just going to get to talking about the porcupine assets a little bit. And for those who don't know, I mean, Tony is born and raised in Timmins. He's worked at these assets. And I can tell you that, that statement is true of about half of our executive team. We know these assets extremely well. And basically, the producing assets today are Hoyle Pond, which is one of Canada's highest grade gold mines. It's produced 4 million ounces since 1987, never really had more than a few years ahead of it, but it just keeps on replacing. It's one of those mines that just keeps on going. When Tony was the mine manager of Hoyle Pond in the late 1990s, I think they had something like 40,000 ounces in reserve, and that was 3 million ounces ago. And we fully expect that oil Pond's just going to continue to keep going. Borden is about 190 kilometers southwest of Timmins around Chapleau. And at one point was Newmont's largest land position in its global portfolio. And the key thing about [indiscernible] is, there's been very little drilling there other than on the OneMain mining trend that probe had. We're already seeing exploration success, and I'll just expand that to say everywhere we're drilling we're having it at oil. We're having it at Borden. We're extending that trend, and we're also doing district drilling. Pam's an open pit. It's a historic mine, but we're just ramping up an open pit. And it's got tremendous exploration potential. We'll -- the technical report there speaks to getting 150,000 ounces over 22 years. That was really dictated by the milling capacity we expect to have. [indiscernible] has got an opportunity to become much larger. It's open in multiple directions and at depth. And we're already getting good results from district targets nearby. The growth mainly will come from those assets. It's also going to come Dome is a huge project for us. We have 11 million ounces in resource, where there's already an open pit. There's been 17 million ounces produced and the mill is directly beside the existing pit. We're doing a study now by bringing Dome back into production. And I'd say that we -- those 11 million ounces are all open pitable, but there's also an underground potential, too. TVZ is a large zone directly adjacent to Hoyle Pond. I'll talk about it in a moment in a little bit more detail. But it basically has an opportunity to be its own mining operation. Owl Creek is a large district target 3 kilometers to the west of Hoyle Pond. And we've already had very good exploration results there between surface and the 650 level. You can see how we're rolling up to 280,000 meters very quickly here because we've got a very extensive program going. And then we've got Hollinger McIntire, two historic mines that between the 2 of them have produced $30 million ounces. We are putting the existing Hollinger pit back into production. Newmont had a program they were executing that they closed the mine in 2024. There was still a year plus left in that program, and we're actually putting it back into operation to finish that out. The grade at the [indiscernible] open pit is very good. So we're going to do that. Longer term, we have an opportunity to combine those assets and create a super pit concept, and we're going to look at that very closely. That's a longer-term project. It will probably be the next iteration of the executive team, but we're going to do the drilling and the groundwork to advance that, and it has huge upside. Just going to go to this one. Just quickly, I'll talk about KID. The kid acquisition was announced on March 2, and it's got huge upside for us. These are Glencore's assets. It includes the Kidd met site, the Kidd tailings facility and the Kidd Creek Mine. The Kid Creek mine gives us exposure to critical minerals like copper and zinc and silver. It also has a huge land package with exploration potential. Big upside here, though, is we get the Kidd met site, which is a four circuit processing facility. And when I talk about getting us to 0.75 million ounces, the 1 issue that anyone who covers us, who knows us as is we need to add milling capacity. I'm going to talk about Dome mill in a second, but then I'm also -- but this gives us the opportunity to reconfigure that mill and to support the growth plans that we have for Porcupine. And I won't get into too much detail on the time I have, but this is a big win for us to be able to do this deal. Just getting to Dome, this is the Dome site. You'll see the mills on the left in yellow. It's the yellow blocks you see there. There is a 3-stage crushing system that we need to take out -- it's expensive and inefficient. And it happens to be where we plan to push back the existing pit to bring Dome back in. We're doing a study now on resuming mining at Dome, which will be done late this year. Basically, what you see on the slide, the red outline. The purple outline is the 11 million-ounce open pitable inferred resource. The red outline is a is a conceptual pit design that would allow us to access, we believe, somewhere between 5 million and 7 million ounces, which would keep us mining for well over a decade, and that doesn't require us to relocate the mill. We're also doing a study on the mill itself to remove the 3-stage crushing, put in single-stage crushing in a SAG mill and also to expand the mill. The milling strategy that will come out of that study, obviously, getting the Kidd met site is going to factor into that. And we will have that released late this year as well. TVZ very quickly. I mentioned it's a large loan right beside Hole Pam, that's the Hoyle Pond underground infrastructure there. key deliverable this year for us is an NI 43-101 resource, which we expect to release late this year. There isn't a resource out on it now, but it's a large zone -- it is partially refractory and we're doing met testing. That's another thing that Kidd Met site going is to help us with because there's a floatation circuit there that we plan to convert to a gold processing circuit that will help us produce this material as well as other refractory ores in the area that we may be able to obtain. This is really a conceptual production outlook. It's not intended as guidance so much. But what it's meant to show is the opportunities that we have. And you can see Hoyle Pond's doing about 65,000 ounces a year now. We believe there's upside there. Borden is doing over 100, but we expect to be able to grow it. Both these underground mines were capital-deprived. They need investment in ventilation. They need investment in new mobile fleets. We're bringing in battery powder equipment, which we have a lot of experience with from our days at Macassa, and there's great growth potential. I mentioned [ Pamar. ] We talk about a super pit at Hanger McIntire, talk about a large pit at dome that we're going to do. Again, Pamar, you can see the 150 million, including the technical report, we think we can grow that significantly. And there's just a whole lot of additional opportunities from TVZ, Hollinger or McEntire. We have other properties like Paymaster, kid could give us value creation from mining as well. And we've got several hundred million tons of tailings which we could process, particularly their economic in today's world. And on top of that, you add in Credera, and I think you see an extremely valuable company. With that, I'll leave it and hand it back to you.

Thank you, Mark. Now for all the women in the audience, I've just got to clear the earth about my clear the air about my child birth comments. And I wasn't trying to equate the pain or doing a deal with having the pain of having a child or really what it was is that both are painful. And just that if we remember how painful it was that you wouldn't never do it again. And -- but maybe with childbirth, the reason that you do do it again is because the babies that you produce are so beautiful. And in this case with the deal, you had Discovery, have -- you've got some wonderful babies, and we're looking forward to seeing them grow up. So now we're going to move from in person to under the webcast, and we have Ryan King from Equinox who is going to join us and present Ryan, we're seeing you on the screen. Please go ahead.

Well, thanks very much, Paul, and thanks very much, everybody. Ian and team at Franco-Nevada. It's been a journey. We're in the process now of having our babies grow up to be toddlers with Equinox Gold and we'll talk about a number of assets in our portfolio that Franco has royalties on. So if we could advance the slide, please. Well, as you can imagine, I'll be making some forward-looking statements. Please do take the time to read through some of those details. You can also find a version of that on our website, equinoxgold.com. Next slide, please. So I guess we'll talk about the -- probably one of our key cornerstone assets in the portfolio today is the Greenstone Gold mine in Northern Ontario. Yes. It's -- this asset has got some history to it. It was a historical line. This is a brownfield site that the Equinox team has took from [indiscernible] free? from conception of old underground and then envisioned a large open pit. And as you can see there today, we've got 5.3 million ounces of gold in proven and probable open pit reserves. We've got 3 million ounces of measured and indicated in addition to the 5.3 million ounces of proven and probable reserves. And some of that comes in the form of an underground opportunity. But -- and we'll talk about that in a minute. But just recently, the company came out and published updated technical reports at Greenstone and our Valentine asset, both of which are in Canada. And as you can see there, over the next 10 years, we anticipate based on these technical reports that we should see an average of 320,000 ounces a year from Greenstone and a little over 1.1 grams per tonne gold in the open pit. This would be running at about 27,000 tonnes per day. This is a large open pit asset in Northern Ontario. Now this year, we've guided 250,000 to 300,000 ounces as the asset is still in the process of ramping up. This year, we would envision that we'd probably produce about, again, 250,000 to 300,000 ounces, but process about 25,000 to 26,000 tonnes a day. So we're working towards getting to that 27,000 tonnes a day run rate. And by about the middle of the year or third quarter of the year, we anticipate to be there or beyond that. And so one of the opportunities in front of us. When we look at this asset, we say it's 320,000 ounces over the next 10 years. We do see a number of great opportunities here. This is a very large land package. I think it's over 400 square kilometer land package. And these resources and reserves here are directly at the open pit and underground asset at Greenstone. So in addition to the opportunity here, we see a great opportunity of potentially bringing underground resources into the reserve category. And then expanding that annual production profile. That's one opportunity in front of us here at Greenstone. Second opportunity, and I'll speak to this briefly, but the second opportunity here is increasing throughput. First and foremost, the focus is getting the asset 27,000 tonnes a day. The second opportunity, and I've just recently been to site with the technical team is that they believe there is a very good opportunity to push the throughput here. We see an opportunity to immediately in the near term, go to 30,000 times a day once we hit the 27,000 tonnes a day. But then there's a potential opportunity to go beyond that potentially up to 32,000, maybe 33,000 tonnes a day. So there is good opportunity from a throughput perspective, bringing on an underground opportunity, feeding that underground grade and material into the plant as well. So this technical report that we just came out with, we do truly believe this is a solid base case from what -- from where to work from. In addition to those opportunities, this is a an old mining camp. So there's about six past producing underground mines on the site, some of which have resources, most of which have had no modern exploration. So there is a very good exploration opportunity here where potentially we could see satellite feeds coming into the Greenstone mill and therefore, either potentially expanding the mine life or increasing annual production. So a great base to start from, a great opportunity in front of us. And so this year, it's going to be a big year of transitioning from investing and transitioning into a real harvesting cash flow mode now. So it's a cornerstone asset for Equinox. Next asset in the portfolio that I'll talk about, the next slide, please, is an even newer mine. The Valentine Gold mine, which is located in the central region of Newfoundland. And this is one of the largest open pit gold mines in Atlantic Canada. This asset is a little bit behind Greenstone. Greenstone started production in 2024. And Valentine just started production last year so we finished construction in August of last year, and we had first gold in September of 2025. I First gold to commercial production was only a few months. And in fact, Q4 of last year, we produced a little over 23,000 ounces of gold. So the commencement of operations the transition from construction to operations has gone fairly smoothly. We are now in the process of really ramping this asset up in its Phase 1 capacity, which is 6,800 tonnes a day, and we're on track for that. Q1 is just finished up here. We had a solid first quarter. The asset is anticipated to produce 150,000 to 200,000 ounces this year. Here, which, as you can see here, based on the next 10 years of reserve life, we'll be producing a little over 220,000 ounces of gold on average a year. Now Valentine is new, and we're actually in the process of just finalizing our Phase II expansion. Albeit the original technical report here envisioned that Phase 2 would be maybe year 2, 3 or 4, we're in the process now of looking at potentially investing capital this year to advance our Phase II expansion to take this plant from a 2.5 million tonne per annum throughput capacity up to 5 million tonne per annum capacity. So we're very excited about this opportunity. we do see good opportunities, taking this to this scale, and that would then bring us to that 220,000 ounce a year average. Now in addition to this, Valentine presents a very compelling exploration opportunity. If we think back to when Valentine was first -- really first discovered, was about 2010. This is a large, big fault system in the central region in Valentine and orogenic old deposit. Most of the drilling in fact, if we look back over the last 10 to 15 years has been centered on 3 different pits. And I would say that 90% of the drilling has been confirmation or infill drilling. We've recently started doing some exploration drilling around the pits along the trend, and we found a new zone. We call this new zone, the Francs. I don't have an image of it up here, but it's just south of our third pit. We believe it's early days here. That's some incredible drill results outside of these current mineral resources and reserves that you see on the slide. So they do not include this zones that are drill intercepts that have run 190-plus meters at 2 to 2.4 grams per tonne gold near surface. So very, very good opportunity for expansion. And we believe there's an opportunity for another new pit there already at this stage, again, forward-looking statement, but based on mineral inventory there. We think we've got another 500 million ounces outside of these resources in that one new zone. So in total, this tells us there's tremendous exploration potential at Valentine. This fault system runs about 35 kilometers long. And in the 3 open pits that we have defined there at Valentine, there are about 6 kilometers of the total 35-kilometer long strike. So an exciting opportunity for action. And this year, we've got $25 million budgeted. About 100,000 meters of drilling will go into this asset this year. So stay tuned for additional updates there across this portfolio of exploration potential. Next slide, please. So in addition to the Canadian assets, Franco also has a royalty at our Mesquite mine. Now this mine is a heap leach time located in California. It's been in production for many, many years. And for many years, it's always only had 2 to 3 years of reserve life in front of it. And yet, it's the little engine they're good. It keeps finding new zones. We continue to expand. And as you can see on the slide, we've got a little under 300,000 ounces of reserves, but over 1 million ounces of measured and indicated resources. So again, this is another one opportunity where we believe we'll likely have an opportunity to convert some of those resources to reserves, extend life and we're investing this year approximately $10 million to $15 million in sites exploration program, and we do see good opportunity there as well. In terms of future growth outside of our operating assets, again in the United States, an asset called Castle Mountain. Castle Mountain is a historical heap leach operation. And the company is actually going through the permitting process to expand this asset, and based on the previous technical report, the asset could produce a little over 220,000 ounces of gold in the United States a year. So we're working through the permitting process there. We're in the FAST-41 process. So just recently, at the end of last year, went through a public consultation period. There is a defined process here, so much so that the defined process is stated that we will get a record of decision by the middle of December 2026. And at the same time, as we work through that, we're updating the technical report as well. So looking at all the new -- the opportunities and aspects there, we'll publish that in Q4 of this year as well to dovetail with the timing of that permit. There's no guarantee that we'll get a positive record of decision. But given that we got put in the FAST-41. It is a historical asset and has been an operating asset, we believe there's a good chance that we should get a positive record of decision. Now on the back of that, positive record decision. We finalized permits with county and state the first half of 2027, and we could be in a position where we begin construction, say, the middle to third quarter of 2027. And likely a 2-year build and starting up production of that asset in the middle of 2029, giving us another 200,000 ounces of additional production growth. And obviously, a great opportunity for Franco as we unlock more value from the growth of that asset and the construction and build of that asset. So things continue along this along the path of additional growth. And in North America, as Paul pointed out in his presentation, these key assets are all located in Canada and U.S. Tier 1 mining jurisdictions great opportunity for that portfolio and a great opportunity for Equinox Gold as we continue to invest. In total, this year, Equinox is producing 700,000 to 800,000 ounces. That's our official guidance, at $1,700 to $1,800 or $1,775, sorry, to $1,875, all-in sustaining costs. So at these prices at $4,000 to $5,000 an ounce gold that we are collecting now in our top line revenue giving us a significant amount of cash flow, a significant amount of free cash flow. So we do believe that the future growth here at CAS Mountain, all of our exploration programs and additional nonsustaining capital are fully funded through our cash flow generation. And we were fortunate enough to have the partners of Franco-Nevada to allow us to get to this stage and now start to harvest this cash and put to work on additional opportunities like Casa Mountain. That's the extent of my presentation, Paul and team, I'm happy to answer any questions if anybody has. But I appreciate everyone's time. It's a quick snapshot there for everyone.

Thank you, Ryan. Now I don't know if any of you noticed that EconoxGolf has been following Franco around started with Casa Mountain, and where we own royalties and they got those assets. And then we bought the royalties on Greenstone. They bought the mine. We bought royalties on Valentine. They bought the mine. So sitting here, and I just realized I figured out the next M&A deal in Canada. Equinox is going to buy ski resources and SK Creek. Ryan, thank you.

[indiscernible]

The next presentation we have, the latest deal that we've done is with Metals 260 (sic) [ Minerals 260. ] Luke McFadden is the CEO of Minerals 260. He will be presenting the coming out of Perth, Australia. So I think he is on 03:40 in the morning in Perth. We really appreciate you joining us, Luke.

Thanks, Paul, and thanks, Franco-Nevada for the opportunity to present this morning. As Paul mentioned, I'm Luke McFadden, the CEO and Met Engineer Director here at Minerals 260. And yes, it's 03:40 [indiscernible]. Yes. look, Minerals 260 is a relatively new gold company on the ASX. So I won't be in solid if you haven't heard about us before. But certainly, hopefully, in the next 10 to 15 minutes, you're as excited about the company is what we are. And certainly, Franco-Nevada were recently. We were recently included on the [indiscernible] 300. And today, I'm going to talk about our 4.5 million ounce billable and gold project. The project itself -- sorry, next slide, please. The project itself is located 65 kilometers from Calgary. That's the center of gold mining universe in Australia. The closest major mine is Evolution's Mungari mine, which is 20 kilometers away. And it's really the scale and location that makes this outstanding asset. Billabong itself means large rocks in local traditional owner language, and we certainly think they were talking about gold when they named it 50,000 years ago. Just for a bit of context, given I'm in Australia, the dollar figures I mentioned in the presentation are Australian those two, which easily enough was trading at around parity with Canadian dollar just last night. Minerals 260 acquired, the billable gold project just over 12 months ago, literally a day, 12 months and 1 day, we acquired it. And it's certainly been a transformational year for the company to say the least. 12 months ago, the market cap was $200 million, 9 months 600, 3 months, 1 bill, and just last -- just yesterday, we just tipped over $1.6 billion. So certainly been a fast-moving year, and it's all being driven by the asset, our strategy and our people. Just a bit of background about [indiscernible] itself. It was discovered in the 1980s by Western Mining operated by Resolute in the 1990s. And then between the late '90s and 2012, it really went through a series of small company ownership at some point. The asset was also split in half. And then it was put back together in about 2010 by a company called Billable in Gold at the time. Zygon or Zijin bought it in 2014 after a feasibility study came out on expecting about 180,000 ounces a year for just over a decade. And then at least become one of these assets that just got lost in a large conglomerate portfolio. The exploration manager for this was based in Belgrade. We had never been to site. They drilled less than 20 holes over their 12 years of ownership. So it really was lost in their portfolio. And then we acquired it just like I said, 12 months ago. The resource today stands at 4.5 million ounces. That is the largest resource in Australia not owned by a producer. And we're targeting the release of our feasibility study in the middle of this year. consensus analyst views on that are looking for us to achieve around 200,000 ounces a year for approximately 20 years to give you some context of the scale of the project going forward. The team is led by an incredibly high-quality Board, our Chairman, Tim Goyder is a notoriously successful entrepreneur and mining investor Australia. He's funded, chaired and run several highly successful companies, 3 ASX 300 companies that he's chaired. Two at the moment, Minerals 260 is one of them, of course. Any ones just over 7% of the shares on issue. Before I joined the Minerals 260 3 years ago, I was the Head of Strategy Osenar, which was the copper gold company acquired by BHP a few years ago now. And look, in February, we announced what we call our transformational deal with Franco-Nevada, $220 million royalty in equity investment. And we were certainly wrapped to be able to bring Franco-Nevada on board as a partner and as an investor, and we certainly see it as a long relationship going forward. It was actually quite unique. We thought that you can get a deal with a counterparty that you could actually see it from their perspective as well. And we certainly thought the financial metrics were compelling for both sides. So it really was a bit of one of these a bit of a cliche or win end that we thought for both sides. Certainly, for Franco, they get the increased exposure to the leading gold project in Australia, the largest resource not owned by a producer. And we certainly expect that resource to grow, which I'll talk about in a moment. For Minerals 260, it was actually all about value. This stood out as really value accretive for us. It derisks and accelerates our development schedule. We're targeting first production by the end of 2028 calendar year. Like I said, we've introduced the company to a fantastic partner who is backing us to develop and operate [ Bullabulling, and ] we have completely debunked the myth in Australia that royalties are not attractive funding options for developers. There certainly was a math going around for many years, probably obviously led by the bankers and brokers. But we certainly know many other developers have stood up and take notice and certainly contacted me about understanding more about the deal. So we certainly like the opportunity to debunk that myth. Change the slide, please. Look, in the last 12 months, we've drilled 140,000 meters. We acquired 2.3 million ounces and 9 months later, we updated the resource to 4.5 million ounces. $3 million of that is indicated. We've commenced our feasibility study work. We've acquired a further 600 square kilometers today. So today, we sit on 750 square kilometers of greenstone belt, a 45-minute drive from Kalgoorlie. So I certainly have become very quick with the dominant landholder in the area. And with Franco's investment, we will certainly be drilling a lot more meters than what we would have otherwise done. We will drill 60,000 meters up until about June, and then we will recommence the program once we've put out that new resource like I mentioned. But more importantly, for us, we will very shortly commence construction of a 400-room accommodation village and we're accelerating the development of this project in several other ways, including the procurement of long lead items, early site works and investment in the water infrastructure. And all of that will happen this year, whilst we are concurrently running studies and FID is targeted early 2027. We're certainly moving at a speed, very few companies in Australia have done before. But it's for two reasons. It's the asset itself, of course, and then it's more recently, it's Franco's investment that allows us to unlock this asset at a much faster and different pace than what we otherwise would have done. [ Bullabulling ] certainly stands head and shoulders above the scale of any other resource in Australia, not owned by producer. And the resource that comes out in the middle of the year will have 60,000 meters of new drilling. Last year, we drilled 110,000 meters in 8 months. To put that into context, that's more meters drilled by Minerals 260 in that 8 months than the last 20 years combined at the asset. And there was 530,000 meters drilled at the asset before we talk ownership. The average drill depth was 50 meters and all that drilling was completed when the gold price was USD 1,000 an ounce or less. So we certainly think there's a lot more to go in terms of growing the resource given we've only owned it for 12 months and a day, and we've only just begun to piece together the 10-year package, and we are running this concurrently to the study. So it's a unique value proposition that we've got a growing resource that's going to be unlocked in operational within -- in under 3 years, but at the same time, we're growing at the pace that we are. Certainly, the drilling results have exceeded our expectations in many ways, especially with the intercepts that have been some of the highest gram times meter intercepts in the history of the project, which is not easy to do, given it's a 40-year-old project. But for us, importantly, the highest-grade intercepts we've hit are actually not included in the 4.5 million ounce resource because we hit them in November and December last year, which is after the time that we'd cut off the database for the resource estimation. So when we say we're confident about the resource growing, we've certainly got some key data points to point to towards that. For us, we believe [indiscernible] will be the next large scale on life and high-margin gold mine in Australia. It will certainly establish Minerals 260 as the next ASX gold producer. and sit alongside our mid-cap peers in -- on the ASX. And it will be the foundations that we continue to grow the company. We like said, we've been acquiring a lot of ground around Colgate, where the asset is based, hoping to continue to grow the company in addition to the resource at the same time. In the next 12 months, it will be an incredibly careless rich period where we will release the PFS, the maiden ore reserve, the DFS, the updated resource targeting final investment decision early 2027, commencement of construction activities. So thank you for listening, and certainly feel free to ask any questions if you've got any. Thanks, Paul.

Thank you, Luke. I know I said earlier on that with our partners when we do the deal, if we can make our partners successful, and they're shareholders successful, that actually is the best success for ourselves. But Luke, your share price has gone up so much since this deal. I'm starting to wonder, did we overpay?

No, I know...

I'm just kidding. I'm kidding on that. And really, the -- Luke mentioned it, the part of doing this deal, and what's important for us and it is cracking the code in Australia and getting people to recognize the value of royalty and stream financing in the Australian market. And when we set out to do it, we said we need to find a party to do it, who is a really credible party. And in finding Luke and Tim, they are such a well-respected team in Australia that really what has got the ripples going is to see their team take on royalty and stream financing. So we couldn't be happier with this deal. Thank you, Luke. In terms of next presentations, we're back to the Franco team. John Blanchette and Matt Begeman are going to speak about some of the other big projects that will be driving our longer-term growth. John?

Thanks, Paul, and thanks to our partners for a great overview and their respective projects and good afternoon, everyone. Today, Matt and I will discuss a few long-term options. As Paul mentioned previously, we have a number of assets, not in our 5-year guidance that could contribute significant geos to annual production. We have highlighted a few on the chart here in the lighter blue in the light gold, and we'll walk through in more detail, including Antapaccay. At Glencore's Capital Markets Day in December, Glencore provided some additional information on the [indiscernible] project in Peru, which is expected to significantly expand the mine life Antapaccay with copper grades that are approximately 50% higher than Antapaccay reserves. Our stream covers the majority of the Antapaccay concession, including [indiscernible] will exclude the recently acquired Katcha project. Glencore expects a construction decision on [indiscernible] in the second half of 2026 with first production targeted for H2 2029. Average annual gold and silver production at [indiscernible] is expected to be approximately 53,000 ounces of gold and 1.5 million ounces of silver over a 40-plus year mine life. There are also multiple resources within the antacid district, which provide for other potential mine life extensions. Our Antapaccay stream is initially linked to copper, but is expected to transition from a copper link to 30% of gold and silver production in 2028. We anticipate that the likely [indiscernible] expansion will help offset the upcoming step down on Antapaccay stream and significantly extend the mine life by over 40-plus years. One of our largest potential future contributors that are expected to provide significant growth in the medium term is the Cascabel project in Ecuador. Cascabel is one of the largest copper gold development projects in the world with an M&I resource of over 31 million ounces of gold. We purchased a 1% NSR from SolGold for $100 million in 2020 and announces syndicated $750 million stream in July 2024. As you may have seen, last month, JCC completed the acquisition of SolGold and subsequently exercised their 50% buyback option on the stream and the NSR. As compensation for the buybacks, we received a onetime delivery of gold ounces worth approximately $40.7 million net of the ongoing payment for the 50% buyback on the stream. And on the NSR, we have essentially recouped our capital with approximately $97.5 million in cash for the first buyback resulting in a significant return on our investment. Franco-Nevada's portion of the stream now consists of 7% gold produced, stepping down to 4.2% after 206 -- 2,500 ounces of gold have been delivered. The NSR has been reduced to 0.5% on all minerals produced subject to adjustments based on the production rate. We are excited to partner at JTC on this project. I believe that their ownership reduces the financing risk and provides technical expertise to advance the project. The 2024 PFS supported a large block cave with a mine plan that only represented 18% of the known resource. SolGold has also identified an open pit potential at TAM, which could accelerate initial production while the block cave is being developed. SolGold estimated first production at a time open pit could occur as early as 2028 and Apollo block cave in 2030. Cascabel is a long-life asset with the potential to add up to 30,000 GEOs per year to our portfolio. Moving on to New Prosperity. The new Prosperity project in BC is owned by Taseko and is one of the largest copper gold porphyries in Canada. The project hosts M&I resource of 13 million ounces of gold and 5.3 billion pounds of copper with a historical technical report highlight an average production of over 400,000 gold equivalent ounces for a 33-year life of mine. In June 2025, Taseko announced a signing of an agreement with the -- sorry -- in June 2025, Taseko Naini agreement as [indiscernible] and the province of British Columbia, providing a potential pathway to project development. Taseko is contributing 22.5% equity interest in new prosperity to address for the benefit of the silicate nation. The province of British Columbia and the silicon [indiscernible] nation are now currently working together on a land use planning process for new prosperity. Franco-Nevada has the right to acquire a 22% gold stream on the new prosperity project for $350 million. Once in full production, New Prosperity has the potential to add approximately 62,000 geos per year to Franco-Nevada, representing greater than 10% growth to our portfolio. I will now turn it over to Matt to discuss a few other assets. Thank you.

All right. Well, thank you, John, and thank you, everybody, for your time being here today. So I'll continue on going more focus on some of our royalty assets located within North and South America, and particularly, I'll start first with the Yanacocha royalty in Peru, which covers all Newmont's Yanacocha and associated Peru projects located nearby with a 1.8% NSR. This includes the currently producing oxide and re-leaching operation from the mine today, which has significantly outperformed our expectations, plus the sulfide project located beneath the oxide footprint. Interestingly, though, beneath just these projects alone, we also cover the Quilish high-grade oxide project, looking at adjacent to current operations as well as the large Conga copper gold project located nearby. We were able to acquire this royalty from the prior JV partner and benefited from due diligence, including a site visit, which confirmed that this is one of the greatest gold assets in the world, gold production to date of more than 40 million ounces. And despite this level of production, there's still more than 40 million ounces of gold equivalent across the various projects to come. Production has recently averaged around 500,000 ounces per year from oxides and re-leaching. We now expect approximately half of our payback from the oxides alone, far above our initial product assumptions, and that it does not involve the current resources and the extensive projects beyond that. Going forward, the projects and the exploration upside and the large land package, have the opportunity to contribute from the current approximately 9,000 GEOs per year, up to 25,000 GEOs per year if the projects are producing concurrently and we expect this production level to be able to maintain for decades. Overall, it's been a great illustration of the optionality within the portfolio as the releasing has delivered significant cash flow that was not anticipated at the time while still maintaining an extensive upside to come. Turning on turning to the Arthur Gold project, look at Nevada, which AngloGold Ashanti's flagship development project, we frankly Nevada 1% NSR is one of the most exciting gold stories in the industry today with the potential to be a new Tier 1 district with a rapid resource growth and accelerated path of production. The current resource of 9.4 million ounces M&I and 6.3 million ounces inferred represents a dramatic increase of nearly 3.5x compared to the initial resource declared only 4 years prior. While we believe there's extensive upside in the resource to come with more drilling as demonstrated by the active drill program Anglo has. AngloGold is moving forward with an accelerated production time line based on initial PFS mine life of 9 years, which contemplates 500,000 ounces per year of production, but it's front-ended with more than 800,000 ounces per year start in the early years. With federal permitting slated to begin in Q1 of 2027, we see excellent potential for medium-term production starting in the early 2030s. And we note that AngloGold is pointing towards potential for 18 million to 20 million ounces from numerous exploration upside targets on site. Our team is similarly excited, and we expect significant resource growth to come. And we expect the mine life to extend beyond the initial 9 years, and we also see good potential for the initial 800,000 ounce period to be extended either through grade increases or the potential for expansions in the future of the throughput. Moving on, I'm turning here to Ontario to the ring of fire Nevada has a unique exposure to this future critical metals hub. We have royalties here ranging from a 1% GSR on the Eagles Nest mine to 2% to 3% on the broader chromite deposits. royalty coverage here is extensive, noting the fact that we got in fairly early with approximately 1,000 square kilometers covered, including the Eagles Nest project, as noted, which will be likely be the first asset to be developed in this area, which is a high-grade nickel, copper and PGM project. El NAS represents one of the largest undeveloped high-grade nickel projects globally with an FS supporting 15 years of initial production and significant potential for extensions at depth. What's really unique about the ring of fire is the extensive chromite deposits, which are unique in North America at this scale and have potential to provide significant strategic advantages of the critical metals hub in the future. As a needless mind is first developed, it will provide significant synergies to allow access to some of those chromite deposits, which could provide many decades of GEO's contributions. This project has very strong government support within the country, and we look forward to being advanced under [indiscernible] leadership. Finally, let us speak briefly on Ragosa. As Paul had mentioned earlier on, this is 1 of the unique optionality plays within our portfolio. [indiscernible] has a 2% NSR on the gold at 1.5% NSR on the base metals. Strict Metals is advancing this project in Serbia. And the deposit has been a very exciting exploration story, both internally and externally with a rapidly growing resource increased from an initial 2 million ounces of gold equivalent to more than 8.6 million ounces in 2025, just a 4-year time period as well there. Project is being actively explored with an ongoing exploration program and a PFS due in the first half of 2027, and we expect resource updates all along the way, given the ongoing drill program, which will likely see it continue to grow. The early stands out to me is just a great example of the benefits of the royalty model and being able to get in early on some of these exploration plays with outside capital coming in and moving them forward and sort of unanticipated time lines. So royalty was purchased in a portfolio. We know that it is an attractive exploration target. That was about it. We see a very nominal value to it. But as you can see now, since that time, effectively nothing but exploration grounds, now 8 million ounces. It really demonstrates the value and optionality contained with our portfolio, often in places where we might not initially strive that value. So hopefully, these projects have highlighted some of the unique attributes of our portfolio and give consideration of some of the upside. I think just scratches the surface of what we have. But with that, I'll turn it over to Sandip Rana.

Thanks, Matt. Good afternoon, everyone. I'm going to briefly talk about our available capital, capital allocation policy and our guidance and outlook. Just a little bit here Okay. So the beginning of 2025, we had about $1.5 billion in cash on the balance sheet. And then during the year with the high commodity prices, we generated another $1.5 billion in operating cash flow. So a significant amount of capital to spend. But as Eaun highlighted, we deployed over $2 billion of capital in 2025 on good long-life, high-quality assets in good mineral jurisdictions. So when you factor in that $2 billion that we spent along with the dividend, we ended up the year with about $670 million in cash. So taking that $670 million, adding in the $1.5 billion credit facility that we have which does include a $500 million accordion. And our equity portfolio of roughly $900 million at the end of 2025. We ended up with about $3.1 billion of available capital. And that's essentially where we sit right now. Subsequent to year-end, we did deploy about another $500 million in the new transactions that we've announced, that has essentially been funded through cash flow from operations. So we have a lot of firepower to continue to add to the portfolio. The one area I want to just quickly touch on is on our marketable securities. I don't think it gets enough attention by investors and analysts. The way the accounting works is any unrealized gains or losses associated with that equity portfolio actually does not flow through EPS. And so if you look at last year, that portfolio generated an after-tax unrealized gain of $700 million. So on an EPS basis, that's $3.60. Our regular adjusted EPS for our royalty stream business was $5.58. So that's a significant amount of value that does not go through our earnings. So I just wanted to highlight that. One reason we do generate so much cash flow is because we are a very high-margin business. In 2025, our EBITDA margin was 90%, and our earnings margin was just under 60%. And as you can see on the slide, as the gold price has gone up, our margin has increased quite significantly in 2025, as we all know the gold price to almost double that year. But you can see the cost per geo has gone from $242 an ounce in 2020 to $325 in 2025. That's a 34% increase over that time frame, while our margin has gone from $1,528 per ounce to 3,110 over 200%. So as the gold price goes up, our margin goes up, and so we do have actual leverage to the gold price. The other element of our cost structure is G&A. And I like -- I really love this slide because it basically shows how scalable our business model is. From 2008 to 2025, our revenue has gone up almost tenfold, but our G&A has remained essentially flat. We have just over 40 employees, and we could increase the size of our company significantly from an asset standpoint, and our G&A would not increase that much. So it's just the power of the business model, along with optionality is just the scalability of the business. Obviously, we do generate a lot of cash, significant at these commodity prices, but we do have a credit facility of $1 billion and a $500 million accordion feature associated with it. We're not opposed to using debt. In fact, the red bars there show that when we were in a net debt position, obviously, 2015, 2016 when we added the precious metals streams on long-life base metal assets. And then 2018, 2019, when we deployed a significant amount of capital in the energy sector. In fact, last year, we drew down on the credit facility as well when we did the Arthur transaction for $175 million, but we repaid that within a couple of months. So we're happy to use the credit facility. We kind of use it like a credit card, you draw on it and then you pay it off as fast as possible. And we could easily upsize this, but we just don't like to pay the fees. So we're -- right now, we're content with a $1 billion credit facility. So obviously, our priority is to use our cash to add good assets to the portfolio, long life, good mining jurisdiction. But giving back to shareholders is also important. And our philosophy on the dividend is progressive and sustainable. We want to be in a position where we never have to cut the dividend, but actually raise it every single year regardless of what's going on with commodity prices. We're very proud of the fact that in January, we raised it 16% to USD 0.44 per share per quarter. That's $1.76 annualized. That's the 19th consecutive annual increase for the dividend. And in total, we paid over $2.8 billion to shareholders since our IPO. And that's worked out to about a 13% CAGR on our dividend per year. And just finally, just our guidance and our outlook. I just want to highlight, when we give guidance, we give guidance based on gold equivalent ounces sold and not gold equivalent ounces produced. So our measure is after recoveries, payabilities and refining deductions. I think it's a better metric when you're trying to derive revenue and obviously, the rest of the financial metrics that are associated with that. Two changes for 2026. First of all, we did have discussions with investors and analysts. And so now we are giving ranges for specific commodities. So as you can see on the slide, gold ounces sold. We are actually giving a specific range for silver ounces and PGM ounces. And for diversified that business, we're giving a revenue range. So in this case, $245 million to $285 million. Secondly, when we convert all of these to gold equivalent ounces, we are using a fixed conversion ratio. So for 2026, we will be using $4,500 gold. So every quarter when we're coming out with our gold equivalent sold metric, it will all be based off of a $4,500 gold price. So the big movers for our guidance in 2026 to that 510,000 to 570,000 geo range is the benefit of full year from acquisitions we did last year, Porcupine and Cote. Obviously, the 2 new ones we did this year with I-80 and Casa Berardi with Aurizone. So those are key components and then obviously, Valentine's getting a full year ramp-up of that mine, adding to our ounces for 2026. What is not included in here is Cobre Panama. And as you would have seen yesterday, the press release that the Panamanian government has given approval for First Quantum to begin processing the ore stockpile. We estimate that's about 27,000 geos to Franco's account. We do expect some ounces this year. We just don't know the timing. So right now, our estimate is probably towards the second half of this year, we'll start to receive some ounces with the balance coming in 2027. As we get more information, we'll be happy to disclose more specifics. So when you look out to 2030, our GEO range increases about 13% to 555,000 to 615,000 geos. Number of components to this is new mines getting built, Cascabel, SK Creek, Stibnite Gold, [indiscernible]. Obviously, there's a number of mine expansions that are occurring, Magino, Detour Lake and Castle Mountain. And this is net of the step downs at Candelaria, which is going to happen in 2027 and to PCI in 2028. So a good amount of growth, 13%, but if you add in Cobre, which again is not included here, and Cobre fully ramped up is about 150,000 to 175,000 GEOs a year. It's 45% growth. And a key element of this is the bulk of this growth is paid for. don't have $1 billion to spend to add this growth. For us, our largest capital outlay will be on Cascabel, which will be a couple of hundred million dollars. So the bulk of this growth is fully paid for. And the other element that's not included here is the organic growth that's still to come because with the amount of money that operators are generating right now, we know there'll be further mine expansions. Exploration drilling, as we've heard today. So we look forward to that additional growth that is not factored in here. And so with that, I will turn it over to Paul for closing remarks.

Thank you, Sandip. Sometimes I push Sandip, but I say I need a more aggressive CFO because why can't we give those production numbers like everybody else does for our guidance because I see them report, it's 10%, 20% higher than what their actual sales are. Anyway, I haven't had any luck in convincing you. So that concludes all of our presentations. Thank you for your patience. We would love to take, first of all, any questions that are -- come from the floor here. You welcome questions for anybody on our team. Questions for any of our partners here. My one ask is we will pass you a microphone just so that the folks on the webcast can hear any questions. I think we got one right over there.

It's Lawson Winder from Bank of America. I wanted to ask, going back to one of the slides you spoke to earlier in the presentation about the pipeline. I mean, you touched on your success at adding ounces in the last year in a bit. But just looking forward, what are you seeing in the pipeline for 2026? I mean you're highlighting $1.5 billion of liquidity. I mean, is it possible there's enough in the pipeline for all of that to be consumed?

Go ahead, Eaun.

Thanks for the question, Lawson. The pipeline remains very healthy. Overall, a lot of the key constituents of our growth over the past couple of years, they remain intact. So you would have noted already this year, we've participated in project financings. I expect, given the backdrop with higher gold prices that more projects will advance. So I'm hoping to see more of that type of financing as well, third-party royalties, as you saw last year with Detour can make up a meaningful component of our growth. So I expect to see some of those in light of the current gold prices come through. And notably, I think given recent transactions in Australia and also with BHP, I think the market has taken notice. So hopefully we'll see some byproduct streams as well.

If I could just follow up on that in terms of the sizing, and then I'll pass the mic to this gentleman here. One of your peers recently announced a transaction in which it took on a really enormous amount of debt. You guys have been very through your entire history in terms of the amount of debt only a very small amount in that 2018, 2019 period when you added some royal some oil and gas assets. How is your thinking on that changed at all? I mean, could you add a material amount of debt? I mean, particularly when you look at the quality of the business and the margins, I mean, what could be the upper limit of the debt that could be added? Like are we talking 1, 2x net leverage. And I'll leave it at that.

Thanks for the question, Lawson. As I said, we're not opposed to adding debt to the balance sheet. It just comes down to what's the level. In terms of a specific number, 1x EBITDA might be reasonable. But the way we look at the business is you want as much financial flexibility when opportunities arise. And so if you do have a large amount of debt because obviously, we could manage 2 times. But if a large transaction comes along, we'll kind of hindered in terms of being able to complete that transaction. So it all comes down to financial flexibility. A certain amount of debt on the balance sheet that we can pay off very quickly. We're open to but a significant amount that would take longer, that is something that doesn't fit with our business model.

Francisco Carrier from Carlo Capital. Congratulations. Obviously, the numbers that we see and the information that we hear today from you are years of very consistent underwriting and long-term planning. So congratulations for that. My question is a follow-up on lessons. And thinking about the current environment we are living through a looking at some of your competitors' actions and scarcity of these nice Tier 1 assets that you will look for. How do you think about the underwriting policies. I mean do you think that you need to relax a little bit of the hurdles that you might have had in the past of the minimum returns that you for a specific project because of the current environment, will that remain as high as they've been in the past that have generated what we have today. And this comes into question because how do you think about if you get another $1.5 billion, $2 billion, whatever cash flow this year. Is it okay to have that cash pile grow and just sit in the balance sheet and wait for better opportunities. How are you thinking about all that?

Well, thanks, Francesco. And a couple of things there. And maybe I'll go back to the comment, the transaction that we saw from BHP selling a stream on Antamina, which is a super asset. And the main takeaway from that was here, you had world's biggest mining company selling a royalty and stream where had no financial distress that really the only reason for doing the deal was because they felt that it would highlight the daylight value that they had in the portfolio to the investors that wasn't being recognized and the incredible thing is PHP even the size that they were, they announced that deal, albeit along with their earnings on the same day, the stock price went up 7.5%. So that really raised a lot of eyebrows because for many years, decades, the senior players have not typically none stream and royalty financing. So I do think that is open. The eyes of a lot of people. I think that you will likely see more deal activity that comes on the back of that. So that -- and along with some of the drivers of the pipeline that Eaun mentioned, we think it's going to be a very productive time. So that's a long way to answer your question of -- I know, I don't think we need to change our investment metrics at all. I think we will stick to our same disciplines. The -- one of the key things I was alluding to earlier in the presentation is the -- our focus is on gold and precious metals, and we will invest through the market in doing that. But you do have to have a gut sense of where are you in the cycle? You want to spend a lot of capital at the bottom of the cycle, and you want to keep spending through the top of the cycle, but you don't want to be betting the farm at the top of the cycle. We've had a tremendous run in goal. I hope it keeps going on, but it has been a good run. So this is also the point in time when you look around and say, let's look at other commodities to see, could there be other value in other commodities. And so in this market, I think we're open. I think there are good opportunities, gold and precious metal. I think there may be some good opportunities in other commodities as well. So first thing there is we've got plenty of capital. I'm not worried that's going to build up the stage. We see lots of potential ahead of us. So I think we will deploy it. But even if the opportunities don't come to pass, and we do build up capital, we're happy to do that. This is a very long-term business. The -- you can't expect that the day that you got the money that a great deal is going to come along and you can spend it. So if we need to be patient and wait for the good deals to come along, absolutely, we'll do that.

Yes. What can you add on Cobre Panama time line and negotiations? Has the environmental assessment been completed? And when is a negotiation with the government going to happen and a little bit about maybe if you can talk about the more in Panama towards reopening the mine?

Well, thanks, good question. Very happy to answer it, especially today, having just seen yesterday that the Panamanian government did give formal approval for First Quantum to go ahead and process the stockpiles at the mine site. So that follows on. We've seen since Molino came on in his very first week of [indiscernible]. He said he was open to a discussion on the mine. Since then, he's approved the preservation safe maintenance plan approved the shipping of the concentrates that had been trapped at site after the protests approved the reopening of the power plants. So the power plants are now operating again. They're putting power on to the great in Panama. And this is now the next step that he's approved restarting the mills, and I believe First Quantum will start at least one of the lines. so that they can process the ore that was blasted previously but hasn't been put through the mill. So the first thing, my read of it is shows the ongoing intent of the government in Panama to take this seriously, the potential reopening of the mine. The second thing is from First Quantum's perspective, it does allow them to start operationalizing. They -- from a 7,000 employee workforce, they were down to 700 for care and maintenance. They are hiring another 1,000 employees that they can take the step to process the stockpiles, I think they have already hired 700, 800 of that 1,000. So they're well on their way. So it allows them to start that process so that if and when they get a go decision, they're actually able to get back into production in a reasonable amount of time. You asked about the environmental review. I understand that it is mostly completed. The time line was to try and get it done in April. I think that, that will be achieved. So I'm hopeful that in a month or so that we could see some announcement out of government that gives the results of that review. And I hope that, that will then help them set or address on what was one of the biggest concerns when you had the protest 18 months or so ago that were around -- was the environmental damage that was being done at the site. I'm pretty confident that this report will come out to say there is no material environmental damage. There's no nonconformance. This is a mine that is very well run. This is -- the next part of it, when the negotiations start? I don't know, but I would hope that once that environmental report is out, if there is a good response to that. I would hope that, that sets the seam that the government can then start a formal negotiation with the company.

Sorry, can you hear me? Brian MacArthur, Raymond James. The business has evolved a lot over the last, whatever, 25, 30 years. So now you're willing to do debt equity but obviously, a goal is a stream or royalty at the end. When you look at the full package, ideally, how much of the stream or royalty component do you want to be on that package given you get a higher multiple on that. That's my first question. i.e., if you did $1 billion deals, would you put in $500 million of equity and $500 million for a stream. And the second part is, if you do deals in other commodities, would you be willing to do the same thing, give a full package or when you look at other commodities countercyclically are those just going to be streaming royalty deals, which is more of your traditional business that you get a better multiple.

Thank you, Brian. Good questions. The objective in us doing any deal is to create a new stream or new royalty. The -- but we know we need to address the needs of the operators. We need to help them to achieve their objectives, and if doing some debt, some equity along with that, helps achieve the objectives, then it gets the end result for us. But the majority of the deal needs to be the stream or royalty in terms of the capital deployed. That's been our strategy. We may be wrong because, in fact, on the equity investments we've made, we've done much better so far on the streams of royalties. So maybe we'll change that for next year. But for now, that is where we're going. And extrapolating that to other commodities where potentially, we could take some exposure, but we're less inclined. We've got a lot more choice. I mean, you've got the whole gamut of all the other commodities. Some of them are much bigger than gold. So there's a lot more opportunity. So I think we can source opportunities in the other areas without using a lot of debt and equity. But again, there's no hard rules more just a direction. Are there any more questions in the room here? I'm not seeing any hands for now. So I'm going to -- I'm looking over to Lloyd and Candida, who have got any incoming questions from the webcast. Have we got any from the webcast.

No questions on the webcast.

Okay. With that, we will conclude the events for today. Thank you all very much for your attendance. And thank you to all the folks participating on the webcast and presenting Hope everybody has a good day. With that, we'll conclude the webcast.