10 We were pleased to see B2 achieve commercial production at Goose late last year, and they continue to put out quality exploration results throughout the district. Having such a large portfolio means that we are not dependent on the success of one or two assets to support future organic growth. And any setback, even at a principal producing asset, is not highly consequential. Optionality and diversification are key traits that drive premium valuations, and our portfolio contains them in spades. Our portfolio is global, but most of our interests are in jurisdictions where mining is long established and a welcome and important part of the local economy. The life cycle of a mine is long and political wins will change, but this gives us confidence that our portfolio will be largely insulated from any negative long-term effects due to deterioration in a single jurisdiction. We monitor the global landscape in real time in order to identify changes of tone in jurisdictions, and we evaluate new ones on a case-by-case basis as investment opportunities arise. Dan will speak to this more when describing our business development process. We believe that the best place to find a mine is next to a mine. We have clusters of investments in established mining areas, whether mining camps with smaller geographic footprints or wider regions with geology that is favorable for porphyries, for example, along with favorable geology, supportive regulatory environments and skilled workforces developed over multiple generations means that these regions retain an advantage in advancing projects. Zooming into Nevada, the Cortex Complex in the Battle Mountain Eureka Trend is a prime example. From first production at the Cortez open pits in the late '60s through the pipeline discovery in the '90s, followed by Crossroads, Goldrush and now Fourmile. This is why we closely evaluate opportunities to grow our exposure in regions where our institutional knowledge may give us a competitive advantage. And higher commodity price environments also enhance our exposure as deposits that were once thought mined out at lower prices are given a new lease on life. Operators prefer to spend exploration dollars near existing infrastructure in order to leverage off of previous permitting efforts and capital investments. As Bill mentioned, by design, gold has always been dominant in our portfolio, and recent transactions further strengthened our precious metals exposure. While gold is the material driver of both our net asset value and our revenue, we have silver and copper exposure from high-quality assets at all stages from production, down through to exploration. Geographically, the Americas represent about 70% of our NAV, with most of that in North America. Select African countries, namely Zambia, Botswana and Ghana, are also important contributors and all these jurisdictions have well-established mining industries. As a side note, we do have several revenue-generating properties in the Australia Pacific region. However, they contribute lower NAV given first their smaller size and second, the tendency for Australian operators to publish short lives for their underground mines. But they have a history of continuous extension, and so they generate revenue for us on a long-term basis. Reducing our portfolio concentration risk has been a mission for our