11 team for years, and we can now boast industry-leading diversification, as you can see in these charts. Our success depends on our operating partners’ skills in exploration, mine development and operation. Our counterparties are some of the largest and most well- capitalized companies in the mining sector. We often identify and invest in opportunities before they are on the radar of larger companies. But over time high-quality assets tend to migrate into the hands of more established companies. To name a few, MMG acquired Khoemacau from a private equity group after we financed the mine’s construction. And returning to the Back River example, this district passed from Dundee Precious in the early 2000s to Sabina in the late -- in the 2010s before it was finally acquired, built and commissioned by B2Gold. And just very recently, Zijin Mining, one of the world's largest gold producers announced that it had acquired operating control over Wassa in Ghana. While Hudbay announced the acquisition of Arizona Sonoran, over whose Cactus copper project, we acquired a small royalty in late 2024. And, sometimes, it isn't a change of ownership, but instead a change in management that can breathe new life into projects. I80 Gold's Nevada assets are a prime example. We have meaningful royalties on Granite Creek, Archimedes and Mineral Point which we acquired over a decade ago. The relatively new team at i-80 has a track record of successful mine development, a solid plan, and they just raised $1 billion to implement it. Reserves and resources are the foundation of the mining business and it's no difference for royalty companies. We measure our interests in attributable GEOs -- essentially, the net interest in the owner's gross mineral endowment represented by our royalty or stream. Our GEOs grew significantly in 2025 through acquisitions, as well as exploration and development success at existing operations. 2P [proven and probable] reserves have increased across the spectrum of our interests, principal producing and development, which will support our current production profile and near-term growth, while we've also seen balanced growth in exclusive M&I resources, providing confidence in the longer- term outlook. To close off on our portfolio attributes, duration has long been a knock against Royal Gold relative to peers and one that, along with diversification, we've been particularly focused on addressing. The left-hand chart is where we stood at the beginning of last year based on operator reported life which should be noted generally does not assume resource conversion unless the project is still at a pre-reserved stage. Based on our portfolio at the end of 2024, we would have today a NAV weighted average life-of-mine of under 15 years, with only around 20% of our NAV coming from assets with decades plus of potential. But through organic developments over the past year, such as the Milligan extension and the Fourmile PEA, and through the acquisition of long-life assets such as Kansanshi, Mara, Platreef, Warintza, Oyu Tolgoi, that average mine life now stands at 18 years with over half of our NAV deriving from a diversified group of assets with greater than 20 years of operator reported life.