29 We're always busy looking at opportunities. But over the long run, on average, we transact one or two times a year. So, it's fairly infrequent at the end of the day. Transactions -- I mentioned this already -- they tend to be lumpy. You can see that very clearly with this chart. It is hard to predict, as we discussed earlier as well. But we need to be ready to move quickly as a team, Paul talked about we need to access liquidity efficiently to transact. We have a highly diversified portfolio. As Martin has talked about, that supports organic growth. We have that five-year forecast now out in the market. That really allows us to be patient and disciplined, and not chase growth, and not go offside in terms of our investment criteria and stay very disciplined. We typically don't target corporate acquisitions and transactions. We do track our competitors’. Maybe there's an opportunity that might fit at some point strategically. But in general, that's not what we've really focused on. We've done two material corporate transactions in the last 15 years. Obviously, the Sandstorm and Horizon deal and then IRC back in 2010. So, again, very infrequent. We're often asked by both investors and potential counterparties, “How does Royal Gold differentiate itself versus our peer group?” We believe the answer to that is creativity. What do we mean by creativity? We really try to listen to an operator about what considerations are most important to them. Then we develop a bespoke structure and product that works well for both parties. And to make that point, we have four examples shown on this slide, just to demonstrate creativity and a strong approach to partnership. I'll just run through these very quickly. Jason and Martin covered the investment that we made last year in Kansanshi. We worked with First Quantum as the operator really to understand their needs and constraints and we studied their credit position very closely. That was a key feature of that company going back 12 months ago, As you may remember, we then developed a structure with a partial buyback or two partial buybacks when -- that they can exercise when their credit profile and position materially improves. We also structured that transaction such that the gold stream was referenced to recovered copper, and that aligned ourselves to the core product of that particular mine, and that allowed us to derisk our investment and give them a better cost of capital at the end of the day. At Mount Milligan, we worked with our partner Centerra Gold in 2024 to provide cost support in the form of higher future cash prices for our gold and copper streams, and that gave Centerra the confidence to go ahead and move forward with mine life extension plans where we're both going to benefit over the long term. At Xaventina, we made our initial investment with the operator in 2021. We saw the long-term geologic potential of the asset then, and we included incremental funds to support exploration and resource growth, and that's paid off very well for both parties since then. More recently, we worked with Ero to provide financing in the form of an incremental gold stream over that project, and that is supporting further growth that will continue to benefit both of us as well.