12 So, how do all of these attributes set us up for positive share price performance. First, as Bill mentioned, it's important to note that we evaluate all our investment opportunities on a per share basis, and we're careful with respect to issuing shares. Prior to Sandstorm, our share count had been relatively flat since 2012. However, Sandstorm was only available as an all-share transaction, but this had the benefit of preserving our liquidity during a busy time which allowed us to continue to advance a strong pipeline of asset opportunities. This culminated in the Kansanshi Gold stream transaction just a few weeks later. While consensus estimates at the time of the July Sandstorm announcement suggested only modest NAV accretion, exposure to what is now a larger, longer life portfolio has allowed us to benefit from positive developments in both our new and established assets, all against the backdrop of strong commodity prices. This has resulted in strong growth in consensus NAV per share with estimates up 70% which is nearly twice the rate of increase compared to the gold price over the same period. As is common with the announcement of a large all-share transaction, our share price initially underperformed. However as soon as we closed all these transactions in the fall and our shareholder register began to stabilize, we started to see some of this value reflected in our share price with outperformance versus our peers. Q4 was noisy with several onetime items related to M&A expenses and the steps we had taken to simplify the portfolio, but that noise is now behind us, and we believe we are well positioned to continue to outperform through 2026 and beyond. And our reasons for optimism can be seen in these charts. Our NAV multiple is heavily discounted relative to our large cap peers and, in fact, much closer to the mid-caps. There is a major disconnect in our forward-looking cash flow multiples compared to our peers, despite the fact that 2025 has increased our scale materially, and we now have a higher quality, more diversified, longer duration portfolio from which we are forecasting significant growth. We hope that once the market fully understands the changes to our business undertaken last year, and we demonstrate the attributes of this larger portfolio through financial performance and development news flow, that this will be reflected in our valuation. With that, I will hand things over to Martin to talk about 2026 guidance, provide an inaugural long-term outlook and take a closer look at some of the assets that we expect to drive our growth. Thank you. Martin Raffield: Thanks very much, Jason. And as Jason says, I'm going to start off with a detailed view of our guidance for 2026. Then I'm going to move on to talk about our inaugural five- year outlook. Then I'm going to step into some more detail around those assets that support the guidance and the outlook.
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