31 On a cash in and cash out basis, we have recovered our initial investments at Andacollo, at Pueblo Viejo and Mount Milligan, where you can see the market see significant value yet to come in those assets. Our model requires time but excess returns emerge when we invest in assets with long-term growth. We can fully capture that. These are perpetual investments with no sustaining capital. So, that really drives the model in terms of long- term returns. I'm going to finish with a comment on our history of disciplined, capital allocation as measured by impairments in our portfolio with this slide. We shared the rigorous due diligence approach that we take internally before we make an investment decision. The rigor has resulted in very high -- a very high rate of success over the long term -- in terms of our investment history. To quantify that success, only 1% of the roughly $10 billion of investments we've made to date were impaired and removed from our portfolio. As a portfolio manager that can't easily sell or never sells, as I said at the start of the presentation, our investments -- and certainly underperforming investments to limit losses -- I think that's an excellent record to show the market. It demonstrates that our approach, and diligence and execution that we've covered has been successful in the long term. I'm going to hand things over to Alistair now. He's going to talk about some of the unique aspects of Royal Gold. Alistair Baker: All right. Thank you, Dan. So, I'm just going to talk about some of the unique attributes of Royal Gold from the perspective of a listed equity. We are large cap and liquid, and our business model is really unique in a sector where there aren't very many quality alternatives. Our target audience is the generalist investor. And beyond our business model, we have several attributes that we think make us very investable to those generalist investors. So, we have a -- we occupy a very unique position in the marketplace. We're the only U.S. domicile company in our sector. All of our peers are Canadian. That's important because it opens us up to those funds who have U.S.-only mandates. There is a scarcity of quality precious metals equities in the U.S., that meet institutional mandates and Royal Gold is definitely one of those. Our register is different from our peers as a result of that, though. About 85% of our register is institutional investors with a relatively small retail component. We have a much higher passive component than Canadian peers just given membership in the U.S. indices. We are included globally in about 250 equity indices and about 38% of our shares are held by index funds and you can break them down into three categories, broadly speaking. The first and largest would be major global equity indices like the S&P 400, that's about 70%. Twenty percent would be precious metals and mining, so, funds like the GDX. Then 10% would be factor or strategy funds. Those are funds that track specific characteristics that could be sustained dividend growth over time, or what have you.