14 And now moving on to the one you've all been waiting for, five-year guidance. You've been waiting a long time for this, I guess. We recognize that 2025 was a lot for the market to digest. We heard your feedback. We wanted to give greater clarity, more transparency and a longer-term view of how the portfolio evolves. So, today for the first time we're providing a five-year outlook. Let me start with the overarching message. We've always had a strong conviction in this portfolio, in the quality of the operators and in the pipeline of assets that will shape Royal Gold's future. What we're sharing today reflects that confidence. We do not intend to update this long- term outlook during the year. And next year, when we provide 2027 guidance, we expect to release a new five-year outlook. At constant prices and using the midpoints of the ranges, we expect an approximate 17% revenue growth from 2026 through the next five years. This growth is driven by a number of assets that are either newly producing or expanding and by several major development projects that are now progressing towards construction decisions. Let me highlight a few of the most important contributors in the five-year window. LaRonde in Nicaragua where metals exploration is targeting first production at the end of this year 2026. Robertson which is part of the Cortez Complex and expected to reach first production in 2027, Hod Maden, where our royalty is expecting to bring in contributing in 2028. Great Bear, where Kinross is targeting first production around the end of 2029, and Warintza, a significant copper gold project with expected first production in 2030. Overlaying these new mines is production growth from expansions at Khoemacau and Platreef, two assets where we have substantial exposure and strong confidence in operator capability. I'll make one important note specific to Hod Maden. You'll see that our outlook does not include any contributions from the Hot Maden JV interest. That's intentional. We have stated that we intend to restructure that interest into a form more consistent with our business model, and we'll incorporate it into our guidance when we have a clearer view of what that structure will be. Looking beyond 2031, the growth potential continues. We expect further contributions from the continued expansion at Platreef, new production at Agua Rica at Glencore's Mara project, development at Fourmile, Cactus and Gualcamayo and from the build-out of Oyu Tolgoi into the Panel 1 JV area, and that's just the pipeline with defined plans. There is a substantial upside optionality in assets where operators are moving projects toward investment decisions including the Red Chris Block Cave expansion, the lawyers Ranch project and KSM, one of the most significant underdeveloped gold assets globally. The five-year guidance provides the market with clarity with respect to growth in the medium term. But the long-term runway beyond 2031 is even more compelling, and we believe that Royal Gold is uniquely well positioned among our peers to benefit from these large long-life projects.