13 So, as you saw in our press release this morning, 2026 is shaping up to be a year of strong growth for Royal Gold. Importantly, that growth is broad-based across metals, across assets and across operators. We expect to see meaningful increases in sales volume across all metals with gold remaining the dominant contributor followed by silver and copper. Gold has always been the anchor of our business, and in 2026, it remains our primary driver. The highlights of our guidance are pretty straightforward. As we think about cadence through the year, we're expecting a modest back half weighting with a 48%-52% split favoring the second half of the year so, essentially, equivalent across the year. Precious metals remain the core of the business. About 90% of 2026 revenue is expected from precious metals and about 80% of the total sales from gold alone. Our outlook reflects a higher royalty rate at Cortez, moving to 3.5% to 4% overall for 2026 compared to 2.6% in 2025. The primary driver here is increased expected production from the Crossroads open pit where we have a higher royalty rate. This is a meaningful uplift, and it demonstrates why we have continued to invest heavily in this world-class district. Next, 2026 will be the first full year of deliveries from Kansanshi and the first full year of revenue from the Sandstorm/Horizon interest that we acquired in 2025. Both add significant depth and longevity to our portfolio. We also have the first full year of production from Back River and Platreef. While these two assets will not be major contributors in 2026, they are important for our longer term. Back River begins with a low royalty rate and Platreef is still relatively early in the ramp-up with the delivery schedule that does not yet produce a full year impact for us. Both of these assets, we expect to grow into meaningful contributors over time. On the downside, we do expect silver recovery at Pueblo Viejo to remain below the level required for delivery of deferred silver ounces in 2026 and for the foreseeable future. Turning to costs, our DD&A guidance is higher than 2025, reflecting the full year depletion from the Sandstorm and Horizon assets and from the Kansanshi streaming interest. We have included additional detail on the DD&A rates for our principal properties in the appendix to this presentation that provide insight into the underlying drivers for our overall DD&A. With respect to effective tax rate, we're expecting 17% to 22% in 2026, in line with prior years. Finally, I want to highlight one item not included in the 2026 guidance. We expect to receive 11,000 ounces of deferred gold consideration from Centerra in the second half of the year. This gold will not be accounted towards our GEO revenue, but it is a meaningful delivery. Recall that this is a second delivery towards the 50,000 ounce deferred consideration we agreed to receive when we entered into the Mount Milligan cost support agreement. All in all, 2026 represents broad-based growth, stronger contributions from several core assets and the continued benefits of the investments we've made over the past several years.