21 2030. We expect this project to contribute approximately 2,500 ounce -- royalty ounces per year to our account at full production levels. The Goose mine in the Back River district is operated by B2Gold and reached commercial production in October last year. Production at Goose is ramping up and is expected to average more than 300,000 ounces per year for the first five years. Royal Gold holds royalty on most of B2Gold's properties in the Back River District which is a relatively unexplored gold belt stretching approximately 80 kilometers. Most of the exploration completed to date is in the era of the Goose and George claims, and we have full royalty coverage over these areas. We have multiple overlapping royalties at Goose and our average -- and our overall royalty rate ramps up over time from the current rate of 0.35 to 0.7% and increasing to a 2.5% GSR after 400,000 ounces of cumulative production which we expect in 2027, and then increasing again to 3.3% GSR after 780,000 ounces of production cumulatively which we expect in 2028. We expect Goose to become a significant contributor to Royal Gold in 2027 with a contribution of 9,000 to 10,000 ounces per year when production reaches steady state and our royalty increased to 3.3% after 2028. B2Gold and its predecessor companies have been focused on developing the Goose project rather than further exploration. As the mine transitions into operations, B2 has recently increased its focus on exploration, including evaluating potential at depth. Last week, B2Gold outlined its 2025 exploration program for the Back River District, noting that results to date demonstrate the potential to further extend the mine life at Goose through the possible addition of the Nuvuyak deposit to the mine plan. In addition to further exploration in 2026, both at Goose and regionally, B2 is also evaluating additional opportunities at Goose including leach process expansions, plant throughput increases and improved underground productivity and cost efficiency scenarios. Back River remains early in its mine life, and we believe that there is meaningful upside ahead. Hod Maden is widely recognized as one of the highest quality undeveloped gold-copper deposits in the world. The mine design is compact and efficient with a straightforward underground layout that significantly reduces execution risk. Capital investment is already significant. About $80 million was spent in 2025 and SSR has reported plans to spend roughly $15 million per month on early works through to a final investment decision. This early work reduces uncertainty because many critical path items are already progressing which provides clearer visibility on timelines. This project stands out due to its high grades relative to comparable scale projects. The grades are exceptional which drives strong margins and makes the project resilient across commodity cycles. Very few development projects offer this combination of scale, grade and simplicity. While the current mine life is relatively short at 10 years, the exploration potential in the region is high and there is real potential for mine life extension. A new feasibility study was released earlier this year -- nearly $80 million of capital spent in 2025 to advance the project and confirm the robust production profile and other project parameters.