27 Let's move on to this slide, which breaks down the sources of deals over the last 15 years and the pie chart shows the use of proceeds. Most deals come from streams to support project developments from balance sheet strengthening and what we call value arbitrage. So, that's realizing the value of a noncore precious metal in a core base metal assets. As an example, we've seen some recent examples of that in the market. However, you can see that third-party royalties have been a material source of deal flow over the years. And many of these transactions involve small royalties, but there are exceptions. In our 2022 acquisitions of two royalties over the Cortez Complex were quite large, more than $700 million in size are good examples of that. I think what's happening is the higher commodity prices are motivating royalty holders to sell into a very strong market, lots of willing buyers, lots of liquidity. I think that's fueling the transactions that we're seeing. Eighty percent of the third-party royalty deals in the last 15 years have traded in the last five years. Again, you can see the acceleration of the market in terms of what we're seeing. I think it's also fair to say that third-party royalties and streams, and I mentioned streams, we don't see very many third-party streams in our market. They typically come to the market quickly and not with a lot of visibility in terms of the process that generally brings them to the market. And generally, what happens is once they trade, that's it, they never trade again. So, it's probably fair to say that it may not always be a robust source of deal flow given those dynamics. So, I'm going to shift now to how the business development process works at Royal Gold, and we'll use the next few slides to talk through this. Our investment criteria are simple. It's consistent and it's long-term focused. Our framework is based on what we call the three Ps: People, Projects and Place. For people, we're assessing the experience of the counterparty, the ability to finance, to execute and to manage risk responsibly over the long term. Ownership changes happen when, and when we've seen that in our own portfolio, when an asset or a company is sold, we have to work hard to build the new relationships, but we also build in protection in our contracts and information rights and things like that, that allow consistency from our side when there is a change in ownership. On the project, we take a very fundamental and technically driven view. We evaluate the asset from both our perspective as well as the perspective of the operator. For example, when we look at a stream, we think about the ASIC over the life of mine. How is that going to impact, not only us, but the mining operation at different metal prices, and we consider that in our analysis. A key focus for us as well is long-term resource growth, and we prioritize assets with expansion upside to increase the potential for returns over the long term. And finally, place. We also prioritized established mining jurisdictions as a general rule of thumb, given that governments can change during the life of mine. I think we've seen lots of examples of that in the world. We also consider how an investment will fit within our existing portfolio and its impact on our strategic goals. We look at, for example, the pro forma metals mix. We want to maintain a high weighting in precious metals, in particular, gold. We look at