5 global financial crisis, long-running conflicts in Iraq and Afghanistan -- Gaza, Ukraine, Iran and Covid. In just the last 10 years, the doubling of the U.S. national debt and the first fiscal year where the U.S. spent more money on interest than they did on military spending. So, in the investing world, gold has weathered the tech stock phenomenon -- the rise of inflation, cannabis investing, [unintelligible] stocks, Bitcoin, stable coins -- but gold continues to endure. Thanks in part, I think there's a countercyclical demand for us for the metal. And as an example, jewelry demand in India is down because the prices are higher. But coin and bar investing in India are actually higher for the exact same reason. I would just say gold tends to respond well to uncertainty, and I think there's one word that I believe will continue to define the world in the short term, and that is uncertainty. So, our business model offers what I refer to as across-the-board exposure to gold. Yes, look, physical gold is the safest way to invest in gold because it's already been mined, it's already been refined, it's in salable form. But as I referred to earlier, that one ounce is always going to be one ounce, and there's no return on that investment like interest income. Our model, where you take a 10-year, 5 million-ounce mine, it may eventually become a 20-year 12 million-ounce mine provides a leverage you're just not going to be able to find in an ETF or a physical bar. So, we offer reserve and resource upside from drilling, but perhaps there's a less understood source of leverage to our business. If companies adopt higher revenue and resource calculations, previously uneconomic material suddenly becomes, or we benefit from, that upside and our business pays a dividend, So, there is a return on the investment. Our model, I think, offers excellent diversification. If you look at Newmont, largest gold company in the world, they cite 12 mines that they manage. We have 80 producing assets. I really hope one of the things you leave here today is really the sense of diversification in our portfolio. We think it's unsurpassed in the sector -- like Salobo, Northparkes, Malartic -- great assets. But there is concentration risk in those portfolios. I don't think anybody needs to be reminded about Cobre Panama and its impact on Franco a few years ago. So, completing the “board”, our exposure to portfolio assets does not come with the operating or capital cost exposure, unless we contractually decide to invest that money. I imagine operating companies today; what are they worried about? They're worried about supply lines. They're worried about the cost of diesel. They're worried about the impact of tariffs. And our only concern really is if a project is shut down by these factors, or its development is significantly delayed as a result of these factors. We just -- we don't have the human and the monetary costs associated with actively managing these challenges. And that discussion brings me to a review of our high-margin business. The operating cash and adjusted EBITDA margins here, I actually think are a little bit understated because our largest cost is the cost of sales. These costs are contractually defined based