7 transaction. You remove that piece from the equation, and that 20% is actually closer to 50%. I think the created value comes from a number of different sources. Number one, our discipline surrounding equity issuance, of course metal prices, accretive asset acquisitions and, probably the most important, and that's the hiring and retention of really talented people. So, again, I do hope you find today to be an informative session. I will now turn the podium over to Jason Hynes to discuss our recent acquisition activity. Jason Hynes: Thank you very much, Bill. My focus is on strategy and business development, and I'm pleased to have the opportunity to review Royal Gold's transformative 2025 and how it's positioned us for success now and in the years to come. I believe “transformative” is the right term to use as 2025 was a lot more than just a busy year for the company. The actions we've taken have built a foundation for continued growth and our timing could not have been any better as we closed several acquisitions into a strengthening commodity price environment. We concluded over $5 billion worth of transactions, a significant number in its own right, and even more so in the context of our mid-2025 market cap of around $12 billion. Together, these acquisitions gave us greater scale, longer duration and improved our growth outlook and leave us with market-leading diversification in all categories: production, development and exploration. The plan of arrangement through which we acquired Sandstorm/Horizon, not only resulted in significant increase in precious metals production and cash flow, but more importantly, layered in a pipeline of high-quality, long-life development assets. Many of these which are key drivers of our future growth have demonstrated positive progress sooner than we originally forecast. This corporate M&A was complemented by two significant asset transactions. The acquisition of $1 billion gold stream on First Quantum's flagship Kansanshi mine in Zambia, which is now one of our principal assets, and a gold stream and royalty transaction on the long-life Warintza development project in Ecuador owned by Solaris Resources. We established certain near-term goals around these transactions including streamlining the portfolio and debt reduction while remaining committed to our capital return strategy. The Sandstorm transaction was initially underappreciated by the market, owing to a lack of institutional familiarity, and there was a certain level of complexity surrounding the cross-shareholding and cross-asset ownership between them and Horizon. There were also several equity and debt positions that are not core to the Royal Gold strategy. We have taken significant steps to simplify our holdings, and we spent a lot of time on the road meeting with our shareholders to highlight the new assets, some of which are world-class in nature. We are appreciative of the support of the sell-side research community in helping us get the out. In just a few months since closing, we have accomplished a lot in streamlining the portfolio to focus on our core business. The steps