15 That brings me to the strength of our development pipeline. When we talk about Royal Gold's future, the message is simple. The pipeline is deep. It is diversified and it is already moving forward. Many of these projects are owned and advanced by operators for whom the asset is a major strategic priority. These are not fringe assets. These are core development projects in the owner's portfolios. Some of the most material include the Great Bear, the flagship development project for Kinross; Fourmile, one of the most significant gold discoveries in recent decades for Barrick; Warintza, a large-scale copper project central to Solaris' growth strategy and Mara, a major project in Glencore's future copper profile. These catalysts extend into the next decade, creating multiple layers of future optionality and revenue growth for Royal Gold. One of the defining strengths of our business model is the multiplier effect created when operators invest in the assets where we hold interests. Every dollar our counterparties spend provide us with stronger mine plans, longer mine lives and increased exposure to metal prices, all at zero incremental cost to Royal Gold. This is the optionality inherent in our business model. Any asset in our portfolio with potential for expansion or life extension creates direct value for us, and if mine lives are extended, we benefit not just from the additional production, but from the extended exposure to commodity prices which enhances our initial return. In 2025 alone, counterparties completed over two million meters of drilling across assets where we have exposure. That is an extraordinary amount of exploration activity entirely funded by our operators, and it provides us with free optionality on any resulting discoveries. This level of activity is why organic growth within assets is such a critical factor when we evaluate new opportunities. We are not just buying into today's cash flow or what the market may see in the short term, we are getting exposure to future expansion and upside. Now let me move into the next section, where I'll walk through several of the assets where we have seen the most exciting developments, beginning with opportunities for expansion and mine life extension and then turning to the new production that we expect across the portfolio. Let's begin with the Cortez Complex. One of the world's greatest gold mining districts and an area where Royal Gold has been invested since the very beginning. We have full royalty coverage across this entire complex from our 10 royalty agreements. Cortez is a mature producer with a long track record of steady output. But importantly, it's also an area with significant greenfield and brownfield potential. In 2022, we expanded our exposure by acquiring the Rio Tinto and Idaho royalties. At the time, we had strong conviction in the upside potential well before the market fully appreciated the long-term value. Recent developments have validated that conviction as the world-class potential is becoming clear. We now have overlapping royalty rates that provide variable diversified leverage across the district, positioning us to benefit from existing production, development projects and future discoveries. Barrick continues to