Thank you, Joanna. Good morning, everyone, and welcome to our Q1 2026 conference call.

Our press release and interim filings were released yesterday after the close and are available on our website. This event is being webcast live, and you'll be able to access a replay of the call along with the presentation slides that are on the homepage of our website and also in the Investors section.

We will also hold our AGM today at 11:30 Eastern Time after this call and have a more detailed presentation on the website or going on the website after this call for the AGM. You can also access the AGM virtually with an open Q&A session.

Brian Dalton, CEO; and Stephanie Hussey, CFO, will speak on the call. With us in the room is Ernie Ortiz, VP Corp Dev and Head of Lithium.

Ernie is here to answer questions on lithium in the Q&A. The forward-looking statement on Slide 2 applies to everything we say both in our remarks and during the Q&A session.

And with that, Stephanie is up first.

Thanks, Flora, and good morning, everybody. Yesterday, we reported Q1 net earnings of $2.6 million or $0.05 per share, reflecting higher revenues, offset by higher expenses, which included onetime post-closing fees associated with our LRC acquisition.

Royalty revenue of $27 million and adjusted EBITDA of $20 million for the first quarter reflect higher realized prices, timing of copper stream deliveries, increased electricity royalty revenue and the addition of 4 operating lithium royalties. These increases were partially offset by lower dividends from iron ore.

Operating cash flow was impacted by higher tax payments and working capital changes as well as the payment of post-closing LRC expenses. Q1 adjusted net earnings of $0.11 per share was higher than Q1 2025, with the main adjusting item being nonrecurring costs following the LRC close.

On March 6, we completed a plan of arrangement in which Altius acquired all the outstanding shares of Lithium Royalty Corp for share consideration of 9.6 million Altius shares and cash of $140 million. The corporation had previously advanced a loan of $14 million to LRC following the announcement in December.

Current total liquidity available to the corporation is approximately $350 million, which includes cash on hand, $125 million available under the revolver as well as $62.5 million potentially available as an accordion feature subject to certain criteria under the terms of our credit facility. In April, the corporation received $30.5 million as a cash distribution from the Royalty Capital Fund relating to investments made by Altius during the founding and early development of LRC.

In the quarter, we made scheduled debt repayments of $2 million on the term credit facility. We paid total cash dividends of $5.2 million and issued approximately 8,000 common shares under the dividend reinvestment plan.

The corporation, under its NCIB, repurchased and canceled approximately 227,000 common shares for a total cost of $9.9 million. And yesterday, our Board of Directors approved a quarterly dividend of $0.10 per share to be paid to shareholders of record on May 29 with a payment date of June 15.

And with that, I'll turn it over to Brian.

Thank you, Stephanie. Good morning, everyone.

Today, rather than try to walk you through developments across the broader portfolio, as we would typically attempt here, we plan to instead focus in on 2 particularly quickly evolving areas of the business, namely the electricity and lithium components. These, of course, have some intertwining macro level drivers.

Soon after this call, we will be starting our AGM. And there, a broader overview presentation is planned, and you are, of course, more than welcome to ask about any of our exposure areas in the Q&A following these remarks.

The first area we want to cover is the electricity royalties business as represented by our shareholding in Altius Renewable Royalties, or ARR, and in turn, our effective 29% interest in the underlying operating entity, Great Bay Royalties or GBR. Several of you have been asking us to dive a bit deeper on this part of our business as quarterly revenue from it has begun to accelerate and take on greater relative significance within our diversified portfolio.

One key deliverable that is intended to help us meet this ask is included in our accompanying quarterly presentation. There, you will find a new 5-year forward-looking revenue illustration that is broken down by category of royalty origination.

What should stand out clearly is that the recently establishing trend of increasing period-over-period revenue still has plenty of runway ahead. Also, later today during the AGM business update presentation that will also be made available on our website, you will find new supporting materials that outline current market conditions within the U.S.

electricity generation sector as well as the investment opportunity set that GBR is pursuing to further build out this growth profile. I believe that most of you will know that Altius was an original co-founder of GBR back in 2019, when we partnered up with Frank Getman and his team in New Hampshire to see if we could bring adoption of the royalty finance model to the renewable electricity generation sector.

Some of the initial attraction for us to try to achieve this, stem from our strong internal belief that long implied resource lives in the natural resource royalty business are the best predictor of future optionality realizations. And in this case, the resource lives we were considering were essentially perpetual.

The real question for us was around whether or not we could convince the sector to adopt the model in a way that has occurred over time within other natural resource royalty sectors, such as mining and oil and gas. Now 7 years into the initiative, I think it is fully safe to say that this objective has indeed been successfully achieved.

The platform is well established and the team focus today has instead shifted to the adding of additional scale and diversity to the portfolio. The 2 key approaches that GBR has used to build this royalty platform to date are: number one, through direct royalty level investments into late development and operating stage projects; and secondly, through the backing of the portfolios of earlier-stage developer groups in exchange for royalties on the projects that they ultimately plan to vend out to power plant operators.

This second path has obvious parallels with the traditional Altius PG approach to mining royalty creation. Back when GBR began, its focus was almost entirely on these earlier-stage developer deals, owing to difficulty in achieving acceptable returns from advanced stage investments because of overly competitive capital availability conditions in that part of the U.S.

power market. Today, that is no longer true as several of the competing sources of capital that were highly active a few years ago have become more subdued.

We feel that this is due to the emergence of a relatively more restrictive philosophical government policy approach to the sector as well as the easing of ESG-focused investment mandates by many large pools of capital, the anti-woke pendulum swing, if you will. The result, irrespective of the reasons, is that GBR is currently identifying more opportunities to make investments in late-stage and operating assets at more attractive implied returns than it could a few years ago.

Based on the strength of its deal pipeline, it is expecting 2026 to be one of its most significant from a new royalty investment deployment perspective with almost all of its currently -- current activity focused on late-stage investment opportunities. What is perhaps most remarkable about the current competitive dynamic and the countercyclical opportunity feel this market has about is that it exists at all.

I say this because the underlying sector fundamentals are so contrastingly bullish with an explosion in demand for new power generation being experienced across most parts of the U.S. which is a trend that was establishing itself even before the hefty additional pressure from new data center build expectations added into the momentum.

This increase in demand, combined with new build time line and other constraints that are impacting other types of generation more particularly, is resulting in big increases in the prices that end users are willing to accept on the power -- on the term power purchase contracts with renewable power developers. So it is strange times indeed to have a sector boom of this strength underway, while at the same time, seeing constrained capital conditions and down cycle-like return generation opportunities.

Strange but wonderful. The current GBR focus is certainly more directed towards late-stage project investments, but this does not mean it is let up on continuing to support and benefit from its portfolio of earlier-stage development company investments.

These were always seen as longer lead time endeavors to reach royalty generation or royalty revenue generation, but enough time has passed now for GBR to begin to see a big uptick in the number of these projects approaching commissioning and first royalty revenues. In fact, there are 5 projects within the portfolio today that are under construction.

Notable amongst these are a series of projects that originated within our first investee company, Tri-Global Energy, or TGE, before it was subsequently acquired by Enbridge, which has now taken on that portfolio of projects and is aggressively building it out. It is also worth here describing some other innovations developed by GBR as its business has matured.

One example has been the addition of ancillary deal components to its developer royalty investment structures. These included adding hybrid equity exposure in developers alongside royalty rights, again, not dissimilar to the way Altius often structures hybrid royalty equity deals with its minerals PG business.

In other cases, GBR now gains entitlements to a share of the sales proceeds, typically milestone-based that developers receive upon vending their highly in-demand projects out to end builders and operators. As GBR looks forward, it sees the potential for meaningful cash generation from these ancillary innovations that is over and above its royalty flows.

In fact, in the case of sharing of project sales proceeds, GBR's share of milestone payments could bring in as much as $100 million over the next 3 or 4 years as the developers successfully execute their business plans. Another innovation that GBR has brought to market over the past couple of years is this interconnection deposit financing program.

Under this initiative, GBR posts fully refundable deposits on behalf of developers to allow them to hold positions in queues for grid interconnection, allowing the developers to not tie up their own capital and to direct more of it instead towards actual project development activity. GBR funds these deposits through a dedicated underlying credit facility and then generates a positive margin through the fees provided back to it by the developers.

While these net revenue amounts are indeed becoming collectively meaningful and are shown as a separate category on the new revenue chart we are providing, the main intended function of this business line is to support royalty business development. This comes through the positive relationships with several new project sponsors that have and are being created.

And in certain cases, GBR is directly supporting its existing developer investee companies with this program and allowing them to more rapidly advance projects towards sales and operations with GBR royalties attached, of course. I'll wrap up here on GBR and electricity -- Altius' electricity royalty exposure by saying that it is a business that we have established a lot of belief in.

It has now reached an exciting stage of its development with a business platform and offering that has been embraced by some of the largest and most sophisticated players in the power generation industry and a market conditions backdrop that is highly conducive towards meeting its objective of further building out scale and portfolio diversity. The other business area I want to focus on here today, albeit more briefly, is with respect to our recently acquired lithium royalty portfolio.

In some ways, it is hard to believe how much has transpired here in the short time that has elapsed since the acquisition was announced in mid-December. The most obvious development has been with respect to the commodity price, which has now doubled since the announcement and confirmed a cyclical upwards turn from the deep lows of 2025.

These higher prices are driving obvious positive impacts for us in terms of revenue generation from the 4 currently operating lithium royalties that we hold, but there are other developments that are occurring that we believe will be even more impactful in the bigger picture. Lithium demand has been compounding at incredible rates for the past 5 years or so now.

But rather than beginning to succumb to the law of large numbers, as many have been calling for, demand appears actually to be instead accelerating. Importantly, the sources of the demand growth are also becoming more diversified beyond electric vehicle-based dominants, with the most notable new driver being the increasing addition of battery storage pairings to the rapidly expanding global fleet of renewable electricity plants.

Recall my earlier comments about intertwining macro drivers. The result in any event has been a growing recognition that market deficits for lithium have reemerged much more quickly than expected and that a significant volume of new supply will be required to set in order to keep pace.

Some credible estimates, in fact, pegged the amount of new supply required at 3x current production levels 10 years from now, which is a very short time to try to build that much productive capacity in mining. The operators of our lithium royalty mines are responding because they can.

We have heard each of the operators of Tres Quebradas, Mariana, Goulamina and Grota do Cirilo all either initiate or confirm intentions to proceed to Phase 2 expansions. The Finniss project has recently closed financing and confirmed plans to restart operations later this year, while the Neves project has begun awarding contracts to kick off its construction.

Looking beyond these projects, one of the key attractions of the LRC acquisition for us was the deep pipeline of exploration through feasibility stage projects that it had assembled. We conducted extensive technical diligence on this part of the portfolio at the time and remain convinced that several of these projects represent leading candidates to emerge as part of the solution to the industry supply challenge ahead.

In our accompanying presentation slides, we have also included an updated 5-year lithium royalty revenue illustration. This has seen meaningful upward shifts from the one used in our acquisition explain our investor deck in response to the price and volume growth signals that have come in subsequently.

And during today's AGM presentation, we will also provide some additional supporting materials to reinforce our views on the lithium market developments that have been discussed here today. Exciting times.

Thank you. And with that, let's turn it over to questions.

Obviously, Brian, you and the team have been very active in the last 2 years reshaping the portfolio. Just curious where you think you go from here with respect to commodity exposure.

I mean, obviously, the lithium acquisition was really well timed before pricing took off. But do you see certain commodities where there could be opportunities in this environment?

Definitely. I think that obviously, there's a much better sentiment around right now, and there's more readily available capital from competing sources.

So not everything looks exciting to us. But it seems -- it feels to me like it's pretty segmented.

There's some areas, some commodity exposure areas that you're hearing lots about, but there's others, if you're hearing about them at all, it's usually with the disdain. So it's not across the board that we feel like all of the growth from here has to come from operator type investments from their increasing cash flows across the portfolio.

I mean I definitely believe that that's the most important part of our growth going forward. But I'm not saying that we're -- I'm definitely not telling the team like hands down, there's nothing to do here.

And just from a portfolio perspective, I mean, in our valuation, lithium is pretty dominant from a NAV perspective. Is there a certain target that you'd like to get that to?

Or are you happy with it being just such a dominant part of the overall valuation?

It's probably a little out of balance right now, but there's 2 ways for that to sort itself, right? And the one I prefer is to just make sure that we continue to see good steady growth across the rest.

Obviously, prices have been a big driver there in the very recent term and the point at which the portfolio was acquired, it was right at that inflection point for a lot of assets to come on board. But when I look at the electricity side for one, the deployment opportunity there is really strong, and that's going to easily hold its own and maintain weight within that broader portfolio.

Potash will do it in a non-splashy typical potash like way, but it will just get bigger and bigger and bigger over time. There's good growth coming from the -- on the base metal side.

We heard Vale talking about expansion potential now at Voisey's Bay. We're all watching for what Lundin says about the sanction decision at Sa va.

Curipamba is on stream later this year. So you're never going to get that pie chart of wedges of exposure areas when you're trying to manage what we're trying to manage exactly where you want it at any one point in time, but I'm not concerned at all about how it's all evolving.

Like I think all of our business areas right now have got really good growth drivers. And if something looks more permanently out of whack after the dust settles a little bit, we can always adjust something downwards.

That's easy, but it's certainly not -- it's not the approach we're taking to it right now.

First of all, thank you for those revenue charts. Those are super helpful.

So I appreciate that.

You were in line when we were putting them together on that line.

So maybe a follow-up question to Orest. Obviously, you have a lot of cash on the balance sheet, almost $130 million.

Are you seeing opportunities where you can deploy some of that cash in the near term? Or just given $6 copper and pretty healthy lithium prices, we should be waiting for a while.

Again, no pressure to do that. I mean the LRC transaction to me was sort of the first -- go back a bit, right?

If you think about all the divestiture work in the middle part of last year around silicon and when the cash balance was really pretty heavy. So LRC, that transaction sorted us through a lot of that.

But again, there are -- not everything is rip roaring right now. I'm feeling contrarian enthusiasm about some commodity areas right now.

I know for sure that there's a steady opportunity to continue to deploy on the electricity side. But we'll be patient if we have to.

But as I said to Orest there, the team has still got lots of targets in mind that don't feel like they're -- it's -- we're being too procyclical in pursuing them. But it's not as good as it was in 2016.

That's for sure. And if we have to sit on cash for a while, we've done that before, too.

So yes. Again, there's lots of growth to come here just because everyone is making more money and markets are back and capital is available, and we know our assets are going to see more than their share of that, and that is coming.

But no, I wouldn't count us out for being showing up more external M&A from here. I don't know if it will be giant splashy stuff, but I can see ways we can tweak and build on our portfolio particularly if we start thinking out into the next decade and the one after that and the one after that, there's always something to do.

All right. Appreciate that.

And then on the GBR side, the revenue is really starting to ramp up here. Is GBR distributing cash to its partners?

Or is the cash being held in the business to deploy in that business?

Yes. At this point, for sure, like the goal there is to recycle the capital of the revenues that are coming in into more deployments.

There's a really healthy pipeline of opportunities there. For the most part, it is related to in construction or already operating projects or immediate impact.

But I think all of us as shareholders, whether it's us, Apollo or Northampton and the Dutch pension fund, want to -- we all see that the highest and best use of that capital is not to flow up and out, but instead to get poured into more growth and to just build scale here now. It's got a really nice window opened up for itself right now.

And then maybe just one last one on the same topic. The $74 million in 2030, is that sort of the peak number given all the capital that's been deployed?

Or is there a peak number that's a few years out from that?

I wouldn't say it's a peak number there. No, because it won't -- like a lot of the development stage royalties, so ones that developers brought along, sold to an operator who are now moving them along through pipeline, some are coming out as operating like that -- there's still -- like a lot of what we're seeing now would be from TGE, for example, the front end of that, right?

That would have been the first of those developer deals. But there's a bunch more that have happened since, and those are tailing along a little bit behind.

So there's lots more to come there. And I would probably also say that it will be disappointing, I think, for everyone involved if there's not meaningful bolstering of that profile, both within the period we're showing and beyond that stems from the kinds of deployment potential we're seeing right now into -- and fairly chunky kinds of investments as well into near-term revenue-generating sort of more advanced stage royalty investments.

So no, I don't see any sign of plateauing in that business at this point. It's quite the opposite.

It just really feels like it's getting its legs now.

And maybe just one last one, actually, if I can. The end game for GBR, is this meant to be private forever?

Or are the partners thinking about sort of taking this public in the future, just given how much growth that has been built up in the portfolio?

There actually hasn't been a lot of discussion about exits or anything else. It's all about wow, this thing is really starting to take hold now, and it's like, how much can we scale this too?

Like that's really the focus. It's one of those kind of Kenny Rogers "know when to hold 'em, know when to fold 'em" situations.

On lithium, are you seeing any early signs of narrowing discounts to spot pricing?

Ernie, you're on.

Yes. So we are starting to see a narrowing of the discount.

You're also seeing prices starting to continue to move up and also the lag -- there's normally a 1 quarter lag as we've seen with both majors and our own production. So you'll start to see probably better pricing in the second and third quarter given just the momentum and then just the catch-up from some of those quotational pricing adjustments.

But given the tightness in the market, we are also seeing discounts lessen given just the need for product out there right now.

That's great. And just one more for me.

Do you think the recent strength in your share price will change your shareholder return strategy? Or will you keep it the same?

I mean I would characterize our returns of capital, however you want to look at that dividends and the buybacks probably more particularly is always opportunistic. So when you default to that, there's really never a reason to change, right?

It's just keep an eye on things. As far as like the dividend side of things go, I think that the business continues to strengthen its platform and its cash generation abilities continue to move up.

And I think we're running a 10-year track record right now of increasing dividends. It wasn't something that came up for discussion in this quarter, but it will come up pretty soon again.

It typically does in the third quarter. And yes, again, we're feeling pretty constructive about the long-term health and strength of the business, but I'm not going to prejudge a Board decision on that either.

Can I just go back to Slide 5 with the electricity royalty ramp-up? And there's all sorts of caveats on there, which I get.

But you also talked about $100 million in ancillary revenue from development fee sharing. Is there a lot of that in those numbers?

Or is that -- and just as I think of this going forward, is this such a big part of that business now that I could view it as a -- I mean a royalty goes forever effectively. But these sound to me a little more like one-off development payments, so they might be more chunky if you see what I'm saying, but maybe they're sustainable in a big way.

Can you just comment a little bit on that, Brian?

Certainly. Well, first off, the revenue numbers we're showing there, that relates just to royalties.

There is a subset there that deals with the interconnection work. So the ancillary payments attached to project sales.

So these are developer fees. So they sell a project on, they get paid as well, right?

They sell a project on that has our royalty attached. Well, some of the later deals, developer deals had that right to basically share in some of those developer fees.

Others had equity. That was just learning that came along the way.

If we had been equity holders in TG at the time of the Enbridge acquisition, it would have been a pretty monumental day for us. And they hear TG talk about it at the time that the reason that they were able to grow and scale their business to the point that an Enbridge wanted to buy them is because of our capital, we got smarter along the way.

But -- so the $100 million we're talking about there, that relates to projects that have already basically had deals done on them coming out of different developers. The schedule of milestone payments has been established as part of those sales agreements, and then we're just doing the math on what our share of those payment amounts might be.

There's some risk associated with it. I mean some of these milestone payments might not get made.

And of course, we wouldn't get payments, but it's not completely arm waving either. These are credible buyers who've negotiated to buy assets and have agreed to payment schedules.

It would be really hard, Brian, to try to extrapolate forward how much of that type of revenue you could count on going forward. It's going to be very much more like -- to be like trying to predict how much revenue Altius Minerals is going to make in its PG business.

It's by definition, it's going to be episodic and lumpy. It may be a little more stable once it gets sort of rolling on the GBR side of things just because those developers and their selling of projects tend to be more of a steady pipeline.

But we don't have enough visibility at this point to predict how many projects they're going to sell and how much revenue might flow back to us as part of that. So it's just a little harder to be predictive around.

We just know it's -- in the near term, it looks like it's going to be very meaningful. And that beyond that, there is really, really strong demand out there right now for the projects that developers have in their pipeline.

So as it stands now, they look to be in really good shape to continue to generate project sales. And to the extent that, that proves to be correct, yes, we will see this ancillary revenue for one of a better term, continue to become impactful.

And it has the potential really to be a pretty big source of capital at the GBR level to fund future deployments into royalties, which, again, really strong parallels here as to how the Altius Minerals royalty portfolio has been built. A lot of the royalties that sit within minerals today were ultimately acquired with revenues that came in from ancillary or equity type episodic wins over the years.

So a long answer, but hopefully, one that gives you much more color on that point, and I appreciate how it's maybe hard to read from that slide.

No, I think that's very, very helpful. But then so -- but it's interesting to me, as you said, like you're talking about all this coming in from '26 to '28.

So there's nothing for any of this in here. This table is just the -- if I want to think about it, the royalty/other facts that are generated from that.

Is that correct?

Yes, that's royalty revenue and a little bit of contribution from the net proceeds from the interconnection deposits.

Right, which is you show it there.

No, we haven't tried to plot the other project sales proceeds in this. We look at it as a separate bucket as well.

So the more recurring type revenue is what you're seeing in the table.

But if you get those, will that be counted as revenue? Or is that more like if I think about it in an equity sale and it will go through like cash somewhere else?

I mean you're going to get cash, I get it. But just how will that actually be reflected then it will just be reflected in revenue eventually?

I don't know really. Steph, you could jump in on that one.

For me, it's cash. That's all I know, but I don't know if it's going to be classed as revenue.

Over to you, Steph.

Yes, that's right, Brian, and both Brians actually. We treat it as a cash inflow for sure.

There might be a portion that gets included as revenue, but it's hard to tell until that actually happens and the mechanism from which project it comes from. So I think we'll just treat it as cash flow for now.

Perfect. And maybe just switching gears to the lithium business.

Just on Goulamina, just because it's kind of in there for the first time, obviously, a good number, good project. Was there any -- just because of the first quarter reporting, are there any true-ups in volumes or anything that distort those numbers for this quarter?

I take your point, Ernie, that prices will probably go on higher later so you get more than that. But do I need to worry about any volume things that distorted that first quarter number just because you're closing the transaction?

No. So there is no -- there were no volume impacts in there.

The asset continues to ramp up nicely and was sequentially higher slightly, but that's -- production is going smoothly and no impact from the country. And as far as pricing adjustments, yes, we did see a benefit, a positive additional pricing adjustment in the quarter, which based on the current spot price, but also likely to occur in the second quarter, but no impact on volume.

I wanted to just follow up, if I may, on the very first couple of questions and look at it from the other direction. And that is when you look back -- when you look at your portfolio, stand back and look at it, forgetting about current prices, forgetting about current opportunities, where do you think you are underinvested?

What is it you look at and say, gosh, we love these characteristics. They fit with the Altius model, and we just don't have enough.

And then if I may just follow up quickly, specifically uranium, which would seem to fit your characteristics? And also, what are your thoughts on adding more gold and silver, again, forgetting about price at the moment, but what are your thoughts on gold and silver, which perhaps don't have the Altius characteristics?

Yes. Like there's areas that we'd be interested in.

We've always thought about things like big widely traded commodities that we don't have exposure to like aluminum, but we just haven't found a way in yet on that. It's just a different kind of industry.

So that's one that I would certainly point to. On a revenue basis, to me, we feel light right now in iron ore just because of the relative to the weight that, that represents in the global mining world.

But I think that probably takes care of itself just with Kami and Champion. Uranium, yes, we've tried a couple of things there to get involved with advanced stage projects, but it's pretty competitive.

Like there are a lot of other types of capital that are inclined there. Like it's -- there's lots of hands up to put money into those projects.

And so it becomes a challenge of returns. And we also think that there tends to be a bit of an optimism around time lines from vendors when we talk in that area, but definitely fair game, open for us.

On the gold side, we're getting it anyway. When I look at Curipamba coming on stream, right, probably at least half of the NSR from that project despite it being really a big base metal mine, but more than half of the NSR right now is coming in from gold and silver.

So we're already going to start getting meaningful revenues there coming up pretty soon. There's still the challenge though of competition around royalties that are more pure precious metals.

And it's obviously a pretty formidable set of competitors we're dealing with there if you're trying to go toe to toe on opportunities there. Earlier stage exploration side, like we're really active on the gold front.

It's probably still the most active part of our project generation business. So we're definitely not opposed to the idea of creating another silicon royalty or something along those lines, but that wouldn't offset me philosophically or anything.

But it's just really -- it's a matter of is it a practical opportunity set to be really pursuing. And I'll be honest, we're still big shareholders of origin.

So sometimes when we see those opportunities come across our desk, we'll just deflect them over there because that's a more pure precious metals royalty company that we're really closely aligned with, have a really nice partnership with and are a big shareholder of. So we're not unexposed.

I don't feel like we're dramatically underweight. And the last point I'll make is that there's never been a problem with us owning gold royalties.

It's not -- there's no inverse situation where we'll get punished for having too much gold exposure that maybe a pure precious metals royalty company might worry about in the other direction. So it's really just a more practical, competitive call really as to where we direct our energies and efforts and not be setting ourselves up to waste a bunch of time on things that are almost certain not to pay out.

Okay. And, Brian, we won't be upset if you get another silicon either.

Good. We'll go and do that then.

Thank you, Joanna, and thank you, everybody, who joined and again, for the great questions. I hope some of you -- all of you can tune in for the AGM.

And if not, we'll look forward to speaking with you for Q2.

Thanks, everyone.