Could you help investors understand the framework and the opportunities ahead to work with indigenous groups in Canada for mining, specifically royalties?

Sh- sure.

I mean, the, the, the opportunities is pretty much, like, point to, point to any mine in construction in Canada today, and what you'll find is that mining company will have an agreement in place, most commonly called an impact benefit agreement.

There's some other names but, you know, in short we'll call them an IBA.

And it's essentially an agreement between the mining company and the nation, or multiple nations.

Um, sometimes there's, you know, two, three, four different nations impacted by this mine.

Many things in those agreements, um, all sorts of, you know, legal mechanisms, like environmental protection related stuff, uh, can be job opportunities for the nation, can be business opportunities for the nation, you know, directly with the mine.

Can you give us an overview of these five assets and explain how the initial footprint sets the financial and operational baseline for the company?

Mm-hmm.

And as it, as it goes on to do that, then the, the portfolio of these royalties becomes, you know, more diversified.

You're less exposed to any sort of single, any single asset failure or single asset problem the way you might be, say, if you buy a mining stock that has one mine.

And, and a big part of why mining royalty companies do this is because by pooling more of them together, it starts lowering the risk, and then people pay more, uh, for essentially the same amount of cash flow off of a lower risk portfolio.

And so there's really an arbitrage between what a royalty is worth all by itself in isolation versus what the higher value of that royalty is when it's aggregated together with others.

And so, and that's what these entities do is they aggregate, they create mining royalty portfolios, and the whole business is continuous.

M&A just keep buying mining royalties, keep making the portfolio larger and more diversified and giving investors a way to get metal price exposure.

Mm-hmm.

Mm-hmm

... roughly $160 million market cap company right now, and we're in the, the mining royalty space, right? Which is not new.

There's probably 20-plus companies out there that do it, and really the business model is you have a, a basket of royalties and you keep looking to partner on and buy more royalties and build up a more diversified portfolio that's larger over time, and the royalties tend to be worth more when they're pooled together, which is kind of why the model exists.

And what we're doing differently and makes it quite unique is we are Canada's first and largest majority indigenous-owned, publicly traded company.

Uh, we have a large 72% shareholder, the Nisga'a nation.

Yeah.

And that's where us looking at this last untapped, uh, opportunity set in the indigenous-owned royalties, we think we have a, a real strong, uh, advantage there, 'cause there are literally...

I mean, the last numbers I have are 2023, but there was about $350 million in payments made from mining companies to indigenous groups.