Thanks for having me, Jeremy. The royalty and streaming sector has seen significant growth, with a 30+ billion dollar increase in market capitalization over the last 18-20 months, though opportunities haven't doubled, leading to competition and consolidation.

Cost of capital remains competitive for royalty companies, though competition is intense. High quality, good jurisdiction assets attract capital even as riskier assets are priced more attractively.

Disruptive capital entering the mining sector creates competition and new capital sources. Tether is aggressive and strategic in consolidations and positions. They see the value in royalty assets, which act like the U.S. treasury of the gold market.

Tether generates over $5 billion in annual cash flow, five times that of Franco-Nevada. This changes M&A dynamics, introducing a player with different valuation views and aggressive tactics.

It’s broader than that. Gold is transitioning to become the tier one global reserve asset. Central banks continue stockpiling gold even at all-time highs. This reflects a shift away from US Treasuries towards tangible assets. Large financial assets worth $370 trillion are moving to tangible assets like gold, copper and commodities. We are in the early stages of this trend.

Yes, generalist capital has not fully engaged yet. They have been fixated on AI trades and are waiting for a pullback. Recent inflows into gold mining ETFs during a correction indicate early generalist participation starting.

Yes, it's a healthy shakeout that clears the way for patient capital. The bull market is still in an awareness phase, and mania phase with massive capital inflows is yet to come. Valuations still have room to rise relative to gold.

Mining margins generally revert to 30-35%, but currently margins are double that. Royalties capture margin expansion without capital expenditures or operational costs, offering a leveraged way to play the gold bull market.

Royalties are ideal for tokenization because they represent a fractional claim on production with free carry and compounding yields. This fits perfectly for crypto-native exposure to gold projects.

Focus on building a high-quality portfolio with substantial embedded optionality. We deployed $309 million under $2,000 gold, creating significant leverage as mining companies start planning at higher gold prices. This optionality isn’t yet priced in the market.

Uncertain, but companies with high-quality, long-duration assets (20+ year reserves) are best positioned to weather cycles and capitalize on embedded optionality. New liquidity could drive M&A and rerating for mid-tier royalty companies embracing disruptive capital.

While some companies feel pressure to redeploy excess cash, many are strengthening balance sheets, paying dividends and buying back stock. High-quality companies with strong pipelines and long duration assets are preferable to avoid overpaying.