Royal Gold, Inc. (RGLD) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.498 Hello, everyone, and thank you for joining us on today's full Royal Gold 2025 00:00:05.498 -- 00:00:06.900 full 00:00:06.900 -- 00:00:12.127 year and fourth quarter conference call. During today's call, we will have a Q&A 00:00:12.127 -- 00:00:16.734 session. If you would like to ask a question during that time, please press star followed 00:00:16.734 -- 00:00:21.400 by one on your telephone keypad. And to withdraw your question, it's star followed by 00:00:21.400 -- 00:00:26.146 two. With that, it's my pleasure to hand over to Alistair Baker to begin. 00:00:26.146 -- 00:00:28.617 Please go ahead when you're ready. 00:00:28.617 -- 00:00:32.381 Thank you, operator. Good morning and welcome to our discussion of Royal Gold's fourth 00:00:32.381 -- 00:00:37.447 quarter and year-end 2025 results. This event is being webcast live and a replay 00:00:37.447 -- 00:00:40.150 of this call will be available on our website. 00:00:40.150 -- 00:00:44.695 Speaking on the call today are Bill Heisenbuttel, President and CEO, Paul Libner, Senior 00:00:44.695 -- 00:00:50.042 Vice President and CFO, and Martin Ratfield, Senior Vice President of Operations. 00:00:50.042 -- 00:00:53.862 Other members of the management team are also available for questions. 00:00:53.862 -- 00:00:57.952 During today's call, we will make forward-looking statements, including statements about 00:00:57.952 -- 00:01:01.019 our projections and expectations for the future. 00:01:01.019 -- 00:01:04.889 These statements are subject to risks and uncertainties that could cause actual results 00:01:04.889 -- 00:01:07.054 to differ materially from these statements. 00:01:07.054 -- 00:01:10.883 These risks and uncertainties are discussed in yesterday's press release and our filings 00:...