Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor Event, this time during PDAC, bringing together investment professionals and our clients' management teams. Additionally, we teamed up with MS Microcaps & Geoinvesting to co-host some of the sessions during its conference in March and write Company Spotlights on all the participating firms (see Thematic Research section). The quarter was again very active from a research perspective, with various new reports. Throughout Q1/25, our team published a record six initiation reports, 30 research notes/flashes, three thematic pieces, three mining monthly reports, three short-form videos, and six management interviews, which can all be viewed below.