Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued to drive performance across our coverage universe. Our covered stocks increased 21% on average during Q4/25 and are now up 170% over the past year, materially outperforming the TSX and TSXV, which gained 6% and 45% during the quarter, respectively, and 28% and 61% on a YoY basis. Performance was broad-based, with several names delivering outsized returns during the quarter, and 18 companies from our coverage posting gains of more than 20% over the last three months. The best performer was Copper Fox Metals which was up 127% in Q4. During the quarter, we sponsored the Cantech Letter Conference, where we prepared a comprehensive research booklet covering all presenting companies (see here). We were also a sponsor at the Planet MicroCap Conference in Toronto, continuing to expand our presence within the global micro-cap investment community. In addition, we co-hosted a Defense Sector Virtual Conference alongside Maj Soueidan of GeoInvesting and MS Microcaps, providing written coverage and summaries for each presenting company (see here). And finally, to close out the quarter, we presented at a Canadian Investor Relations Institute (CIRI) event, where we spoke to investor relations professionals about sponsored research and its growing role as an effective investor relations tool. Q4/25 was another active quarter for our research team. We published eight initiation reports, 63 research notes, three short-form videos, 10 management interviews, three mining monthly reports, one thematic report, and one company spotlight, all of which can be found below.