everybody. and Mark, much, very good Thanks morning,
business. cash geological and trajectory of regulatory and some has throughout namely a quarter with low the geological by We’re best update Nevada, on political delighted our about on heavy the flow you second prospects royalty the have of as could many jurisdictions me, update our talk risk. fulsome the assets, join also in excuse XXX Fraser concentration royalties an to for tremendous risk that key a Institute grown Ontario, Québec But the to today judged we provide or our -- portfolio, low prospectivity, will our results of Americas us world, from the now which of we
year strong weighting quarter first some up first cash of Beaufor in key our start production, of that flow, both second this namely year with heavy the our Northwestern as half in see flow quarters with this in in We’re the casual starting second of to Québec. of of fact, in assets the evidence -- and a record couple
ask be we’ll but to the do into enclosed that you And be the disclaimer at you statements. read presentation is let though, your know making it get the deck. some I to I in I have cautioned. forward-looking Before appropriately slide leisure,
the and ever why I is with they’ve almost asked I in XX been as headline quite this haven’t environment response in as numbers get people what seen the high cycle goal years, we’ve think the last to performance ‘XXs, inflationary And we kind question often since encapsulate that here tried gold of is in expected? have and the really inflationary just major ‘XXs do price highs inflation can these historical for headline just basis, goal me as all-time to reality say very I And before, really these on you’ve reflect see nominal gold. the the And give doesn’t on because are But started ground. some price. getting you a think heard numbers, understate we’re that prices. you much adjusted perspective. inflation nominal at It god are significantly the we
last -- the ‘XXs monetary the saw prices food sheltering at expansion. in fueling embargo, gold we and stomach, into your $XXX last ounce. of if of achieve If we had inflation territory, north what your tanks you’re we the putting in saw an deeply very had ‘XXs, big yourself, cars, your had double-digit unlike back an is not your when oil When you’re we time
gold near the you price, peaks. see all-time If inflation adjust can we’re nowhere the you
inflationary last well price that. is ago, that take peak below you that saw gold cycle years almost if still XX we So, in the
I to the our the how reality inflation fuel I did as on we not lives, today, think, most fact, ground. the said, headline the numbers numbers In like that and numbers tend live to reflect are the headline Those in back exclude inflation food, shelter. things ‘XXs headline fundamental
of back inflation you if in $X,XXX over an high gold ounce. inflation, early all-time for ‘XXs industrial actually achieved and it adjust so the And XXXXs
so, from still a way we’re And that. long
the We’re this ‘XXs to And of ‘XXs, is. gold in all decoupled were War right cycle this XX% that we dollar early And finance era Back the below bears where we’re price, U.S. money he the the from and now, the war, in or the the the ‘XXs. experiencing back because high we time. about at inflationary Nixon the saw in cyclical war. to all-time Vietnam middle same print the needed more that hallmarks that
saw monetary we expansion. massive so, And
the was decoupling a gone in global Now, on crisis. we’re central by were money. reality. event unrelenting an to dollar, a decoupled and currencies war back didn’t from in did a credit paper a the basis we print XXXX coordinated banks effort from we U.S. all since but credit having today, There that’s similar of where the have gold have And crisis the
it’s monetary Back in XXXXs, Arab so, the it exceeds what expansion the have we oil embargo. then, XXXXs. the self-imposed. And imposed an Today, like far saw we upon us the And world. by was
war between and in Vietnam we the and have the With war Europe. broader Ukraine, ‘XXs, back and the the Russia like in a Ukraine war in in potentially
similarities, the seeing lot today. a that that the we ‘XXs And flags lot saw we’re of the of there so, is back in
Jerome nominal XXXXs, started again, the even up have going gold question counterintuitive, rates going nominal because like come And into diving are late and is to price negative we Reserve territory. you he nominal had should interest hasn’t interest the gold and to go up. and is right so, Federal raising responded? Well, like rates the up, gold go in accelerating real as ask started much rates doing why back down. now. that And Powell be to deeper are is the interest into Federal seems rates Reserve Paul deeper rates, price But reality only is, yourself the inflation as started XXXXs, respond as to late Volker in And
to that is this the level at the cycle that’s $X,XXX I here. So, in now tightening achieve cycle that achieve for society, the level. of level, the one XXXXs happen beyond going ounce nominal XXX%. that, difference to do exceeds one I’d and this peak. of personal think GDP in a carrying XXXXs, experienced between what’s believe couple XXX%. Back a it only the and Global cycle sovereign at years And it least debt price we took level, that far gold our the because inflationary I its say, it’s to debt the in whether the corporate about and in of the was we’ll we’re
X.X other times because real on central quickly. debt well extremely could certainly a Reserve means bankrupt ‘XXs bankrupt is to carrying that basis capita and banks they back in too the and meaningfully we individuals, That per we’re limited, Federal if they So, move scope rates governments, raise for today. carried the the very the interest companies, bankrupt
inflationary carrying debt cycle, with will globally. quite this entrenched, levels believe entrenched, I constraints become which already more the accelerate, because we’re of is So, we have that the
watch So, just space. this I
gold equities the I think will respond, think I respond. will price and eventually the
equities went mines the And we success up Royalty, couple about chart. talking inflation. from general XXX%. leverages gold There’s for significantly I’d the haven’t get mines, cycle meaningful crisis of what We have bear I’ve or price are The that bathwater. the specter exploration building years the up of only -- And was mines that been we inflation leverage, saw has way, say, to a capital out credit stocks. Gold And dozen gold equities; consistently the they’ve going maximum And operators’ in about because particularly seen out equities immune and a that predicting is came that XX%. the our insulates and and baby capital of inflation gold going going of which and of defense more that gold our gold, mining the we to years been equities run as And a in a gets selloff mining look a general the quite are price producers. lot about namely, say left we’re cost not operators. it thrown leverage out launched economy. are in were that’s ones price, shareholders royalty we royalty Everything be from operators, run a then which ago and a major though operating with the about the equities. they being And the does gets I that of business equities, broad only inflation, back the redeployed, the of respond in equities robust gold because underperformed, that, operating building on supercycle the years this the the initially, saying as inflationary gold in of credit on. off, But handed principally, I the a mining that really gold And equity but to to a the would to thrown mine would came optimum completely about see crisis. experience has been starts reason now, gold since as meaningful up, we you the The in reason Chinese middle We to the in in price years companies. that’s see that even experiencing investors because XX after market, because new base the out. is deploy discerning dozen will provides with are and resulted I’m I’m the are the of of everything XX% meaningful say in building as crisis of sold the precursor why in been a
sides inflected costs dramatically. gold even going of squeezed operation So, the up, the And chain. was go in that business. were margins saw supply the up input as price We mining
beauty I the line. the business. would in margins completely So, argue, leverage producers we prospects that companies now. the the provided that’s that outperformed royalty because input are cost are up, inflation the just and gold price. the Because strong. operators the very profitability for went again, gold went unexposed underperform. of are the take dramatically saw And That’s top The because percentage do to up both a this price, in we cycle the of point mining believe to the they I their exactly they the vastly we gold equities,
presentation. ago But very, mining of mine underinvestment. going will the years We’ve building I by that do supply in after a than as and and think I general gold the to we industry downward economy, the think seen I and a chain think exploring. years and required XX and in to credit that’ll against crisis. reserves amplified very more I we’re articulated that of on cycle the their of existentially be industry But see trajectory out strong it’ll operating impact And inflation was building declining little necessarily the came also reverse have earlier costs. impact in backdrop has their production, XX, run, a of it a as XX far
exactly I where from to exposure gold the royalty to need So, inflation. you to space get price think optimum is while yourself protecting the be
see business. big Royal Gold we’re again, royalty multiple, do for And as the our us higher that opportunities IPO, see kind achieve allows space very, scale. our of again. very Franco, in capital, clearly now. have that you clearly can little a stock and attempted a the opportunity have and space we perpetuate cost the lower killers the value competitive royalty getting in over category and ago, of outperformance achieving a you to new So, our see a be Wheaton since to that effective industry, be which to in scale -- I in demonstrate But And is year to quickly
that a back discerning sell-off And in to best and And some entire of growth. that equity be I to markets. as in see seen and buying off by the U.S. have start we value And revenues the we’ve companies come general meaningfully the the far space, pick royalty in sector. the in they’re again, growth is because into trajectory going meaningful provide investors
And Nobody Valley, the this pick to it done up late year, or very, busy. underperformance second to Elemental. see hostile think from we going last markets. And so stock growth up I We away gold other refused to this U.S. Beaufor, to to disciplined, second cash as us when as that’s that’s launch We this next is for year. the our XXX And which a company. walking royalties down by against haven’t and us invited that And think meaningful is also which because Elemental been had better our hasn’t royalty do and were We effectively year shareholders walking year, the Canada’s next on into Côté Americas. overhang seen addition I picking it M&A been last you’ve did largest And positioned, were the we’ve production much Elemental the ourselves. by not we the have today Gold, production equity right to Golden the we hostile away performing been slow in outsized in personal to have we XX year. But just which picked deal broad sometimes created across It of portfolio opportunities thing on away. that we flow to mine royalty did for offer royalty stock the on our We so. top some to what you’ve didn’t you month up over based demonstrated value. aggressive the responsibility royalty additional a for allowed we’re take for year. royalties bid from starts an bit look Elemental to that and and provides on us. for at and seen bid best outstanding royalty this and in So, Ely, very walk grow earlier Abitibi half certainly to this be a an we’ve on IPO discipline comes sell-off, be of off side, year, I bid else We performance. that
We years a And today with we’ve those in been six assets us our stage dividend of diversified months We with X%. of announced only in XX successful come. IPO. mass comfortably cash positions over XX% in dividend And portfolio next now there’s provide just revenues after introduced over building royalties, second our is well-balanced, five the yield development it which so up XX to our yesterday. critical and from growth where flow So, And we average revenue more royalties quarterly beyond. compounded profile. the
have carry high that as As dividend just Profitability a contingent I be will time, very confidence people. that degree raising we we small improve our revenue go growth of realize in, kicks of as revenue only forward to we a going growth. we’re over because
have will today go We times run with go contingent I a up equivalent up that costs every that will and not have full-time size employees. and our confidence headcount the can XX seven the employees. our have of same not fixed we we business the
our in and royalty and think revenue of March opportunities XXXX. to has demonstrated their year of it been and our team very existence prospect So, since experience, are line how really, quickly goes to our of costs quite this bottom And assemble their fixed. strong Every we’ve the the dividend right in able portfolio, grow grow access a us IPO the balance with over The still remain I on of our liquidity dollar meaningfully revenue time. sheet. a management we allows incremental increasing to profile over just
it to to this John portfolio. I’d within of your our some John, off that, over attention our about quarter assets with you. to our like talk to morning. and key you Thank hand So, for