Q4 2026 Deterra Royalties Ltd Earnings Call

August 17, 2026

Operator: There will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You would then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mr. Jason Neal, Interim Chief Executive Officer and Managing Director. Please go ahead.

Speaker #1: Will be questioned and answers session to answer questions during the session you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised.

Speaker #1: To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. And I'd like to end the conference over to Mr. Jason Neal.

Speaker #1: Interim Chief Executive Officer and Managing Director, please go ahead.

Speaker #2: Thank you. Good morning and welcome to Deterra Royalties full year 2026 results call. I'm Jason Neal, interim MD and CEO of Deterra, and I'm joined today by Jason Clifton, our Chief Financial Officer.

Jason Neal: Thank you. Good morning and welcome to Deterra Royalties full year 2026 results call. I am Jason Neal, Interim MD and CEO of Deterra, and I am joined today by Jason Clifton, our Chief Financial Officer. As you are aware, I have been a longstanding non-executive director of Deterra and have stepped into the MD and CEO role on an interim basis as a bridge to the next leader of our company. I will add further comments on the CEO search after the financials, but the summary is that we have an active search process underway and fiscal year 2026 has been business as usual, and our team continues to advance various opportunities. It is a pleasure to report a strong half and without further delay, I am going to hand the call to Jason Clifton to take you through the highlights and important details.

Speaker #2: As you are aware, I have been a longstanding non-executive director of Deterra and have stepped into the MD and CEO role on an interim basis as a bridge to the next leader of our company.

Speaker #2: I will add further comments on the CEO's search after the financials, but the summary is that we have an active search process under way and fiscal year 2026 is, as usual, and our team continues to advance various opportunities.

Speaker #2: It is a pleasure to report on a strong half and without further delay, I'm going to hand the call to Jason Clifton to take you through the highlights and important details.

Speaker #2: I will conclude the call before the Q&A session with some of my own reflections on the year and the strategic direction of the company.

Jason Neal: I will conclude the call before the Q&A session with some of my own reflections on the year and the strategic direction of the company.

Speaker #3: Thanks, Jason. And good morning, everyone. The emergent page 3, you'll see we have delivered a strong full year end path of 164 million. This has been largely driven, firstly, by a record production and sales volume from Mac, partially offset by softer AUD pricing.

Jason Clifton: Thanks, Jason, and good morning everyone. If you move to page 3, you will see we have delivered a strong full year NPAT of AUD 164 million. This has been largely driven, firstly, by record production and sales volume from MAC, partially offset by softer AUD pricing. Secondly, by the H1 profit from the sale of non-core precious metals assets that came as part of the Trident acquisition. We announced those sales in August and September last year and have used the AUD 108 million proceeds received to date to pay down debt. Thacker Pass continues to de-risk. Construction is well underway and Jason Neal will add more on Thacker later.

Speaker #3: And secondly, by the first half profit from the sale of non-core precious metals assets that came as part of the Trident acquisition. We announced those sales in August and September last year, and have used the Aussie 108 million proceeds received to date to pay down debt.

Speaker #3: Thacker Pass continues to de-risk. Construction is well under way, and Jason Neal will add more on Thacker later. We have a very strong balance sheet with net debt at 132 million.

Jason Clifton: We have a very strong balance sheet with net debt at AUD 132 million and are well within all of our banking covenants and target leverage range and this positions us well to execute on investment opportunities as they arise over time. Moving to page 4, you will see revenue from continuing operations is up 6%, driven by the MAC royalty. After costs, underlying EBITDA was also up 6%. We have a number of non-recurring items that I have called out here. Firstly, the MAC capacity payment. In FY25, you will recall we received a AUD 20 million payment as South Flank had a significant production increase in that year as it ramped up to nameplate capacity. That meant that FY26 was always going to be lower, and going forward, we do not expect material capacity payments to be received. The second non-recurring items are the revenue and profit from the sale of disposed assets.

Speaker #3: And a well-within-all-of-our-banking covenants and target leverage range. And this positions us well to execute on investment opportunities as they arise over time. Moving to page 4, you'll see revenue from continuing operations is up 6%, driven by the Mac royalty.

Speaker #3: After costs, underlying EBITDA was also up 6%. We have a number of non-recurring items that I've called out here. Firstly, the Mac capacity payment.

Speaker #3: In FY25, you'll recall we received a 20 million payment as Southflank had a significant production increase in that year as it ramped up to nameplate capacity.

Speaker #3: That meant that FY26 is always going to be lower and going forward, we don't expect material capacity payments to be received. The second non-recurring items are the revenue and profit from the sale of disposed assets.

Speaker #3: These were disclosed in the first half, so no change there. And finally, in FY25, we had the costs associated with the Trident acquisition. Importantly, our financing costs have reduced following net debt reduction from proceeds of asset sales.

Jason Clifton: These were disclosed in the H1, so no change there. Finally, in FY25, we had the costs associated with the Trident acquisition. Importantly, our financing costs have reduced following net debt reduction from proceeds of asset sales and also from operating cash flows not being paid out as dividends. On the tax row, we called out in the H1 that we have a lower effective tax rate this year as we utilize offshore tax losses to offset the tax that would have been payable on the profit on sale of assets. The dividend for the H2 is 10.8 cents per share, which together with the H1 dividend of 12.4 cents, delivers a 23.2 cents per share, fully franked full-year dividend. That is consistent with our payout ratio target of 75%. Moving to page 5, you can see the MAC royalty is up 7% on FY25.

Speaker #3: And also, from operating cash flows not being paid out as dividends. On the tax row, we called out in the first half that we have a lower effective tax rate this year, as we utilize offshore tax losses to offset the tax that would have been payable on the profit on sale of assets.

Speaker #3: And the dividend for the half is 10.8 cents per share, which together with the first half dividend of 12.4 cents delivers a 23.2 cent per share fully franked full year dividend.

Speaker #3: And that's consistent with our payout ratio target of 75%. Moving to page 5, you can see the Mac royalty is up 7% on FY25.

Speaker #3: Sales for the year were a record 140 million dry metric tons, which were up 9%. The US dollar realized price of 92 dollars US was also up on FY25, but was offset by the FX rate.

Jason Clifton: Sales for the year were a record 140 million dry metric tons, which were up 9%. The US dollar realized price of $92 US was also up on FY25, but was offset by the FX rate. So the Aussie dollar realized price is down 2% on FY25. Moving to page 6, our operating costs were AUD 14.1 million for the year. Within that number includes one-off costs of AUD 1 million associated with a CEO transition that I called out at the H1. Offsetting that has been a lower headcount in FY26, which reflects a restructuring of our teams both here in the Perth office and our London offices as well. There were some other small increases in other costs from our Denver office and a small increase in external business development activity costs. On page 7 is the sale of non-core precious metals assets as presented at the H1.

Speaker #3: So the Aussie dollar realized price is down 2% on FY25. Moving to page 6, our operating costs were 14.1 mil for the year. Within that number includes one-off costs of 1 million dollars associated with the CEO transition that I called out at the first half.

Speaker #3: Offsetting that has been a lower headcount in FY26, which reflects a restructuring of our teams, both here in the Perth office and our London offices as well.

Speaker #3: There were some other small increases in other costs from our Denver office, and a small increase in external business development activity costs. On page 7 is the sale of non-core precious metals assets, as presented at the first half.

Speaker #3: These generated 108 mil in cash proceeds, which was used to reduce debt. There is a further Aussie 13 million dollar cash payment due coming to Deterra in August 2026, and that is the deferred component of the Lapreski Oscar sale.

Jason Clifton: These generated AUD 108 million in cash proceeds, which was used to reduce debt. There is a further AUD 13 million cash payment due coming to Deterra Royalties in August 2026, and that is the deferred component of the La Presqu'île sale. That will not hit the P&L as we have booked the profit from that sale in this period. Page 8 shows the strength of our balance sheet. Net debt is AUD 132 million at 30 June 2026, and we have AUD 357 million undrawn capacity. Across our facilities, our average margin is 1.3% and all in post tax cost of debt is 3.8%. That is a real distinct competitive advantage when you look across the royalty industry. Page 9 outlines our capital management framework. We have a very strong balance sheet, and this is providing us a range of options to finance any potential new value-adding investment.

Speaker #3: That won't hit the P&L, as we've booked the profit from that sale in this period. Page 8 shows the strength of our balance sheet.

Speaker #3: Net debt's 132 million at 30 June 26, and we have 357 million under all capacity. Across our facilities, our average margin is 1.3%, and all in post-tax cost of debt is 3.8%.

Speaker #3: That's a real distinct competitive advantage when you look across the royalty industry. Page 9 outlines our capital management framework. We have a very strong balance sheet, and this is providing us a range of options to finance any potential new value-adding investment.

Speaker #3: We maintain a 75% payout ratio, which is striking the right balance between shareholder returns. Balance sheet strength and investment optionality. And finally, page 10 provides a reconciliation of non-cash items and underlying impact.

Jason Clifton: We maintain a 75% payout ratio, which is striking the right balance between shareholder returns, balance sheet strength, and investment optionality. Page 10 provides a reconciliation of non-cash items and underlying NPAT. I won't cover that here, but happy to take questions later. With that, Jason Neal, I'll pass back to you.

Speaker #3: I won't cover that here, but happy to take questions later. With that, Jason Neal, I'll pass back to you.

Speaker #2: I mentioned at the half-year results that I expected we would have a point at our next managing director and chief executive officer before today.

Jason Neal: I mentioned at the half year results that I expected we would have appointed our next Managing Director and Chief Executive Officer before today. The extended timing of this process is a reflection of the dedication of our board to get the right leader in the seat. We have several live candidates that we continue to work through, but I will not promise the timing for such appointment. Those of you who have heard me speak about the global royalty industry will know that I view the Australian acceptance of new royalties and streams as an important financing tool as lagging the experience in North America by a decade or so. It is great to see in the last 6 months, several key royalty and streaming transactions within the Australian market by leaders in our industry, Franco-Nevada and Wheaton Precious Metals.

Speaker #2: The extended timing of this process is a reflection of the dedication of our board to get the right leader in the seat. We have several live candidates that we continue to work through, but I will not promise the timing for such appointment.

Speaker #2: Those of you who have heard me speak about the global royalty industry will know that I view the Australian acceptance of new royalties and streams as an important financing tool, as lagging experience in North America by a decade or so.

Speaker #2: So it is great to see in the last 6 months several key royalty and streaming transactions within the Australian market by leaders in our industry, if I could have added precious.

Speaker #2: While these are precious metals transactions, they have certainly helped build awareness of royalties and streaming financing tools to support growth here in Australia, as well as Australian companies operating internationally.

Jason Neal: While these are Precious Metals transactions, they have certainly helped build awareness of royalties and streaming as financing tools to support growth here in Australia, as well as Australian companies operating internationally. We have certainly seen an increase in dialogue with domestic companies on future opportunities. FY26 has been another great period for our Mining Area C royalty. The MAC royalty supports our dividend to shareholders, which is fully franked and targeted to be 75% of net profits after tax. We are a growth focused company, but how MAC supports that growth has not thus far been by redeploying significant cash flows into acquisitions. What MAC has provided is the ability to access bank debt capital at effectively investment grade rates, which is a huge advantage for a small company. Our after-tax borrowing rate is 3.8% in FY26.

Speaker #2: We have certainly seen an increase in dialogue with domestic companies as on future opportunities. FY26 has been another great period for our mining area seed royalty.

Speaker #2: The Mac royalty supports our dividend to shareholders, which is fully franked and targeted to be 75% of net profits after tax. We are a growth-focused company, but how Mac supports that growth has not thus far been by redeploying significant cash flows and new acquisitions.

Speaker #2: What Mac has provided is the ability to access bank debt capital and effectively invest at great rates which is a huge advantage for small company.

Speaker #2: Our after-tax borrowing rate is 3.8% in FY26. We continue to be very happy with our acquisition of Trident, which we bought an attractive multiple in part because the shares were illiquid trading on UK market.

Jason Neal: We continue to be very happy with our acquisition of Trident, which we bought an attractive multiple, in part because the shares were illiquid, trading on the UK market. The Trident acquisition continues to deliver for Deterra during FY26. This has been demonstrated by the US$82 million sale of gold offtakes and other non-core assets that came with Trident Royalties Plc. Offtakes aren't really royalties, and they did not fit our portfolio, so we were always tagging these for disposal. We generated AUD 8.4 million in profits on that sale. Importantly, this means that the cost of acquiring Thacker Pass, the lithium royalty in Nevada, which is the primary target of the Trident acquisition, was US$106 million after factoring the disposals, but retaining some important smaller development and exploration royalties. Thacker Pass has been a perfect example of how a royalty can mature and add value.

Speaker #2: The Trident acquisition continues to deliver for Deterra. During FY26, this has been demonstrated by the US 82 million dollar sale of gold offtakes and other non-core assets that came with Trident PLC.

Speaker #2: Offtakes aren't really royalties, and they did not fit our portfolio, so we were always tagging these for disposal. We generated 8.4 million Australian on profits in profits on that sale.

Speaker #2: Importantly, this means that the cost of acquiring Thacker Pass, the lithium royalty in Nevada, which is the primary target of the Trident acquisition, was US 106 million after factoring the disposals.

Speaker #2: But retaining some important smaller development and exploration royalties. Thacker Pass is being a perfect example of how a royalty can mature and add value.

Speaker #2: During FY26, lithium Americas the operator of Thacker Pass has a drawing US 1.2 billion of the 2.2 billion US Department of Energy loan. The DOAE has taken 5% equity rights in lithium Americas, and 5% in the lithium Americas General Motors joint venture that owns the project.

Jason Neal: During FY26, Lithium Americas, the operator of Thacker Pass, has drawn US$1.2 billion of the US$2.2 billion Department of Energy loan. The DOE has taken 5% equity rights in Lithium Americas and 5% in the Lithium Americas General Motors joint venture that owns the project. Detailed engineering designs surpassed 95%, and over 70% of procurement is complete. On General Motors, they are not only a partner in the joint venture, having contributed US$945 million, but also having offtake arrangements in place for lithium production. All this is a significant endorsement. That progress has been made during a period where the lithium price has doubled and follows on from the 2025 technical report that updated the mine life to 85 years and outlined expansions to 160,000 tons per annum production rate, both of which are double the assumptions we had at the acquisition.

Speaker #2: Detailed engineering designs for past 95% and over 70% of procurement is completed. On General Motors, they are not only a partner in the joint venture, having contributed US 945 million, but also having offtake arrangements in place for lithium production.

Speaker #2: All this is a significant endorsement. That progress has been made during a period where the lithium price has doubled and follows on from the 2025 technical report that updated the mine life to 85 years and outlined expansions to 160,000 tons per annum production rate.

Speaker #2: Both of which are double the assumptions we had at the acquisition. So we are very much looking forward to first production, with which lithium Americas continues to project to be at the end of calendar 2027.

Jason Neal: We are very much looking forward to first production, which Lithium Americas continues to project to be at the end of calendar 2027. This is a good point to reflect on our capital allocation, which can be summarized as continuing to pay a peer leading dividend in the royalty and streaming sector, and having completed a well-timed acquisition and subsequent asset rationalization to add new core assets, and now having available capital to deploy in future growth. The US$82 million proceeds from our asset sales were largely applied to debt repayment. As at 30 June 2026, our drawn debt is now AUD 143 million. Today we have AUD 357 million of undrawn debt in position to make further acquisitions opportunistically. We have also amended our dividend reinvestment plan to include a discount.

Speaker #2: This is a good point to reflect on our capital allocation, which can be summarized as continuing to pay a peer-leading dividend in the royalty and streaming sector, and having completed a well-timed acquisition and subsequent asset rationalization to add new core assets.

Speaker #2: And now having available capital to deploy in future growth. The US dollar 82 million proceeds from our asset sales were largely applied to debt repayment, as at June 30, 2026, our growing debt is now 143 million Australian.

Speaker #2: So today we have 357 million Australian of undrawn debt in position to make further acquisitions opportunistically. We have also amended our dividend reinvestment plan to include a discount, the rationale behind this is to allow our shareholders to efficiently subscribe for additional shares with the cash dividend they receive.

Jason Neal: The rationale behind this is to allow our shareholders to efficiently subscribe for additional shares with the cash dividend they receive. The discount, which is in line with other Australian companies which provide this opportunity, should increase the uptake on the DRP, and this capital is in turn invested in the growth of our business. Initially, cash receives pays down our drawn debt facilities and increases the liquidity available for acquisition. As I open my remarks, it is business as usual while we continue to search for our next CEO, whose role will be to add to the quality of our foundational MAC asset and build significant shareholder value through growth.

Speaker #2: The discount, which is in line with other Australian companies which provide this opportunity, should increase the uptake on the DRP and this capital is in turn invested in the growth of our business.

Speaker #2: Initially, cash received pays down our drawn debt facilities and increases the liquidity available for acquisition. As I open my remarks, it is business as usual I will continue to search for our next CEO, who will be to add to the quality of our financial our foundational Mac asset and build significant shareholder value through growth.

Speaker #2: We are conscious that so far we have delivered shareholders with a very good return through dividends, but have not provided a return through capital gains as our share price is not that different than it was at the 2020 IPO.

Jason Neal: We are conscious that so far we have delivered shareholders with a very good return through dividends but have not provided a return through capital gains as our share price is not that different than it was at the 2020 IPO. The royalty and streaming sector, which is dominated by North American companies, typically trades at stronger multiples than ourselves and has provided an outstanding shareholder experience overall and generated significant returns greater than the underlying commodity prices. That multiple is earned through growing and diversifying the royalty and streaming portfolio through deploying capital to new attractive assets, both in consolidating existing royalties and streams, and in forming part of the funding base for new mine development. That is the potential and the objective of this company, and I look forward to returning to a non-executive role in due course and supporting our next CEO.

Speaker #2: The royalty and streaming sector, which is dominated by North American companies, typically trades as stronger multiples than ourselves, and has provided an outstanding shareholder experience overall and generated significant returns greater than the underlying commodity prices.

Speaker #2: That multiple is earned through growing and diversifying the royalty and streaming portfolio through deploying capital to new attractive assets, both in consolidating existing royalties and streams, and in forming part of the funding base for new mine development.

Speaker #2: That is the potential and the objective of this company, and I look forward to returning to a non-executive role in due course and supporting our next CEO.

Speaker #1: Thank you. We will now begin the question and answer session. To ask a question, please press star 11 on your telephone and wait for your name to be announced.

Operator: Thank you. We will now begin the question and answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. There may be a short pause as we compile the Q&A roster. Once again, that is star one one for questions. We will now go ahead to take our first question. The first question comes from the line of Glyn Lawcock from Barrenjoey. Please ask your question, Glyn. Your line is open.

Speaker #1: To withdraw your question, please press star 11 again. There may be a short pause as we compile the Q&A roster. Once again, that's star 11 for questions.

Speaker #1: We will now go ahead to take our first question. And the first question comes from the line of Glenn Law Cook from Barron Joey.

Speaker #1: Please ask your question, Glenn. Your line is open.

Speaker #3: Oh, good morning. I just wanted to ask a little bit about it's been six months and there's been no real activity you obviously had lots come through the door, but nothing that you've actioned.

Glyn Lawcock: Good morning. I just wanted to ask a little bit about, it has been six months and there has been no real activity. You obviously had lots come through the door, but nothing that you have actioned. If the net debt continues to come down at the rate it is, do you think you would return to the 100% payout as well once you get to a net cash position? Thanks.

Speaker #3: If the net debt continues to come down at the rate it is, do you think you'd return to the 100% payout as well once you get to a sort of a net cash position?

Speaker #3: Thanks.

Speaker #2: I don't think so. No. We have a lot of opportunities that we're looking at of various sizes. And the expectation is that we'll be able to deploy capital if we got close to net debt zero I think that we'd be looking at the pipeline that we've got in front of us and we would maintain it at 75% payout ratio.

Jason Neal: I do not think so, no. We have a lot of opportunities that we are looking at of various sizes, and the expectation is that we will be able to deploy capital. If we got close to net debt zero, I think that we would be looking at the pipeline that we have got in front of us, and we would maintain it at 75% payout ratio.

Speaker #3: Okay. Thanks. And then maybe just to follow up, just if you could maybe sort of give us an idea. I think six months ago you said the environment was more active than it had been in the preceding 12 months.

Glyn Lawcock: Okay, thanks. Then maybe just to follow up, just if you could maybe give us an idea. I think six months ago, you said the environment was more active than it had been in the preceding 12 months. How would you describe the last six? Are more and more deals coming through in the last six months, or has the backdrop of the Middle East conflict, et cetera, maybe slowed things down? Thanks.

Speaker #3: I mean, how would you sort of describe the last six? Is it more and more deals coming through in the last six months or has the backdrop of the Middle East conflict, etc., maybe slowed things down?

Speaker #3: Thanks.

Speaker #2: I think, yeah, I mean, volatility always works against deals. And so we've had a fair bit of volatility in commodity markets as well as stock markets.

Jason Neal: I think, yeah, volatility always works against deals. We have had a fair bit of volatility in commodity markets as well as stock markets. We have a number of things that we are working on right now. I would tell you that some of the things that are the most interesting, they can take longer than we would like to, as well. Some of it based on the volatility that you referenced. I would summarize by saying, still a pretty healthy pipeline. Lots of active dialogue. We have our own hit list of proactive targets that we would have. Actually, when I had the half year discussion, I thought that there is a reasonable chance we might have something done by now. What I can say is we have a number of things that are still advanced.

Speaker #2: We have a number of things that we're working on right now. I would tell you that some of the things that are the most interesting they can take longer than we would like to.

Speaker #2: As well. And some of it based on volatility that you referenced. So I would summarize by saying still a pretty healthy pipeline. Lots of active dialogue.

Speaker #2: We have our own kind of hit list of proactive targets that we'd have. And I actually when I had the half-year discussion, I thought that there's a reasonable chance we might have something done by now.

Speaker #2: But what I can say is we have a number of things that are still advanced.

Speaker #3: Okay. And then just in closing, just is that operating or development assets? Is there a preference still one way or the other?

Glyn Lawcock: Okay, then just in closing, is that operating or development assets? Is there a preference still one way or the other?

Speaker #2: We've seen a bit of both. And I would say we have both in the pipeline. I would say that I think in particular near-term development assets are a great sweet spot for us, especially on assets that are held by single assets.

Jason Neal: We have seen a bit of both, and I would say we have both in the pipeline. I would say that, I think in particular, near term development assets are a great sweet spot for us, especially on assets that are held by single asset companies. Because we compete with lots of different forms of capital, but we sit more on the debt side than the equity side. It is kind of in between, obviously. Our capital is very competitive against bank capital, especially for early stage assets, that are at a point where they are not exploring, they are at a point where they are constructing. Because our structure, we can absorb some of the volatility as assets are ramping up, et cetera, that banks typically don't take, that is a real sweet spot for us.

Speaker #2: Companies. Because I mean, we compete with lots of different forms of capital, but we kind of sit more on the debt side than the equity side.

Speaker #2: It's kind of in between, obviously. And our capital is very competitive against bank capital, especially for early-stage assets. That are at a point where they're not exploring.

Speaker #2: They're at a point where they're point where they're constructing. And because our structure, we can absorb some of volatility as assets are ramping up, etc., that banks typically don't take.

Speaker #2: That's a real sweet spot for us. So I would say that there's a number of those types of opportunities that are in our pipeline.

Jason Neal: I would say that there is a number of those types of opportunities that are in our pipeline. When we get operating assets, already operating assets, they tend to be an existing royalty that is changing hands. Maybe it is a prospector that had it originally. Maybe it is someone who has accumulated royalties and is selling them on. There are a couple of private equity groups that do that. Or they come as part of some sort of deleveraging by the operator. When commodity prices are really strong, there is not a lot of deleveraging being done by operators because they are quite flush with cash. Those operating royalties are just based on processes that are being run to liquidate existing royalties, and by definition, they are probably cash flowing and often the owners of them are enjoying that cash flow.

Speaker #2: When we get operating assets, they tend to be an existing royalty that's changing hands. Maybe it's a prospector that had originally maybe it's someone who's accumulated royalties and is selling them on.

Speaker #2: There's a couple of private equity groups that do that. Or they come as part of some sort of deleveraging by the operator. But when commodity prices are really strong, there's not a lot of deleveraging being done by operators because they're quite flush with they're quite flush with cash.

Speaker #2: And so those operating royalties are just based on processes that are being run through liquid existing royalties and by definition, they're probably cash. They're probably cash flowing and often the owners of them are enjoying that cash flow.

Speaker #2: So anyways, I know a long wandering answer there, but I mean, we see a bit of everything, but I would say that late-stage development construction assets are probably the biggest target.

Jason Neal: Anyways, I know a long wandering answer there, but we see a bit of everything, but I would say that late stage developing construction assets are probably the biggest target.

Speaker #3: All right. Thanks very much. I appreciate the color.

Glyn Lawcock: All right. Thanks very much. Appreciate the color.

Speaker #2: Thank you.

Jason Clifton: Thank you.

Jason Neal: Thank you.

Speaker #1: Thank you. As a reminder to ask the question, please press star 11 on your telephone keypad. Once again, if you wish to ask a question now, please press star 11 on your telephone keypad.

Operator: Thank you. As a reminder, to ask a question, please press star one one on your telephone keypad. Once again, if you wish to ask a question now, please press star one one on your telephone keypad. I am showing no further questions. I will now turn the conference back to Mr. Jason Clifton for closing comments.

Speaker #1: I'm showing no further questions. I'll now turn the conference back to Mr. Jason Clifton for closing comments.

Speaker #4: Thanks for your participation today, everybody. Appreciate that. I know it's a busy day in the market here. And so if you do have any additional questions, please contact me.

Jason Clifton: Thanks for your participation today, everybody. Appreciate that. I know it is a busy day in the market here, and if you do have any additional questions, please contact me. Thank you very much, and we will see you in due course.

Speaker #4: Thank you very much. And we'll see you in due course.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

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Q4 2026 Deterra Royalties Ltd Earnings Call

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