Altius Renewable Royalties Corp.

Good morning, ladies and gentlemen, and welcome to the Altius Renewable Royalties Q4 and Year-End 2023 Financial Results Conference Call. At this time, our lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Thursday, March 7, 2024. I would now like to turn the conference over to Flora Wood, Investor Relations. Please go ahead.

Thank you, Joanna. Good morning, everyone, and welcome to our Q4 and year-end 2023 call and webcast. Our press release and filings were released yesterday after the close, including the annuals and the AIF, and are available on our website under Investors. This event is being webcast live, and you'll be able to access a replay of the call along with the presentation slides and that have also been added to the website on the homepage and under investors. Brian Dalton, CEO of ARR, and Frank Gatman, CEO of Great Bay Renewables, will both be speakers on the call. And in the Q&A, we also have Ben Lewis, CFO of ARR, available for questions. The forward-looking statement on slide two applies to everything we say in our formal remarks and during the Q&A. And with that, I'll turn over to Brian for his opening remarks.

Thank you, Flora, and thank you, everyone, for joining us today. We've just passed the three-year anniversary of becoming a publicly traded company. To describe this period within the renewable sector as dynamic would certainly be an understatement. To put things in context, the TSX Renewable Index has fallen to around a third of the levels it was when we were marketing the IPO. which gives an indication of how access to and the cost of equity capital has changed for the renewable sector, while at the same time, the debt cost of capital has also increased dramatically. Over this three-year period, we have seen market-based power prices, largely following the price of natural gas, jump to heady levels early on, before declining to current base levels that are unsustainably low when factoring for long-term industry investment requirements. This has been offset, however, by the steady march upwards of contracted power prices that are being settled with large industrial customers for access to renewable sources of power. All of this is to say that our royalty finance product offering must be tailored in real time, almost on a monthly basis, in fact, as we strive to earn our place in servicing the needs of our sector. Please don't mistake any of this for wine. It is during tough dynamic times that the royalty financing model shines and out-competes, especially when it is applied using a long-term contrarian mindset. It is also when it is most appreciated by those operating-level businesses who avail of it, or in other words, when it can really earn an embedded place in the broader sector financing landscape. I understand that for anyone focused on short-term measures, this backdrop of conditions can feel very challenging and too hard. But for those of you who think longer term, I feel very strongly about delivering the message that these are indeed the best of times on the ground for what we do. Your entire team understands this and are working tremendously hard right now to make the most of this opportunity to grow and diversify your business and to position it for long-term success and value creation. And with that, let me turn it over to Frank to give you some color on the past year and what is before us. Your turn, Frank.