Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America. The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas. Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks. This represents the sixth consecutive quarter of outperformance since we started this series, beating the TSX in every quarter except for Q3/24 (see Figure 1 below). Despite the difficult market environment, several names within our coverage delivered standout returns. Namib Minerals led the way with a 137% gain during the quarter, while newly initiated Thunder Gold rose 83%, and Endurance Gold was up 48%. In total, nine companies in our coverage posted gains of more than 20% during Q1. During the quarter, the Atrium team attended PDAC in Toronto, which marked one of the busiest editions in recent history. Our diversified industries analyst, Nicholas Cortellucci, participated in Maj Soueidan's Prime Microcaps Conference in Florida (see the conference replay here) alongside BQE Water and Cannara Biotech. Nicholas also served as the keynote speaker at Mathieu Martin's Microcap Cocktail event (see here, video recordings to follow), alongside Amerigo Resources and BQE Water, further expanding our visibility within the investment community.