Core Viewpoint - Bocana Resources Corp. has entered into a binding letter of intent for the acquisition of 100% of placer mining claims in Arizona, indicating a strategic move to enhance its mineral asset portfolio [1][3]. Group 1: Transaction Details - The acquisition involves 72 placer mining claims totaling approximately 1,440 acres located in Pinal County, Arizona [2]. - The total purchase price for the claims is US$27,500,000, with an initial deposit of $200,000 made to the seller [3]. - The claims will be acquired through a newly formed subsidiary, Arizore LLC, registered in Nevada [3]. Group 2: Conditions and Approvals - The transaction is subject to several conditions, including the execution of a definitive agreement, completion of financing, satisfactory due diligence, and regulatory approvals [4][5]. - The transaction will be treated as a "Fundamental Acquisition" under TSX Venture Exchange Policy 5.3, with no finder's fees involved [4]. Group 3: Technical Reports and Findings - Historical technical reports indicate potentially economic concentrations of gold and associated metals across four claims, with average gold grades of 4.6 oz/ton and silver grades of 1.9 oz/ton from the LPA4-04 claim [7][8]. - The Dirt-01 claim shows average gold grades of 1.4 oz/ton and silver grades of 0.4 oz/ton, demonstrating consistency in higher-grade mineralization [13]. - The Dirt-02 claim has reported average gold grades of 0.589 oz/ton and silver grades of 0.475 oz/ton from nine drill holes, indicating potential for further exploration [14]. Group 4: Company Overview - Bocana Resources Corp. is focused on the acquisition, exploration, and development of mineral properties in North and South America, holding a 100% working interest in the Escala area concessions in Bolivia [29].

Financial Data and Key Metrics Changes - The company achieved record fourth quarter production of approximately 41,000 barrels of oil equivalent per day, a 14% year-over-year increase, and averaged over 39,000 barrels of oil equivalent for the year [7] - Adjusted EBITDA for the fourth quarter was $141,200,000, which was 4% higher than the prior quarter, reflecting strong production and lower than expected cash G&A [15] - The company returned $330,000,000 to shareholders in 2024, representing over 70% of discretionary cash flow [12] Business Line Data and Key Metrics Changes - The company closed 16 high-value acquisitions throughout the year, totaling more than $350,000,000, which were immediately accretive to discretionary cash flow per share [10] - The fourth quarter acquisitions added 3,300 net royalty acres to the portfolio, primarily in the Delaware Basin [11] Market Data and Key Metrics Changes - The company expects oil production at the midpoint to be 18,500 barrels per day and total production just under 40,000 BOE per day in 2025, representing a 3% increase over reported full year 2024 production [18] - The company has a strong presence in the Permian Basin, covering about 36% of the entire basin, with a higher concentration in the Texas part of the Delaware Basin [40] Company Strategy and Development Direction - The company is committed to a strong balance sheet and financial flexibility, with a borrowing base increased to $925,000,000 [11] - The company prioritizes capital returns to shareholders while also investing in high-rate return acquisitions [60] - The company aims to leverage its proprietary asset management systems to enhance efficiency and scalability [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the acquisition environment remains robust, with a healthy deal flow and attractive opportunities for high return investments [20] - The company views the current natural gas market as favorable, with increasing demand expected to support long-term growth [45] - Management expressed confidence in maintaining production growth and financial strength despite market fluctuations [78] Other Important Information - The company captured $19,000,000 of missing revenue payments in 2024, offsetting over two-thirds of cash G&A [9] - The company has returned nearly $850,000,000 to shareholders since going public in mid-2022, representing nearly 30% of its current market capitalization [12] Q&A Session Summary Question: Can you talk about your various marketed deals and how they compare to the deals you completed? - Management highlighted a robust year for deal flow, emphasizing the consistency in their acquisition program and the high rate of return opportunities they pursued [26][27] Question: What does activity look like for the remainder of the year versus expectations? - Management indicated that guidance for 2025 is underpinned by operator activity that has already commenced, suggesting a stable outlook for production growth [33] Question: How would you frame your production trajectory for 2025? - Management expects contributions primarily from the Permian Basin, with a focus on line of sight development in the DJ Basin [38] Question: Does the more constructive natural gas backdrop change the size of the opportunity set? - Management noted that the investments made in people and systems lend themselves to scale, enhancing their ability to capitalize on market opportunities [42] Question: Can you provide color behind the cash G&A increase? - Management explained that the increase is due to investments in people and systems, which are expected to scale effectively in the future [66] Question: What are your strategic priorities for free cash flow allocation in 2025? - Management emphasized returning capital to shareholders as the top priority while also looking for high-rate return acquisition opportunities [60]

Financial Data and Key Metrics Changes - The fourth quarter concluded as a landmark year for Viper, with strong organic production growth on legacy assets and successful execution of an acquisition strategy [7] - Average daily production guidance for Q1 2025 is set at 30,000 to 31,000 barrels of oil per day, with an expected run rate of 48,000 barrels per day upon closing of the drop down in Q2 2025 [9][10] - The company anticipates organic growth in 2026, with Diamondback-operated production expected to increase to approximately 31,000 barrels per day from 27,000 barrels per day in 2025 [9] Business Line Data and Key Metrics Changes - Viper expects to own an interest in approximately 75% of Diamondback's expected completions over the next five years, with an average 6% Net Revenue Interest (NRI) [8] - The recent Quinn Ranch acquisition is expected to enhance Viper's production capabilities and align with Diamondback's development plans [7] Market Data and Key Metrics Changes - Viper ranks among the largest U.S. independent energy producers post-drop down, with a durable cash flow profile that is expected to be recognized by the market over time [10][11] - The company is positioned to be a consolidator in a highly fragmented minerals market, particularly in the Permian Basin [10] Company Strategy and Development Direction - Viper's strategy focuses on zero capital and operating costs while maintaining alignment with Diamondback, which has facilitated consistent organic growth [10] - The company aims to leverage its strong balance sheet to pursue further acquisitions and maintain a flexible capital allocation strategy [21][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformative drop down transaction with Diamondback, which is expected to drive significant organic growth [7] - The company is optimistic about the potential upside from the Double Eagle acquisition, estimating at least $50 million in cash flow upside at $70 oil in 2026 [15] - Management highlighted the importance of maintaining a flexible business model to adapt to market volatility and capitalize on opportunities [21] Other Important Information - The company is focused on maintaining a high payout ratio while also prioritizing growth through acquisitions, with a current payout range of 75% to 100% of free cash flow [20] - Viper is exploring opportunities in the Reagan County area, which is seen as an emerging part of the basin with potential for significant growth [15][24] Q&A Session Summary Question: Could you discuss the potential timing and upside from the Double Eagle acquisition? - Management expects at least $50 million of upside from a cash flow perspective at $70 oil in 2026, with further updates to come as details are finalized [15] Question: What are your thoughts on the payout ratio and balance sheet strength? - Management indicated a preference for a 75% payout ratio, allowing for growth and flexibility in capital allocation, while emphasizing the importance of maintaining a strong balance sheet [20][21] Question: Are there opportunities for drop downs from the Double Eagle transaction? - Management noted that while the drop down opportunity is small, there are exciting prospects in Reagan County for mineral acquisitions [23][24] Question: What is the company's perspective on surface rights and data center developments? - Management believes that surface rights are better held by operators to facilitate development, and Viper will remain a pure play royalty company [30] Question: How does Viper view the consolidation opportunities in the mineral space? - Management sees significant opportunities for consolidation in the fragmented mineral landscape, with Viper positioned as a leading player [66] Question: What is the outlook for dividend growth post-drop down? - Management aims to achieve $1 per share of distributable cash flow each quarter, with a focus on returning 75% to shareholders [69]