For many of our investments, 2022 was a game-changing year. Kiwetinohk Energy Corp. doubled its run-rate production rate and is reinvesting the resultant cash flow into the drill bit at 100+% returns. Despite operational hiccups, Algoma Steel Group Inc. continued to generate immense amounts of cash to fund transformative capital projects and has bought back a significant amount of shares at very accretive prices. Crystallex International Corp. saw its collateral value increase, progress towards realization advance, and pressure to resolve the legal dispute ratchet higher.