{
  "reviewDate": "2026-10-18",
  "scope": [
    "Altius fundamentals and portfolio",
    "Berkshire fundamentals, insurance, management and five listed holdings",
    "ASML annual and quarterly metrics",
    "Pershing fund, 13F, portfolio financials and scenario calculations"
  ],
  "assurance": "Source and calculation review. Not an independent professional audit opinion. Verification is dated; forecasts and investment interpretations are not reported facts.",
  "findings": [
    {
      "company": "Altius",
      "status": "Corrected",
      "metric": "Attributable royalty revenue, FY2023",
      "before": 73.873,
      "after": 69.365,
      "unit": "CAD millions",
      "reason": "Use later economic-ownership comparative; retain original amount separately. 2021\u201322 remain on original basis and are not joined to 2023\u201325 in the trend line. Growth across the definition break is suppressed.",
      "source": "https://altiusminerals.com/_resources/financials/AMC%20MDA%20Q4%202025.pdf",
      "location": "PDF pp.10,29"
    },
    {
      "company": "Altius",
      "status": "Corrected evidence",
      "metric": "FY2021 common book-value growth",
      "value": "23.9616%, displayed24.0%",
      "reason": "Replaced hardcoded growth with 2020 common equity305.816 / shares41.477653m as sourced baseline. No change to rounded displayed growth.",
      "source": "https://altiusminerals.com/_resources/financials/ye-2021-fs-march-9-final-1646872043.pdf",
      "location": "PDF pp.6,10"
    },
    {
      "company": "Altius",
      "status": "Qualified",
      "metric": "FCF proxy and historical royalty definitions",
      "reason": "Explicitly excludes investing-classified JV distributions as well as stated acquisitions, growth capital and financing payments. 2021\u201322 royalty figures remain as originally reported, not an invented modern-basis restatement."
    },
    {
      "company": "Berkshire",
      "status": "Corrected evidence",
      "metric": "FY2024\u201325 operating earnings and weighted-average B-equivalent shares",
      "reason": "Direct reported totals and full-precision average shares now cite earnings release B6 rather than component/rounded tables. Operating earnings44,486m and47,437m unchanged.",
      "source": "https://www.berkshirehathaway.com/news/feb2826.pdf",
      "location": "PDF pp.1\u20132"
    },
    {
      "company": "Berkshire / American Express",
      "status": "Corrected evidence",
      "metric": "CET1 ratio",
      "reason": "Capital citation corrected from printed p.14 to p.4. The10.5% value is unchanged.",
      "source": "https://www.sec.gov/Archives/edgar/data/4962/000000496226000037/q425exhibit992.htm",
      "location": "Printed p.4"
    },
    {
      "company": "Pershing / S&P Global",
      "status": "Corrected",
      "metric": "Prior H1 pro forma operating profit and calculated TTM operating profit",
      "before": [
        2936,
        6888
      ],
      "after": [
        2937,
        6887
      ],
      "unit": "USD millions",
      "reason": "Latest pro forma comparable is2,937. TTM=6,140+3,684\u22122,937=6,887. Pro forma figures remain labelled separately from historical reported GAAP.",
      "source": "https://www.sec.gov/Archives/edgar/data/64040/000006404026000040/spgi2q2026-earningsrelease.htm",
      "location": "Exhibit4"
    },
    {
      "company": "Pershing / Brookfield",
      "status": "Withheld",
      "metric": "Vendor market capitalisation",
      "before": 60193.642898,
      "after": null,
      "unit": "USD millions",
      "reason": "Vendor cap/price implies1,643.737m shares, materially inconsistent with the share-count scale in split-adjusted issuer reporting. No exact replacement inferred from rounded diluted averages. Cap-dependent ratios are unavailable; sourced per-share DE and price metrics remain.",
      "source": "https://www.sec.gov/Archives/edgar/data/1001085/000117184326005474/exh_991.htm",
      "location": "Operating results and split notes"
    },
    {
      "company": "Pershing / Restaurant Brands",
      "status": "Corrected evidence",
      "metric": "Parent common shares and common equity",
      "reason": "SourceC14 now points to parent-company10-K rather than a partnership filing that did not support all denominator inputs.",
      "source": "https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm",
      "location": "Equity statement and EPS notes"
    },
    {
      "company": "ASML / listed holdings",
      "status": "Clarified",
      "metric": "Operating EBITDA proxy",
      "reason": "Headline now identifies a proxy: operating income plus aggregated cash-flow D&A. It is not company-reported/adjusted EBITDA; the aggregate can contain financing-related amortisation."
    },
    {
      "company": "ASML",
      "status": "Qualified",
      "metric": "High NA shipment milestones and FY2021 backlog",
      "reason": "2024\u201325 High NA counts are derived from cumulative shipment milestones, not directly reported annual customer-acceptance totals. First modules can ship before installation. FY2021 backlog\u2248\u20ac24.2bn is derived from rounded2022 \u20ac40.4bn and67% growth, not directly reported precise backlog."
    },
    {
      "company": "All pages",
      "status": "Corrected definitions",
      "metric": "Metric explanations",
      "reason": "US Treasury bills separated from treasury stock and preferred/senior claims; growth, price/book and debt/EBITDA explanations clarified. Average margin no longer described as incremental margin."
    },
    {
      "company": "Listed portfolio holdings",
      "status": "Vendor reproduced",
      "metric": "18 ticker quote observations",
      "reason": "All stored prices/caps reproduced in the web finance feed with16October timestamps. Raw returned evidence and query identifiers are retained in market-data-audit.json. This is not independent primary validation of the feed, and market-cap share counts remain vendor assumptions."
    },
    {
      "company": "Pershing portfolio",
      "status": "Corrected definitions",
      "metric": "Azure, payments volume, compensation, Meta FCF and return assumptions",
      "reason": "Azure metric includes other cloud services; Visa cross-border growth uses constant dollars; Mastercard GDV includes purchases and cash activity. QSR compensation includes non-cash incentives, with calculated TTM140m versus issuer-rounded139m disclosed. Meta40976 is a gross-capex proxy, while company FCF after lease principal is37872. Return-model dividend reinvestment uses the selected discount throughout the holding period."
    },
    {
      "company": "ASML",
      "status": "Updated comparative",
      "metric": "FY2023 net bookings",
      "before": 20040,
      "after": 20041,
      "unit": "EUR millions",
      "reason": "Newer five-year table in Q4 FY2025 investor presentation reports20,041; original FY2023 release20,040 is retained in the dataset as an original observation. Book-to-bill recalculated.",
      "source": "https://investor.asml.com/static-files/ed9e64a6-1bdc-4d9b-aa24-85108c2e31c9",
      "location": "Five-year financial summary"
    }
  ],
  "unresolved": [
    "Altius FY2023 MD&A prints conflicting2021 comparatives (IFRS81.778 / attributable84.026) versus audited IFRS81.682 / original attributable83.930. Audited financial-statement IFRS value retained; original MD&A discrepancy documented.",
    "No modern-definition issuer recast for Altius2021\u201322 attributable royalty revenue established. Comparison break is explicit.",
    "ASML separate physical DUV totals and2024\u201325 NXE shipment totals not established in reviewed evidence. Recognised sales remain distinct. 2026 quarterly bookings are no longer disclosed; backlog reporting moved to annual.",
    "Stock quotes are vendor observations, not issuer filings; raw quote reproduction does not independently validate market-cap share counts. Brookfield cap is withheld.",
    "Deliberate nulls remain unavailable, including missing separately disclosed lease/software components and SPGI continuing-perimeter cash flow. They are not treated as zero. Share-count approximations and management forecasts retain their stated basis."
  ],
  "coverage": {
    "Altius": "88 metric cells,24 derived BV/FCF/net-cash checks, latest snapshots,13 portfolio rows,7 potash subrows,8 bridge values and7 selected events reviewed against filings. Corrections/qualifications above apply.",
    "Berkshire": "Annual2021\u201325 and2026 interim financial/insurance values, segment reconciliations, top-five holdings financial inputs and cited management disclosures reviewed. Quote observations have separate vendor status.",
    "ASML": "254 present metric-period values inventoried. 100 arithmetic identities recomputed, raw financials compared with annual/quarterly statements, unit charts and shipment remarks. Missing/derived milestones retain explicit status.",
    "Pershing": "Completed context review of populated raw financials, annual histories, YTD columns, balance sheets, dilution, business KPIs and cash adjustments for all16 upgraded issuers, plus matching legacy cards, PSH fund data, all15 SEC13F rows and38 manager-estimate inputs. 180 derived numeric fields were independently recalculated in the portfolio review. Manager forecasts remain dated estimates, not validated future outcomes. Field-level inventory and status distinctions are downloadable."
  },
  "verificationLimits": [
    "Browser visual QA unavailable; programmatic rendering/calculation checks used.",
    "The review validates cited historical periods, not that every page uses the newest available financial period. Fiscal-year, TTM and quarter labels remain controlling.",
    "Investment economics, moats, risks and owner-cash scenarios are interpretations/assumptions; source support does not prove future performance."
  ],
  "subsequentReview": {"date": "2026-10-19", "file": "site-data-audit.json", "note": "Original dated review and raw observations retained. Later field corrections and capitalisation qualifications take precedence; a reproduced vendor cap does not validate its share denominator."}
}