Heiko Ihle: Very comprehensive answer. Thank you. And then just building on that a little bit, you expect $3 million to $4 million in capital costs at La Preciosa this year. As per your release, this is mostly surface works and equipment procurement for the first phase of mine development. It also states that you have the needed equipment already. I assume it’s just sitting around the Avino mine. Two more questions on this. Can you break down the $3 million or $4 million into the different components? How much of that is equipment procurement? How much of that is surface works? And also, moving on, what I was just saying, is this equipment actually sitting around the Avino mine? I remember once, I was at a site visit down there, and they essentially had a new drill bits sitting in a storage area, just waiting to be used. Is there something like that at site right now where you’re keeping equipment just waiting?
Nathan Harte: So, maybe I’ll take the second question first. We don’t have equipment sitting idle. I think that’s not kind of what we were intuiting by that. We have equipment that’s in use at Avino that can be moved over to La Preciosa to start the development and the first phase of production mining. However, once we want to ramp up with throughput and move and try and increase the tonnage, we will need more equipment, and we have to start that procurement process over the next number of months in order to make sure that we get the lead times in for when we hope to start production mining at a bit of a higher scale. So, no, to answer that question, there is not equipment sitting around idle. I think we’re, obviously, we’ve got — we’re processing a lot of tonnes at Avino, and that work does require a fair bit of equipment these days.
So hopefully, that answers that question. And moving back to the first one, $3 million to $4 million and how that’s broken out, I would say, not a lot of it is equipment procurement. We’re getting some pretty favorable terms on our leased equipment through our good partners at Caterpillar and other partners as well. They’re providing favorable terms such as — no deposits, nothing paid upfront and perhaps even not paying for a number of months, so that does help. So, I would say the most — the majority of it is going to be for the development.
David Wolfin: And I’d just like to add that we have not unused but underutilized Oldenburg development jumbos. We’re not using them so much because we’re mining. So, we have mining jumbos, which we’ll need at some point at La Preciosa. But right now, we’ve got Oldenburg we can send over there.
Nathan Harte: So, I hope that answers the question, Heiko.
Heiko Ihle: Yeah. No, that’s it. Thank you very much. I’ll get back in queue.
Operator: Our next question comes from Joseph Reagor of ROTH MKM. Please go ahead.
Joseph Reagor: Good morning, David and team. Thanks for taking the questions.
David Wolfin: Good morning.
Nathan Harte: Good morning, Joe.
Joseph Reagor: So, the other guys beat me to the questions about La Preciosa. So, I’m just going to ask some boring accounting questions. Looking at kind of the Q4 results, how much of kind of the revenue upside there was related to inventory drawdown versus provisional pricing adjustments? And there seems to be a bit of volatility around revenue quarter-to-quarter outside of like, treatment charges and whatnot. But just from that inventory swing that occurs in the provisional pricing, is there any way for you guys to provide, what I would say, maybe better sales numbers with your production results to make the numbers more accurate into the quarter?
Nathan Harte: Yeah. I think we saw some of that variability in the first couple of quarters, but I thought Q3 and Q4 were fairly flat and didn’t see quite as much variability. Obviously, there were some decent swings in metal prices in — throughout the last six months, too, both ups and down, obviously. So, that’s when provisional pricing comes in and has a bit more of an impact. But I think from a volume and a tonnage and the total revenue, I mean, the last couple of quarters are fairly consistent, and we’re — based on our expected sales volumes for 2024, I think each — we’re expecting consistent quarter.
Joseph Reagor: Okay. And I think one of the things you guys provide is like ounces produced versus payable silver equivalent ounces sold, and there was a bit of a positive variance there this quarter. Is that just normal quarter-to-quarter timing of sales?
Nathan Harte: Yeah, a little bit. Some — I think in the previous quarter, we had it going the other way, especially in Q2, we had it going the other way. And so, yeah, like you mentioned, there is a bit of movement there sometimes, and some of that is a result of settlement.
Joseph Reagor: Okay. All right. Thanks for the color on that. I’ll turn it back over.
Operator: Our next question comes from Matthew O’Keefe of Cantor Fitzgerald. Please go ahead.
Matthew O’Keefe: Thanks, operator. Good morning. Two questions for me. First up on the 2024 guidance, I mean you put out a little bit ago, you gave some rough guidance of 2.5 million to 2.8 million ounces for 2024. That will be a fair chunk from what you ended this year with. So, could you break down how much of that will be from the La Preciosa broken ore? And how much of that will be from the Avino mine presumably increased grades and throughput? And what’s really changing there? Is it expected to be grades or throughput?
