So this is not something that we’re going to support the price of the stock. This is an investment opportunity or something we really know well when the market gives us sort of an opportunity to do. So I don’t know, Enrique, if you want to add anything to that.
Enrique Lopez Lecube: I think that also helps us potentially minimizing dilution coming from the commercial notes. Remember that we have issued convertible notes that have a strike price of 18 and this is a fantastic way. If we are positive about the outlook of the company to minimizing the potential dilution.
Federico Trucco: Okay, great. Thank you so much.
Operator: The next question comes from Kemp Dolliver from Brookline Capital Markets. Kemp, please go ahead. Your line is open.
Brian Dolliver: Great, thank you. And good morning. So two questions. First is, where do we see multiplication efforts you’ve discussed in the presentation put you relative to the fiscal 2024 and 2025 EBITDA goals. Essentially, thinking of it as a percentage of target, where will this put you?
Enrique Lopez Lecube: Hi, Kemp. Thank you for joining us and thank you for the question. I think €“ obviously, we’re not halfway in terms of fiscal 2024 . The key here is to make sure we have enough inventories to reach those numbers in fiscal 2024. I think that even though the yields will be lower because of the significant drought, we will have those inventories in place, probably the top of mind aspect today in all partners in Argentina. So I don’t think we’ll have an issue placing those inventories in the current year, so that we can reach the $15 million to $20 million next year from an EBITDA viewpoint. The only caveat, if you will, is that we might rely a little heavier or we might be depending a little more on the first generation materials compared to a second-generation material, which was the material that we were just starting to multiply this season.
So we have limited inventories and sort of the reduced yield because of the drought in a way. It doesn’t allow us to go full speed ahead of those. This is not an issue that we are facing drought because the structuring of materials have shown terrific benefit, but it is something we need to clean up in the value of normal years or years where yields are expected to be high so that we avoid any kind of a drive in the overall performance. So that’s the only thing I would say, we need to readjust in the current season, but not affecting what we need to be the $15 million to $20 million guidance for fiscal 2024.
Brian Dolliver: My second question is, what is the status of the joint venture talks between Trigall and S&W in Australia?
Federico Trucco: A great question. So we moved forward with that joint venture process. We are now finalizing the definitive agreements. It took us a little longer, but we expect to have this closed by the end of the year, and we are starting to coordinate bringing activities to them. This has been ongoing since September already. We have not included this in the back, but it continues to be an important aspect of the Trigall opportunity in Australia.
Brian Dolliver: Very good. Thank you. And I will ask a third question which is, are you going to miss doing the IAS 29 adjustments?
Enrique Lopez Lecube: That’s a great question. No we are not, and actually, it’s even hard to .
Federico Trucco: We’re not going to miss that at all.
Enrique Lopez Lecube: I can if you want me to?
Brian Dolliver: I will not. Thank you.
Operator: And the next question comes from Steven Ralston from Zacks. Steven, please go ahead. Your line is open.
