Cosmos Chiu: Of course. Thank you. And going to your financial statements here, I noticed that your finance income, $16 million, has increased quite a bit year-over-year and quarter-over-quarter as well. I just want to make sure, is that just due to the G Mining term loan? And if that’s the case, what else is in there?
Sandip Rana: So, Cosmos, the interest income is in two places on the financials this quarter up in revenue. You’ll see interest income not relates to actual interest on the G Mining loan as well as the Skeena convertible note that we did at the end of last year. So any loans we’ve made up, that interest income is up in revenue now. And it was about $1.2 million for the quarter. The finance income, you’re referring to, the $16 million, that is the interest we’re earning on our cash balance.
Cosmos Chiu: Okay. And is there a reason why you separate those two or just really accounting?
Sandip Rana: It’s all accounting, technical related, the loan interest, because it’s due. It’s related to mining assets and up in revenue. And we intend to do more debt-like structures going forward. So we’ve included that up top.
Cosmos Chiu: Perfect, it sounds good. And then maybe one last question again on the accounting side as well. I know Brian asked it earlier in terms of the global minimum taxes, but it sounds like now Barbados has their own legislation and Canada also has their own sort of legislation that’s going through. Is there a situation where in terms of timing, when legislation the two countries are being enacted, is there a chance that things can get really complicated later on if they’re enacted at different times, different quarters, or is that something that we don’t really need to worry about?
Sandip Rana: So our understanding right now, neither one has enacted the laws. Barbados effective tax rate will be 15% going forward once the law is enacted. But our understanding is it’s contingent on Canada implementing the GMT. So they should both come into play at the same time. But obviously we’ll have to wait and see.
Cosmos Chiu: Okay, great. Thanks, Sandip and Paul. Those are the questions I had.
Operator: Your next question comes from Tanya Jakusconek from Scotiabank. Please go ahead.
Tanya Jakusconek: Good morning, everybody. Some of my questions have been answered, but I’ve got to come back to just Hemlo. Sandip, how should we be thinking of this royalty? Because this one’s always quite variable. What guidance can you give us for the year?
Sandip Rana: Tanya, it was lower than I expected in Q1, considering where commodity prices were. And I think [indiscernible] release yesterday, they had higher costs. So going forward, I think we stick with what we had guided to as part of our year-end guidance. It’s probably going to be at this stage similar to last year, but we’ll have to see how the year-end folds.
Tanya Jakusconek: Okay. And then for my mine waste solution, that we’re getting to the cap. So that would imply the rest of the year a bit lower. Would that seem fair?
Sandip Rana: Yes. So we do anticipate to reach the cap in Q4 this year. Depending upon how the next two quarters play out, it could be early in Q4.
Tanya Jakusconek: Okay. No, that’s what we have as well. And then as we look at the year, with everything said and done and appreciate a lot of variability. But should we be thinking that a slightly better second half with some of the new mines coming in? And can you just remind me for Q2 and Q3, when the new contributions are coming in? So first, stronger second half, should we be thinking like 52%, 53% of GEOs, and then the new mines, if you can remind me, who’s coming in Q2, Q3?
Sandip Rana: Sure. Yes. So we do expect a stronger second half, and not just because, as you said, the new mines will be online. In Q2, Greenstone is pouring. Sorry, yes. Equinox is pouring first gold for Greenstone and second quarter Salaries Norte tokens in with G Mining is Q3. I don’t have the specific split as to whether it’s 52-48 or what have you, but definitely a stronger second half.
Tanya Jakusconek: Okay, so that’s helpful. I just want to make sure, because production, I mean, you get paid exactly when they start producing. There’s no deferral. It’s not, from my understanding, even if they’re non-commercial ounces?
Sandip Rana: Yes. So on the royalties, we accrue the revenue. If ounces have been produced, we’re entitled to it. So we will accrue, even if we haven’t been paid, but we will accrue.
Tanya Jakusconek: Okay, perfect. And then just on the environment, I think, Paul, you mentioned that what you’re seeing right now is mainly streams on non-gold assets for precious metals. So, base metal producers, can you just come back and verify that we’re looking at that sort of like $100 million to $300 million range? Is that still the range that you’re thinking about for these streams?
Paul Brink: I’m going to hand that over to Euan, Tanya.
Tanya Jakusconek: Sorry. Euan, sorry. Yes.
Euan Gray: Good morning, Tanya. Good question. As Paul noted, it’s an active pipeline. It’s been evolving over the course of the year. So far, I’d say, generally the size has scaled up a bit, Tanya. Beyond 300, we’re seeing more potential for larger transactions as well. So we’re quite encouraged by that.
Tanya Jakusconek: And when you say larger transaction, are we talking in over $500 million or still under $500 million?
Euan Gray: There are transactions at the $500 million and above level that are possible. So that’s perhaps a bit of a change versus the last time when we spoke. These still are smaller transactions. And as Paul said, byproduct transactions are more common than they were. That said, with capital still constrained to the gold space, with gold producers, I think there’s still decent latitude to transact.
Tanya Jakusconek: I would assume, Euan, with the higher gold price for gold producers that would want to put some sort of royalty or stream on their gold assets with this higher gold price, their overall view on their valuation has gone up. Would that be a fair statement to say?
