Paul Brink: [Indiscernible] sooner. But you got to be realistic.
Tanya Jakusconek: Yes, I appreciate that. Yes. Thank you so much and good luck.
Paul Brink: Thank you.
Operator: There are no further questions on the phone line. I will now hand the Q&A session over to Candida Hayden, who will take questions from the webcast.
Candida Hayden: Thank you, Julie. Our first question comes from Deepankar Nayak [ph]. Do you plan to do any share buybacks in 2024?
Sandip Rana: Thanks for the question. We do have a large cash balance on our balance sheet, but our number one priority is to add assets to the portfolio. It comes down to what’s the best use of a dollar and for us to continue to add assets. So, no, there, we don’t intend to do a share buyback.
Candida Hayden: Your second question also comes from Deepankar Nayak. Do you have any option of storing physical gold assuming price would go up in the medium term?
Sandip Rana: We do have the option. It comes down to streams versus royalties. Streams, we do get physical credits of precious metals to Franco-Nevada. But for accounting to book revenue, we have to sell that metal. So that’s what we do on a quarterly basis. There are some royalties that we actually do receive in kind. And so on any given time, we have roughly 20,000 to 25,000 ounces of gold to our account held in various refineries around the world. But there’s no plan to increase that level at this stage.
Candida Hayden: Next question comes from Diego Tremiterra from Noster Capital Management. What are the next steps to consider in the Cobre Panama arbitration and could the election have any impact on the process of arbitration?
Lloyd Hong: Thanks for the question, Diego. It’s Lloyd Hong. In terms of the next steps, as we previously disclosed, we have filed a notice of intent to initiate arbitration. The next step following that would be to actually file a request for arbitration which would formally kick that off. In terms of the election process, as Paul had mentioned. I mean, we are — we hope for the first quarter will be able to engage in a constructive dialogue with the new government once it’s elected, which could lead to the potential restart of the mine. And obviously, that would impact whether the arbitration proceeds or not.
Candida Hayden: Thank you. The next question comes from Bernie Peachey [ph] at Palisade Capital. BHP’s interest in acquiring Anglo makes me wonder if Franco-Nevada has opportunities in the current mining industry’s M&A environment knowing this has not been your traditional area of opportunity?
Paul Brink: Thanks for the question. I would say when I saw that potential acquisition, my first thought is that’s a huge positive for the copper price. If BHP is acquiring assets rather than building assets, it doesn’t add to the world’s copper supply. So I’m not surprised to see that the copper price is running up on the back of it. Could there be assets that come out of that that would create some deal activity for us? Possibly more actionable though, and is transaction that’s already happened and that’s Newmont acquiring Newcrest. They’ve announced that there are asset sales that they are doing, so I think there should be some opportunities that come out of that M&A process.
Candida Hayden: Thank you. There are no further questions from the webcast. This concludes our first quarter results conference call and webcast. We expect to release our second quarter 2024 results after market close on August 13th with a conference call held the following morning. Thank you for your interest in Franco-Nevada. Goodbye.
Operator: Ladies and gentlemen, this concludes today’s conference call. You may now disconnect. Thank you.
