Paul Brink: So John, I will take the first part here. The big changes for the year in reserves will be Detour Lake, Cascabel, where they moved M&A into the reserve category, the next on the list is the increase in reserves that Malartic with the underground and then the new assets that we have Tocantinzinho and also Magino. So those will be the biggest increases.
Sandip Rana: And then John, just on depletion, yes, revenue was higher. But that was driven off of higher energy prices essentially. Production was slightly higher on the energy side. But on the mining side, we did have lower production, which results in lower depletion and the lower production was from high depletion assets, Cobre Panama, Antapaccay, and Antamina. And as a result, we had lower depletion, the additional reserves and resources that will impact depletion for 2023 going forward.
John Tamazos: Thank you.
Operator: Thank you. The next question comes from Lawson Winder of Bank of America Securities. Please go ahead.
Lawson Winder: Thank you very much operator and good morning Franco-Nevada team. Just two questions for me. So one, just in terms of operator concentration. So obviously, the issues at Cobre Panama highlighted the benefits of First Quantum €“ sorry, Franco-Nevada, pardon me, diversified asset base. However, I mean Cobre Panama remains a relatively large proportion of the asset base. Sandip, I think you mentioned 17% of €˜23. And I think with net asset value or using that as a basis, it would be a bit higher. Does this experience increase FNV’s desire to like potentially reduce the exposure to any individual operator? And like what’s your latest thinking in terms of concentration sort of risk with operators?
Paul Brink: So Lawson, we are trying to be a low-risk way for investors to invest in the gold sector. And so obviously, the more diversified, the better. But at the same time, we are trying to expose our investors to that resource optionality and the ability for assets to expand over time. And often, those two things, they go in different directions. Our experience has been €“ it’s the big ore bodies that get better over time, that are the most likely to be expanded and often that have the longest lives and the greatest long-term potential. So, it’s the reality of our business. I have to say if there was another Cobre Panama that came along and we had the opportunity to invest in it, we would do it in an instant to expose ourselves to that growth.
And as our portfolio grows and we add more assets, so we dilute the individual influence of each of them. It’s the nature of the business that assets will go through these bumps in the road. But we think our business is well set up. We have no financial leverage. The nature of our investments is such that the impact of these events is fairly minimal. And so it’s €“ if the big assets that we can bring onboard, we will do it again.
Lawson Winder: With the same operators, is that what I am hearing?
Paul Brink: We are on all aspects, if it’s political risk, if it’s assets, if it’s operators, we try and diversify it. But again, if the great assets that come along, you have got to bring them onboard when you have the chance.
Lawson Winder: Okay. Thanks. That’s very clear. And then just secondly, on metal mix, so gold in 2022 was about 55% of the overall revenue mix. What is your thinking on where gold should be, how low it can go or how much higher you would want it to go? Thanks.
