Andrew Gubbels: To add to that to answer your question, in terms of years. We’ve got some coming on in less than a year to one year, some in two, some in three. And we’ve got over 216 royalties. So over the course of the lifecycle, if a lot of those are developed, or even a handful of those, we’re going to see that trajectory increase year-over-year. So it is really a mix of depending on the assets, but we do have some coming in a year, two years, three years to underpin this profile
Joanne Jobin : Thank you, gentlemen. How much exposure does GROY have to silver production? Given the push to EVs and renewables, theoretically, that should be improving those prices for that commodity.
David Garofalo : John, do you want to tackle that one?
John Griffith: Yes, I think we have a modest amount of silver exposure. I don’t think it’s going to be the key driver of our bottom line revenue growth. It’s nice to have that exposure. We also have some exposure to copper, which I think has a very similar investment thesis. So, quite frankly, I think it’s copper, really, that will be the commodity that really links up with the greening and the decarbonization of the global economy more than silver within our portfolio.
Joanne Jobin : Thank you. How many assets we’ll be producing by 2024?
David Garofalo : John?
John Griffith: Gosh, I don’t know if you have that one, Andrew. I think it’s going to be –.
David Garofalo : Well, €˜24 Cote comes on next year. That’s probably the most significant addition, and that’s going to be quite significant step change in cash flow. But that would be probably the most in 2024, that would be the most significant addition to our cash flowing portfolio. And Cote, I’ll just remind everybody, at 0.5 million ounces a year of production is approaching the second largest in Canada production, second or third largest in Canada. I should just add again to the quality proposition. We have a royalty on what’s now Canada’s first or second biggest producing gold mine, Canadian Malartic depending whether you look at, detour as number one or number two. We have a royalty on Cote, which will be number two or three.
We have a royalty on the underground extension of Goldstrike, which is the biggest producing gold mine in the US. So John’s point earlier on, Franco-Nevada being built on one of those assets of that quality. We have three of them in our portfolio, which is unprecedented for a company of our size and certainly the envy of any of our immediate peers in the smaller cap universe.
Andrew Gubbels: Yes, no, I think we throughout the year we’ll go from about seven to maybe 12 in total, 11 or 12. It should come some later on in 2024 but Dave’s right. Cote is really one of the major contributors in 2024.
Joanne Jobin : Okay, gentlemen, and we are at the top of the hour here, so I’m just going to ask one more question, and that is are any of your royalties subject to buybacks?
John Griffith: We have a limited number of royalties that are subject to partial buybacks. There are none that have full buyback options. So we’re quite pleased to have the majority of our royalties being NSR royalties, and again, very little in the form of buy downs and none that have total buy downs.
Joanne Jobin : Okay, thank you. Thank you, David, Andrew and John. And thank you to everyone who joined us today. If you have further questions for the company, you may email them at info@goldroyalty.com. Thanks, everyone, for tuning in. It’s been a pleasure to host you. We will see you soon on –.