Andrew Gubbels: Yes, no, it’s a good question and good to provide clarity. So it is a net profit royalty that we have at Granite Creek, and it’s one of the few net profit, bottom line royalties we have in our portfolio. The reason we got really excited about this royalty in particular, was the grade of the underground and the potential for a very high margin deposit. With IAD [ph] bringing that asset forward, the current underground resource is over 11 grams per ton, and the continued expiration success of the South Pacific Zone could see that expand and potentially improve as well. So because of the potential for a high grade, high margin deposit here, it was one of the rare occasions where we did find the net profit interest quite attractive. But I would note that the vast majority of our portfolio, there’s only a handful, only a couple actual net profit interest. Almost all of our royalties are top line net smelter return royalties or gross revenue royalties.
Joanne Jobin: Okay. And what are your plans for the cash generated in 2024? Do you have any preferences?
David Garofalo: No. Look, I think, as I said earlier, returning capital to shareholders is something that’s definitely on the table that we’ll discuss as we get into sustainable free cash flow. But we’re looking at a significant, a number of opportunities that will help us grow our business accretively, and putting that cash to work, I think, is a priority.
Joanne Jobin: Excellent. And David, there’s been a number of questions regarding the share price and performance, and perhaps you can comment on that.
David Garofalo: Well, we’ve had a very good start in the year. We’ve certainly been a relative outperformer, a dramatic relative outperformer to the sector. And I think that’s really a testament to the fact that we’re pivoting into free cash flow territory. As I said, we had our first order positive adjusted earnings fourth [ph] quarter of last year and that we’re poised to deliver positive earnings and positive free cash flow going forward. And I think the market recognizes that, that we have unparalleled growth in the sector.
Joanne Jobin: Excellent. Well, we are at the top of the hour, so we will end the Q&A session at this time. And if you have any other questions, please forward them directly to Peter at pbehncke@goldroyalty.com. David, before we sign off, would you like to say a few more words to this great audience today?
David Garofalo: Well, thank you so much for such incredible participation today, for your questions. And as Joanne says, you don’t need to end your questioning today. We’re easily accessible through our website, through our emails, through our phone numbers. If you go to our website, you can see how we can contact us. And if you have any follow-up questions, we’re delighted to hear from you.
Joanne Jobin: Thank you, David, and thank you, team. Just a reminder that this Town Hall will be available on Gold Royalty’s website and across all of our socials within the next 24 hours. Before we sign off, please ensure that you fill in the short questionnaire at the end of the presentation. This really helps us and the company communicate more effectively with you in the future. Thank you for joining us today and we will see you all on the next town hall forum. Goodbye.
