Paul Rollinson: Yes, I’ll start and maybe hand off to Andrea. Look again, as we said in the call earlier, the focus this year is on really around the term loan and paying down the term loan. It’s great to see these gold prices where they are today. But again, we got to keep in mind, we just got into it this quarter. Let’s see how we go. We’re optimistic on the gold price. And we see upside from here. And as you would know, Josh, we’ve got incredible gearing to the gold price and the leverage — the de-leveraging possibility in the context of where we’re training today is pretty powerful. So we want to, let’s just get through that. And that is our focus as it relates to capital. And, you know, we’ll continue the discussion as we go through the course of the year.
Josh Wolfson: Got it. Thank you. Looking at the production splits over the remainder of the year, I think on the last call there was some discussion about second-half production being weighted a bit higher, which I guess is still reasonable given the Manh Choh’s ramp up. But in light of first quarter production being a bit higher, at least in our expectations, how should we think about the first-half, second-half split?
Andrea Freeborough: You know, Josh, it’s early in the year. I mean, we’re obviously happy with Q1 production. So, you know, at this point, our full-year guidance range still stands, and we’ll see how we go through the second quarter. But it was a little bit weighted. I think just 49%, 51% to the second-half. And we’ll see how that evens out as we go through the second quarter.
Paul Rollinson: But I would also add, Andrea, though, and certainly from a production point of view, from a cash flow, second-half will be stronger. Again, you may recall that we have some seasonality to the tax payments. And Q1 tends to be a heavier tax payment quarter. That’s when we pay our taxes in Brazil. So all things being equal, we would expect cash flows to be stronger in the second-half.
Andrea Freeborough: Yes, we have — our tax payment, we paid about $80 million in taxes in the first quarter and the bulk of that was more sort of one-time payment.
Josh Wolfson: Thank you. And then lastly on Manh Choh, with some of the noise around the trucking aspects and some of the results we’re waiting to hear back in the courts. What’s the sort of thoughts there on how the company ramps up trucking efforts? Is there any risk on those timelines or any constraints on what activities are planned?
Paul Rollinson: Look, you know, Josh, we’re permitted and we’ve done everything by the books, according to the Department of Transport in Alaska, we’re trucking every day. We’re building stockpiles as we complete the mill modifications. And we’re always sensitive to some of the local concerns about trucking. But if you really drill into it and get granular, this is a major highway and we’re a very small percentage of the overall daily volume. So we’re permanent, we’re tracking and we’ll continue.
Josh Wolfson: Great. Thank you very much.
Operator: The next question comes from the line of Anita Soni from CIBC World Markets. Please go ahead.
Anita Soni: Good morning, Paul, Andrea, and Claude, and thanks for taking my question. And firstly, congratulations on a strong quarter. I just wanted to ask about Tasiast, I think in my notes I had a five-day mill maintenance shutdown. Did that happen in Q1?
Claude Schimper: Yes, it did. We extended it by a day, but overall January was a little bit of a lower month, and then we certainly exceeded our expectations in February and March, and then to the higher production.
Anita Soni: Okay, and so that — so removing that, you did indeed meet and exceed the 24,000 ton per day this quarter then?
Claude Schimper: I think the final average was 23,000. But it’s — we balanced it with, like I said, the major shutdown in January and then [Technical Difficulty] But February and March were 25,000.
Anita Soni: Yes, that’s what I’m…
Claude Schimper: The average was 25,000.
Anita Soni: Yes, that’s what I’m driving at. So okay, and then just moving to Paracatu on grades. How do you think that’s going to evolve over the course of the years? Like is it still similar in the first, you know, in the next couple of quarters? I think it — I think in my notes I had Q1 to Q3 around the same levels and then in Q4 there’s an uptick?
Claude Schimper: Yes, there’s a slight uptick in Q4 because we start to move back into the other side of the pit. But certainly relative to last year, that’s the greatest our — the first three quarters of this year.
Anita Soni: Okay.
Claude Schimper: And then 2 points slightly higher, and then next year we go back into, similar to 2023.
Anita Soni: So that was 0.4 gram, right, for 2024?
Claude Schimper: That’s right, yes. That’s right.
Anita Soni: And then in terms of the PFS on Great Bear, I’m just wondering what size of plant you’re targeting. I just want to reiterate, I guess, the thinking was, was it a 10,000 ton per day plant that you guys are looking at?
Claude Schimper: Yes, we haven’t changed that thinking. That’s still what we’re targeting.
Paul Rollinson: If it is a PEA, not a PFS.
Anita Soni: Oh, sorry, sorry PEA, sorry.
Paul Rollinson: [Technical Difficulty] trying to clarify that on the call here this morning.
Anita Soni: Yes, no, that’s fine. I’ve actually, you know, that’s kind of what I expected considering how much time you guys have to bring this into production. The first step is usually the PEA. So, okay, that’s it for my question. Thank you.
Operator: The next question comes from the line of Tanya Jakusconek from Scotia Bank. Please go ahead.
Tanya Jakusconek: Good morning, everyone. Congrats on a good quarter and thank you for taking my questions. I was just going to follow-up from Anita’s question on the PEA on Great Bear. And I think Paul, you mentioned it was going to include some of the M&I and some of the inferred. So the combination of that is just over 6 million ounces that you’ve reported. Should we be thinking that 4 million ounces to 5 million ounces would be a reasonable assumption to have this PEA support this 10,000 ton a day, 500,000 ounce production profile?
