Joe Lambert: Certainly, the lithium marketplace is very active down there, because it’s hard rock. It’s not like the brine stuff you see in South America. And I think you’re seeing an increase in the copper and iron ore side, whether you consider that part of transition or not, I don’t know. And then I’m trying to think there was some zinc — I think some zinc opportunities. I don’t have their bid pipeline memorized yet there, Sean. But it’s been — it’s a very active marketplace there in Western Australian metals and even in the Eastern Australian thermal and metallurgical coal markets.
Sean Jack: Yes. Okay. Perfect. That’s all really helpful. Thanks.
Joe Lambert: You bet.
Operator: Your next question comes from Aaron Kumar, investor [ph]. Your line is already open.
Unidentified Analyst: Hi, team. Congratulations on closing the acquisition. I have two questions. One is on capital allocation with regard to share repurchases, especially, as you know, if the stock is trading well below 10x our estimated future earnings. And I understand as we look forward, want to pay down the debt first, but I’m trying to understand if the shares are still trading at low valuations, how does the team look at capital allocation? And then I’ll come back to the second question. Thank you.
Joe Lambert: Yes, Aaron, we looked at capital allocation the same all the time. We’re always evaluating return opportunities and risks and appreciate you highlighting the bargain that our share price is right now, I agree. We’ll be having those discussions with our Board here in the next couple of weeks, and looking where we put the significant cash flow we’re going to generate in 2024 to work. So I agree with our current PE. It starts with a 6 with today’s opening price. I think you were mentioning less than 10x. And I think there’s some opportunities there. But we’ll be evaluating that. Certainly debt repayment, I think we’re over 7% interest rate this last quarter. And obviously, that has zero risk. So there’s going to be competition for capital. We also have done very well with some bolt-on acquisitions in the past, and vertical in-housing. So if those opportunities come up, it’s really just a competition of risk and return.
Unidentified Analyst: Thank you. My other question’s more on the longer term opportunities in Australia, like the acquisition you made with MacKellar and thoughts on deploying cash at good returns over the next 5 to 10 years if there are other regions around the world that would be interested in. There’s more of a long term how you’re thinking about allocating capital? Thank you.
Joe Lambert: Yes, Aaron, I think whether it’s Australia or here, we’re going to look at the return on assets. Just like I was talking about these trucks that are in northern Ontario, we’re going to put equipment where it gets the best return. If that’s in Western Australia, we’ll put them in Western Australia. If it’s in Canada, well Canada. I think, historically, the marketplaces that we’ve thought were best for us would be North America, Australia and South America. And obviously, we’re in North America and Australia right now. And most recently, South America has had a lot more turbidity in governments and royalty regimes. So it’s kind of suppressed investment dollars from the mining world. But obviously, that could change.
And if we’re looking longer term, we would certainly be looking back in South America again. But for sure, the North American and Australian opportunities in the near term, even 5 to 10 years we think are going to be tremendous. I think that’s all the questions, unless you have any more, Aaron.
Unidentified Analyst: No. That would be it. Thank you.
Joe Lambert: Thank you, Aaron.
Operator: Thank you. This concludes the Q&A section of the call. I will pass the call over to Joe Lambert, President and CEO, for closing comments.
Joe Lambert: Thanks, Joanna. And thanks everyone for attending today’s call. I hope you all have a safe and festive holiday season. I look forward to sharing our year-end results and business updates with you in the new year.
Operator: Thank you. This concludes North American Construction Group conference call on third quarter of 2023. You may now disconnect.
