Michael Steinmann: Sorry. No, as we said, look, that transaction, the transition, sorry, of the new government took really longer, I think, longer than expected. You’re right, it’s encouraging, obviously, that the government is committed to complete the ILO 169, but I also would like to remind everyone that’s a court-ordered process that, we all have to go through. So that’s just part of ILO 169 that has ordered that, it has to be finished. It does no choice really, I think. And there’s just no time line to it. So the process is very prescribed and the government is working on it with the former government with good strides forward last year, definitely a slowdown with the change of the government here. And as you said, this vacant post that in the past, that was really another person that was running for the Ministry of Mines that process.
Just to remind everyone, this is a process between Ministry of Mines and [Shingha] Group, and we are just a party to it. So we have no control over time line. So, the post was very important in the past. I come speak for MEM to see if in the future when they reassign a new person, if that will be the person in charge of the process, or if they want to use another person for the process. And I think with that, I hand it over to Sean. Sean, you’re way closer to it.
Sean McAleer: Yes. So not a lot to add, Michael. We’re obviously waiting for the new appointment there. And that will be key for us, and we’re in regular contact with the government, and with MEM specifically to get updates. But there’s no updated time line, the published time line on the MEM website was tentatively for March 31, and that’s come and gone. But we’re hoping to hear some news in the next few weeks and months as things develop. But unfortunately, we don’t have any anything, to provide as an update and no future meeting dates.
Don DeMarco: Okay. Thanks for the latter point, then. What about some of the key issues that had been raised over the previous sessions. I think there might have been some discussion on water, maybe noise, maybe others. What’s the status of those – the dialogue on those items at this point?
Sean McAleer: Yes. And that was the meeting on February 21. There hasn’t been any follow-up in any working meetings around and those concerns, but they’re consistent with what we’ve heard, during the visits and during the interactions that we had last year. So, not a lot of new developments there. But again, the dialogue and the process is awaiting the MEM, to take charge and set the next meeting dates and the time line.
Don DeMarco: Okay. And are those issues or others, are they viewed as resolvable? Like do you see a path toward parties agreeing on whatever topics discussions might be underway at the last meeting?
Sean McAleer: Yes. It’s hard to say. I mean, for us, I mean, we’re just continuing the dialogue and when we sit at the table, and discuss in more detail the issues. I feel confident that we’ve got mitigations, or other things we could do to alleviate the concerns. But I think that’s just part of the process, and so we’ll wait and see how that develops.
Don DeMarco: Okay. Great. And maybe just one other question. Michael, you mentioned your growing royalty portfolio. But perhaps you could share with us, what are your intentions with this portfolio? Do you see it as a long-term hold? Or would you potentially divest it to fund development in your pipeline?
Michael Steinmann: Well, if you recall, last time, we created a sizable royalty portfolio that when I was in charge of business development before I was CEO, generate most of those royalties. We spun those out into Maverick’s at that point. And no, we got a really handsome return on those royalties through the sale of Mavericks to triple flag at the end I think that has a lot changed since then. When we started that, I think it was 2015. There were not many royalty companies I think there’s a large group of very strong royalty companies now available in the world. And I’m pretty sure if we ever decide to sell these royalties, we will find very competitive bids from different companies. So, there’s now no need to basically start our own royalty company again.
That’s my point. I think if we decide to divest those royalties we should, for sure, have enough offers from very sizable royalty companies here. So, it’s a big amount of potential cash sitting there for us. But at the moment, I think we are in no hurry, to divest those right away.
Don DeMarco: Okay. Okay. Good to hear. That’s all for me and good luck with the rest of Q2. Thank you.
Michael Steinmann: Thank you, Don.
Operator: Next question will be from Gary Chiu at Cosmos (sic) CIBC. Please go ahead.
Cosmos Chiu: It’s Cosmos here. But maybe I should call myself, Gary, would be more successful in life. Well, maybe my first question is on the La Colorada, Michael and Steve, as you mentioned, it’s almost complete by mid-2024. We’re almost there. So could you maybe remind us in terms of what still needs to get done? And then Michael, as you mentioned, on the ventilation completed, throughput is going to go up since you’re going to open up more mining areas, but is great also to go up as well. And if that’s the case, would it happen pretty much right away when the ventilation shaft is commissioned? Or is there going to be a lag of like a month or two?
