Our geologists are quite busy and we’re just trying to look for good investments with interesting upside. So that’s really where a lot of the focus is now. And if you look at what Martin talked about in the comments there and the various royalties that are just starting to produce. We’ve had good success with these smaller royalties. So we happily add more of those in the portfolio. But we always talk Jackie about this $100 million to $300 million range. That’s still very much intact. And so we do see opportunities in that range. It’s more development type project financing that we’re seeing and more on the gold side as well. So, overall quite busy for us right now.
Jackie Przybylowski: That’s great. I mean…
Dan Breeze: Does that help?
Jackie Przybylowski: Yes, absolutely. It’s totally understandable in light of the relatively high cost of other sort of project financings that years would be fairly attractive but also, if equity and debt are unavailable it makes it difficult to do those bigger streams. So I appreciate that. That’s helpful color. Thanks Dan and thanks Bill. That’s all for me.
Dan Breeze: Thanks, Jackie.
Operator: Thank you. [Operator Instructions] Our next question today comes from the line of Brian MacArthur from Raymond James. Please go ahead, Brian. Your line is now open.
Brian MacArthur: Hi. Good morning. My question has to do with the deferred Silver Stream at PV. And can you just remind me, when we finally get this up and running how this trigger works? Do you get back — I mean once they get the fixed rate 70% and it works, you’re entitled to 75% of the silvers I understand it. But to catch up do you go right 100% of the silver when the trigger works? Or is there a scale in function because you made the comment, it would take a number of quarters going forward. I mean any details you could give us on that would be helpful.
Bill Heissenbuttel: Yes. Brian, well, the thing that sticks in my mind is I believe and someone on the team can correct me, if the recovery goes above somewhere around 52.5%. We start to recoup the silver. So it is gradual. We don’t jump to a given number. The reason there’s deferred silver is we could not demand from Barrick more than 100% of their share of the silver. So it’s not as though we can go beyond that. But that’s really — to me that’s the number I’m looking for. If the recovery gets above that 52.5%, we’ll start to see it. And I think at that point we can probably do a better job of helping you figure out when it might come in.
Brian MacArthur: Okay. But you do — you do get — like technically just in the Stream rate you get 75%. You can’t go over 100%. But at the minute you get the trigger then you can go and take — you can basically sweep all the silver that comes out any quarter theoretically. Is that fair?
Bill Heissenbuttel: Theoretically — their share.
Brian MacArthur: Okay. Right. Their share. Okay. I think I’ve got that. I just have always — because I noticed last year you did get some — you did catch up some and then it went the other way. So I was just trying to figure out exactly because it is starting to build up to be a significant amount right now. So I was just trying to figure out how fast that would come out going forward. Great. Thanks very much, Bill. That was my questions.
Bill Heissenbuttel: Thanks, Brian.
Operator: Thank you. There are no additional questions waiting at this time. So I’d like to pass the call back over to Bill Heissenbuttel for any closing remarks.
Bill Heissenbuttel: Well, thank you very much for taking the time to join us today. We certainly appreciate your interest in Royal Gold and we look forward to updating you on our progress during our next quarterly call. Take care.
Operator: This concludes today’s conference call. Thank you all for your participation. You may now disconnect your lines.
