John Tumazos: Thank you very much and congratulations on accessing such a fabulous asset.
Randy Smallwood: Yes. Thank you, John. Thanks for the call.
Operator: Thank you and your last question is from Tanya Jakusconek from Deutsche Bank. Please go ahead.
UnidentifiedAnalyst: Good morning. I think Smede [ph] from Scotiabank. But anyways.
Randy Smallwood: We were chuckling. We miss that news release.
UnidentifiedAnalyst: Yes, like Okay. I think that’s me. Anyway…
Randy Smallwood: Good to talk to you Tanya.
UnidentifiedAnalyst: Nice chatting with everyone. Thank you for taking my questions. I have about three that I wanted to review, and I’m going to start with Gary, if I could, first. Two for you, Gary. I just wanted to ask and I asked on the Franco call as well because the Canadian government has come back with initial commentary and/or initial commentary on this global minimum tax and the framework. Have you had a chance to look at it and anything that you could add there that you think we should be aware of?
Gary Brown: Yes. We’re still in the process of getting through the details, but it looks like the proposed legislation is in line with the principles that they previously released. So really, we don’t see there being any change to our prior guidance, which is that we think that once implemented, and assuming that it does get implemented that it would have application to the income generated by our non-Canadian subsidiaries. And that would — from a NAV perspective, we estimate that, that has about an 8% to 10% impact on our NAV. If we were to have it applied if it had applied this year, I’d estimate that the implication would have been that we would have accrued like somewhere in the neighborhood of $35 million to $40 million of tax for the first six months if that gives you some idea.
UnidentifiedAnalyst: More than anything, Gary was just more, was there anything in there that you saw or read that’s anything different from what we have all been led to believe as there. There wasn’t a lot of details on what could be deductibles, etcetera. So I don’t know if there was anything in NAV, but you had some intel on.
Gary Brown: Yes. So far, it doesn’t look like there’s any difference from the principles. So I don’t think there’s anything that you would need to adjust.
UnidentifiedAnalyst: Okay. And then just on Peñasquito with the timing difference. And Gary, what is Peñasquito is down for the entire quarter, so down all of what do you think we should be thinking about in terms of sales for the quarter from silver just from Peñasquito.
Gary Brown: You know what, I’m going to turn that over to Wes, who’s better positioned to respond to that.
Wesley Carson: Sure, yes. So we’re still expecting that even if Peñasquito is down for the entire quarter that we would come in within our guidance range. So we’re expecting — it would certainly have an impact, and it would continue to impact through into Q4 if we’re down for the entire quarter. So there is a delay of about six weeks to two months between that kind of production and actual sales.
Randy Smallwood: So specifically in Q3, we would see a sniff of sales because with that six to eight-week delay in sort of the connection between production and sales, Obviously, they shut down on June 08, which is three weeks before the end of the quarter. So that does leave some residual sales revenue that we should see in Q3, but not a lot, as you’d imagine. And definitely, sales will be impacted on that side. .
UnidentifiedAnalyst: So we should think, Randy, minimal sales coming in, in Q3, should it be down for the entire quarter.
Randy Smallwood: That’s right.
