Tanya Jakusconek: Okay.
Randy Smallwood: Assuming that that, the Canadian government, enacts it.
Tanya Jakusconek: Yes. No, no, no. Okay, that’s helpful. Thank you very much for that. My second question has to do with dividends. So, I’m just and maybe this is for Randy. Randy, just on the dividend policy, you’ve gone to a progressive dividend. Can you just, talk me through, why the move? Is it made because your peers have progressive dividends? Is it made like, is it just being reviewed once a year? And so like your peers, every year we sort of have a slight increase? And, just remind me your minimum cash balance on your balance sheet that you need to run your business so that I can think about what I’ll — how I model this dividend going forward?
Randy Smallwood: Sure. Well, so as a refresher, the previous dividend was it had as a reference a minimum of 30% of our cash flows. The average over the previous four quarters. The challenge that we’ve had with that is that it’s one that had a climbing basement. And so, we’ve been actually holding it relatively constant. And to be honest, we’re paying currently somewhere around I think it’s 37% of our cash flows. And so, when we looked at our growth profile coming forward, we realized that with that with the current framework, we actually wouldn’t be raising the dividend even though we’re going to see some growth. And of course, current commodity prices would accelerate that, but we wouldn’t have seen that growth for a couple of years.
And, we just felt that having been flat for a couple of years, it was time to add some growth. We’ve had substantive growth in our dividend, peer group leading growth in our dividend over the last five, six years, but it has actually been held flat for a couple of years and we just felt it was time to give it a bump. And so, the commitment towards the progressive, the scale, I mean, what we’re committing to is that there will be an increase on an annual basis on a go forward. The scale of that increase is going to be up to us and up to our Board, and it’s going to be subjective to what kind of a cash balance that are we looking at right now. In terms of a minimum cash balance, this is a very G&A light company. We don’t have much needs. There’s a total of 40 employees in the whole company.
And so our G&A, as Gary detailed in his numbers, our G&A numbers are very, very small. And so, and we’ve got healthy access to very, very attractive re-priced debt if required. That’s all going to only be touched if we with the strong cash flows and with the production growth we’ve got over the next few years, that’s only going to be we’re only going to be using that revolver if we’re seeing access to larger scale world-class streaming opportunities, which we’re always hopeful for. But currently, what we’ve been looking at is stuff that’s $500 million or less, which is something that’s easily handable with, we can handle that with our current expected cash flows. And so, I don’t see any risks on that side at all. The commitment is it’s time to it’s been flat for close to two years now since we’ve seen a bump up on that and because of that 30% number being well below what we’re actually paying in the 37% range, we just looking forward, we didn’t see that actually impacting our dividend on a go forward basis.
And so, we just felt it was time to deliver, bring some of that growth forward and start giving it even adding more back to what we already delivered to our shareholders. We’re already by far the biggest in the entire precious metals space in terms of the percentage of revenue back to shareholders. And so, we want to make sure that we continue showing that growth that we have shown for the last four, five years.
Tanya Jakusconek: And the minimum cash I should think about on the balance sheet?
Gary Brown: We don’t really look at, there being a minimum cash balance required on our balance sheet. We’ve got this five year $2 billion revolving credit facility, which is fully undrawn should we need to access that to fund some of the opportunity sets that Haytham will hopefully be bringing in. But, when we look at the current commitments that we have outstanding, we don’t even see ourselves even with this new dividend policy, we don’t see ourselves even accessing the $2 billion revolving credit facility to fund those commitments over the next three years.
Randy Smallwood: We’ve shown a strong track record of just adding to that dividend. And so, when you keep on talking about the reference to minimum balance, I mean, we’re not going to drop the dividend. So, we’ve got a strong enough balance sheet with all the tools that we have at hand and all the growth we have. That’s not something that’s a concern to us.
Tanya Jakusconek: Yes. Okay. Well, I’ll continue with Gary then on my next question. Just wanted to review, Gary, with you just the payments, just to make sure I have all of the payments that you are, going to be paying this year. You did mention, obviously the $450 million that went out on ‘27 I think it’s also a new entrants. Can you just remind me all of the other ones that are coming, so I have them all captured?
Gary Brown: Yes. And I would point you to our, the table that we have of our commitments on Page 39 of our MD&A. So, you’ve got the Salobo payment that we, is contingent upon Vale achieving the 35 million tonnes for annum throughput test, which we think they should satisfy this year. So, that’s $163 million. We expect to start making payments relative to Cangrejos. So, we’ve got about $19 million relative to them. We’ve got about $15 million that we hope to be making as to generation mining relative to the Marathon project. Marmato is expected to move forward with the development of the deeper zone. And so, we’ve got $80 million there. We’ve got the $115 million for the Mineral Park stream. We paid the $450 million relative to Platreef and Kudz Ze Kayah.
