39 call on when we think they're going to happen, when we think things are going to ramp up, what sort of technical challenges we have. But nothing stands out to me as well that was very different from what Sandstorm/Horizon said in terms of our view of it. Derick Ma: Derick Ma, TD Cowen. In terms of transactions, you mentioned transactions are trending larger. So, scale matters. Some of your peers are now talking about the potential for multiple billion deals over the next three to five years in some of these mega base metal projects come into development. How does that factor into what Royal Gold can do, will do given your size and strategy going forward? William Heissenbuttel: Dan, do you want to take it? Daniel Breeze: I think you're referring to the BHP Wheaton deal that we saw recently. I think our criteria is still the same. We're going to still apply the same approach in terms of how we look at these opportunities. We're working on liquidity right now to rebuild that, as Paul talked about. So, it will be a function of how a sizable asset would fit in the portfolio, what's the concentration risk, how can we fund it? All those things will apply. But we're certainly open to looking at larger transactions as a theme. (inaudible) want to add any color to that? Does that answer your question? Is that-- Derick Ma: It does. I guess, how does that factor into keeping optionality in terms of the balance sheet as well given the size of where there is a $2 billion or $3 billion transaction out there that is attractive to you. Daniel Breeze: Yes. Do you want to talk? Paul Libner: Yes, Derick -- and I refer back to the Wheaton transaction as well. With their kind of capital tower of what they use, I think you would find something similar here with Royal Gold. Yes. We have $800 million available today on the revolver. Again, looking to have that repaid by the end of this calendar year, potentially, and then still also strong cash flowing beyond that. But looking at our banking group, ourselves included, good partnerships with [unclear]. If we needed to bridge on some term loan type financings or something similar to that, I think those options would certainly be on the table.

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