47 Kim Bergen: What are your plans regarding the Entree Mongolia equity investment? William Heissenbuttel: We're going to hold that for -- I think we're going to hold it for a little while. We do think there are perhaps some corporate developments within Entree relative to the government of Mongolia that maybe we want to sort of hang around and see what happens there before we look to dispose of the shares. But just understand, it's still noncore. It's still not something that we really want to hold on to. Certainly, in our mind, not a company we want to consolidate in any way. So, I think we'll eventually sell it. I just don't know when. Kim Bergen: What percentage of NAV would KSM represent if it was finally approved and constructed? Would it be one of Royal Gold's top 10 assets? Martin Raffield: I'm not going to try and answer in terms of NAV, but I would say if it were constructive in operating today that it would be one of our top 10. It's debatable whether it would be a principal property for us. It would be an important property from a GEO production rate over a long period of time. Kim Bergen: Under what conditions would the company consider share buybacks? William Heissenbuttel: Well, I think Paul went through the capital allocation here. First and foremost, asset acquisitions. We think that's the best way to create shareholder value. If we have debt outstanding, clearly, pay down the debt. That's where we sit today. Third is the annual dividend increase. If we got to a point where we had what we consider excess liquidity, and that's a very tough concept to get your mind around when you have multibillion- dollar potential transactions out there. I think you would look at share buybacks, look at special dividends, but it's also based on our valuation. I think when we were trading at the low of lows last fall and you looked at some of the transactions that were out there, and they were trading at 1.7x, 1.8x NAV and our shares were trading at 1.4. That's a situation where we really got to take a step back and say should we actually be making the investment in the assets we know better than the new investments at a higher premium. So, I think that kind of thought process would go on internally. So, there's no hard condition that says, if we hit this point on a valuation basis, we're going to buy back shares.