49 need to have the security at that point in time. It makes you feel good. It makes you feel good to say I got security and I have a parent guarantee. My experience in the mining industry is if you get to that point where there's a bankruptcy and you're in a [unclear], you're not getting $0.80 on the dollar or $0.90 on the dollar. I mean the top guys are probably going to get $0.40 on the dollar. But mining projects that go wrong tend to go wrong. They go horribly wrong. So, I would just say we take -- we take, I think, a unique situation. I actually heard a competitor say we won't do a deal unless we have security. I was like, great, that leaves the best credits out there for us. Please keep doing that. But to us, every situation is different, and I just caution people not to say parent guarantee security, that's a good structure, because it may not be what you need. It may not protect you when things go wrong. Kim Bergen: Now that gold prices are as high as they are, does it become more risky as there are more firms willing to take on risks? How do you assess the good deals or the more questionable ones? How many deals do you look at and reject in a year? William Heissenbuttel: Dan, do you want to take the last part first? Daniel Breeze: Sure, Kim. Yes. I think we touched on this a little bit in the presentation. We're looking at upwards, as I mentioned, upwards of 80, 90, 100 opportunities a year. Sometimes we look at them very quickly and we discard them very quickly. So, it's not like we spend a lot of time on some of them. But that's generally how we go about assessing things as we run it through our screen, and we decide if it's something we want to spend time on from a commercial and technical perspective, and then we make the decision to move forward. William Heissenbuttel: I just think protecting yourselves against a reduction in the gold price. I mean so many of us have been around the industry for so long, right? You see these projects -- that they didn't work at $2,500, they didn't work at $3,000 an ounce. They're now on their fourth name. It's about finding the quality assets because I think you can't make investments just by thinking the gold price is going to go up. One of the questions I always ask the team is what's the breakeven price on our investment? What's the impairment price? Where is -- does the mine exist in the fourth quartile? Or is it in the first three quartiles because the fourth quartile is going to be the first to go if the gold price does go down. So, we try to go into these investments with our eyes open as to what happens if the gold price falls.