38 There isn't any effort to sort of sensitize or make certain adjustments to what the operators are saying. Cosmos Chiu: Yes, so, in year 2030. William Heissenbuttel: Yes. Cosmos Chiu: Okay. Maybe a question on Hod Maden. As we know, SSR Mining is going through a strategic review of Hod Maden. And as you mentioned, ultimately, you want to change the structure to better align with what Royal Gold does. So, SSR Mining's strategy review, does that impact timing of that potential conversion in any way? Anything that you can share with us? Or does that impact any current negotiations you might already have with counterparties at this point in time? William Heissenbuttel: Yes. I think what has happened with SSR in Turkey, especially with Copler, the sale to Cengiz has, it just changed the dynamic -- and if you look at what they're saying, they're saying we're going to be an Americas-focused mining company and you look at the share price and where it moved when they said that. I think it's fair to say that the -- where SSR is now with the project is probably going to delay what we might be able to achieve and it might change what we're able to achieve. I just think it's going to take a little longer until we sort of get through their strategic review of what they want to do. Cosmos Chiu: Great. Then maybe one last question in Martin's 80 pages. He kind of touched on a number of Sandstorm assets. So, if I were to look at how Sandstorm looked at those assets previously compared to how Royal Gold looks at it, anything you want to point out as you talked about, for example, Mara, that's seems to be progressing earlier and faster than you had expected. You also talked about Platreef, but anything that surprised you in terms of how Sandstorm looked at it? And this is your first chance as Royal Gold to talk about some of these assets, any assets that you want to point to that kind of surprised you? Martin Raffield: Yes. I don't think that we found any major surprises that we have -- we would change anything in a major way. Obviously, we go back and look at it in our process from a technical perspective. We look at each of those opportunities -- and then we make our
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