48 Kim Bergen: Please discuss the subtleties between the terms, royalty and streams and which holds more advantageous? William Heissenbuttel: Who hasn't talked here. Jason can say it. Jason Hynes: I think Dan mentioned, we're a bit agnostic. We look at things from a net revenue perspective. The big differences are what the contracts -- how the contracts are written, what they're used for. Streams are often more advantageous from a tax perspective for the operator to write because they're generally not a taxable disposition. If you write a new royalty on an existing mine, it's usually a sale of a capital asset and you got to pay your capital gains tax on it right up front. There are subtleties around the tax perspective where we sit as well. And royalties, it depends on what jurisdiction you're in. If you're in British Columbia, Ontario, most of Canada, Nevada, places like that where royalties are registered on title with mines that establishes a very, very strong sense of security around that. Whereas with streams, it's more of a contract and you need to write in your security into that contract. If there's problems, you got to hope that it survives that the proceedings that might take place that might come by to challenge it. So, obviously in writing things like that, we're a lot more careful. Kim Bergen: With that question flows into the next one, well. How do we think about security and parent guarantees when we're doing new stream transactions? William Heissenbuttel: Want me to take it? Well, I think Dan touched on it. We look at term sheets as a blank canvas every time we're putting a bid at. We don't come at this with boxes that need to be ticked. There are ways to structure investments at an operating company without a parent guarantee. All you have to do is control the amount of money that can go up to the parent and outside of your recourse. And First Quantum is a great example. I mean we spent quite a bit of time looking at First Quantum as a corporate credit to say, okay, if it's unsecured, what is the financial strength of this company? And what we found is even if you never let Cobre Panama open up again, even if you don't let them refinance bonds that are maturing, the company is able to actually repay that debt and become a better credit. Therefore, you don't really