RGLD
#Thanks, <UNK>.
Let me speak to my thoughts only.
And not put my opinion upon any producer out there.
I think this industry is one that's hungry for margin.
We certainly have seen some escalating gold price over a number of years that really didn't lead to margin expansion.
We saw production expansion during that period of time.
So, I think there will be a natural tendency for people to be looking for margin expansion.
We're seeing some of the larger companies that are starting to right-size, would be my words, not theirs.
Right-size their portfolio for sustainability.
And all that makes good sense to me.
The kind of projects that we're going to be interested in are going to be the higher quality projects.
And I think there will still be opportunity for us in those areas.
Today, I think the biggest opportunity for Royal Gold would be more on the base metal side.
Where there's still balance sheets that are stressed.
And that market hasn't come back as much as gold and silver have in the recent six months or so.
So I think that's just a natural for us.
That's the place where we can get assets that are very long-lived.
It's a natural arbitrage between us and the base metal companies.
They covet the base metal we covet the precious metal.
That's really where I think the future of our business lies, at least in the near term.
Having said that, Bill will not give up on opportunities that might be in the precious metal producer's space either.
<UNK>, thank you for putting that question back to me because I don't want to miscommunicate here.
We're very much looking for base metal mines with precious metal byproducts.
And we really only desire the precious metals.
Thanks, <UNK>.
Sure, <UNK>, thanks for the question.
Actually, for the last three quarters or so we've just been booking the Voisey Bay royalty on a cash basis.
So we are not booking any revenue or expected revenue on an accrual basis for Voisey's Bay.
We're just booking cash when it's received.
That's been the case for all of this fiscal year.
Until we got better clarity or we started receiving payments, we will not have any revenue or accrued revenue for Voisey's Bay.
That's correct.
We really wouldn't have any accounting until he we received some cash or the litigation was settled in some way.
Well, I was going to ask <UNK> to answer that question until you broadened it right there.
I'm just kind of searching through my mind.
Our portfolio's running very, very well right now.
So not anything that we would have had concerns on.
We would have guided the market to that would be material.
So nothing on that standpoint.
You know that the management team's focused on the Voisey's Bay litigation and has been.
We're not taking our eye off the ball but Bruce is working on that.
And with regard to Rainy River's construction there, we're very much focused on a quality project over the long term.
And we have encouraged, and we didn't really need to emphasize this to New Gold, because they know how to do things right.
We want to make sure that they take the time and get the skills and resources they need to build a quality project for the next decade and a half or two decades.
We're quite comfortable with how that's coming together, <UNK>.
Thanks very much.
Thanks, operator.
And thank you for joining the call today.
We surely appreciate your interest and continued support of Royal Gold.
And we'll look forward to updating you on our next quarterly conference call.
Thanks everyone.
