I think it's important to separate out the basic flow-through share system versus the additional METC, which is what we call the super flow-through share system.
The federal government studies that have been done—and there have now been two—as well as three academic studies, have all focused on the flow-through share regime. This includes the latest study by the Department of Finance, which was in 2013. There has been no focus on whether the METC tax credit has resulted in any increased exploration.
When you look at the activity since the METC has come in, there does not appear to be any evidence that the METC causes any additional investing behaviour, as opposed to simply subsidizing investing behaviour that already occurs under the flow-through share system.
The METC is, effectively, a grant to investors. All it is doing is putting money into investments that are already occurring.