Natural Resources committee  Thank you for your question, Mr. McLeod. It's a good one, because I think if the METC were to expire, there would be the two parts. Of course, you have the super flow-through credit, as you talked about. That's the early stage. That's the discovery stage. Pick your name—Goldcorp, Agnico, Barrick, Hudbay—these companies are not doing the early-stage greenfield exploration activity.

Natural Resources committee  For me, in reference to our industry, we have a new generation of enlightened mining executives who share a lot of those views. At the Young-Davidson mine, for instance, 81 out of 600 workers are from one of our IBA partner agencies or other first nations. That's 14% of the workforce, and we can always do better.

Natural Resources committee  I'll move forward, and I apologize for talking so much. I want to draw attention, if I may, to the cost of flow-through in Canada, as shown in slide number eight. We had commissioned for the late Honourable Jim Flaherty in 2015, when he was minister of finance, a report by Deloitte to try to quantify a flow-through regime in terms of its cost to the treasury.

Natural Resources committee  Thank you, Mr. Chair. [Technical difficulty] PearTree is a firm that specializes in funding mining and oil companies [technical difficulty]. We've been around for about eight years. Our expertise is really in the Canadian industry, and we focus on flow through [technical difficulty].