Good morning, Brian. Just wondering if you could give us more color on how you're thinking about Silicon. I know you're still looking at potential alternatives there, but sort of where do you think you are in that process?
We've been taking in—I mean, we've obviously been flagging that we're going to look at this thing strategically and consider all of our options, but we have been taking in proposals fairly recently here that kind of cover the gamut that I talked about in the prepared remarks. Yeah, we do have some proposals in front of us now that we're basically in the early stages of evaluating, and that kind of follows a lot of work that we've done the first part of this year in terms of getting our own heads around what the ultimate potential at Silicon might look like and to try to get our own sense of—it's a certain step before we consider any kind of transactions, particularly if it involves any type of disposition. It's quite active as we speak. We are looking at proposals that have come in.
Would any transaction?
I will not be adding any more color than that.
Fair enough. Fair enough. Would any transaction be contingent on finalizing the final arbitration award? Or now that you've got the partial award, that's kind of good enough, potentially?
Yeah. I guess where things are too with the arbitration, I mean, that to some degree will be up to—there's enough information right now, I believe, for at least initial proposals to come in and to be based upon a pretty decent handle on what the ultimate royalty area will be. To be honest, the areas that I think still need to be resolved would be less material in terms of current valuation just because they would lie much further outwards from the current areas of activity. I won't say that from a legal perspective if we're pursuing a transaction that we're there yet and that a deal could close until the final award is submitted. That's probably the case.
In terms of people putting to paper what they think the royalty is worth, and certainly for us internally in putting evaluation, internal evaluation on not only the published resources, but what we believe is still to come, we're definitely in a position where we can do that now.
Okay. Maybe just one last one. I mean, ARR obviously is in full growth mode. Is there a sense down the road of when ARR will start to contribute cash back to Altius Minerals? Is it too soon to go there?
It's probably a little soon to go there. I'm actually going to leave this call and go into a quarterly meeting for GBR, the underlying holding. There's a bit of a longer-term strategic outlook that's going to be discussed at that meeting. Maybe I'll have more color for you on that next quarter.
All right. Great. That's it for me. Thanks, Brian.
Thank you.
Thank you once again. If you would like to ask a question, simply press star followed by the number one on your cell phone keypad. Your next question comes from the line of Brian MacArthur with Raymond James. Please go ahead.
Good morning, and thank you for taking my questions that almost demonized. Can I just go back to Silicon on the partial award? Has anything changed? I thought it was a 60-day discussion period, which I thought it was March 10th, but I do not know how they count the 60 days versus the announcement before. Has anything changed there? I get it. You do not sound too concerned one way or the other in the valuation, but I am just curious. Has it been delayed, or is there anything different going on right now?
No. In fact, yesterday, we, each of ourselves and AngloGold, made our submissions that were requested in the partial award, which is to say to identify—and we've worked with AngloGold, and there's considerable agreement about what is included and what is not included. There are also areas of disagreement. I point out those would be more peripheral land. Each of us have made our respective submissions as well as our responses to each other's submissions. At least to the best of my knowledge, that is the end of our role in the process. Everything has now been handed over to the arbitrators to make final determinations, particularly with respect to those areas that AngloGold and Altius currently do not agree constitute either included or excluded land. It is moving along. It is on track.
Great. Thanks very much. I appreciate it.
Thank you.
I am showing no further questions over the phone lines. I will turn it back to Flora Wood for further questions.
Thank you, Rudy. We do actually have a question from an investor online. Brian, you talked about the U.S. sentiment toward renewables. The question's around geothermal and whether ARR would consider geothermal as an alternative to wind and solar.
As an alternative, no. As an addition, certainly. I mean, we'd look at—we'd definitely consider geothermal to fall within the broader mandate of the business. And in fact, one of the early assets of GBR at the time that we got involved was a small-scale geothermal asset. So I'm not trying to foreshadow that we're about to jump whole hog into the geothermal game, but if attractive opportunities in geothermal show up, it's absolutely on the permissive list, if you will.
Thanks, Brian, for answering that. Any investors who want to submit questions in advance, we absolutely welcome that. Rudy, do you have any other questions?
We currently have no questions at this time. Flora, you may continue.
Okay. Thanks again to everyone for joining us. I know it's March break this week, and we'll look forward to speaking to you for Q1.
Thank you, everyone.
Ladies and gentlemen, this concludes today's presentation. Thank you all for attending. You may now disconnect.