They are just not well understood. And that’s one of our challenges, of course, being able to communicate that effectively. But it was also interesting to see France renew their own license application earlier this year. And of course, that comes with an obligation to move towards exploitation in this 5-year window, so some confusing signals there.
Operator: Thank you. I am not showing any further questions from the phone lines at this time. I would like to hand the program back to Craig.
Craig Shesky: Yes. We have some questions in the webcast queue, which we will take through. First of all, we have one from Ryan Bully. Hi Ryan, I hope you are doing well. The question is, do you expect to pay a dividend as other mining companies do once you are net positive cash flow? Ryan, I like where you heads at. We of course, have some milestones to hit before we get to that point. But I think I would look at our capital-light strategy as evidence that shareholder returns are always going to be front of mind for us, including everything else that we consider with respect to all of our stakeholders. But as we get down the road and get into production and get to free cash flow positivity, one thing that we are going to have to look at is the first project, NORI-D, that’s still just 22% of our resource portfolio.
There might be financing opportunities where we are able to progress some of the rest of that 78%. For example, is right next store to NORI-D, has effectively the same metal grade, effectively the same nodule abundance per square meter. And the only difference is it’s about 72% of the size of NORI-D. So, there are a lot of other blocks that I don’t think the public markets are giving us credit for yet. And depending on where our share price is at the time, we might think it’s a better return to invest any of the cash flow we have back into the project. But we will always be doing those IRR and ROE calculations and making sure that we are doing what’s best for our shareholders when it comes to our dividend and/or share repurchase policy. We also have a question from Frank Jones and Orbis Partners.
Yes, if we think about the $8.7 million payment to Allseas for the collector test as a rough estimate of costs associated with collection of 3,000 tons of nodules, how should we think about fixed and variable costs as we get closer to production. What we have laid out, Frank, a couple of data points publicly. If you go back to the initial assessment that we referenced before and some of the slides are summarized that are available on our website at our 2021 Analyst Day presentation. We laid out that at full-scale steady-state production on NORI-D, you would be expecting roughly $503 per ton of revenue versus roughly $200 per ton of total cost. Now, that was the point in time analysis. Metal prices are much higher, costs are higher, too. And keep in mind that when we are starting initial small-scale production on Project Zero, the economics are not going to be as high as that, which would imply a 60% plus EBITDA margin.
