OR Royalties Inc. Aktie

Good morning, ladies and gentlemen, and welcome to OR Royalties Q1 2026 Results Conference Call. [Operator Instructions] Please note that this call is being recorded today, May 7, 2026, at 10:00 a.m. Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew.

Good morning, everybody, and thanks for being on today's call. Procedurally, I'll run through our prepared presentation, and then we'll subsequently open up the line for question-and-answer session. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website.

Please note that there are forward-looking statements in this presentation from which actual results may differ. Also, please note that all amounts presented and discussed will be in U.S. dollars unless otherwise stated. I'm joined on the call this morning by Fred Ruel, the company's Vice President, Finance and Chief Financial Officer, amongst others, indicated on Slide 3.

When looking at OR Royalties first quarter of 2026, it's safe to say that the company is off to an impressive start. OR Royalties earned 22,740 gold equivalent ounces in the first quarter of 2026, a great start to the year as it relates to our annual delivery guidance of 80,000 to 90,000 gold equivalent ounces. As a reminder, the company is expecting fairly balanced quarter-over-quarter GEO performance through the rest of the 2026 calendar year.

Propelled by the strong performance from our asset base as well as robust precious metals pricing during the period, OR Royalties achieved record quarterly revenues of $102.8 million, along with peer-leading cash margin of 96.8%. OR Royalties ended the first quarter with $94.9 million in cash. And as of the end of March, we were also completely debt-free.

We'll revisit the balance sheet later on in today's formal presentation as there have been some key movements subsequent to the quarter end that we'll be providing more information on. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the first quarter, marking its 46th consecutive quarterly dividend with over $289 million returned to shareholders to date from these distributions.

Subsequent to quarter end, OR Royalties Board of Directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on July 15, 2026, to shareholders of record as of the close of business June 30, also 2026. The dividend increase itself is a testament of the confidence we have in the consistency, predictability and the anticipated growth of the current and future cash flows underpinning our business.

The 2025 calendar year represented a period of time during which OR Royalties chose to stay on the sidelines and exercise discipline from a corporate development perspective as it was a period marked by rapidly increasing commodity prices. And in most cases, and as a group, we just couldn't get there on the values being paid at the time or the lack of the security in some of the deals we saw got printed last year.

That said, our activity picked up significantly in the first quarter of 2026 with the company having announced 3 new transactions during the period, acquiring 13 new royalties and committing to deploy $438.5 million. More importantly, we proved that we could get deals done at good rates of return and appropriate security and thus completing these transactions as well as the fourth one announced just a few weeks ago at above-average industry returns.

We'll come back to all of these specific deals shortly. Even with the increased activity we've announced year-to-date in terms of new investments, OR Royalties corporate development function remains very busy, and there are a lot of prospective deals we are currently working on.

Our philosophical approach to these new investments remains unchanged, given we're often making these investments on assets with 15-, 20-, 25-year mine lives, we're not willing to settle for NAV-dilutive instruments nor we're willing to sacrifice having appropriate security in all our streams and royalties.

As many of you on the line today know well, unlike many of its peers, OR Royalties has the luxury of being able to walk away from any transactions that doesn't fit this criterion given our peer-leading near- to medium-term organic GEO growth profile. We'll now pivot to the company's financial performance for the first quarter of 2026.

As previously noted, quarterly revenues were a record for the company and effectively track both increased GEOs earned and higher precious metals prices during the period when compared to the first quarter of 2025. Q1 2026 net earnings of $0.39 per basic common share for the year represented a substantial increase over the first 3 months of 2025. Most importantly, the first quarter saw a major improvement in cash flow per share versus the same period last year.

And finally, positive annual adjusted earnings of $0.40 per basic common share represents a 125% increase over the adjusted earnings announced by the company back in Q1 2025. As of May 6, the company had 24 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier 1 mining jurisdictions at just under 75% in aggregate, and that includes GEOs from Canada, the U.S., and Australia.

If we were to include Chile as a Tier 1, we'd be closer to 90%. The list on Slide 6 has 24 producing assets. And as we've now included Buenaventura's San Gabriel mine as our transaction to acquire the Gold Fields portfolio is expected to close in the coming days. Recent notable additions to this list include Dalgaranga as we received our first notice of payment from Ramelius in late April with first payment expected any day now as well as Agnico Eagle's Amalgamated Kirkland or AK deposit located at Macassa, on which OR holds a 2% NSR royalty.

Agnico noted just last week that the mine has now officially gone to produce 40,000 ounces of gold this year at AK. Moving to Slide 7 and looking at the commodity breakdown for Q1 2026. Over 97% of our GEOs earned came from precious metals, gold at 57.5% and silver at just under 40%, with the remainder coming primarily from copper.

Stronger silver prices realized during the quarter versus our budget provided a boost in terms of both GEOs earned as well as the direct exposure to the metal versus last year's 30% of GEOs and revenue having come from silver. No matter which price deck you're using today or for tomorrow, all royalties provides investors with material relative direct exposure to the white metal.

Agnico Eagle's Canadian Malartic continued to deliver in the first quarter, performing well versus expectations, primarily as a result of higher grades and ore tonnes at the Barnat pit. The higher gold grades and ore tonnes were a result of continued mining of mineralized zones near historical underground stopes in the Barnat pit. In additional good news, production from the East Gouldie ramp commenced in March of 2026.

All of Agnico's development and construction activities at Canadian Malartic continue to progress on schedule. Construction of the first loading station is scheduled for first production through Shaft #1 in the second quarter of 2027. Elsewhere, exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, and Agnico now has a combined 35 drill rigs turning both at Malartic as well as regionally.

As reiterated again in their Q1 update last week, Agnico continues to advance the transition to underground mining at Malartic with the construction of the Odyssey mine, including the development of the Odyssey Shaft #1. They also identified the pilot hole for the second shaft and are also advancing internal evaluations on 3 projects that together have the potential to increase annual throughput. A study covering all 3 of these projects is expected from Agnico in September of this year.

As many of you also follow Agnico Eagle, it is notable that the Chief Operating Officer, Dominique Girard, mentioned in their conference call last week that the "life of mine at Malartic" will probably extend to 2060, which is well beyond the last stated life of mine, which to remind people was 2042. At Mantos Blancos, sulfide mill throughput was strong in the first quarter despite a 4-day planned maintenance shutdown, having averaged 19,661 tonnes per day versus a nameplate of 20,000 tonnes per day.

Based on our current understanding of Capstone's plans for 2026 and anticipated silver grade variability between now and the end of October, Mantos Blancos is expected to have a stronger first half as it relates to OR's GEOs earned and thus, a modestly softer second half of the year. Touching on CSA and based on our previous disclosure, the asset basically performed to budget in the first quarter, also in line with Harmony's public disclosure on CSA's copper production guidance through the end of their financial year in late June 2026.

We're anticipating a weaker quarter in terms of GEOs for second quarter owing to Harmony's disclosed 1-month suspension at CSA to complete necessary structural steel work underground. As it relates to Harmony's guidance for its fiscal year 2027 as well as our partners' longer-term plans at CSA, we'll all have a better understanding later this summer with their FY '27 copper production guidance announcement and an updated life of mine plan in August.

Other notable mentions included a strong quarter at the Sasa mine in Macedonia as well as the early benefits of our 2% royalty interest at Namdini in Ghana. This provides a good segue to Slide 8. The first 2 slides that touch on our 4 most recent transactions, all of which have been announced year-to-date in 2026. And after our quiet 2025 in terms of new investments, I'm delighted today to spend some time discussing all of our recent activity.

We actually already discussed these first 2 transactions on our last quarterly conference call, given that they've already been announced prior to mid-February, but it's worth circling back to provide a bit more context. At that time, we called Namdini a classic no-brainer, and we obviously continue to stand by that claim. The upfront $98.5 million closed in the first quarter of 2026 and was funded entirely with cash on hand, meaning that our end-of-quarter cash balance is reflective of having paid for the additional 1% NSR at Namdini.

Similarly, and on our previous conference call, we also expressed our excitement associated with having just announced the acquisition of the portfolio of 8 royalties from Gold Fields for $115 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel gold and silver mine in Peru, an operating mine, which just received its key final permits last week, allowing the operations to really start increasing throughput later this year.

The key theme on this page was that Namdini was completed 100% on a bilateral basis, while the Gold Fields acquisition truly demonstrated the creativity of our corporate development team to gain an edge in what was a competitive process.

With respect to the latter, while we are able to leverage our relationship and goodwill with Gold Fields given our partnership at Windfall, in addition to the producing San Gabriel royalty, our team sees very good value in the 2.25% NPI over the AuRORA discovery in BC and the 2% NSR on the Paris project in Western Australia, which incidentally is located just 12 kilometers southeast of Gold Fields iconic St. Ives mine.

This asset also recently attracted the discovery management team from Dalgaranga. We expect to see strong exploration results in the near term out of these projects. We mentioned in our press release last night that we're confident to have completed deals that have been described by sell-side analysts as above-average industry returns.

Flipping to Slide 10. We are illustrating our 2 most recent transactions in Spring Valley and Murray Brook, both of which were not disclosed on our last call, and the latter of which was actually announced in mid-April, so subsequent to the first quarter's end. Spring Valley was in some ways very analogous to Namdini in that we took the opportunity to effectively double down on an asset within our portfolio and one that was already serving as a key growth driver for OR Royalties when looking at our 5-year outlook.

And while the transaction was once again a public process, we were able to leverage our institutional knowledge on the asset. This transaction closed in April. And as such, we now own a 6% NSR royalty versus 3% previously on the core claims at Spring Valley, meaning once this project goes into production estimated in 2028 and after 500,000 ounces of gold have been recovered, Spring Valley will be generating approximately 10,000 GEOs per annum to our account with our first meaningful payments expected in the 2030 calendar year.

The average sell-side IRR at spot prices for this fully funded and fully permitted development asset in a Tier 1 mining jurisdiction was 8.6%. And finally, with Canadian Copper's Murray Brook, we proved that sometimes even smaller deals can come with outsized positive returns. Full credit to our internal team for identifying this under-the-radar opportunity early on, an opportunity that checked all of our boxes, future precious metal GEOs from a near-term brownfield restart in a Tier 1 mining jurisdiction with major infrastructure and labor advantages.

First production for the Murray Brook deposit processed through the pre-existing Caribou mill could occur in late '28 or early 2029, thanks to what should be an accelerated permitting time line. While the total transaction value was only $28 million, it provided a crucial piece of financing that has allowed our new partner funding through to production.

The calculated average sell-side IRR for Murray Brook was a formidable 21.6%. In summary, we had been previously conveying that OR Royalties have been patiently waiting for the right deals. And based on what I've just outlined, I think we proved to both ourselves and our shareholders that our patience has paid off. We'll continue to take the exact same philosophical disciplined approach to all additional new investments that we hope to complete in 2026 and beyond.

So how does this all stack up? Well, moving to Slide 10 where we present the same slide you've seen many, many times, it is very much worthy to note that while our 2030 5-year outlook originally out in February 2026 took into account future GEOs from the 2% at Namdini and the assets acquired from Gold Fields, including San Gabriel, what the range does not include any additional potential GEOs expected from both our additional coverage at Spring Valley as well as Canadian Copper's Murray Brook project, meaning that there is already confirmed contingency as well as potential upside built into our published 2030 range.

Let's move to Slide 11, which highlights all the greenfield projects currently in construction and/or advanced development that are currently included in our 5-year outlook with the caveat that the approximately 10,000 GEOs annually from Spring Valley represents the increased royalty coverage, only half of which is in our official 2030 guidance range as just discussed. In the not included section, I'll point to a few names.

First, there is Canadian Copper's Murray Brook with that transaction expected to close in the next 2 weeks. Second, more positive progress continues to be made at Agnico Eagle's Upper Beaver project with our partners still guiding for a 2030 start-up. And given the recent comments by Agnico, we feel that we might see some GEOs in 2030.

Third and finally, it was announced last week that Boroo Mining has entered into a 90-day exclusivity period with PricewaterhouseCoopers, acting as a receiver in respect to its proposed acquisition of the Eagle Gold Mine in the Yukon. At OR Royalties, this is an exciting announcement that could result in potential future upside to our 5-year outlook. A 5% NSR at a Canadian mine that has a good potential for restart before the end of the decade could be additive to our already impressive growth profile.

Moving to Slide 12. I just wanted to flag a few key items of note on our catalyst page based on some very recent updates provided by our operating partners. First, Gold Fields is now expecting to complete its permitting process and associated finalized First Nation IBA work for Windfall in the third quarter of this year. This keeps the project on track for Gold Fields publicly disclosed base case time line, which anticipates first production from Windfall in the first quarter of 2029.

And second, last week, South32 provided a comprehensive update on its Hermosa Taylor development project in Arizona, which is now expecting to see first production from the Taylor mine in the first half of 2028, previously mid-2027 and ramping up to full throughput and production rates by early 2031, previously mid-2030. The most important takeaway, however, is that our partner remains very much committed to what is eventually set to become a cornerstone asset within its broader portfolio.

Finally, we'll end the formal part of the presentation on Slide 13, which outlines the current state of OR Royalties balance sheet. As of the end of March, we were completely debt-free and held approximately $95 million in cash on the balance sheet, which, as previously noted, accounted for the closing of the Namdini Part II transaction, along with our associated initial payment of $98.5 million funded with cash. You'll also notice we were active in our buyback program in Q1.

As you can see in the cash flow waterfall, we bought back and canceled another $12.9 million of OR shares. Worth noting, however, is that the $168 million Spring Valley transaction closed in April of 2026, and that was funded by a drawdown from the credit facility. Along the same lines, we're expecting the aggregate transactions with Gold Fields to close in the coming days and that $167 million will also be funded by a combination of balance sheet cash and amounts drawn from the credit facility.

The Murray Brook transaction is also imminent with a total of $9 million of initial cash outflows from OR to be funded with cash off the balance sheet. The long story short, after closing and funding all these transactions, drawn debt on the facility should stand at approximately $230 million with our cash balance being at just over $30 million. Needless to say, after all this, we still have sufficient liquidity to execute on new streams and royalties as they present themselves over the next months and years.

Our corporate development pipeline remains robust, and our core focus amidst this opportunity set remains on adding GEOs today and our GEOs that will contribute to our already peer-leading growth profile between now and 2030. We have a strong desire to continue to grow the business by completing new and accretive transactions, and that remains our #1 priority.

But as we've said before, here at OR Royalties, we're looking -- we're not looking to achieve these goals at any cost. And with that, I'd like to thank everyone for listening today. We'll now open up the line for questions as well as questions posted on the webcast. If we don't get to all the questions on the line, we'll make sure to respond offline to those that we don't cover on this webcast. Joelle, back to you, please.

[Operator Instructions] Your first question comes from Tanya Jakusconek.

Okay. I just wanted to circle back. First of all, congratulations, Jason, on your 4 deals that you've done this year. I was just looking at, they're ranging anywhere, I'm going to say like $50 million to $300 million or thereabout. Is that how I should be thinking about your pipeline that you're looking at? Is it sort of still in that sweet spot for you?

Tanya, thank you for your question, and thank you for the congratulations on the quarter. And again, do commend our corporate development team for the 4 deals that we've done this year. I would say, again, our sweet spot, as we've communicated many, many times, we do look at smaller deals as evidenced by what we did with Canadian Copper. So you can think of kind of the sweet spot between USD 50 million and USD 300 million.

That said, the opportunity set, there are a number of deals out there that are significantly above that range, the $50 million to $300 million. As we have exhibited in 2025, though, some of those big deals, we just couldn't get there both on valuation and on structure. We will continue to be disciplined. We will continue to participate if there are options around those bigger transactions.

Clearly, what's happened with Wheaton Precious's successful stream on Antamina is there's a lot more conversations, we would say at both the senior diversified companies and the larger and mid-tier copper cos that have significant byproduct to essentially stream off to fund their capital projects.

So the deals, I would say that we're seeing, they do range from the sweet spot that I said, all the way up to some billion-dollar transactions. We will be very careful with our shareholders' capital. We -- as we've talked about before, we do have, obviously very stringent and disciplined hurdles. But that's the environment out there right now, Tanya. But I think it's safe to say for us, you can think about $50 million to $300 million is our sweet spot.

And Jason, as you mentioned, you are very particular in some of the security that you want to have in place in your contracts. Can you remind us what are the critical, let's say, top 3 that you will not budge on in terms of the security that you're looking for?

Yes. Well, first of all, again, I'll just talk to last year's transactions that we did see. Most of them that we did see, in fact, the majority of them were on streams. And some of the streams that we did see were completely unsecured. So again, there's a whole range of variance or continuum of security associated with these instruments. What I would say is for ourselves and for our shareholders, we need to essentially, from a risk management perspective -- the mining industry is very tough, as you know, Tanya.

There can be unexpected events that within assets, within countries that we certainly need some sort of security. And again, there's a continuum for which we can affect that, for which if an incident does happen, effectively, we're a creditor at the table, either around insolvency or a mine doesn't work out kind of worst case, where effectively the mine goes pear-shaped and effectively, it's not delivering as to the expectations.

Again, it's something that our team is very focused on. We obviously would like to have a lot of transactions that wouldn't have the workouts that I'm describing. But for a risk management and a shareholder perspective, again, we're insistent that we have some tie of security back to the asset that if something does go wrong, at least we have a seat at the table to negotiate something go forward to protect the capital that we put in.

Okay. And so Jason, what I'm hearing from you is that you want security at the asset level is what I took away. How important is it to you to have security from a parent guarantee? How important is that for you?

Yes. Look, again, there's a whole continuum of security, Tanya. And so asset level security would vary from country to country as well. Obviously, if it's a multi-asset company, a parent guarantee or a corporate guarantee would satisfy our requirements just around security and any sort of acquisition go forward.

But again, there has to be, in our mind, with large transactions, there has to be some sort of ability for us to essentially sit at the table when things do go wrong. We're hoping that doesn't happen for our peers and for ourselves going forward. But as you know, you've been in the industry and the sector as long as I have, that does happen from occasion to occasion.

I would assume you want also arbitration rights. We've seen those as well.

Yes. That's correct.

And just mainly my last question just on these deals. You mentioned syndication of deals. Are you seeing any opportunities in the syndication front?

Well, the way I'd answer that, Tanya, is clearly, you saw us syndicate a deal in Cascabel with Franco, it's probably now 18 months ago or almost 2 years ago. We do like the syndication of deals in jurisdictions that we would say are not Tier 1. That was a very unique circumstance for which I think you know both ourselves and Franco already had existing royalties. We've done a bunch of diligence. We've been to site multiple times.

We're very pleased that, obviously, what's happened since then is Jiangxi Copper has come in and acquired SolGold because it does provide financial certainty. But that said, again, there's a blueprint there for streaming and royalty companies to work together in specific instances. I would say that we're an advocate of the structure.

We're an advocate of syndicating deals that have the certain unique aspects that, again, just point back to Cascabel. So we're certainly open for it. I would encourage you to ask the same question to the other royalty and streaming companies that you cover because I do think there is a mix of attitudes around whether or not they're looking to syndicate. And it's also why I would say that it's pretty rare. The syndicated deal, I think, was the first one done in 20-plus years that we did with Franco.

Yes. I should say I don't hear anyone else say it. So -- okay. And then finally, just on the corporate transaction. Are there any opportunities there? Or are you seeing better value in sort of these asset deals?

I would say, listen, Tanya, we obviously evaluate our sector. We've always said that consolidation should happen in the sector. We've got very good views on valuation of both the mid-tiers and the junior royalty and streaming cos. I would say at this point, again, everything has got a price.

But at this point, we're not seeing a lot of value in that subset of royalty and streaming cos, but things can change rapidly, whether it's the assets getting some good geologic prospectivity, whether, again, every day, all our companies trade from 9:30 AM to 4:00 PM. And so there is a value for -- we believe a value for everything. We're just not there currently today with, again, the subset that I talked about. But we're certainly open and we're certainly aware and we're certainly monitoring everything.

Thank you, Tanya. We know it's a very busy day for you and the rest of the analysts. So appreciate your time and support.

Your next question comes from Derick Ma with TD Cowen.

If some of these larger $500 million, $1 billion transactions do materialize in OR's favor, is there sufficient liquidity and flexibility available to the business to execute? And how are you thinking about the NCIB in the context of the current deal market?

Yes. Really good question, Derick. Thank you for that. So again, I think it really depends on the transaction that we've been talking about. We do have sufficient liquidity under our revolving facility, as you know. We've got $650 million undrawn as of quarter 1 with a $200 million accordion. Obviously, we've now deployed quite a bit.

As I mentioned in my comments, we're expecting to have a drawn -- round of drawn by the time we close all these transactions of $230 million with some cash of about $30 million. We are obviously making quite a bit of cash flow quarter-over-quarter. So that comes into the lens.

But look, if there was a really unique opportunity that met all the -- checked all the boxes, met the hurdle rates within a good jurisdiction, we could -- obviously, we've got a really good relationship with our bank syndicate, we've got plenty of capacity if you think about the way they think things, think through things around compliance tests such as EBITDA as well as leverage ratios.

We could certainly extend that revolver if we saw something that was really appealing for us. I would say, at this stage, we're not having any of those discussions. So that might give you some hints as to -- again, we really believe we've got sufficient liquidity to execute on our business plan given the opportunity set that we're seeing currently.

This is a business model that I think can support quite a bit of leverage, but what is the leverage ratio that you're ultimately comfortable with [indiscernible] materialize.

Yes. Obviously, what informs the leverage if we were to do a significant sizable transaction is the commodity price underpinning whatever we're doing. We are certainly a precious metals vehicle. So let's for argument's sake, say it's a gold or silver transaction.

I think the way -- and I'll ask Fred to comment here, too, if he likes, the way we think about our business is if there was an exceptional opportunity that we saw being very accretive, we wouldn't want to go much past 2x EBITDA levels, debt-to-EBITDA levels. For an exceptional opportunity, we could kind of stretch to 2.5x, but this would be an opportunity that, again, would be paying GEOs for us.

So we get back down to 2x EBITDA very quickly and then continue to pay off our revolver. But we're quite comfortable if that was a scenario and situation, but it would have to be a very unique opportunity for us. And look, there's also other avenues or instruments too that doesn't necessarily have to be through the revolver. If you look at what Wheaton did with their Antamina transaction, they got a term loan from a syndicate as well. That's certainly available to us as well with the right opportunity.

Got it. Let me ask you on jurisdictional risk then. There's a high concentration of assets in Tier 1 jurisdictions for OR that's been a trademark of the portfolio. How does jurisdictional risk factor into the assessment of new transactions going forward, given there's arguably some room to take on more jurisdictional risk in the portfolio?

Look, I think it's a really good question, Derick. I think this is what differentiates our company from our peers. We do take great pride in, again, having what we classify as the majority of our assets in Tier 1 jurisdictions. And so it would be very off brand for us to take a material transaction in a non-Tier 1 jurisdiction. You can think Africa or other jurisdictions that we wouldn't classify as Tier 1. It would be very off brand for us to do a material transaction because, again, we do believe this is what differentiates ourselves.

We do like doing transactions, and we have a filter when we're looking at prospective opportunities and the filter is the Tier 1 jurisdiction filter because the way we see things going forward and the house view is, especially given the turbulent times that we anticipate around kind of geopolitical aspects and geopolitical strike as well as you couple that with the quite robust commodity environment.

We would expect countries that don't necessarily have a rule of law or deep mining history that they're going to try to extract through windfall taxes or increased royalties in countries, already started to see that to essentially get some more value for them and the assets versus, again, what we consider Tier 1 jurisdictions where it's obviously got established rule of law, deep mining history and these governments and stakeholders really do understand what mining can provide for communities, governments, and the sort.

So we do have a strong filter at looking at transactions in North America. It's no accident, therefore, when you look at the 4 transactions that we did print in 2026, there were a couple of them, the one being in Ghana, the other one being in Peru that our team was very focused on making sure we had the balance come back with the transactions of Spring Valley, Nevada and obviously, Canadian Copper in Canada here.

So we do think through that frequently. We do debate it quite a bit. As I said, it would be very off brand for us to do a very large stream in an African country that would change, again, the jurisdictional exposure that we think insulates us and provides a superior investment vehicle to our shareholders.

Your next question comes from Brian MacArthur with Raymond James.

Jason, I just want to follow up on that. So one of your bigger projects that's coming on is Amulsar. A couple of questions. First, I don't know if you can give me security on that. But what I'm more interested is whether you take that in kind or whether you have to have the risk of them shipping out of the country.

And the second thing, just on your comments there because I do think it is something that is unique and helps Osisko. If someone were to give you a very good price for something like Amulsar, would you be willing to sell that to improve the multiple technically to maybe it sits somewhere else, better with someone else. But on the other hand, at 6,000 ounces, it's pretty big.

Yes, really good question. Look, the way we'd answer that is you have to recall that Amulsar was a legacy asset, right? And so Mike Spencer is in the room here, and he's basically spent the last 8 years of his life effectively getting that through a workout, as you know, with Orion Mine Finance to the point where we're effectively looking at first gold by the summer. So again, well done and essentially taking a legacy workout and making sure that we can continue to extract or get GEOs from it.

And it is -- again, it's not a material -- if you think about -- and I don't know what your numbers, but we can take this offline in terms of the 2030 outlook. It's not a material contributor to our overall. There is some ounces that we're including in our internal 2030 outlook, but it's -- again, it's not material if you think about the overall growth in our portfolio.

To answer the question about whether or not we'd sell that position, I think we've always said we're open for business. If someone was going to lay down something significant that we saw was good for our shareholders and quite accretive, understanding kind of the risks and opportunities in Armenia, absolutely, we would consider it. We do think it's a very good asset.

We do think that the management team, the United Group is doing a very good job of moving that forward. And so again, I think that's the best way we can answer that question. But it is a legacy asset. It is a legacy workout and all commendations to Mike and his team for essentially -- we're going to be extracting GEOs for our shareholders in the next few years because of just us sticking with it and a workout.

Fair enough. And do you get that in kind? Or is it like someone delivers you a paper somewhere at the end of the day?

It's in kind.

There are no further questions at this time. I will now turn the call over to Jason for closing remarks.

There are no further questions.

No. I'm sorry, can you hear me?

Yes, we can. Okay. Thank you, Joelle. Before we wrap up today's call, I want to leave you with a final thought on OR Royalties. As a management team, we focus on capital returns and hence, why we bought shares back in the quarter and increased our dividend by 18%. We'll continue to keep shareholder returns at the forefront of all our strategic decisions. And with that, thank you for your attention today. We do appreciate your support, and we'll talk to you next quarter.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

Good morning, ladies and gentlemen, and welcome to OR Royalties Q4 and Year 2025 Results Conference Call. [Operator Instructions] Please note, this call is being recorded today, February 19, 2026 at 10:00 a.m. Eastern Time.

I would now like to turn the meeting over to your host for today's call, Mr. Jason Attew. [Foreign Language]

Good morning, everybody, and thank you for your attention today. We know that it's a very busy day of earnings, so we appreciate your time.

Procedurally, I'll run through a prepared presentation, and then we'll subsequently open up the line for a question-and-answer session. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. We will be making forward-looking statements. And as I always say, the future is bright, but it's not guaranteed. So please read the fine print. All amounts are in U.S. dollars, unless otherwise noted.

I'm joined on the call this morning by Frederic Ruel, the company's VP Finance and Chief Financial Officer, amongst others, the others indicated on Slide 3. When looking at OR Royalties full year 2025, the company had a remarkable year. OR Royalties earned 21,735 GEOs in the fourth quarter of 2025, which allowed us to end the year at 80,775 GEOs in aggregate. A figure that fell within our annual guidance range of 80,000 to 88,000 gold equivalent ounces and was effectively around the midpoint of our GEO guidance range when normalizing for commodity prices versus our budgeted ratios for 2025.

Propelled largely by elevated precious metals prices in 2025, OR Royalties achieved the enviable triple crown of record annual revenues of $277.4 million, record operating cash flow of $246 million and record earnings of $1.10 per share facilitated by our peer-leading cash margins of nearly 97%. OR Royalties ended the 2025 year with $142.1 million in cash and most importantly, the company was completely debt free. Having previously paid off the entirety of our credit facility in the third quarter.

With respect to our ongoing commitment to return capital to shareholders, OR Royalties declared and paid is a quarterly dividend of $0.05, marking its 45th consecutive dividend with over $279 million returned to shareholders to date from these distributions. The consistency and predictability of our dividend allowed the company to once again be included in the S&P/TSX Dividend Aristocrats Index as of late January 2026.

Subsequent to quarter end, OR Royalties Board of Directors approved a base quarterly dividend of $0.055 per common share payable on April 15, 2026 to the shareholders of record as of close of business on March 31, 2026. Consistent with the past 2 years that I've been in the CEO seat, Fred and I will be making a recommendation to our Board on our dividend with the company's first quarter 2026 financial results, which if you were paying attention, we increased our dividend by 8% and 20%, respectively, in the last two first quarters of 2024 and 2025, respectively.

For us, 2025 prove that boring is good. We generated record cash drastically -- we generated record cash, we drastically improved the balance sheet and stayed disciplined. It was these tenants that allowed us to announce in the past 3 weeks, two exciting and accretive transactions, which will provide further details later on in my presentation. 2025 will be remembered as a year of discipline in our capital allocation. OR Royalties transacted on only just $25 million in royalty and stream acquisitions.

To put that number into context, over $9.3 billion in transactions were completed across the sector last year, which would include the large corporate consolidations of Sandstorm and Horizon. While we reviewed these opportunities, the rapid movement in commodity prices often created a disconnect on price and value. Furthermore, even where we identified value, we encountered internal red lines regarding structural security and contract terms that were simply -- we were simply unwilling to cross.

Our team remained extremely active in 2025, but we prioritize value over volume. When deploying capital and assets with 15- to 25-year mine lives, we simply do not compromise on structural security or settle for NAV destructive investments. Because our near-term growth is already secured and fully funded, we possess a strategic advantage many peers lack, the luxury of walking away from bad deals to wait for the right ones.

We'll now pivot to the company's financial performance for the full year of 2025. For those that are interested, quarterly numbers for Q4 '25 can be found in the appendix of today's presentation. As previously noted, annual revenues were a record for the company and effectively track the higher year-over-year precious metals prices. 2025 net earnings of $1.10 per basic common share for the year were a record and represented a substantial increase over 2024.

Most importantly, 2025 saw yet another year-over-year improvement in cash flow per share, the eighth consecutive year of cash flow per share increases and yet another record for the company.

And finally, positive annual adjusted earnings of $0.88 per basic common share. At the end of 2025, the company had 22 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier 1 mining jurisdictions and just under 75% in aggregate, and that includes gold equivalent ounces from Canada, the U.S. and Australia. If we were to include Chile as Tier 1, we'd be closer to 90%.

Looking at the commodity breakdown, 95% of our 2025 GEOs came from precious metals, gold at 65% and silver at roughly 31% with the remainder coming primarily from copper. This percentage breakdown was based on OR's budgeted commodity price ratios for 2025. When applying peak spot prices for gold, silver and copper achieved earlier in 2026 to our 2025, GEOs earned. Our direct revenue exposure from silver would have been 45%. No matter which price deck you're using today, OR Royalties provides investors with material silver exposure.

Agnico Eagle's Canadian Malartic Complex delivered a fantastic year for both themselves and ourselves in 2025, once again outperforming our original expectations thanks to better-than-expected grades at the Barnat pit experienced throughout the last calendar year. At Mantos Blancos, we've seen an extended period of stability as it relates to plant throughput. While we've continued to see some quarterly variability of the process silver grades at the mine, we expect that 2026 should prove largely consistent year-over-year versus vis-a-vis 2025.

Touching briefly on CSA. After a strong start to the year in 2025, things slowed down in the back half, which can be largely attributed to Harmony's ongoing ownership transition. Harmony's focus right now continues also on maximizing the asset value over the long term as it has a multi-decade view of the asset. Consequently, we expect our new partners to take their time on setting the mine up to form well over this extended period, instead of pushing too hard for increased production in the short term.

We'll all have better understanding soon enough as based on public disclosure, we're expecting an updated 2026 CSA copper and silver production guidance for Harmony next month with an updated long-term mine plan to follow in the third quarter of this year. I mentioned previously that at the end of 2025, we had 22 producing assets.

However, as of today, that number stands at 23, thanks to the very recent acquisition of a 1.5% NSR royalty at Buenaventura San Gabriel mine. Of note is that our transaction with Gold Fields will actually close later this quarter. but we've still included San Gabriel on the list for today. Buenaventura's newest mine in Peru just poured its first gold in December of 2025. And as such, we're largely expecting San Gabriel to ramp -- to be in a ramp-up phase for this year and the next based on plans outlined by Buenaventura.

At the same time, San Gabriel is expected to grow into being a meaningful GEO contributor to/or from 2028 onwards. We'd like to congratulate our new operating partner in Peru on getting the mine developed and into production on time and on budget. In addition, Ramelius Resources announced last night that first Dalgaranga ores were delivered to their Mt Magnet plant. Once those tonnes start getting processed, the number of our producing assets will jump to 24. Similar to San Gabriel, Dalgaranga will be ramping up this year and the next and growing into a material GEO contributor to OR from 2028 onwards. This provides a perfect segue to our other announcement yesterday, the acquisition of the Gold Fields royalty portfolio.

While we're excited about the strategic depth of the entire portfolio we purchased, the crown jewel is undoubtedly the addition of Buenaventura's newly commissioned San Gabriel mine. This asset checks every box. It provides immediate additive GEOs in 2026 and possesses a long reserve life with significant embedded growth, driven by Buenaventura's plan to expand throughput to 4,000 tonnes per day by the end of the decade.

We're happy to be adding a producing asset in a well-established mining jurisdiction in Peru, and we couldn't ask for a better local operating partner in Buenaventura. A Peruvian-based miner with over 70 years of experience developing, operating and expanding mines in the country. For more on San Gabriel or any of the other new royalty assets acquired from Gold Fields, I would refer you to last night's press release or you can also reach out to my colleague, Grant Moenting, over the phone or e-mail.

Flipping to Slide 9. We view the Namdini transaction as a textbook execution of our strategy to double down on a known high-quality asset. By acquiring the additional 1% NSR, we have secured a 2% royalty in total, on a mine that is already producing and ramping up. This transaction removes development risk and adds immediately high-margin gold ounces to our 2026 profile from an established operator in Shandong Gold. While the ramp-up hasn't followed the 2019 technical report to the letter, seeing is believing.

Our team was boots on the ground in January, and that visit was a positive tipping point. We didn't just see a mine coming online. We saw operational excellence and community integration that convinced us Namdini will be a cornerstone asset for Shandong for decades, far outliving its initial 15-year reserve life. Once we saw the tangible upside doubling down to 2% royalty wasn't just a choice, it was the easiest decision we made all year.

Flipping to Slide 10. And moving back to Canada and a very familiar asset within our portfolio, the Island Gold District. After a bit of an uncharacteristically bumpy year at Island Gold in 2025, our partner, Alamos Gold, rebounded nicely earlier this month by outlining his concrete plans for yet another Island Gold District expansion. And most notably, a 25% increase to the tonnage to be mined from the high-grade Island Gold underground mine.

Alamos now expects to eventually be able to ramp up to 3,000 tonnes per day of OR mine from Island underground versus the previous expectation of 2,400 tonnes per day. This is great news. And the great news is that the shaft infrastructure currently under construction is already being built to handle this capacity. So no additional work on this front is required.

As noted by our partner, the shaft construction will be complete later this year, meaning that as the underground development ramps up over the time to support 3,000 tonnes per day, the GEOs from our royalties will follow. As a reminder, the real benefits to OR from Island Gold come from what is effectively a triple multiplier effect, higher grades, higher throughput and a higher royalty rate. As noted on the slide, Alamos' expanded and accelerated mine plan is also anticipated to transition on a greater proportion of production toward OR's 2% and 3% NSR royalty. With the blended life of mine royalty at around 2.34%.

Long story short, as our partner continues to execute on its plans to expand production at its flagship mine, Island Gold, Island Gold, while at the same time, become one of OR Royalties most important assets from a GEO contribution perspective by the end of this decade and beyond. Late last week, Agnico Eagle provided a comprehensive update as it relates to our cornerstone asset, the Canadian Malartic Complex. As is customary at this time of year, there were certainly some key items of note as it pertains to OR Royalties.

First, the asset's 2026 production guidance increased a little bit versus what we had been projected this time last year, but also was in line with our own internal expectations. As a side note, the first quarter of 2026 will now include first production from East Gouldie, over which we have a 5% NSR royalty coverage via the ramp. And this has been advanced forward several times over the past couple of years. More exciting, however, were material increases to Malartic's production guidance for both 2027 and 2028. With 2028 notably expected to realize an increase of approximately 80,000 ounces to 735,000 ounces per annum when compared to 2027, which is anticipated to be driven by growing contributions from East Gouldie at Odyssey.

Overall, when we look -- when looking at 2026 to 2028, production is expected to be sourced from the Barnat pit, increasingly supplemented by OR from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 120,000 ounces of gold in 2026, approximately 240,000 ounces of gold in 2027 and approximately 450,000 ounces of gold in 2028 as mining activities ramp up.

Second, our operating partner explicitly stated that it is advancing on a technical evaluation of Shaft #2 at the Odyssey mine. With the preferred shaft location now confirmed near Shaft #1 and close to what they believe to be the center of gravity of the deposit. The evaluation, which incorporates the year-end 2025 mineral resource update will assess the potential for producing an incremental 8,000 to 10,000 tonnes per day. The technical evaluation is expected to be completed at the end of 2026, with permitting studies scheduled to begin in the third quarter of 2026 and potential formal permit submission early 2027.

Agnico noting that after getting through all the permitting and development of Shaft #2, the project would be positioned for initial production in 2033. 2033 also marks the first year of expected production from Marban, over which OR Royalties has a blended NSR royalty of around 90 basis points. The technical evaluation envisions a 14,000 to 16,000 tonne per day open pit operation, producing between 120,000 to 150,000 ounces of gold annually over a 12-year life of mine with construction we currently anticipated to start in 2031.

Exploration at Canadian Malartic remains a massive value driver for OR royalties. Agnico has budgeted $32.6 million for a comprehensive 190,700-meter campaign in 2026, deploying up to 20 rigs to unlock the full potential of the property. Crucially, the drill bit is focused exactly where we want it, exploring the lateral extensions of the massive East Gouldie Deposit and the emerging Eclipse zone. Both of these high priority targets fall under our 5% NSR royalty, offering the highest leverage to exploration success in our entire portfolio.

Now on to Slide 12. Where we've outlined both the company's brand-new 2026 GEO delivery guidance, as well as the updated 5-year growth outlook to 2030. Starting with 2026. OR Royalties expects GEOs earned to range between 80,000 and 90,000 GEOs this year at an average cash margin of approximately 97%. The 2026 guidance assumes ramp-ups at both Dalgaranga and San Gabriel, as well as the increased geos from our now 2% NSR royalty at Namdini.

As previously noted on the call, we're expecting relatively consistent year-over-year GEOs earned from Capstone Copper's Mantos Blancos mine, while we've taken a more conservative view on CSA as Harmony works through its ownership transition and prior to us getting more complete updates expected from Harmony.

Putting it all together, 2026 represents marginal growth over 2025. With a much more significant step changes expected in 2027, thanks to expectations of increasing GEOs to be earned from many of the assets already discussed today, but I'll point a few out, Canadian Malartic, Island Gold, Dalgaranga, San Gabriel and Namdini. In addition to new mines expected to come online, such as Hermosa Taylor. This trend of increasing year-over-year growth should then continue between 2027 and 2030.

Our new 2026 guidance reflects the consensus commodity price ratios at the beginning of February for both gold to silver and gold to copper. The former obviously has more influence on our potential GEOs earned for this has been set to 73:1, while the current spot ratio stands at approximately 64:1. We are applying the exact same methodology as we have in all our previous years of the company's existence, and we'll continue to be transparent with respect to how these ratios influence our GEOs earned throughout the coming year.

Switching to the updated 5-year outlook to 2030, we're now happy to say that our expected 50% growth over the next 5 years, best what we had outlined last year looking to 2029. Unsurprisingly, expected additional GEOs from brownfield expansions such as Island Gold, as well as large-scale greenfield underground mines, including Hermosa Taylor and Windfall are still being included in the outlook as they had been for the 2029 outlook.

So this begs the question, what's new? What a difference a year makes, especially when that year resulted in an incredible performance from precious metals prices coinciding with the intentions of more streamlined project permitting processes, most notably in jurisdictions like Canada and the United States. As a result of the Osisko Development recent success in advancing its flagship Cariboo project in BC, both on the permitting and financing front and is now being included in our 2030 outlook. The same can be said for Solidus Resources Spring Valley project in Nevada, which received its final federal permits in the summer of 2025 and subsequently secured its full financing to move forward.

We're expecting first gold from Spring Valley by mid-2028. And while a portion of the payments under OR royalties there don't kick in until the first 500,000 ounces of gold have been recovered, we're confident enough we will see meaningful GEOs from the project in 2030. We're also cautiously optimistic on United Gold's Amulsar project in Armenia, where construction is expected to be complete later this year, enough so to have included in our 2030 outlook.

And finally, though much less impactful than the other three have mentioned. We've included South Railroad given Orla expects to see first gold and silver production prior to the end of calendar year 2027. I will once again reiterate as I often do that all this growth you see here out to 2030 is completely bought and paid for. In other words, there is absolutely zero contingent capital associated with OR Royalties realizing its GEO-delivery profile over the next 5 years.

Moving to Slide 13. We you'll see we provided some more details on projects that made the cut for our 5-year 2030 outlook versus those that didn't. Some minor comments on those that you see on the slide in the not included section. First, we have full faith and confidence in Agnico Eagle and its plans at Upper Beaver. Agnico noted last week that they are now expected to be ramping up the eventual mine in 2030. Given typical delays in payments versus production, we've elected to push it back by a year.

Second, as it relates to Eagle, the process in terms of finding a new owner has slowed down a bit versus the previous public expectations. While we're still expecting the announcement of a new owner sometime in this calendar year, we have elected to wait for more clarity before including this important asset in our outlook.

Finally, on Cascabel, we are very pleased with the recent announcement regarding Jiangxi Copper's intention to acquire SolGold in the project. However, we expect Jiangxi to take a different view on project schedules, specifically how it relates to sequencing the high-grade block cave project versus the lower grade TAM open pit.

Finally, we'll end the formal part of our presentation on Slide 14, which outlines the current state of OR Royalties balance sheet. At year-end, we were completely debt-free and held just over $140 million on the balance sheet. The cash position is strong even after we bought back and canceled approximately $38 million worth of shares in the fourth quarter of 2025, all completed subsequent to OR Royalties going debt free.

The average cost per share of these buybacks was $48 -- approximately $48, inclusive of the 2% Canadian government tax. Our much improved balance sheet is one of the key achievements we are proud of in 2025. And it's something I've been keen on addressing since I joined the company back 2.5 years ago, at which time for context, we held over CAD 300 million in gross debt.

Beyond the cash, our balance sheet is also primed and ready to position to allow us to act on potential new and accretive opportunities. Thanks to a completely untapped credit facility of $650 million with an additional uncommitted $200 million accordion. Following a quiet 2025, defined by capital preservation, we have pivoted to active deployment in the first quarter of 2026. With the consolidation of the Namdini royalty and the addition of the Gold Fields portfolio anchored by the producing San Gabriel mine, we have secured immediate cash flow and strengthened our long-term pipeline.

Looking ahead, we remain active in the market, targeting assets that contribute to our industry-leading 50% growth trajectory through to 2030. However, our priority remains on accretive value creation. We will not chase growth for growth's sake or compromise our return criteria.

And with that, I'd like to thank everyone for listening today. We'll now open up the line for questions, as well as questions posted on the webcast. If we don't get to all the questions on the line, we'll make sure we respond offline to those that we don't get to cover on this webcast. Operator?

[Operator Instructions] Your first question comes from Tanya Jakusconek from Scotiabank.

Can you hear me?

We can hear you, Tanya.

Okay. I have a few questions, if I could. I wanted to start just first one is easy, just on guidance. Just wondering how I should think about your year. I understand that this ratio forecast, but if we were to assume constant gold and silver pricing, how should we be thinking about the quarter-over-quarter performance? Again, just high level, not asset by asset.

Thank you for your question, Tanya. And look, we obviously -- our methodology that we're applying for 2026 is consistent with our methodology we've always used for which we use the consensus pricing for the year that -- for 2026, and that consensus price deck is 7:1.

Certainly, as we've seen some volatility with respect to silver, in particular, and as I mentioned in my remarks, the silver price is currently about 64:1. So if you were to use the 64:1, the roughly 30% silver revenues would move to close to 45%. We don't look at quarter-over-quarter guidance in terms of the ratios of gold to silver.

Again, we will update yourself and the analysts and the investment community as our quarters are reported, but that's our methodology. We certainly do have very good leverage to silver. And if silver does continue around kind of the 64:1 ratio, as I said, there's a significant uptick in our GEOs that would be earned for which, again, just to give you some specific guidance around 2026 would add an incremental, let's just say, 4,000 to 5,000 GEOs over the course of the year, if again, it stayed at 64:1.

Okay. Maybe another way of asking the same question is do you have any mine ramp-up in the first or second half? Or any new things that are coming on that I should kind of think about just in my production profile?

Not really, apart from what we've disclosed. I mean, obviously, the biggest contributors from a silver perspective are Mantos Blancos CSA followed by Gibraltar. And as I said in my remarks, Mantos, it doesn't correlate in a meaningful way to the copper grades. And obviously, what we've seen at Mantos Blancos is a very stable throughput, but we're still seeing some variability as it relates to the silver grade and the silver reconciliation.

And this is why, as we thought when we put our 2026 guidance, we'd essentially look at historically where they were trending and essentially give that reference or instruction for 2026. There certainly could be some upside if, again, the silver variability is less extreme than what we saw in 2025, but that's what we're essentially suggesting for Marketplace. And Mantos Blancos would be, again, the biggest variation with respect to our silver deliveries in 2026.

Okay. Maybe I'll move on to just the M&A or the transaction environment. You did your buying the royalty portfolio from Gold Fields. Just wondering because the [ Bristow ] the [ Namdini ] one, which you did, which you doubled down on, just wondering if there's other opportunities to double down on other assets that you already know and own?

Yes, great question. Really good question, Tanya. So I would say the opportunity set at what we're looking at is pretty significant. Our corporate development team and our technical team is flat out looking at opportunities similar to what we had in 2025. I would say it crosses the gamut of assets that we already know and understand to brand-new assets to portfolios in senior companies much the same as what we saw in 2025.

So to answer your question, yes, there are some opportunities of assets that we're quite familiar with that we might actually have exposure to, as well as new opportunities. But as I've always said and our team has always gone through, one of the major filters that we do have is with respect to geography. We're very, very proud of the fact that -- and we think we differentiate ourselves versus our peers of having a majority of our assets in Canada, the U.S. and Australia. So that certainly is one of our filters that was what we think about acquiring new assets in 2026.

And what would be your sweet spot where these transactions land? Is that $100 to $500 or $200 million to $500 million range? Just trying to understand.

Yes. I think it really depends on a case-by-case perspective, whether, again, our focus is on either cash flowing royalties or something that will actually impact our 5-year outlook.

Look, we've obviously got -- and Fred has done a fantastic job of having lots of capacity with respect to our revolving credit facility. We are seeing opportunities, as you said, $100 million to $200 million, but we're also seeing opportunities from $750 million all the way up to $1 billion. So we're in the midst, and there's a lot of these transactions that are in flight.

But what I would say, if it's going to be a big chunky transaction like the $750 million to -- we absolutely understand the return metrics. We have to have these as accretive transactions. And as I said, for these larger transactions, they have to really be contributing GEOs either now or within our 5-year outlook.

[Operator Instructions] Your next question comes from Derick Ma from TD.

I wanted to ask a question on the 2030 number. Guidance came in below expectations and at least certainly below my estimates. You mentioned Cascabel, Eagle and Upper Beaver. What is the quantum of geos that you would expect from those assets in 2031 and beyond, let's say? And does the 2030 number include minimum payments from Cascabel?

So just will answer the first -- last question first. The 2030 would include the minimum payments from Cascabel. I would direct you to our presentation that we just went through in terms of the aggregate upside slide -- Slide 13 in our presentation deck. If you aggregate all this optionality or all these potential GEOs that could fall within our 2030 guidance, we're looking at another 20,000 to 30,000 gold equivalent ounces in aggregate.

Your next question comes from Brian MacArthur from Raymond James.

Or same sort of question. 2030, did you just assume basically flat at Mantos? Or what did you do with Mantos out in 2030, just given the reconciliation that we've been seeing or not seeing.

Yes. So with respect to Mantos, Brian, you're absolutely on point. It's effectively flat to what we have seen in 2025 and what we're expecting for 2026.

And there are no further questions over the phone at this time. I will turn the call back over to Jason.

Great. Thank you very much, Julie. We thank you for your time today. Hopefully, we'll see some of you in person in the coming weeks as we run the gauntlet in the upcoming conference circuit. And if not, and you have questions, observations, insights about our business, we'd be very happy to discuss them. Please reach out to Grant, Heather or myself, and we very much look forward to engaging with you. Thank you again for your time today.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

Good afternoon, everyone. Firstly, welcome, everyone. It's great to see such a really, really good turnout for Monday afternoon. It's also really great to be here gathered when the commodities that underpin our business, they're up 2% to 3% today, especially silver up 3% or touched up 3%. We are very fortunate in that we have participants here in person and/or dialing in from New York, Los Angeles, London, Switzerland, Puerto Rico, Austria, Germany and Australia.

We also got very lucky as to the original date of our Investor Day would have coincided with the Blue Jays World Series Parade have they obviously pulled off the win. Not to address too much, but again, what a series of all my years watching Major League Baseball that was by far the best world series is not even close.

It had all the drama, as I think people know, and at the end of the day, as a fan of all sports, how could anyone not be optimistic about the future of the Blue Jays. And in my mind, that's not too dissimilar as to what we are experiencing at OR royalties. I believe we're at an inflection point with respect to our company, our growth path that we're embarking on and the shareholder returns that we hope to achieve.

So if there is just one takeaway from our next 120 minutes together, it should be similar to what most Jay's fans should be feeling right now, and that's one of optimism. So I do have to start and state that my colleagues and I will be making forward-looking statements today for which actual results may differ. And procedurally, we'd like to hold all your questions until after all of our presenters have the opportunity to come and present.

So with respect to the [indiscernible] , we're going to try and be as efficient as possible with your time today. As you can see by this agenda, the bulk of our presentation will be focused on our key growth assets. And hopefully, after our 120 minutes together, if we've done nothing else, you should take away 3 things: firstly, a better appreciation of our asset quality, the talent density of our team.

And lastly, as I mentioned, the optimism with respect to our holistic business and some clarity of direction as to where this management team plans to take our royalties. Just quickly on the quality of our assets, my colleagues are going to spend some considerable time on 3 of our assets this afternoon. The first, as you can see on the agenda of Mantos Blancos, Second, with respect to our newest contributor, Dalgaranga; and finally, with our cornerstone asset, Canadian Malartic.

The second takeaway, as I mentioned, should be about our team. As you may have noticed, our team is very, very lean. 50% of our total headcount is actually here to host you today. They're around the room, and they'll be presenting. And I think it's also important to note that the average tenure of this team is 7 years, which is quite impressive when you think that the company just last year celebrated its tenth anniversary.

In addition, myself and Brendan, do bring down the average considerably -- considering that we both joined the company just 2 years ago. Now that I'm looking at these head shots, either Alija applied some exceptionally good facet program these photos were taken the last time the Blue Jays won the pennant. What I would say the team is incredibly proud of and what we certainly engender and I promote is access ability. We are always open to meet with our stakeholders, specifically the analyst community as well as all our shareholders and prospective shareholders.

As you'll hear later from both Mike and Iain, this is also a team that our whole team manages risk on behalf of our shareholders. So real quick on our business model as a mid-tier royalty and streaming company, we do have a highly efficient business model. And as I say, if it's done right, it's the only business for which you can provide positive asymmetric returns for your shareholders.

The model, as I think people know, is highly efficient. It's highly scalable. Right now, we have 22 producing assets out of an asset list of around 190 and is growing. So it provides significant both asset and cash flow diversification. As you also know, with the royalty and streaming companies, there is no direct capital operating or exploration cost exposure. We're highly insulated from inflationary cost pressures.

And for ourselves, we are a very hard margin business. As you may have heard last week when we reported a quarter, we have a 97% cash margin in the first 9 months of 2025. While we recognize that there are no barriers to entry to set up a royalty and streaming company, and there are a number of new entrants, as I'm sure everyone is aware, or you think of the[indiscernible] streaming company that set up the Lending royalties or Lennar. I think they call themselves Lunar at this point. And I would say while the model may be easily duplicated, it is very, very hard to replicate.

Our Canadian Malartic asset is well recognized as the best royalty in the sector for which I think a lot of you do know, but if you didn't, was a result of a corporate action. It was a defense solution to a hostile bid. In other words, one cannot just go out and acquire a Canadian Malartic type royalty and any of the active processes that we and/or our peers are currently involved in. Canadian Malartic truly is a cornerstone and unique.

So why we're royalties. As I said, we have 22 producing assets with some of the best-in-class operators that exhibit both exceptional technical acumen as well as operational excellence. We're soon to have 23 producing assets as you'll hear later on from Darren at Ramelius. It is important to note that our top 3 assets are operated by well-established operators with a deep history of developing and expanding mines in a very responsible manner, those being Agnico Eagle, Capstone Copper and Harmony Gold.

We are a precious metal investment vehicle. 95% of our gold equivalent ounces are in precious metals. And in fact, with silver trading, as I mentioned, over $50 this morning. for all those silver bugs, silver is a big contributor. I did mention in our conference call last Thursday that our third quarter, we had 30% of our geos in silver. We also have 84% of our mines in the top quartile or the top second quartile or the top half or better in terms of cash costs.

In other words, there's no ROE assets that only work during current commodity price cycles. So how does one create value for shareholders? In our mind, it has everything to do with consistent and predictable business strategy, coupled with growth in both our operating cash flow per share and NAV per share. Despite some bumps in the road, our track record, as you can see since inception has been pretty good.

And by the way, one of the governance changes that Norm our chair who is here and myself made when I arrived 2 years ago, was instituting both a minimum share ownership structure for both our employees and directors as well as restructured our long-term bonuses for the senior executive team. And so these long-term bonuses are directly measured against per share metrics, specifically growth in operating cash flow per share as well as NAV per share. As some of you would know, we host an Investor Day every couple of years.

So I thought it would be helpful for the audience to contextualize what has changed since then. You can see the 8 items outlined in which a simplified business model would be core to that. Our team developed a corporate purpose statement, which goes as follows: to sustainably grow as a pure-play precious metals royalty and streaming company, which investors have to own.

We've made huge strides in simplifying the business and turning the business around, and we do very much appreciate the patience and support of our shareholders. One of the areas we are most proud of and that Fred will be speaking to shortly was the relentless deleveraging journey. Just for context, when I joined the company, we had approximately $300 million of debt.

Today, as Fred will report, we have USD 120 million in cash and no debt. And this is an incredibly good place for our team to go out and try to bring more assets into the portfolio. That's on the internal side of the ledger. So those are factors that I say that we always can control. On the external side, I think a lot of you have a good grasp as to what we're seeing from a macro perspective. It is these factors, obviously, that have led to exceptional performance of gold and silver.

One area, though I would like to spend a little bit more time on is the situation that we're currently in, on the global debt to GDP levels. You have a situation everywhere when you look across the globe, the government finances are an absolute ruins. If you look at France, as a debt amounts, it goes through Prime Ministers faster than anyone can ever recall, Britain faces big tax raises to plug a hole in its budget after well for reforms were all but abandoned. In Japan's recent Prime Minister elections, it was clear. They want to splash out despite the country's vast debt situation.

And that obviously all leads us to the U.S. or America and what I believe is an unsustainable deficit, which I'll speak more to later on. So for all the profile on publicity that you see in the U.S. capital market situation, the MAG 7 or the Magnificat 7 gets the most out of attention mainly because you hear it being a bellwether for the economy. The MAG 7, which you can see is tracked here obviously has is part of a large concentration of many global portfolios is likely for the portfolio managers in the room part of your portfolio.

So I thought it'd be very interesting to illustrate if one were to synthetically create an index of all the 6 largest royalty and streaming companies or what I call the royalty. As you can see, for every $100 invested, if you invested at the Investor Day 2 years ago, you would have had a substantial return, in fact, in line with the MAG 7.

And if you did decide to invest in OR, it has actually outperformed the MAG 7 by nearly 70%. These are exceptional returns. They get very little traction or fanfare outside of our small niche sector. I hope events like these and the people that are here that obviously broadcast and advocate for our company in the sector can use this and again inform other folks, generalists and the like to really talk about how our sector has done incredibly well and really outperformed global markets.

I'd like to take the opportunity also to talk about the confluence of macroeconomic factors that I believe sets up an incredibly constructive gold tape for many years to come. Here's a few stats for you. Today, the U.S. has $38 trillion of federal government debt burden against a GDP estimate of $29 trillion. That gives a debt-to-GDP ratio of about 15%. And if you weren't aware, this is the highest level since the end of World War II.

If one goes to New York, go watch a giant game or something like that and you go to the national debt clock that national. In New York, that debt clock is approaching $750,000 per U.S. family. It is substantial. This ratio has climbed steadily since the pandemic in 2020, where the federal government debt was just $20 trillion and GDP was $21 trillion. So for reference, since the pandemic, the federal government debt has risen by 90%, whereas GDP has climbed 38%.

Obviously, to keep the economy growing, the U.S. government is now running near $2 trillion deficit. That's nearly 7% of GDP, while paying over $1 trillion per year in interest alone just to service that outstanding debt. And these are facts. These are not opinions. So you've heard much smarter people than myself such as Elon Musk, Paul Tudor Jones, Ray Dalio, say that unless hard actions are taken and behavior has changed in the U.S. is headed for some significant headwinds in structural trouble.

Coincidentally, that all the mentioned -- all those people that I mentioned before, perhaps with the exception of Musk are absolute raging gold bulls. In fact, Ray Dalio is advocating that all PM's positions, including his big fund position themselves with a 10% allocation of gold and gold equities, coupled with what we're seeing in a steady and sticky inflation environment from the large stimulus of money that central banks and the U.S. Fed.

It has forced organizations to raise and keep interest rates high, driving up the cost of borrowing. The recent policy decision on obviously, the U.S. reciprocal tariffs, I believe are just going to magnify the situation. The big beautiful bill is inflationary. That, and you layer on the fact that Central Bank still want to diversify away from the U.S. dollar in the face of dollar weaponization, you have a scenario for which Chinese consumers are still very concerned about their economy, particularly in real estate and the safety of their banking system.

In my opinion, the U.S. Fed will have to take a far more accommodative monetary position as the U.S. economy starts to slow down. We will see what Fed Chair Powell does this December, but you layer that on to all the geopolitical unrest and the trend of reversing globalization. All this, in our opinion, leads to a very, very constructive gold tape.

Last thing I'd say is for those that are not aware, Gold actually reached an incredible milestone just a few weeks ago, in that it has now overtaken the euro as the second largest reserve asset after the U.S. dollar. So the right portion of the slide here, and you'll see it in your deck, speaks to -- we just basically put a collection of core thematics at OR since our last Investor Day. We intend to address the big portion of these today.

On the left-hand side are the group of our sell-side analysts, most of which are here today or their associates are here today. So thank you for attending. We do want to acknowledge their effort and expertise. These publishing analysts obviously are conduits for which their respective sales forces, and we have some sales folks here today. So again, thank you for coming to advocate both for the royalty and streaming sector, but also for OR Royalties.

As you can see, the average target price from these men and women is over $61, which would imply a 36% to 37% gain from where we opened this morning. Lastly, I want to acknowledge these analysts who have been with the company for some time, specifically Kerry, Kosmos and Shane, who all initiated coverage when it was called the Cisco Go Royalties at the time, had one and only the Malartic royalty.

So I'm not going to take too much more time here because I'm going to let my colleagues come and present. But hang on Real quick. We do have 4 differentiating factors or what we call differentiators at OR royalties versus our peers. What you'll hear from my colleagues and partners is we do have the best jurisdictional exposure. In fact, 80% of our NAV and cash flow has come from Canada, Australia and the U.S. We also do have the best growth profile. We've got a 40% growth offer base today. And all that growth is actually bought and paid for.

So there's no contingent capital associated with a very solid integrity of growth over the next 5 years. As Fred will tell you as well, we have the best cash margins. And you're going to learn a lot more about Canadian Malartic today because, as I said, I've been on stage when some of the larger cap royalty and streaming companies when they've been asked the question about what the best gold royalty is out there.

They unabashedly and always come back to the Canadian Malartic complex and asset. So with that, that was just a quick summary of our business. I'm going to hand it over to Heather and she's going to talk about the sustainability considerations.

Thanks, Jason. It's so nice to see so many familiar faces out here today, and hello to everyone joining us live. We're catching the replay. For those I haven't met yet, I'm Heather Taylor, and I'm responsible for all things sustainability and communications here at OR.

Before I do dive in, I do want to spend a moment to say thank you to grant for coordinating and hosting us today. So thanks, Grant. Over the next few minutes, I'd like to share how we think about sustainability how we integrate environmental, social and governance considerations into our investment decisions and how that framework helps us manage risk across our portfolio and partnerships. Sustainability is embedded in our business model.

We don't operate mines, as you know, but we take our responsibility seriously as an investor and partner in the mining industry. We are proud to say that as of November 2025, we continue to maintain leading roles with the ESG rating agencies. To call out one in particular, we're rated prime by ISS ESG with a corporate rating of C plus the highest in our peer group. It's not the kind of plus you'd worry about in school.

In ISS terms, it represents top performance. And sustainability isn't just about our portfolio. It's also about our people. In 2025, we were rated -- sorry, 1 then. In 2025, we were certified as a great place to work for the second year in a row with 100% of our employees who took the survey saying that OR royalties is indeed a great place to work, a recognition that speaks to the culture we've built and the values we put into practice every day.

Our ESG strategy is anchored in 5 key pillars that align with many of the United Nations sustainable development goals, due diligence, ensuring our investments adhere to responsible mining standards, climate action, conducting business in a way that protects the environment and where possible, helping our mining partners achieve their climate-related goals, social contributions, investing in the communities where we and our mining partners operate health and safety, promoting well-being across our teams and networks and diversity, equity and inclusion, ensuring we embrace diverse perspectives, backgrounds and experiences to ensure a workplace where everyone feels empowered to contribute their best.

Now let's talk about how this plays out in practice. Every new investment goes through an ESG due diligence process. More than 50 targeted questions covering environmental, social and governance factors are embedded in our ESG due diligence tool, which we formalized in 2023.

We apply this on a customized basis, adding in the leading questions were needed. Our internal team leads the process and when needed, we bring in external experts to evaluate specialized risks or opportunities. I'd like to say that our due diligence is like a marriage. You want to know everything before you commit not after. Our relationships with our mining partners don't stop with IDO.

We continuously monitor our portfolio to ensure our mining partners maintain strong ESG commitments throughout the life of the investment. And this just isn't about values. It's also about financial discipline. In 2024 alone, we rejected over $350 million in potential deals, primarily because they didn't meet our ESG standards. It's not always the easy choice but we believe it's the right one for the long-term value and risk management of our business. Finally, sustainability is also about impact.

The positive difference we can make beyond the balance sheet. We focus our community investments on 3 key areas: education, social and community and the environment. Since launching our community investment program in 2021, we've contributed close to $1 million to local and partner initiatives. In 2024 alone, that number was $361,000, over a 50% increase from the year before. We also introduced an employee donation matching program which has been a great success. It amplifies charitable giving and build a strong culture of engagement.

On top of financial contributions, many of our employees also volunteer their time with organizations like the Canadian Mineral Industry Education Foundation, helping inspire the next generation of mining professionals. In summary, I was only given 5 minutes.

Sustainability helps drive how we evaluate opportunities, how we manage risk and how we give back. At the end of the day, it is part of how we make a better call on what to back who to work with and what risks to walk away from. With that, I'll pass it over to Brendan to do a double click on Mantos.

Thanks, Heather. Yes. So I'm going to be talking to you about Mantos Blancos today. It's about 12 slides. But before we get going, I'll just give you a bit of background on myself. So I work for OR International and based in Bermuda. I'm a mining engineer with about 30 years experience, spread over operations, tech services and projects. I've been with OR for about 2 years, and Jason and I worked together at -- well, actually, I worked for Jason at Goldcorp a few years ago.

So Mantos Blancos. We really like Mantos Blancos, it's a fantastic asset. We wish we had more of these types of assets in our portfolio. It's owned and operated. For those of you who don't know, it's owned and operated by Capstone copper. It's located in Northern Chile, and it's been in production for over 60 years, which really speaks to the quality of the asset. It produces a copper and silver concentrate, and we stream 100% of the silver at a 8% transmit price.

Last year, it did about 10,000 GEOs for us, which is gold equivalent ounces. And then this year, it's forecast, we think, around about just a bit over 12,000 DAs. So there's a lot on this slide, but I just want to point out a couple of key points. I'll be talking to you about elements that as it relates to my expertise. And so that is the story of Mantos over the last few years, again, those of you that aren't familiar with the asset, is one of challenges associated with the ramp-up from a 12,000 ton a day sulfide plant to today operating at 20,000 tons a day.

So we'll go into some of those challenges that they had over the last 3 or 4 years. The last 12 months has really been about optimizations and steady-state production, so we can dive into that. And then towards the end of the presentation, we'll be looking at the recently -- or the message expansion or Phase 2 expansion, which is taking the project to 27,000 tons a day.

So where are we? We're in Northern Chile. We talked about Tier 1 jurisdictions and all the rest of it, but this is perhaps -- if we wonder to choose where to put a mine, this is probably right at the top there. And so why is that? So again, Northern Chile -- well, Chile in general is a great place to mine.

Northern Chile is really is a fantastic place. It's located about 50k outside of the -- mine is located about 50k outside of Anfa Gastar. And again, for those who aren't for me with Anfa Gastar. It's a town of around about 300,000 or 400,000 people, and it's really set up for mining. So a lot of equipment suppliers and consultants and things of that nature.

So most of the workforce, of which there's about 2,500 people are based in Anfagasta, good services like sealed roads, grid power. And importantly, they get their water from Antofagasta as well, which is on their industrial water. So low elevation and no immediate, what you call townships around the mine itself. Again, it just green lights across the board. So again, long history, and it really speaks to the quality of the asset. It's been in production in one way, shape or form since 1960, 196

1. I won't go into a lot of those details, but it -- today, it's operating at that 20,000 ton a day or about 7.3 million tons per annum, and it produces a copper and silver concentrate. We first got involved when we acquired the Orion portfolio in 2017. And subsequent to that, we then contributed to the construction financing in 2019. As I mentioned, Capstone acquired the project in 2021, and we'll come back to that. So this is a snapshot of our -- the silver stream itself.

One of our peers once said that not all streams are created equal. And so why is that? And a lot of it is on this page. So I would point to, one, we have security on assets. So if anything ever happened, in terms of a credit event, we would get seniority with respect to this asset, right? So that's really important. And that's often a point that's missed when talking about the streaming business. You can see a steady increase in production there.

So again, tracking to that just over 12,000 GEOs for this year. And we have a big AOI, which is an area of interest, which is where the stream covers most of the exploration ground that Capstone have. I'll also point to the fact that there is a step down here. So after we received 19.3 million ounces of silver, it steps down to 40%. As of end of the quarter, I think with 7.1 million ounces have been delivered. So we've got another 10 years or thereabouts before that stick kicks in.

Okay. So I put this slide in to demonstrate one of the weaknesses of the streaming -- well, often one of the weaknesses of streams is are you aligned with the operator? And so what does that mean? It can mean a bunch of different things, but I'll just point out a couple of key features. So the first one is, does the stream over encumber the asset? So what does that mean? So if the stream is so large, in fact, that it makes the underlying asset uneconomic, well, then kind of everyone loses, right? So this stream, although we stream 100% of the silver, it only represents about 5% of the gross revenues. And on a high-margin asset like Mantos, that is inconsequential or at least insignificant.

And so from that respect, we're not misaligned. The other 2 relate to the 2 graphs. So a lot of data there, but the relationship between copper and silver. So are they correlated? Because we want them to be correlated so that we're not misaligned with the operator. So the first one on the left is the grades that are actually being fed into the plant. And the one on the right is the metallurgical recoveries going through the plant of copper and silver.

You see the lines of best fit there and the correlation is really strong at almost 1:1. And so that means we're aligned, and that's really good, right? So you want to see that in a stream.

Okay. So again, the story about Mantos, I'll just touch on the last few years because it speaks again to the perseverance of both Capstone and the quality of the asset. So Capstone acquired the asset in 2021. Previously, it was owned by a private equity group. They carried out an expansion from 12,000 to 20,000 ton a day. And some of those -- the expansion elements were of questionable quality.

So when Capstone took over, they -- to their credit, and I really want to give them a plug, they persevered with this asset and fault founded and Fault found engineered and then executed a turnaround story. It was kind of a 3-year process and all the rest of it, but they eventually reached steady state about this time last year. We can perhaps go into Q&A on what they -- what those measures were in terms of how they rectified it. But it was -- a lot of it was back end of the plant. So this is when they're dealing with the tailings. So thickeners, transfer pumps, things of that nature.

So then more recently, the last 12 months or thereabouts, have been pursuing an array of optimizations at site. And that's been impressive, and I should plug Capstone again that I've been around and these guys were -- I was really impressed how they were able to pursue multiple opportunities at the same time. So by themselves, like 2%, 4%, 6%, maybe not much. But when you add them all together, it becomes material. And I was really impressed how they were able to prioritize ones that showed more promise.

So the one thing that we do have troubles with at Mantos is the variability, and you saw that a couple of slides ago. So we have -- silver is actually quite variable. We, both copper and silver have high variability. Silver is actually probably double the variability compared to copper. And that makes a challenge in terms of trying to forecast what happens from period to period, right? So by in itself, it's not a problem. It's just that sometimes the boss comes into your office and says, right, what happened this month.

So you can see that there's been times when there's been exceptionally high grade over 12 grams a ton. And then other times when we're 4 or 5, right? So how do we manage that, right? So what -- given that the project has been operating at steady state for the last 12 months, this has really become more apparent, and you can actually see through previously when there was problems on top of problems, it was really hard to see, but it's become more obvious now.

We've been putting out some inconsistencies to the operator and Capstone were good enough to at least hear us and they've recently -- well, they remodeled the silver resource and have been monitoring that, and it's performing far better than it was, say, 12 months ago. So that's great. We have other elements within the stream where we have a 2-month lag between when it's produced and when we get paid. And so in a budget period, it's not the be all and end all, but it does help smooth the message.

Fundamentally, we do take our own cut at -- or make our own estimate of what's going to happen. So when Capstone do provide us their estimates and forecasts and budgets, we layer on what we think is going to happen as well. And sometimes that puts on more conservatism.

Okay. So 20,000 tons a day, this is the throughput through the processing facility. It's pretty obvious. I'll just point to the dotted line that 20,000 ton a day, this is on quarters as well. And you can see over the last 4 or 5 quarters, they've managed to become way more consistent. It's -- they've actually operated this plant up to 28,000 tons a day. And they've done that probably almost certainly to debottleneck and/or find out where the choke points are in anticipation of Phase 2 expansion.

Okay. It's an important asset for us. We were at site this time last year, and we try and go every 12 to 18 months. I'll probably end up going down there later this year or early next year. We speak to the operator once a quarter. We get monthly reports when we get budgets and forecasts and reconciliations and things of that nature. We've got a good relationship with the operator. They've really been -- they're fantastic to work with.

So what do we look for when we go to site and/or when we're looking at disclosure, whether it be private or otherwise? Well, anything to validate what we've been told previously and what's coming down the pipe is it different from last time is are our interest being looked after? Are we aligned? Is there an opportunity to collaborate anywhere? These things are constantly monitoring the situation. It is an open pit or a series of open pits, and that's significant insofar as it's low technical risk, right?

So when you've got multiple open pits, if you've got a problem in one pit, you can source from the other. And again, it just speaks to the quality of the project. a big equipment as well, I should say, right? So it's bulk moving bulk tons, low strip ratio, things of that nature.

Okay. So we're coming towards the end of the presentation here, and a colleague will come up and talk about some exploration, but this is the immediate near term. We have received the first cut of 2026 budget, and it's similar to 2025. They have not and we have not baked in some of those optimizations that I touched on before. So we do get another cut at this later on this year and next year before we have to sit on our guidance. So there might be some opportunities for -- to increase that maybe 5% plus or minus.

I'll just skip over some plant optimizations and stuff and leave that to Q&A. And I'll just look at -- talk to Phase 2 expansion. So Phase 2 expansion, Capstone have come out and said that they're doing a PFS, preliminary feasibility study of Phase 2, taking it to 27,000 tons a day, and that should be out the first half of next year and a technical report will follow that. If everything goes according to plan, we see first production maybe late 2028, say, early 2029. And I will point out that it's an expansion.

So not a greenfield build or anything like that. And given that they've already operated at 28,000 tons a day for periods this year, it's -- the build is likely kind of less than 12 months or thereabouts. So not huge amounts of risk. I think that's it. Guy, do you want to come up and talk to...

It's a great introduction to Mantos. Thanks for that, Brendan. So I'm Guy Desharnais. I'm the VP of Project Evaluations with OR Royalties. My background is geology, resource estimation, exploration, and I'm kind of the gatekeeper of new investments in the company, but also because I've been around now for 8 years, I have a little bit more history with this deposit and the other assets that we picked up through the Orion portfolio. So Part of the history here is that this used to be an underground mine.

You can see some of the old underground workings here. So there are cores of this very high-grade material available. And the key mining areas is basically covered by here, and there's a few other pits off the slide here. And when you have this embarrassment of good, high-grade, easy-to-mine material, it kind of sucks in all the activity. So the previous operator put out a very long life of mine.

And in the meantime, there hasn't been a lot of impetus to really accelerate exploration and get into it. So this image is from Capstone and sort of capture some of the key areas where they're intending on exploring. So this is the first time we're really seeing them with their intentions of exercising -- getting the drills going and adding to areas adjacent to the existing pits. Some of this is oxide material. So they do actually have an oxide circuit as well where they do heap leaching and SXEW. But we're more excited about where the expansions are going to be in here.

And regionally as well, we have the key mining area here. And you can actually see on this LiDAR image, you have this -- you can see the topography very clearly here, and you sort of lose it here. This is because there's some overburden. So even the thinnest amount of cover really slows down your exploration and your capability of seeing through there.

So they're actually showing they're going to start looking at some of that material under cover and then the regional claims to the south here as well is going to see some attention. So I think it's early days. There has been some work in terms of soil sampling and geophysics that was done previously, but the drill bit hasn't really been active.

So we're keen to see how this evolves now going forward. So with that, I'm going to pass it over to Grant, who's going to introduce the video for Dalgaranga.

Yes. Thanks. I'll be super brief. I'm Grant Monting, VP of Capital Markets. You'll probably hear me say that in the video again, too. But in lieu of a partner presentation because we couldn't necessarily make the time zones work, I prerecorded a video last week with our partner, Ramelius Resources on Dalgaranga, which, as Jason mentioned, should be the newest producing asset in our portfolio shortly.

Just if you're in the room, there should be Ramelius presentations on all the tables for you to follow along because Darren, our partner in the presentation will be referring to some slides. And for those who are on the webcast, there is -- if you're on the webcast in the section underneath our presentation, there should be a link to the same Ramelius presentation, so you can follow along.

One item of note, at one point when Darren says go to Slide 23, he actually meant 27. We only did one take of this video. So anyways. Here we go.

Good day, everybody. Thanks for joining us today for -- or Royalty's Analyst and Investor Day 2025. By way of introduction, my name is Grant Moenting, and I'm joined today by Darren Millman, Chief Financial Officer of Ramelius Resources. This video is being recorded on Friday, November 7, Melbourne time. And I'm very excited because we are here today to talk about what will very likely be the next producing and/or cash flowing asset in OR Royalty's portfolio, and that's the Dalgaranga high-grade gold project located in Western Australia.

As many of you may know already, OR Royalties owns a 1.44% gross revenue royalty, which was acquired from a third-party Tembo on September 30, 2024. Before we get started with Darren and by way of background, on July 31 of this year, Ramelius Resources fully closed its acquisition of Spartan Resources. And then just 2 weeks ago, our new operating partner provided its detailed plans on how Ramelius expects Dalgaranga to fit into its impressive gold production growth plans over the next year, 5 years and beyond.

Everyone here today in person should have a small hard copy deck of Ramelius' most recent corporate presentation, and those online should see a downloadable version. The idea being that if Darren refers to any specific slides in this deck during his answers, you can follow along with them.

In the interest of time, I'd first like to thank Darren for his time today, and now we'll jump straight into some Q&A.

Hey, Darren, I was hoping that first, maybe you could talk about your company's recent press releases regarding Ramelius' new 5-year growth plans and specifically on your Mt Magnet, Dalgaranga integration, perhaps making specific reference on your company's creative decision to centralize all the processing at your pre-existing Mt Magnet hub and also how Dalgaranga and its high-end, high-grade never-never deposit fits in as a core component to Ramelius' path forward starting in calendar 2026 and beyond.

Sure, Grant, and good morning or good evening, everyone. It's a pleasure to be here and thank the team for allowing us to speak a few words on our most important asset actually in our portfolio as we go forward. Probably firstly, for those in the room, refer to Slide 6.

What Slide 6 does here, it basically summarizes our 5-year outlook. And we've got 2 key assets, one being the Mt Magnet asset in which Dalgaranga forms part of and the second being in the gold is Rebecca Row. So what we've done here is we look to put out over the next 5 years, both our production and also our all-in sustaining costs. Just to keep mindful that the all-in sustaining cost is in Australian dollars as opposed to U.S. dollars. And what we've also tried to do here is to just highlight how we compare with our peer group.

As you can see on Slide 6, we have a growing production profile. Basically, we're looking to become a 500,000 ounce producer with Dalgaranga being key to that. But what could also flag here is that we're about $500 an ounce less than any of our peer groups, which was noted in the footnote.

For us, we can do this by enabling -- we want to be able to be very low cost and maintain a good cost overview. We're a hub-and-spoke company in which basically extracts ore sources within a region and then put it to our most central mills. And at the moment, Mt Magnet is what Dalgaranga will be forming part of. For us, as you can see in that slide, we'll be currently proxy 200 million -- 200 ounce producer for the next 2 years and then rising every year.

If you look at the blue represented, that's Mt Magnet in which Dalgaranga forms part of. And basically, that's the engine room in which we will be growing to us hitting proxy 350,000 ounces from Mt Magnet alone. For those who have got the deck in front of them, I'd just point you to Slide 7. And we've got the 2 assets in the portfolio, one is being operating, which is Mt Magnet and the second being Rebecca Road.

What we're trying to do here is just flag sort of what the sequencing will be over the next several years because at the moment, Mt Magnet is an existing operation. And what we're looking to do is to take this plant from 2 million ton per annum up to 5 million ton per annum, and I'll get into that shortly. But I guess for the benefit of those on the call or in the room, historically, we were looking to develop the Rebecca Row project in FY '27.

We've actually pushed that back to FY '28 to purely focus on the Mt Magnet plant in which Dalgaranga will be processed. So we've pushed it back 12 months. We want to technically focus on delivering Mt Magnet, and we're comfortable to move that back 1 year for Rebecca Row purely to ensure we deliver on time and on budget the project that Dalgaranga forms part of -- probably the next slide that makes sense to speak to probably be Slide 12 of the deck. And that just gives you the overview specifically on Mt Magnet.

And as you can see here in the orange, the contribution coming through for Dalgaranga is very, very key for us to get that growth profile. At the moment, you'll see sort of minimal coming in, in FY '26, but will contribute significantly year-on-year. And I'll be putting forward the Mt Magnet operation will become a Tier 1 asset in Australia, obviously, Tier 1 jurisdiction and with a very, very low cost profile because of the high-grade ore that Dalgaranga contributes.

So for those that are on the call again, Slide 13 just gives you that flavor on where and how quickly this project ramps up. So as you can see on the slide, we've got sort of 0.2 and then 0.6 and then 1.1 ramping up year-on-year. If it was -- the previous owner, Spartan, they would be putting forward the average run rate could be between 1.2 million, 1.3 million ton processing per annum, and they're probably putting forward up to 9 grams per ton in the context of grade. We've been able to deliver year-on-year both on production and cost guidance as a company.

We're the only ASX producer that is both consecutively hit cost guidance and production. That is sort of fact. And this is something that we pride ourselves on. So what we're putting out in the context of volume and grade, we can put a hand in our heart and know we're going to deliver that, and there's potentially some upside when you look at that. So for me, it's an achievable plan. and there's potentially some upside operationally, and I'm sure we'll get into exploration as well.

And Darren, did you want to touch on some of the metallurgical test work you've done and maybe just an overview of the plant maybe in a little bit more detail. I think that's Slides 14 and 15 in the deck.

Sure, Grant. As Grant said, we spent a lot of time making sure we got this right. And we studied -- we historically, Spartan did a lot of test work. As you can see on Slide 14, there was elements of Ramelius and Spartan, the previous owners of the Dalgaranga asset. And over time, this is basically a 3- to 4-month program. So we acquired or we announced the transaction with Spartan in March. We then put out -- we closed on July.

And then basically, this test work run us all the way up until our release last week. What the test work basically tells us is our existing plant at Mt Magnet, we're grinding to 175 micron. And if we're going to do that, the recoveries will be approximately 80%. If we grind the ore down to 53%, we get approximately 93% recoveries. What we're also looking at in this process was how much retention time is required.

And basically, what the results have told us is, okay, well, if you actually grind it to 53 micron, then you can actually get that 93 versus some other test work was indicating, well, you might need 24 or 48 hours retention time to get these higher recoveries. So we spent a lot of time to understand the test work. And then from that, we've then decided to develop the appropriate plant requirements to go forward.

One thing that you would have seen we're doing this ramp-up in FY '26, FY '27, we will be recovering at these lower levels because we want to -- it's not a huge amount of tons that we'll be processing, but we want to ensure by come -- early FY '28 that we've got these higher recoveries and the plant is in place.

So FY '26, FY '27, we'll be grinding at 175. And this is all lab work. So historically, when we've done lab work and then the actual results, we have gotten better recoveries. Obviously, we're hopeful that we can move more tons earlier and then the grades will be above the 80 that we've got in our test work. So time will tell, but we've got some upside, we feel in that.

And then if you look at Slide 15, this actual plan, and we went from 8 different options as we went through the process, and we landed with option 8, and it's a little unusual. So on the left-hand side, you'll see Circuit 1, and that's the existing magnet circuit running at 2 million tons per annum. And because of the additional grind that the Dalgaranga ore material needs, we'll have to be running at 53, which then reduces the tonnage. And what our operational guys are saying, well, Mt Magnet itself is actually built better to be processing the Dalgaranga material than you generally think building a separate plant for Dalgaranga ore alone would be the right solution.

But everything our sort of metallurgical test guys on the ground and the third parties have actually suggested it's kind of a flip. So the ore from Dalgaranga should be going to the Mt Magnet plant and the new magnet or the new plant being built at Mt Magnet should have the old ore we'll call it at Mt Magnet. So -- it was quite a great solution in our view. And through that process, we can save $100 million in capital savings in doing that because we're also utilizing existing Dalgaranga equipment that enables us to do this.

So we think it's a really good solution, smart solution, and it enables us to process the Dalguranga ore quicker, which means we can get the access to the higher recoveries quicker, which is obviously important from an NPV and things of that nature perspective.

Of course, of course. No, that's great, Darren. Thanks very much. Super insightful. Just moving on here, maybe you can touch briefly on Ramelius' view on any potential upside at Dalgaranga that could result from further work on understanding both the Giles underground as well as the potential never, never open pit projects.

I know you provided a few scoping study level details in your recent releases. But perhaps maybe you can expand a bit on how and when you think these might also ideally slot into your plans.

Sure, Grant. So on Slide 23, it probably best speaks to the ore body that is Dalgaranga and probably could highlight sort of that PFS that we did release was just on the Never and Pepper to the north side of the Dalgaranga system. So we declared the resource or the reserve, sorry, and we're able to put that out there a couple of weeks ago. And that was just purely on Never and Pepper. And obviously, you can see there very thick ore body. So we call it we're going down the neck for the first few years.

And then in FY '30, we'll be actually to the heart of the ore body. And I think that's important just for people to be aware of. That's when the grade really ticks up looking back at that sort of production profile, it's probably just be aware of that. We've only drilled down full of a kilometer. It just becomes not economic to continue to drill. So we feel there's a lot of potential still at depth at never-never which is on the north side. The other potential -- and we're drilling 75,000 meters this year alone on the Dalgaranga system as a whole. There's some infill, which is never as we're looking to mine that.

But the real potential upside for us, we see is on the south side. So we're kind of referring that as the Gilbey's underground, which is underneath the existing open pit. We've actually built up a decline that's going sort of to the left. So your turn left, basically, you're hitting the never-never underground and you turn right and then there's the potential to become the Dolby's underground. We've done a scoping study on the never open pit up the top. That's going to form part of our mine plan. That's at a scoping study level.

And then we've done a preliminary assessment just at the 4 pillars area. And that's kind of we call it a starter underground. This year, as I said, we'll be spending or drilling 75,000 meters, approximately under AUD 20 million on that -- probably that south side. So that's where we see, I guess, the biggest potential in our portfolio in the context of volume of ounces.

For those that have looked at the deck a bit closer, we've got Penny and Q and Galaxy, but for potentially fighting new ounces is actually Dalgaranga to the south side. The Dalgaranga ore body is approximately somewhere between -- what it is from a reserve perspective, 9 from a resource perspective. you see on the page there, there's a pretty good drill results.

So 6.3 meters at 6 -- so there's some pretty good -- our gut is when you dilute more on the south side, you won't be getting the same grades as we saw it never, never and Peppa but you're still be getting some pretty good grades. If we ballpark ideally, we're probably more in the 3 to 5-gram sort of space, but you've got volume, and that's what we're trying to build up.

So probably come September next year when we released our reserves and resources update, that's when you'll be finding out more a lot of infill drilling to validate do we have a real mine there? And then subsequent to that, we'll do more drilling. So that's probably when we'll know if this could become another underground mine.

And then on Slide 28 is the kind of the corridor. So bottom left-hand side there, that's where Pepper never is. And then there's further potential opportunities, golden wings patient Wharf Beefeater Bombas the previous 1 was fan of Jin. So hence some of these names. For pipes, for example, is actually in strange. So a bit of a tribute for you. But that's sort of more longer term. We're focusing on what we know today, where the resources are, where the high grade shoots have seen and that in the longer term, what we'll be going after as well.

So yes, so I think there's a lot more to come. We're focusing this year, obviously, delivering the mine on time, on budget. We'll be in commercial production early FY '27. And -- but then this is a longer-term play, I think, for us from an exploration perspective.

No, that's -- I know that's great and really exciting. I mean you touched on the regional stuff at the end. And without looking to far in the future. I mean you guys acquired Spartan Resources. Obviously, there's a mine already there and potentially more as you just outlined. But is there maybe an internal belief amongst your exploration team that perhaps what's been discovered to date and as defined by Spartan and yourselves, is only just the beginning and that potentially, there could be other never nevers and peppers out there along the sort of regional corridor.

Yes. So the they call it the Bigiti breaks, and that's sort of on the geologists and sort of at times I guess, or retenant accountant. But there's the really high intrusive sort of breaks that they referred to, and that's how Simon Lawson. He followed the magnet structure that I understood them about Magnet structures, took that learnings applied it to Dalgaranga and then Papa zone area, that was the sort of really post together breaks.

So you need to be really undo it from a geological modeling perspective on where to drill. So it will take time, obviously, hopeful to find more high-grade these sort of shoots. But -- and historically, it was just this open pit and they hadn't discovered this underground. So what was defined as we know today, in the reserves and resources that was really only done in a 3- or 4-year period, which is obviously a very short period of time.

So our view, there's a lot more potential here. We paid $2.5 billion for the pleasure of owning the asset. We've already done an NPV at 4,500 a year at 3.4%. So we view it's all upside.

I'm sure you guys will be happy to find more ounces as well. But for us, it's more -- let's just let's just get the mine right. Let's find out what's underneath the existing open pit to Gilbey's pit. And then from there, we'll more get into the regional. But yes, there's nothing that wouldn't suggest further upside. It just really get operational and focus first.

Second would be the underground at Gilbey's. And then thirdly is corridor that I just spoke to now. So there's definitely potential. It's -- and we'll continue to drill at this level, if not more, I guess for the benefit of those on the call that Dalgaranga. We went from a $50 million budget in FY '25 to up to $100 million, and that was kind of a metro poll from the Spartan guys, they were able to find a lot of ounces in a short period of time.

So -- if we've got the targets, we've got the balance sheet to do what we need to do. And -- it's only going to grow with our portfolio as you saw that production profile. So yes, it's -- we've got the money to do if the drill targets are there, then we'll drill it out. We've gone from 5 drill rigs to 12 drill rigs in a matter of sort of under 12 months. So if we need to go higher than we will, we have been able to get access to them. So ever it doesn't seem to be issue.

That's great. Well, I think that's all the time we have. Darren, we only -- we had just 15 to 20 minutes to get through this. But I want to thank you so much for your time today. I think we're just as excited as maybe you are to see your team go forward with the sort of sensible execution with respect to your outline plans. And with that said and done, I think we'll conclude this section of today's agenda. I'm now happy to pass things off to my colleague, Dr. Geeta Harney to run through some of our key growth assets.

Thanks, Virtual Grant. Do you have the other clicker? This one is deficient in lasers. That's really great. I love how Grant pestered the CFO to give us some exploration upside. This is a very recent acquisition on our part. We -- there was no mine plan for us to build off of, and hats off to Brendan, Matt and myself for figuring out more or less what this asset could do in terms of mining productivity, grade recovery, pretty much everything that we were hoping for was shown in there. The only thing we got wrong is the price of gold.

So now it's all upside from here. This slide deck was constructed basically to walk you through what process we'll be going through in February next year to try to construct our 5-year outlook. We have -- you've seen this slide many, many times. It gives a good overview of how we think about our future growth. And I'll be walking through some of the names in this column. But we've seen pretty significant increases in the likelihood that some of these assets that were on the outside looking in last year in February or this year in February, and they've advanced and derisked and gain -- we are gaining confidence that they're going to be giving -- making the graduation and being inside that 2030 outlook.

And that outlook that we currently have in 2029, one of the anchors of that is the Island Gold asset, Alamos Gold. So this is a long section looking at the asset. They are including the Magino pit now within that view, which is super useful. And we've created sort of an overlay of the royalty percentage over that asset. So in gray are things that have been mined out. In orange are the reserves.

And one thing that's really important in the flow of the inventory that's going to go through the mill is -- they've mostly been mining within this 1.38% NSR area. And as the life of mine gets more and more mature, they're progressively going more into the 3% areas and the 2% area. So the royalty percentage will naturally increase with time.

We're also going to benefit from the shaft, which is going to provide them a better -- more production or the production rate will increase with time. This is one of the bottlenecks of the asset. Also the higher grade at the base of the mine here. So a lot of the amazing drill intersections that they were providing over the last few years were from this section over here. So we're going to benefit in 3 ways. As the life of mine grows, we are going to have higher tonnage throughput Alamos has been -- had put out in July an updated study, but that was mostly a derisking. So the reserves -- a lot of the inventory was in inferred resources, and it's graduated to a lot more reserves.

And also an update on Magino. But the study that we were looking forward to seeing is the expansion studies, which was supposed to be end of this year, but it's pushed back to early next year. So we'll be really keen to see what happens there, but there's quite a good potential that we're going to see above and beyond what they have, what they've shown previously.

So one of the aspects that they're pointing to is that the shaft that they're building and is near the base of the shaft now has excess capacity to bring up waste and ore to surface. So they're going to try to increase that. We're hopeful as well that they're going to start building in these hanging wall and footwall zones that they've been talking about. Those should be ramp accessible and could bring up the amount of ounces in any given year.

CSA is another cornerstone of ours. Recently, they've been -- Mac Copper got purchased by Harmony Gold. In the background here is the overlay. We -- we're semi-hiding it because this was MA's plan. And MA was basically pointing to around 40,000 tons of copper per year last year towards 50,000 and beyond. And the important pieces of that growth were going to be the ventilation system, which is ongoing, which would unlock the base of the mine where the very high-grade material is and also 2 separate mining sectors in the upper part of the mine. So there's some copper lenses up there, but also zinc lenses.

They refer to these as the Marine mine. And we're pretty -- we'll have to wait until next -- early next year. Harmony has promised us an updated life of mine and a plan going forward. But we expect part of Harmony's thinking about the value of this asset is within those aspects. Mantos, Brendan did a great job of summarizing. We're keen to see what the expansion study will show in terms of tonnage and timing.

So we've talked about the assets that are producing now. In February of this year, we had outlined 3 of these 4 assets as being going into production between now and 2029. We've added Dalgaranga in our most recent releases. But windfall is one asset that we've been waiting a long time to graduate and get into the production. There's been a lot of good work done by Gold Fields. They're in the floor below us in Montreal. We see lots of new faces, lots of activity buzzing around. And they have a lot of catalysts coming up.

So IBA permitting and an updated feasibility in early next year. We have a good update now on Dalgaranga, the CFO gave us some extra upside beyond what we see, which is great. Marimacca is an asset that because of the copper price increasing and the simplicity of the construction and the permitting on here has gained a lot of credibility. This is now -- the market cap of the company is above $1 billion very comfortably. So here, we're expecting the permitting and FID within the next few months.

And Hermosa South 32 is spending $750 million this year to advance the project. That's on schedule. Everything points to things going well at that asset. So these are our key things that were fairly easy for us to add to our 5-year outlook at the beginning of the year. Now we're going to look at some of the assets that were on the bubble or that were under consideration that we couldn't do.

And primarily those that have really advanced in terms of derisking and the likelihood that we will be including them in our updated 5-year outlook. So we see a lot of names here. Jason showed a forward-looking warning statement. This is the most forward-looking portion of our talk. We'll be naming -- giving you descriptions of some of these assets. It doesn't mean that we will be including them. It means that we will be considering them when we do the exercise of the updated outlook in February of next year.

Osisko Development, advancing Caribou, Sean has done an amazing job of derisking and raising the money to advance the project. So several hundred million dollars were raised in equity over the past year. And we have the construction here of the Appian facility, which is a nice piece of very innovative piece of financing, which is going to backstop some of the future things.

So here, we're going to be looking forward to an official FID. But in the meantime, they're spending a lot of money advancing the project. So we have now access to the Lohe Zone through ramp. They've opened up a corridor here and are drilling off 13 kilometers of drilling. So this is something in the next few months, we hope to see the FID and a construction decision.

Eagle last year, we completely wrote it off on the financial side, and we removed it from our outlook. There was a very unfortunate event here, as most of you know. But since this time last year, what we've seen is that there's a lot of hope. So PwC is running a process to find a new operator. There was a lot of interest in that first round of -- first phase of evaluation. Now that second phase is ongoing.

Several operators are looking at this asset. The deadline for bids currently earmarked for December 31, 2025. So will we have sufficient certainty come February to decide what we do with this asset? That's going to be a tough one because it will still be in the process of figuring out the nuts and bolts. But this is a very chunky asset for us. It's around 8,000 GEOs per year. And when it turns back on, it will be very meaningful for us. Spring Valley was an investment we made in 2021. USD 26 million were invested.

Over the past -- it took a while for information to come out. This is within Waterton Gold or Solidus Resources. They put out a feasibility earlier this year, outlining an ounce profile that may have surprised some people. Project is in Nevada. It's fully permitted. And now with the recent announcement from Wheaton, it's fully financed. The -- our royalty is quite -- it's covering everything that's known and chunky over the thickest, most important parts.

I just want to point out that we have a 500,000 ounce holiday basically on this -- we have this core claim, this 3.5% royalty area. So as part of the Wheaton investment in this asset, we got a little bit more information. So the Executive Chairman here, they've announced that early works are ongoing and first gold might be in the first half of 2028.

So this is -- last year, this time, this was not really on our radar. We're really hard to nail down when this thing could start. And now we're pretty confident about the starting date of that. Amulsar is a project in Armenia.

We've had it as part of the Orion portfolio. We had some issues several years back and the group at OR International have worked really hard to preserve our exposure to that project and also increase or improve in several ways our stream that's on this. So now this asset is within United Gold, which is the same team that built the Allied Gold portfolio.

The asset is now owned partially by the government, which helps ensure that everybody is aligned with the continued construction of the project. And now they're advancing construction activities, trying to close buildings down to make sure that they can continue over the winter. And just on this asset as well, our -- the stream deliveries to OR International are going to be accrued during the period that the $150 million debt facility is paid down.

Once that's paid down that, that accrued amount gets paid out over a 5-year period. South Railroad is a very recent investment on our part. Orla is going through a new and updated feasibility study now. We expect that quite shortly. a record of decision by 2027 and construction potentially end of '27 on an asset, which is -- we have 100% silver stream. It's in Nevada, should be fairly straightforward. We're looking forward to seeing what that feasibility study reveals because the -- obviously, the recovery of gold and silver will increase as they go to a finer crush.

We don't know what -- how much they will invest in terms of the CapEx and OpEx to achieve that. But given the high prices of gold and silver, I think it will make sense for them to try to pull out as much of the metal as possible. Upper Beaver, I think Agnico surprised many of us by how quickly they constructed and how big the infrastructure is on surface here. So this is meant to be an advanced exploration activity. But you can see from the size of the shaft, like this is built to be a mine as soon as possible.

In terms of the start date of this, it's hard to nail down because the permits are not in hand. And I think Agnico is being a little bit careful in terms of messaging of when this can start actual production. So in the press release where they outlined the project of 210,000 ounces of gold per year, they pointed to 2031-ish. But on the website, they're showing the goal of 29 to 30. So this is an example where come February, we're going to look at this. We don't have any insider information, but we'll debate internally on what do we do with this. So it's going to be on that cusp, very reputable operator whose intention is to go as fast as possible. But given that it's on this bubble of timing, there's a good chance that we won't be including this asset.

Cascabel is one of our most important development assets. It's located in Ecuador. The new management team there has been a breath of fresh air, advancing a new project execution plan hand-in-hand with G Mining Services. What we -- the new time line for first ore is quite early. They're drilling now, and there's a good press release this morning on a very good drill results on that Tandayama pit. But it depends what the final configuration of the mine is because there's different aspects. The real important high GEO profile is related to that Alpala block model or the block cave, which may be done partially within a sublevel cave.

So depending on how you configure the project, it's going to change. But what we know as a base case as of 2030, we'll be getting payments of $4 million, which will have a chance of being accounted as GEOs at that time. So our cornerstone asset, obviously, is Malartic. We spent a lot of time thinking about this asset. Matt and I will be visiting the site this week and trying to capture as much forward-looking statements from there on that visit to try to see what -- how they're thinking about the asset, timing of the expansions. and the shaft. So we've accumulated a lot of knowledge, collected a lot of bread crumbs.

So we try to, in this part of the presentation, sort of put those breadcrumbs together and lead you to a potential conclusion. So this is a long section that we've seen several times. I just want to point out that the resources and reserves on this is a very big number, but it's not done growing. So reserves are 7.5 million ounces. M&I is 2.5 million ounces and the inferred is an additional 10 million ounces.

I'll encourage you to go to the back of the deck, you'll see the details of those numbers. But what's not included in any of those resources are the Eclipse zone, which looks very similar in terms of thickness and grade as East Gouldie, nothing with respect to the Titan zone, the Keel zone or the internal zones. So those are all upside beyond what's even on paper for this asset.

On this -- on the long section, you see the only parts that are referred to in the resources and reserves are what's in orange, which are the reserves and in blue, which are the resources. So all of the rest of this pale green of Eastgollie is not in the table at all. And year-over-year, this green blog keeps growing. So this is the edge of the green blob at the end of -- or in February 2024. That's growing, and we're also seeing intersections beyond that version.

So this inventory, which is gigantic, will continue to grow. This is just a point in time. In 5 years, it will look very different. This is the current life of mine that Agnico is showing. A few things to note. 2027, they backfill it with more than 100,000 ounces year-over-year with material that they think now that they're going to be able to mine from underground and fill the mill. The other thing to note is that already in '26 and '27, the mill is not completely full. So any additional mineralization or inventory that they can send there is a win because you have a fixed cost, which is that processing cost and anything that you can bring in there is a win.

This is a long section of the mine plan of East Gouldie. One thing that was noted in the Q3 call, they've identified and they keep growing and hitting very good holes in this upper East, East Gouldie section. And they made this comment of including a potential second mining area in the upper mine. So we don't know what that means now. We have no context.

Potentially, it's accessed via the ramp. or the upper loading pocket. But potentially, this is a parallel system or a parallel mine production that could fill in some of these tons that are latent in that mill. So we've drawn some cartoon lines on here. It's very easy for us to do that just to illustrate what it is. We understand mining is hard and for us to show you what this could look like is a little bit too easy to be real. But we know now that the second shaft is a very likely scenario, and I'll explain to you why we think that.

But I just wanted to leave the traces of how Agnico has been talking about this second shaft over time. So this is as early as Q1 2023, we had the first mention. Obviously, Q1 2025, we have a potential for that second shaft. And now we're not talking about second shaft or the current shaft that they're sinking is no longer called the shaft or the project we're working on. They're calling it shaft #1 because clearly, to me, the shaft #2 is on its way and hopefully, another one after that.

And now the language of Agnico is the vision to 1 million ounces annual production at Malartic. They're being quite explicit now, giving ounce production and mill throughput numbers associated with that. So it's becoming more and more concrete as time goes on as Agnico continues to talk about this opportunity. On this slide, interestingly, they show the entire belt of claims that they have. I've added some other points of interest that are more interesting for us and for them. So we have a small royalty on Acasa West.

AK is going in production imminently. It was meant to go into production this quarter. So Akasaba West is actually being trucked to Goldex and then the concentrate then is going to LaRonde. AK is planned to go all the way to LaRonde. So they're not -- when they're talking about district scale and like we have synergies, I think they are thinking about the world being a lot smaller than we think. I'll just note that these 2 deposits, Upper Canada and Oki McBeam, there's several million ounces of resources there. They're right next to the rail.

That rail is plotted on their map and runs right next to Malartic. So there's a scenario where they think like let's do hub and spoke, but like go really big on this. And we're looking forward to seeing the 2027 study, which potentially could include some of these potential synergies that we're seeing.

So this is a slide of us trying to figure out what is the potential timing of the shaft # 2. And we like to play a game at OR called what would Amar do. And when we're building this, we're trying to give you a time line. If you're standing in end of 2026 and you have an opportunity ahead of you, what are the different aspects in how Agnico has in terms of their resources, their capital allocation priorities, the human resources they have available and the opportunities to fill the mill with material could be.

So the purple line here, and I think this is surprising for a lot of people is the amount of time to put in this ramp or the main decline to the bottom of the mine. It's an extended long lead item to get to the full production of the mine. And that decision was actually that decline was taken a few quarters before the actual FID. So if it makes sense and provides them with flexibility in terms of the schedule, they will spend some money to keep -- to get things going.

And then shaft #1, there's a period here. It's split into 3. So surface infrastructure, shaft sinking and the underground infrastructure. So everything outside this yellow box are things that there's enough information on the public disclosure of Agnico to trace, including the commissioning of that mid-pocket. Some of the -- this might be surprising how long it could take here to do the other loading pockets.

There's quite a bit of uncertainty, and it's sitting inside our yellow box here. But part of the reason is they need to -- or ideally, they'll have access through the decline as well to get the equipment in there and also provide secondary egress for safety. Again, the amount of tons available to fill the mill, that wedge starts growing already at the end of 2026. And then in the yellow here is basically our conceptual view of how this build-out could occur. We're expecting a very important report for us and for Agnico about how they're going to look at the Canadian Malartic overall milling infrastructure and the mining scenario at the beginning of 2027. So Q1 2027, we anchor that piece of surface infrastructure at that same time.

But again, if it makes sense for them to spend a little bit ahead of time and give them the flexibility to go earlier, then there's potential that leaks out of and ahead of that official decision. So all that to say, they are pointing to early 2030s for that shaft #2. But depending on how Amar feels, what would Amar do when he's standing in 2026, there is potential to compress this. There's one thing also is the shaft thinking that this amount of time is 3.5 years of shaft #1, and we have it shorter here.

And one reason for that is because they'll have access at the very bottom, there are methods to accelerate that from the bottom up where you have access on multiple levels. and you have basically -- you don't -- you remove the need to scoop at the base of a blind shaft sinking. There is latent capacity even if you take all the pieces that they've outlined that they're going to feed the mill.

So this is basically in the PEA or the 2021 study, shaft #2, which is required, Marban and Wasamac, there's still 10,000 to 15,000 tons per day that could go through that mill. So what would Amar do? Well, we think there's a very good chance that Agnico takes a leap and commits to a third shaft or shaft #3. And this was initially brought up in Q1 2024.

Again, the CFO brought it up in May of this year and Amar at the Denver conference pretty explicitly eventually, we might even build a third shaft. So following the pattern of how the second shaft was slowly building confidence of the language was changing, we think there's a pretty good chance that we're seeing a similar scenario here where they're preparing the markets.

I think they need to be careful, especially in the past few years where making sure that the schedule of capital deployment is in a controlled manner that they're not putting out like big-ticket items willy-nilly. So I think they're building towards this scenario, and I think it makes a lot of sense economically. It's just we're going to wait to see very keenly to see what the result of this is. Thank you. I'll pass it on to Fred Ruel, our CFO.

Good afternoon. Thank you for being with us today, whether in person or joining through the webcast. For those that I haven't had the chance to meet, my name is Frederic Ruel, Vice President, Finance and CFO of our royalties since 2020. But I've been with the company since 2015 and prior to that with the Osisko group during the building of the Kenze Malaric mine. It's a pleasure for me today to provide you with a quick finance update with an emphasis on our balance sheet position. I'll also give you a quick update on income taxes at the end of my presentation. For those who have been following us for the last few years, you've seen the work that we've done to simplify our business.

The simplification is clearly reflected in our financial statements, which are now a lot easier to read and understand than a few years ago. On that same note, you've probably noticed in our most recent filings that since August, Osisko Development is no longer considered an associate from an accounting standpoint. Therefore, you won't see these noncash shares of loss of associates in our results from 2026 onwards.

Certainly, a key point in our Q3 results for the first time in the last 10 years, we are debt-free. From 2017 through 2022, we had debt outstanding on average of CAD 400 million, which was mostly related to the acquisition of the Orion portfolio. During that time, questions were raised regarding our investment capacity and strengthening our balance sheet became a high management priority. In the last 2, 2.5 years, as a result of our disciplined approach to capital management, the sale of our Osisko mining block and of course, the positive metal price environment, we have repaid debt quarter after quarter despite continuing to deploy capital to accretive acquisitions and while continuing to increase steadily our dividend.

And as of the end of last quarter, our credit facility was fully repaid. At the end of Q3, we had $57 million in cash. Since then, all Royalties International has received payment for the Mac Copper shares of $49 million, and we have continued to generate free cash flows. As of today, we have approximately $120 million in cash, an undrawn credit facility of $650 million plus an accordion of $200 million. As a reminder, in May of this year, we increased our credit facility by more than 50% and extended its maturity date to 2029. We also own marketable securities with a market value of approximately $150 million.

All of this gives us incredible flexibility in terms of investment capacity, the strongest we've seen since the company was founded in 2014. The next slide illustrates the strength of our current balance sheet. Our available liquidities allow us to compete on most transactions without needing to raise capital. But despite this additional financial flexibility, we'll continue our disciplined approach to capital deployment.

On the next slide, we show a brief overview of our dividend history. The dividend was implemented at the end of 2014. At that time, the quarterly dividend was CAD 0.03 per share, which would represent approximately USD 0.21, USD 0.022 per share today using current -- the current exchange rate.

Between 2014 and today, the dividend per share more than doubled, increasing by 150% for an average compounded increase of 9%. The last increase was in Q2 of this year, where we raised our dividend by 20%. Annually, over $40 million is distributed in dividend to our shareholders and over $269 million have been distributed since 2014. A dividend reinvestment plan was also implemented in 2015.

And historically, a 3% discount has been offered to shareholders participating in the plan. I'd like to take this opportunity to remind nonregistered beneficial shareholders that following our name change and assignment of a new CUSIP number last May, you may have to submit a new enrollment form in order to continue participating in the DRIP. You can consult our latest dividend press release, our website or contact us if you have any questions about this.

Lastly, at the bottom right of the slide, we have a graph that shows that we have the capacity to continue to increase our dividend as the current cost of the dividend represents only about 20% of our pertained cash flows and around 17% to 18% for the first 9 months of 2025 compared to an average of 25% for the last 10 years.

The dividend level is reviewed quarterly by the Board and is determined in a function of considerations, including our financial position, market conditions and anticipated cash requirements.

On the next slide, we present a brief summary of our current NCIB program, which was implemented in 2016 and has been renewed annually since then. The current program allows the company to buy back up to 5% of its outstanding shares. Since the program was put in place and when taking into consideration the Orion share buyback in 2019, a total of 20.5 million shares have been acquired for cancellation for a total acquisition price of CAD 279 million or $13.60 per share. This represents more than 10% of our current shares outstanding.

Today, to acquire these shares, we would have to pay over CAD 900 million. The NCIB may be used when we believe that the underlying value of the company is not reflected in the market price. On another note, and we've telegraphed this in the last quarters now, we will be cash taxable in Canada for the first time in fiscal year 2025. mostly as a result of increased revenues and the depletion of our Canadian tax pools over the years.

For 2025, based on the first 9 months of the year and our forecast for Q4, we estimate our cash -- our taxes payable in Canada to range between $13 million and $15 million, all of that subject to our actual result in Q4, of course. As we've mentioned before, these taxes will be paid in the first quarter of 2026. Then starting in 2026, we'll make monthly tax installments. We also have certain assets taxable in the U.S., Mexico and next year in Australia and withholding taxes on certain revenues earned outside of Canada, but these are currently not significant.

The effective tax rate for the first 9 months of the year was 19% when excluding foreign exchange impacts, the share of loss of associates and other noncash gains and losses. In other words, operating income plus interest revenues minus finance costs. The current effective tax rate for the first 9 months of 2025 is also where we expect to remain over the next few years.

A reasonable range would probably be 18% to 21%. Of course, subject to metal prices, our mix of geographical revenues and our future investments, which may be tax deductible in Canada. Please do not hesitate to reach out if we can assist you modeling income taxes in your respective financial models.

Overall, I would summarize our current financial situation as being the strongest we've seen since the creation of the company more than 10 years ago, providing our corporate development teams with a greater flexibility to acquire assets that will benefit our shareholders. I'll be available after the presentation if you have any questions, of course.

I will now hand the floor over to my colleagues, Iain and Mike, for a corporate development update. Thank you.

Thanks, Fred. So Mike and I are just going to -- are just going to walk through the corporate development section. This is the last -- the last piece of the presentation today. Grant should be quite happy. We'll have some time for Q&A after this. To start off, we wanted to provide you some insight in terms of our investment process and philosophy. The first thing I want to say is that OR is focused on building a portfolio for the long term, so not just adding growth for growth's sakes, but to really focus on a disciplined approach to value creation.

Precious metals investors are looking to preserve value and purchasing power. So it's our job to build the portfolio in an accretive way that allows our shareholders that safety while also providing great optionality to the assets we've invested in. Royalties are long-duration assets. So it's critical to understand the risks to those investments. And as Jason said, we are risk managers for our shareholders. So we take a disciplined approach to long-term value creation.

So how does this work in practice? We invest based on 3 core pillars, and each of these are assessed on quality, considering the context under which we invest and with a mindset of sustainability. In a perfect world, we would have 10 out of 10 across the board on project quality, jurisdiction, counterparty and investment structure, but it's just not possible.

So this is where the context comes in. We need to review these core pillars in concert with one another. basically, we can use one to bolster another where, for example, a good -- a well-structured deal with a very capable management team in a jurisdiction that is not necessarily Tier 1 would be an investable asset for us. So since our last Investor Day 24 months ago, we've made a number of investments.

These are a selection of those. If you look at all these together, it's about -- over our 2025 geos, it would be about a 20% a 20% increase. So not an insubstantial number of investments, and they each fit our core strategies one way or another. So for Cascabel, it was all about asset quality. It had a syndicated structure, which alleviated some of the risks of investing in Ecuador and deferred payments are deployed, which also derisks the investment.

Gibraltar is a long-life Tier 1 asset with a very capable operator in Taseko. And this is the third such amendment we've made in that asset. And they've been operating there consistently, sometimes as low as $2 a pound copper. Dalgaranga is one of the best, as we heard today, emerging gold projects globally and one of the best mining jurisdictions in Western Australia. Ramelius saw value there and bought Spartan Resources for over AUD 2 billion.

Another one I'd highlight on this page is Sable. It's a smaller investment for us, but it's one that highlights our technical team's capabilities, where we saw Freeport making the Aurora discovery in Northern BC. And just across the boundary there, TDG had the Ore West project, and we made the royalty investment on that asset. All these investments were made below $3,200 an ounce gold and 90% of the dollars deployed here were under $3,000 an ounce.

So here's our due diligence process or our investment process. Brendan calls this the machine. We're always trying to improve our DD process and methodology. We start with origination where we really focus on the assets and the teams that can drive value and have a proven track record of doing so and understanding our counterparties' needs to tailor investments to the -- to a solution there.

As for the DD, there are projects that are just quick nose. They will be discarded quickly and efficiently, whereas others take a jump to later stages where we do full DD. Guy will run a block model, Matt will run mine planning scenarios and Brendan builds the cost base from the bottom up. So really to understand the opportunity. And it's this in-house context that allows us to invest dollars on a relative basis. We've got fixed dollar resources.

So it's really that relative basis and the context that allows us to deploy efficiently. We don't outsource our investment conclusions. We do not employ outsource DD only on a select basis where we need to bring in skill sets that we don't have in-house. And you'll also see feedback loops here. We do regular look-back analysis. Some people like to say that it's best to learn from your mistakes. We like to learn from our mistakes, but also other people's mistakes as well.

So we'll consistently look back, see what's worked, see what's not worked in the past and fill those gaps in our process. The other feedback loop is with our partners. We need to consistently be supportive, understanding where we can add value and support our investee partners along the way. So our team reviews a lot of opportunities.

We've been busier than ever over the last 24 months, busier than any time in OR's history, in fact, and the quality and size of opportunities have been better than we've ever seen. So we've been very, very busy, but our deep portfolio of optionality and growth allows us to be very disciplined in how we review new opportunities. So we have a stage gate approach.

So over the last 24 months, we've reviewed over 300 investment opportunities. Typically, we do a first pass. The bulk of these assets that are rejected are rejected on asset quality, jurisdiction and commodity. And then as they move through the diligence hopper, they get to the end where we're then rejecting things -- opportunities on things like ESG criteria, structure and pricing.

So all in all, we basically have a 2% to 5% completion rate on the transactions that we review. This reflects our very diligent and disciplined approach to execution. I'll call Mike up.

Good afternoon, everyone. For those of you who don't know me, my name is Michael Spencer. I'm the President of OR International. I've been with the company for 8 years now, and I spent my first half of my career before OR Investment Banking and mining in Toronto. My background is finance, so I'll try to keep it within those swim lanes.

You heard Jason and Ian both talk about long-term value, building long-term value. And this is something that's at the heart of our strategy and drives the decisions that we make every single day. When we think about portfolio construction, and that's how we do think, we think about our new investments not only in a 5-year time line, but also a 5-, 10-, 15-, 20-, 40-year time line.

And when we think about risks and we think about optionality, we think in all of those time periods. It's the only way we have to go about it. And it may surprise you that not every company in our industry does that. You will see that too many think about things that are right in front of their face the next 5 years. And they have the belief that scale is the driver to a premium valuation, add more ounces, add more ounces and we'll get a better valuation.

But when you think that way, when you're looking at your due diligence process when you're managing your contracts, negotiating those contracts, when you're thinking 5 years ahead, you're not thinking 40 years ahead. Those are 2 very different ways in which you think about due diligence and contract negotiation.

So as I said, we not only think in 5 years, we think 40 years out. Our strong belief is that over the long term, long term, premium multiples are driven by quality, not by scale, okay? You can have scale, but without the quality, you're not going to get that same premium multiple. Now when we talk about quality, it's important to differentiate between the 2 buckets.

One is the project lens, which is on the left side, and we'll go to that in a second. And then the second is the investment structure lens, and that is on the right side, we'll go through that as well. In terms of the project, our approach is relatively straightforward, and I expect a lot of people in the mining industry would say the same thing. We focus on low-cost, long-life assets with scale that attracts top-tier operators. That's probably no different than a lot of our peers would say as well.

We do take an approach not only looking at production, that is our priority, and we'll get through that in a second in terms of our pipeline. But we'll also look for longer-term optionality assets that we think are really good options. Spring Valley, Guy talked about it. We bought that in 2021, $26 million for an effective 2.5% royalty. We just saw Wheaton purchase will be an effective kind of 4.7% to 6.4% royalty for $670 million. So that's the difference.

I think that's where we have the opportunity to get our guys out there ahead of time, Guy, Brendan, Matt and find those opportunities to create deep value. On the contract side, I would say this is where a lot of the key differences are within the industry, quite frankly. And I'm going to steal a phrase from some of our larger peers. If you listen to Wheaton, if you listen to Franco, they'll say it over and over, small structural differences can have major long-term value impacts. And that's a real key point to make right here is the structural differences are within the contracts.

And I don't envy your situation. From a Street's perspective, it's very, very difficult to understand those differences within those contracts. A lot of the time, you don't have access to them or you have access to redacted contracts.

So what I would say is one of the things that we can leave you with is, and maybe you take away from this is think about what questions you want to ask and find those key questions to ask to try to find those differences because when we think about a project.

When we think about the contract, sorry, only 5% of that contract actually has to deal with what is being delivered to us and what are we paying for those deliveries, 5% of that contract. There's another 95% of that contract, and we know that lawyers, they love to hear themselves talk, they love to bill a lot of money. But there's another 95% of that contract that has a lot to do with the underlying value of our asset, our contract.

And that's where we talk about building long-term value. And those small structural differences in those contracts can make a world of difference. I will go through a couple of things here, and I'm just going to kind of list them off, and I'm happy to have a discussion afterwards if anyone wants to have a larger discussion. But with things like structure -- sorry, security and guarantees.

This is one of those items that's become very topical. People are starting to understand that there are differences within security and guarantees. Obviously, a secured interest is much better than unsecured interest. But within a secured interest, there's multiple shades of gray. You can be first or second ranking.

If you are senior, how much sub debt can there be, what structural controls and restrictions are around those subordinated lenders. If you are subordinated, how extensive is the collateral package that supports that security? Are you going to be able to get through that senior debt before you start getting paid, how big can that senior claim grow to? And we've seen this become a lot more important lately as hedge books have blown up because some of those secured hedges are senior.

And so -- and those are unlimited amounts that can become above you as a subordinated creditor. So that's a really big important aspect to it. Another thing is, and we don't like it -- it's part of the job, almost an evil part of the job, but what is the bankruptcy process in the host country. It's

important because how much control do we have in bankruptcy and how much control do the courts have.

Over a 40-year time frame, as we look at this, there's going to be upsides in commodity cycles. There's going to be difference in geopolitical situation. There could be just an issue with the underlying asset. We didn't look -- when we looked at Eagle, it's a great asset and unfortunately, some operator error happened. But you have to be able to manage that -- those cycles and how is that going to work out?

And so understanding the bankruptcy process, if you unfortunately get to that point is important. The last thing I would say is, do you have guarantees and what security has been provided behind those guarantees? That's important. A parent guarantee is great, but it's only worth something if there's other assets that are binding that collateral.

Like if there's nothing at that top parent other than a single asset developer, there's no difference from having a holdco guarantee from a senior parent guarantee. So that's security and guarantees, a couple more of the things that we look at, reporting requirements and audit rights. You'll see with Brendan, we spend a lot of time looking -- monitoring our assets, talking to our operators. We really do have great relationships with our operators, but we want to be able to get that information to have those conversations.

And that led to with Capstone through Brendan's correspondence with them, them going back and looking at the silver, how they model the silver and potentially getting a new resource model for that silver, which is great. Operational covenants. How much leeway does the operator have to change the business or the project plan from what was underwritten in that stream.

We don't want to be the operators, and I'm not suggesting we do, but you have to give them swim lanes because you don't want them necessarily walking away and saying, "Hey, okay, we're not going to build the mine this way anymore. We're going to build it half the scale after you guys just invested on a different mine case. Or what consent rights do we have?

That's another option. Commingling rights. People talk about this now and again, but how stringent are those restrictions? How much compensation do we get paid? This is important because that can drive us to where the operator is going to be focusing their long-term investment. Are they going to be investing within your AOI? Are they going to be investing outside the AOI? That goes to commingling rights. Transfer rights. This is a really big one.

Over time, over 40 years, that asset is going to change hands. There's very few assets in this world that stay within the same operator forever. So who can own this asset in the future? That's a big one. We want top-tier operators. We want to make sure that those operators are operating to the best industry standards. And if we don't like that

operator that comes in, what is our recourse to that asset. A couple of other ones I'll list off really quickly. distribution rights and debt limits, when can the operator take money out. Payabilities and offtake contracts, our payabilities fixed? Are they floating? If they are floating, do we have any stay under the offtake contract? That's really important when it becomes a byproduct credit because your alignment is not with the operator. They're slightly different.

Completion tests, reps and warranties, the list goes on and on and on. These contracts are very complex. We have teams of lawyers that look at these things constantly for us. That's why I say I don't envy the situation the Street is in, but if you can get the right questions into these streaming companies, you start to understand the value with which that contract can have -- some of these conditions in the contract can have to building long-term value.

The next one I'll speak about here. I know a lot of people have questions about this. Certainly, it's one of the most topical on our conference calls is the pipeline. What is coming in the future. One thing I should have said off the hop here is at OR, we split our business into 2 distinct business units. There's myself, Brendan, who came up here was talking about Mantos and the team in Bermuda are OR International.

Our strategy and our focus is on -- centered around streams, international streams, including new investments, portfolio management, metals trading. Iain, Guy and the rest of the team in Canada, they're focused on investments in Canada and international royalties. So that's how we split our business.

Many of the key considerations I'll talk to you up here are similar across both business units, but I'll let Iain jump in here if he sees any subtle differences. On the left side, you'll see just reiterating what Fred had said, a reminder, we have about $1 billion in total liquidity available to deploy today in accretive transactions.

I suspect if we don't deploy any more money, we will be across that $1 billion barrier by the end of this year. We haven't completed any big or flashy transactions in 2025, but I can assure you that our teams are extremely, extremely busy. We've been close on a few fronts. We've been down to the kind of eighth, ninth inning for another Blue Jays reference, Jason.

But we really stuck to our investment criteria, stuck to our disciplined approach, and we actually walked away from a few transactions that we had in hand this year because they just didn't meet what we wanted. So it's very important to note that we are very busy, and we will continue to look at a lot of things.

Iain showed you how many opportunities we've looked at over the last 12 months, and we'll kind of go through what our key considerations are here. The first item up here we have is expected returns. I'm going to actually do this one last because all these other things here that we talk about feed into what we think for expected returns or what guides our process to determine what kind of return we're looking for.

Opportunity size, number one, we are seeing opportunities up to and including $1 billion. I think someone on the conference call said you could drive a truck through that. I agree. But there is a very widespread in terms of what opportunities are out there today. Jason has been extremely consistent that as a mid-tier, our strike zone is really around kind of that $50 million to $500 million mark. But we will go outside of that for good opportunities.

One example of that, Iain walked through a couple of them, but one example I'll touch on here is South Railroad. That was a $13 million check. It was an opportunity that we saw very quickly. We had good insight on the project because Jason and Brendan had previous experience with it.

And so we jumped on it even though it was kind of outside that main strike zone. The other side of the coin, if we go up to the upper end of that spectrum of $1 billion, we get very conscious about portfolio construction and how any new transaction fits into that portfolio.

So for instance, I don't think you'll see us go out there and spend $1 billion on a new sportier jurisdiction in the world. We do like to stick to our bread and butter, maintain our disciplined approach.

That said, we do $1 billion. If we saw a good opportunity in a good jurisdiction that we're comfortable with. We do have the ability to kind of spend some big dollars here. Opportunity mix should actually have been up here in between opportunity size and structure, really, at the moment, we're seeing opportunities centered around M&A financing and project financing.

I would say that was the kind of the bigger tickets at the moment. We're seeing a little -- a couple of portfolios still trickling out. And Iain especially has been working on a few of those. And, to a lesser extent, some balance sheet refinancing, especially around some of those hedge blow-ups. We are seeing opportunities where people are trying to look for some refinancing there.

But I would say, going forward, there will definitely be a slant at least as what we see today towards M&A financing and project financing. Structurally, outside of the contractual structuring that we talked about on the last slide, this structure here, what we really wanted to talk about was -- what are we looking at in terms of putting dollars out the door in what form.

We have been pretty transparent in the past that we are looking at investing across the capital stack now. Our main focus will always be on streams and royalties, and that will not go away. But we are seeing opportunities to get near-term producing opportunities with really good contractual terms by providing some of those other forms of capital as well, specifically debt and equity.

One thing I want to note here is in terms of structure as well. is that we're very cognizant of not over encumbering an asset. We've seen some very large streams completed in this industry that fundamentally changed that risk/reward profile of an asset over the long term. And again, our focus is building long term.

So what we want to do is ensure that an operator has sufficient upside to continue to invest in that project going forward, whether it's exploration upside, expansion upside, et cetera. So that's something we take into consideration a lot when we're looking at structures here. commodities, we've been consistent in our approach. It's precious metal, pure-play precious metal royalty company.

We have obviously looked at copper in the past. We have a stream on CSA. We will continue to do so in the right size and the right position. So that kind of copper angle, we will continue to look at. I won't close the door on every other commodity. There's always a right place, right time, right factor, but certainly, it's not our focus at all today, precious metals with a side of copper would be our focus here.

Jurisdictional bend. I'm not going to harp on this one. Everyone knows we have the highest ratio of Tier 1 jurisdiction assets in our portfolio. We will continue to prioritize our dollars there. Development stage, priority A is to acquire near-term producing assets. like I said, but we will continue to look outside of that into the development stage where we can find good deep value.

Again, Spring Valley is a great example of that. Types of counterparties, very simple. We want good trusted operators that have been there that have done that, especially when we're going into new jurisdictions that we don't know. We would definitely want to be going into a part into those jurisdictions with a partner that knows them very well.

And then that all goes right back up to the top again to expected and required return, and we had a lot of questions about this. So when we think about our returns, the starting point is always risk-free rate and our weighted cost -- weighted average cost of capital. That's mainly informed, the WAC -- or WACC is mainly informed by the revolving credit facility.

And then after that, what we do is we take a look at what type of margin or what type of spread we would want on top of that risk weight or that WACC. And that is very much determined by all those other things that we just talked about. There's no succinct answer to give you that this is the number for this, and this is a number for that. There are so many factors that fit into the solution.

We need to take into account all of the risks that we just talked about. We also need to take into account all of the risks that we talked about previously with respect to contract structuring. So when you factor all those in together, we, generally, as a team, think about exactly what kind of spread we would need for all of the risks as those things add up.

I should also note that -- first and foremost, people think about IRR, and I understand why, but we also look at more than just IRR. We will also look at payback time lines vis-a-vis reserves. So are you getting your payback within reserve life? MOIC or ROIC, however you think about it, roughly the same concept.

And then also, how does that impact our per share metrics, PNAV, pecash flow, et cetera. So IRR is one piece of a larger puzzle when we think about expected returns and rates. With that, I think, Jason, am I passing it back to you for closing remarks. Q&A now.

We'll now proceed -- and please wait for the mic. We've got one over here. Just for the benefit of people on the webcast, Larry?

This is Larry from CIBC. I just have a few questions. I can start out with a more topical one this morning. Last Friday, there was permitting news in Mexico. So I was just wondering, you've talked a lot about upside in terms of long-term growth potential. How does that kind of impact OR's long-term guidance? Are there any positive impact over there?

Thank you. So obviously, the situation in Mexico is fluid and complex. As we've said through the presentation, our preferred go forward, like we've got some assets clearly in Mexico that I think everybody is aware of. We don't see any of those being any risk based on the news flow that we saw last week.

As we talked about in terms of our future opportunities, I think Mike went through a very good criteria of actually how we start to price these instruments. Our preference and our main filter as we look at instruments is really around ensuring that our jurisdictional profile continues to be best-in-class with respect to our peers.

So again, Australia, Canada and the U.S. would take paramount when we actually start looking through those screens. I'm going to ask some of the technical folks if they also wanted to answer the question specifically with Mexico and the news that came out last week.

Just waiting here, yes. Yes, it's case by case. I think Mike explained it quite well where it's multidimensional. So Mexico is not Canada, U.S. or Australia. So we take that into consideration. Mexico is actually a pretty big country with regional areas that have different risk levels.

There's a lot to consider just beyond the permitting as also the risk on that permitting, things change when politicians change sometimes. So we look at it -- we do look at things in Mexico, but we rank them case by case.

Awesome. Sounds good. I just have a second part question. It's more around like more accounting base. I know we've talked about Cisco development today and how that would impact potentially long-term guidance. Earlier this quarter, there was a disclosure that the accounting for ODEF has changed. I'm wondering how does that impact the geo calculation? Would that be an upside? Or how should we look at the geo calculator there?

Great. Great question. Thank you, Larry. I'm going to ask Fred to him up and clarify anything that I do say. But in short, it makes no difference in terms of the geo calculation whatsoever. All we've done is we declassified our investment because we're obviously below the 20% threshold based on the Osisko Development financings.

We sit at just around kind of 13% on a pro forma basis when all those financings are closed. And so we've reclassified or declassified as an investment in associate and reclassified it under other comprehensive income. So there will be no P&L effect go forward. But in terms of the geos that we're expecting to come out of Caribou and the other assets within a Cisco development, there is no change. Fred, do you want to add anything further?

Next, Derick?

Derick Ma, TD. When you talked about the business development, you talked about the Idera process, you talked about the feedback loop. What are some lessons that you've learned from the feedback over the past 12 to 18 months.

I'm going to hand it off to our corporate development team, Iain, Mike.

Look, the -- There are a lot of lessons that we learned. In terms of specific cases, I'm going to keep it a bit more general. But I think one of the lessons that we take home is -- and this isn't -- I'm not necessarily speaking about one of the lessons we learned in our process, but perhaps some other processes is that intercreditor principles are key.

When you look at things going into insolvency or on the brink, Mike made the comment whereby there are different levels of subordination. And there are minutia in intercreditor principles that can really dictate what kind of cards you're playing with at the table when you're getting to that point.

So if -- I'm being as specific as I can without giving you the case study, but that was one that we looked at that we took a lot of home from. I think Brendan might have others because he is the master of the look back.

Maybe -- What? Well, we do it regularly, and maybe I'll just talk to you about that. So we do it at least twice a year. And if we have something that is like a material miss or something big happens in the industry, we'll have a look at it. But we like to give it a bit of time so that when we do look back it's more meaningful and that some of the hot air has gone out of it.

So -- but we look at how we did the due diligence in terms of like -- could we have done it better, do we predict it appropriately? And -- but then we also look at it at the other end in terms of deal structure and all the rest of it. So it's painful at times, right? And we try and keep each other honest and ask really hard questions of each other.

It's -- but at least, I find it rewarding after us not during it, but afterwards, you feel better about it. Yes -- that's about it.

Maybe let me ask one is on -- so let me ask one more. You talked about portfolio construction multiple times and how you think about it as a portfolio. In terms of jurisdictions outside of Canada, U.S. and Australia, what else are Tier 1 or Tier 1 B jurisdictions that you're currently not invested in that you would like to be invested in?

So it's a great, great question. I'll start and then hand it over to Iain and Mike who really kind of run through the strategy. And so it's certainly evolving, Eric, there's no question. As I said, there are 3 jurisdictions or the ones that we primarily look at for assets. We do look obviously at other jurisdictions as well.

There's a lot of South American jurisdictions that we might not have exposure -- a significant exposure to currently. And then it will already depend on the region within South America as well. But all that said, as Mike went through kind of the process of how we're pricing our instruments, that actually takes a big, big factor too.

We do need to make a spread over our cost of capital. So yes, I would say that there are some jurisdictions certainly that have generational type assets, a lot of porphyries obviously in South America that we really like to get exposure in but we're not going to go out and put instruments at any cost. It's got to be a measured return as we've described, and there are lots of opportunities out there that our team is quite busy. I'll ask Iain to comment first.

Yes. Look, it's case by case, and there are instruments that you can integrate into the deal that alleviates some of the risks in the jurisdiction that may be a bit more risky like political risk insurance and things like corporate guarantees.

And it also comes down to the counterpart of you're with. If there's a counterparty that has been in the jurisdiction for decades, or is coming out of a -- is building a team that has deep roots in the jurisdiction, and they've been proven to operate there. That gives 1 a lot of comfort in going into a jurisdiction with a group like that.

So it's really comes back to the context in those 4 pillars. It's one of the premise, one of the criteria by which we judge is maybe it's not 10 out of 10 on one of those criteria, but it really comes with the context.

I think that's -- I was going to say the same thing about the teams. It's when you go into a jurisdiction that's not Tier 1.

You want to be with the team that knows how to operate there. And as Jason said, even countrywide, you need to split that down to region-wide it's like very regional specific expertise because they are -- it does vary significantly ranging the region.

The one thing I'd add is royalties are a bit different because sometimes you're picking up royalty sometimes that are already created. A lot of royalties are third-party royalties. And there are some jurisdictions that are very good for royalties because they're treated as interest in land.

And there are some that they're basically just treated as a piece of paper that can be wiped in an insolvency. So even differences between Chile and Peru, for example, and different states in the U.S., so we look at that very carefully and -- especially if we're picking up a third-party royalty, the jurisdiction plays a key role.

Ingrid Rico with Stifel. Thank you so much for the presentation. There was a lot of detail here. I just have maybe 2 questions, if I can. So one, on the assets under consideration for the sort of 5-year outlook, almost they're restarting the, I guess, remaining construction.

But as we think about the stream and the stream terms, can we assume that there is no renegotiation on the stream and that you guys are going to get paid on how the stream has been structured already?

So really -- I'm going to hand that off to Mike because Mike spent probably the better part of the last 3 years of his life around [indiscernible] and the stream amendments I would say, holistically, though, before he talks about that. We do very -- we feel very comfortable, Ingrid, about the instrument that we have.

And if you actually look at the modifications that we made, it has very little if not any impact on the NAV as you think about the geos that we'll earn from that stream go forward. But Mike, please?

Yes. Look, I think we, as part of getting the new debt in place and the new team in place, you'll see that there were amendments made to the stream at that time. And we're very comfortable that, that stream will be as is. That it's a really good asset. It's just in a jurisdiction which has had some troubles politically.

The strip -- the ASIC at this point in time is probably USD 1,500. So it's a high-margin asset at these prices. And I would just point out that a couple of the amendments that we made that may not have come through is that there was a cap on it before, and there's no cap on it now. So there's a tail stream that got put on there. There also was a buyback on it, 50% buyback, and that's been removed as well.

So those are kind of 2 big amendments that got made out of that stream. But as Jason said, we're comfortable with the stream as it is today, and we expect that once that $150 million is repaid, we'll start to collect [indiscernible] at it.

Okay. And then for Mantos Blancos, so the silver grade reserve that I see in the presentation is much lower than, I guess, what has been so far. So I guess just trying to understand a bit of the grade profile as ORCs it and maybe if you have a number that you can tell us on the -- what you expect on grade and recoveries going into 2026.

Go ahead, Brendan, please.

Yes. So we have received the first cut of the 2026 budget, and it's similar to what we're seeing today. So 6, 7 for the ones that got teenagers now. So that's it for 2026. And the other thing I'd point out to remind is that there's a new technical report coming out in the first half of next year, and then I would refer to that in terms of more long term and all the rest of it. Yes.

Yes. Thank you for your questions, Ingrid. Adrian, go ahead.

Yes. Just on some of those opportunities that you missed out on, obviously, you've got outbid on some of those opportunities. Can you just talk to me about the competitiveness that you see in the market? And then if you are, obviously, as positive as probably many in this room are on the gold price.

Do you relax those more stringent return requirements at some point to execute on some of these transactions?

Great question. Again, it's quite topical, given where we are with respect to the commodity markets. So the short answer is no. We absolutely have to remain disciplined. Again, we obviously, are not paid to prognosticate where the gold price is going for the next 5, 10 years.

The best information that we have is actually by folks like yourself and the strategies of the economists that work at your firms, that's a long-term consensus. So we absolutely mark ourselves against long-term consensus. In terms of gold, gold and silver price. What we do also do if it's a near-term asset is obviously there's a forward curve that we can price it off.

So again, it's a bit of a hybrid -- but we will not sacrifice returns. You heard what the return threshold that Mike went through. We'll not sacrifice returns. We have seen a number of deals that's clearly in our mind, this is a bet-on commodity price. As I said, 3 years from now, either of these teams are going to look like absolute heroes because they got it right and/or if the commodity roll it might not be 3 years, it might be 5, 6 years, when thing people are looking and our accountants are looking at the instruments that they put in and there's potential write-downs happening, that's a position we definitely do not want to be in.

We've also seen through the course of at least the last 6 months but maybe a little longer, some of the structural components, i.e., the security that they're certainly being a little bit more and in some cases, a lot more relaxed as to where we're comfortable.

I think Mike did an excellent job presenting why we think and why we continue to believe it's not just -- again, it's very hard to quantify some of these qualitative aspects around their security package, but we always think worst-case scenario.

If a country blows up or if a country goes Parshaped or if an asset doesn't have what was expected in terms of the technical report. What would happen in those scenarios, what would happen going through an insolvency process, what are our protections. And so we will not do anything naked. And that's cost us deals as well.

So I think the short answer is, again, we're not going to compromise on either of those. And if we're sitting here 2, 3 years from now and we still haven't done significant deals. That's fine as well because unlike some of our other peers, we really -- as you saw with the growth profile, we don't really have anything to backfill.

We've got an exceptionally good growth profile that, again, is set up for the company. And I would say if we're in the commodity environment, you're talking about, a lot of those options that we talked about that were potentially moving forward into 2026, given the studies, given the margins, those will be accelerating.

So we've got this long term of optionality that, again, I believe our shareholders will definitely be rewarded from -- but excellent question.

I just go one step further and say that there were, in fact, 3 specific deals this year where we weren't a price on the deal. It was -- we were there was a structure that was put in place that there was a red line we drew, and we wouldn't walk over it. And in those instances, there's somebody willing to walk over that red line.

That's actually a great segue for some of the questions we have from the webcast. They're kind of asked the kind of very topical with what you just said, Iain. So kind of asked the same way. But one, would you walked away transactions, what you walked away from? What were the items that did not meet your criteria?

And then asked another way, what top 3 items in your contract structure will you not compromise on?

I think the first one was already answered, so we won't go unsecured, especially make it in a jurisdiction where we don't have interest in land. We can consider corporate guarantees in the right circumstance with the right counterparty. And I'll let Mike answer the -- what was the second one?

Just the top 3 before you walk away from Copa the top contract structure acres...

I think some of it goes to the ones that I've already mentioned. So when we look out 40 years, what risks are there in 40 years that we need to mitigate. And I would say that security is a big one, and Iain just touched on that. I would say who's going to operate it is a big one, too.

At the end of the day, there's a very big difference in quality of operators. And we want to make sure that a good quality operator that has the financial and technical ability to operate that asset is the one that owns it in the future. Then after that, I think it also comes back down to debt levels that kind of ties into security, but what kind of debt levels can be put on the asset and where do they rank with respect to the stream or the royalty?

And we need to make sure that asset -- the debt that's being put on to that asset is increasing the value of it as well. So we want to make sure that all in all, whenever someone is sitting there with us, another secured creditor, they're adding to the value of that asset, adding to value of our stream.

So I would say those are off the top of my head, to...

The other is on the inter creditor side, and we have what we call our sacred cows, and there's 2 of them. And one is on an enforcement event or under default, you're paid as operating expense, these insolvencies or workouts can last a long time. And if the royalty is stalled and do you understand still over that period and not getting paid, those cash flows are accruing, but you don't know where in the ultimate waterfall they'll flush out.

And then the other one is -- it's called an attached sale provision, whereby if you're a subordinated creditor and you're a royalty holder or a streamholders, that asset is going to go through a process, and it's going to end up in the hands of a new canard and the senior debt needs to support your royalty or stream being sold in whole into the full extent of the obligations to that new counterparty.

Just a couple more. These are from Scotiabank, Tantan actually, Jason, silver streams, tiny hearing, there are some big ones out there to the tune of $1 billion, would OR royalties be looking to increase its silver exposure?

And then separately, but also from Tanya, we said today that size doesn't necessarily mean better. Do we think our market cap is too small for generalist investors, why or why not? So would we add to our silver exposure? And are we big enough to be on the radar for dentist investors?

Thank you, Tanya, for those questions through the webcast. First question on silver. As I think we've articulated and we continue to be consistent, we are a precious metals vehicle. So we have no issue bringing more silver into the portfolio. Right now, as I mentioned in my remarks, at least from our third quarter, we're 30% silver.

So we do have a significant amount of silver in our portfolio. He's -- you're absolutely right, Tanya. There are some big opportunities out there for us. You can think that we're trying to be competitive because it is incredibly competitive, as I mentioned, but along the same lines in terms of remaining disciplined and not overpaying and/or taking streams that, again, impair or don't provide us the appropriate security.

In terms of our size, another really good question. Look, we obviously are a mid-tier from a Canadian dollar perspective. We're -- from a market cap, as I think everybody knows, slightly over $8 billion as of today. We've gone over $10 billion in terms of market cap and CAD dollars. I think it's incumbent on this team, myself, in particular, to start getting the message out there around this investment opportunity.

As I said earlier, the royalty and streaming sector, if you did create an index, a synthetic index, it would have outperformed effectively the MAG 7, which is the barometer the benchmark for the generalists out there. And I encourage all the other CEOs and their investor relations teams in the royalty and streaming sector to obviously go out and tell the message because this isn't a short-term phenomenon.

It's -- there are multiples in terms of our trailing EBITDA as best if you look across all industries. And so -- and rightly so, and the last thing that I mentioned is, clearly, there is a bit of a consolidation theme that's happening in our sector right now. Obviously, Royal Gold stepped in and acquired both Sandstorm and Horizon as I think everybody is aware.

And you also have this new entrant called Tether that is looking to consolidate or roll out what we call the Tier 3s or the smaller cap royalty and streaming cost. So again, that's a really good question. Tanya, if you have any advice for us to be able to get in front of some of the generalists and/or the players that you see in Scotia is important. We're all years, and we're happy for you to take us marketing to see those folks.

And just a couple more. These are for Adrian Day. You just talked about it briefly, Jason, the theme of consolidation. Do you want to talk about that more generally, but also if there's any specific transactions that we looked at from a consolidation point of view, if we ever care to and how come these transactions didn't happen if we walked away from them.

Thanks, Adrian. So another really good question. So again, our team has been very consistent. Our company is open for business. Clearly, I think everybody has also hurt myself saying consolidation is required in both the royalty and streaming sector as well as a gold operating sector. And so whether we're the consolidator , which would be obviously our preference and we have to do smart M&A, we can't do M&A that dilutes again the per share metrics that we're all compensated on that would be the best situation.

But we also could be in a scenario or situation where we could be consolidated. What we would say, and I know, Adrian, we've gone through this before, but certainly, our team is very acute and up to speed with respect to all the mid-tiers as well as the Tier 3s in terms of our view of value for them.

So put another way, we have a file on all these companies, if there is a continued consolidation theme, we will look to be active. And as long as it does meet our metrics and be an accretive deal, you can think of that we'd be a player in the consolidation theme that we expect is going to happen over the next 12 to 24 months.

And then the last one from Adrian is would we do more syndicated deals with one party or potential multiple parties working alongside us?

Yes. Another great question, Adrian. So syndicated deals are -- they're very rare in the royalty and streaming sector. The one that we did in 2024 with Franco, again, it was a very unique set of circumstances. It's obviously in Ecuador, a jurisdiction that we don't consider Tier 1 and to spread and diversify some of the risks across with, again, a major player was important for us to do.

We also -- I think people weren't aware, we also had a royalty as did Franco Nevada royalty and the Cascabel assets. So it's not something that we went in to without deep understanding and knowledge of that project.

To answer the question, though, yes, we absolutely would be open to do more syndicated deals, syndicated deals. So however, I would suggest or in jurisdictions such as Ecuador or areas that we could structure around to ensure that we're protecting our shareholders. if you weren't aware, the Cascabel transaction was essentially through a series of staged contingent payments as things progress and the asset gets derisked.

Certainly, we'd look at syndicating those type of deals. But again, the architect for that deal is sitting in this room here with Mike, Mike Spencer, maybe you want to comment on that.

I think, Jason hit all the high points there is that was a unique set of circumstances, where we both had an interest in it. We both were interested in investing further. And Ecuador for both of us, we wanted to spread that risk.

So I think it was just a unique set of circumstances. But as Jason said, there could be other opportunities that come up, and we're certainly open for business to work with other people, if it makes sense.

Thanks, Mike. That's it for those questions on the webcast. So Jason, off to you for some concluding remarks.

Look, thank you, everybody, for your time. We've gone a little bit over time. So I'm just going to wrap up by, again, the 3 takeaways that I started with I'm hoping, over the course of the last 140 minutes or so, you've got a pretty good lens in terms of our asset quality.

We do think we have peer-leading asset quality. In addition, now that you've got some exposure to our [indiscernible] here, our team our talent density. I couldn't be more pleased with. We've got exceptional people at OR royalties, and we'll continue to obviously look at opportunities and create value for our shareholders.

And the last thing is just around optimism. Again, as I said, we're in an inflection point or royalties. We've got a very, very good growth trajectory as some of the assets that or more longer dated actually and the maturation of our portfolio as some of these assets mature, and the studies get done and the funding comes in. we're just incredibly at such a great sector, the royalty and streaming sector.

We're incredibly optimistic and we hope that you as both shareholders, investors and analysts and folks that advocate and share our view and vision are also very optimistic. So thank you very much for your time. And the team here will -- for the people in the room, the team here will stick around if you did have any specific questions for us, certainly please do. We're all very approachable, as I said, one thing that we take really significant pride in is their access to the management team.

So again, thank you very much for your time, and we look forward to doing this in another 2 years.

Good morning, ladies and gentlemen, and welcome to the OR Royalties Q3 2025 Results Conference Call. [Operator Instructions] Please note that this call is being recorded today, November 6, 2025, at 10:00 a.m. Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew.

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Good morning, everyone, and thanks for your attention today, as I know it is a very busy reporting week. Procedurally, I'll run through the presentation, and then we'll open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform.

Today's presentation will also be available and downloadable online through our corporate website.

Please note that there are forward-looking statements in this presentation from which actual results may differ.

Also, all amounts presented and discussed in today's call will be in U.S. dollars unless otherwise noted. I'm joined on the call today by Fred Ruel, the company's VP Finance and Chief Financial Officer, as well as my other colleagues as indicated on Slide 3.

OR Royalties third quarter of 2025 was a straightforward one with sequential quarter-over-quarter improvement with respect to GEOs earned, cash margin, cash flows as well as our overall debt reduction.

OR Royalties earned 20,326 gold equivalent ounces in the third quarter, a modest 3% improvement over second quarter of this year. Based on where we sit today after the first 9 months of the year, the company is tracking towards the midpoint of its previously published full year 2025 gold equivalent ounce delivery guidance range of 80,000 to 88,000 GEOs. And this would be based on normalizing for the higher-than-budgeted commodity price ratios. In other words, gold, silver, copper and gold year-to-date. More on this in a moment.

Recall that we've been very specific -- explicit about the fact that due to sequencing at some of our major producing assets, including Mantos Blancos and ongoing ramp-ups at other assets like Namdini.

The second half of the year was always expected to be a little bit stronger than the first half of 2025. Consequently, and at this stage, we think it's appropriate for outside observers to infer that Q4 2025 should be OR Royalty's strongest quarter of the year in terms of GEOs earned.

And thanks to improved silver grades realized quarter-to-date, Mantos Blancos will be playing a key role in supporting what should be a very solid Q4 for us.

Circling back on our gold equivalent ounce guidance for 2025 and commodity price ratios. It's worth noting that through September 30, 2025, and due to the higher-than-budgeted gold prices versus both silver and copper over that period, OR Royalties is tracking approximately 2,000 GEO to 2,100 GEOs lower than its original budget.

In other words, these GEOs are "lost" when not normalizing for commodity price ratios. As a reminder, in February of this year OR Royalties applied a consensus commodity pricing and notably an 83:1 gold-to-silver ratio for its budgeted 2025 GEO delivery guidance.

All else being equal and based on the current commodity price volatility, this number of "lost" GEOs could either grow modestly or potentially get smaller before year-end.

The key message is that the same higher gold prices that have skewed the ratios versus our original budget affecting our GEOs earned have also more importantly, translated to record revenues and cash flows from operating activities for all royalties for both the third quarter and the first 9 months of the year.

For context, the average realized gold price for the first 9 months of this year was $3,188 per ounce, which is over $900 per ounce greater from the same period last year. So as you can imagine, our shareholders should still be satisfied with the outcome associated with these year-to-date price movements.

In addition, we are 65% of our revenues are directly derived from gold.

And speaking of cash flows, we're once again happy to report cash margins for the period of just under 97%, in line with our budget for the year.

OR Royalties ended the third quarter with $57 million in cash as at September 30.

We are in a debt-free position for the first time in over 10 years as the company paid down the outstanding balance of its revolving credit facility during the period. And while members of our corporate development team remain extremely busy to this day, there were no major transactions announced by -- OR Royalties during the third quarter outside of our second $10 million milestone payment released to SolGold, given the ongoing progress the new management team there continues to make in advancing a new vision for Cascabel.

With the rapid increase in already elevated precious metals, in addition to recent price volatility, I continue to espouse an internal culture of capital allocation discipline. where returns on new transactions must exceed our internal hurdle rates at what we believe internally to be more realistic commodity pricing scenarios as well as contract structures that must come with the appropriate security features.

Here at OR Royalties, we have the fortunate luxury to be able to walk away from transactions that we can't work for any of these aforementioned reasons, thanks in large part to our already bought and paid for organic GEO growth profile over the next 5 years or 6 years. I'll spend a little bit more time on our growth profile a little bit later.

With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the second quarter, marking its 44th consecutive dividend.

OR Royalty's history of progressive dividend payment serves as a testament to the confidence we have in the consistency, predictability and the anticipated growth of the current and future cash flows underpinning our business.

Now moving on to the company's financial performance for Q3 '25.

Quarterly revenues of $71.6 million tracked 71% higher versus the same period last year, again, largely thanks to the increased commodity prices and deliveries. And it also represented a quarterly record for the company.

Net earnings of $0.44 per basic common share for the period also marked a very significant year-over-year improvement, thanks again to higher commodity prices and deliveries, but also in part due to the fact that as of August 2025, OR Royalties is no longer accounting for its equity position in Osisko Development as an investment in an associate and instead will now flow through other comprehensive income. This change in the accounting treatment of the Osisko Development investment generated a noncash gain of $54 million in the third quarter, as a result of the revaluation of Osisko Development equity investment at fair value on the date of the loss of significant influence being mid-August, which was triggered by the ODV equity financings.

Most importantly, Q3 saw sizable year-over-year improvements in both cash flow per share of $0.34 versus $0.19 in Q3 last year as well as quarterly adjusted earnings of $0.22 per basic common share, again, versus $0.11 in the same period last year.

Next slide, please. During the third quarter of 2025, our GEOs earned came predominantly from Canada, and we derived approximately 95% of our GEOs from precious metals, the balance coming from our direct copper exposure through our copper stream at Harmony Gold's CSA copper mine in Australia.

Some comments on specific mine performances during the quarter before speaking about a couple of our more material assets in greater detail.

At Agnico Eagle's Canadian Malartic complex, it had yet another solid quarter with respect to GEOs earned. A reminder that historically, we've often seen strong fourth quarters at Canadian Malartic versus the other way around. And while that should bode well for our final quarter of the year, we are mindful of an announced 4 day to 5 day maintenance shutdown at the mine during the fourth quarter.

At Capstone Copper's Mantos Blancos operation, Q3 production saw a significant year-over-year jump, thanks to a couple of things. First, much improved plant throughput, still largely holding consistent at a nameplate of 20,000 tons per day; and secondly, approximately a month's worth of improved silver grades contributing to our own third quarter stream deliveries.

Recall that with the 2-month stream lag, our 2025 stream delivery year for Mantos Blancos started November 1, 2025 -- 2024, sorry, and ends October 31, 2025. As noted, throughput levels remained at or above the mine's nameplate capacity of 20,000 tons per day at Mantos Blancos. And our anticipation is that silver grades should stay higher and in line with OR's expectations through the final month of our stream delivery year, which was the October that just ended.

And also, as indicated in last week's Q3 2025 update from Capstone, the Mantos Blancos Phase 2 feasibility study is still scheduled for 2026, which we believe will be in the first half of the year.

Finally, we've recently been really impressed with the ongoing successful ramp-up at the Namdini mine in Ghana, which based on our GEOs earned and paid year-to-date, it is starting to hit its stride after a slower start to the calendar year.

We're expecting continued improvements from Namdini going forward based on the most recently -- the most recent publicly available mine plan for the asset, which was the 2019 feasibility study completed by the former Cardinal Resources, to which we understand the current operator is adhering to.

Moving to Slide 7. And as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22. And while unlikely to be included in any of our GEOs received this year, the next asset expected to be added to this list will be Ramelius Resources Dalgaranga mine in Western Australia, with our partner recently having released a full integration plan for the high-grade underground mine, which includes some modest gold production out of the mine in the first half of 2026. So likely beginning early next calendar year, more on Dalgaranga a bit later.

On our last call 3 months ago, we went out of our way to highlight the meaningful silver exposure provided by OR Royalties, which through H1 2025 was just over 26%. If we recall the same chart from the previous slide you'll have seen that silver represented over 30% of our revenues in the third quarter.

Summing this all up, we are essentially flagging that OR Royalties can provide lower risk, higher quality and meaningful leverage to silver for investors that are looking for it, especially if silver prices continue to close the gap versus gold as it has done over the past month or so.

Moving on to Slide 8, which many of you will have seen many times before. Our company continues to set itself apart from the rest of its relevant peers in 2 key areas. First, as it relates to lower-risk jurisdictional exposure; and second, as it relates to our peer-leading cash and gross margins.

Starting with the former. Just a friendly reminder that OR Royalties is the unequivocal leader when it comes to both net asset value and gold equivalent ounces earned from what we define as Tier-1 Mining Jurisdictions, which include Canada, the United States and Australia.

And we would think that with the recent explicit plans outlined for the first time by Ramelius regarding Dalgaranga as well as other recent development advances across -- advancements across our portfolio, this exposure could very likely grow in the near to medium term.

Moving to the latter. Simply put, OR Royalty's peer-leading cash margins provide our shareholders with both transparent leverage to precious metals prices as well as unmatched downside protection.

Switching gears to Slide 9 and focusing on our cornerstone asset. Our partner, Agnico Eagle, provided some relevant information relating to the Canadian Malartic complex along with its Q3 2025 financial results announced on Wednesday evening last week. As it relates to operations during the period, aggregate gold production of approximately 150,000 ounces to 157,000 ounces in the quarter was higher than planned, primarily as a result of higher grades at the Barnat pit at Canadian Malartic.

The higher gold grades at Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pit that returned higher grades than anticipated.

Flipping to Slide 10. The Odyssey underground gold production during Q3 was slightly ahead of plan at approximately 22,400 ounces, driven by higher ore mined of approximately 3,634 tons per day compared to the target of 35,000 tons or 3,500 tons per day.

Regarding the development of Odyssey Underground, the third quarter of 2025 saw mine development advance ahead of schedule with a record 4,770 meters completed.

The breakthrough of the ramp to the mid-shaft loading station at Level 102 was completed in the third quarter of 2025. And the main ramp towards the shaft bottom progressed to a depth of 1,059 meters as at September 30, 2025.

As previously noted by our partner and firmed up during the third quarter, Agnico Eagle approved the extension of the shaft -- the first shaft by 70 meters to a depth of 1,870 meters amongst some additional loading station adjustments. This adjustment is expected to improve operational flexibility and efficiency in the early 2030s, reducing reliance on truck haulage and further unlocking the significant exploration potential at depth.

And speaking of efficiency, the sinking of the first shaft is already 2 months ahead of schedule.

Looking at exploration, Agnico continues to press ahead aggressively with 29 surface and underground drill rigs operating during the period. The drilling program at Odyssey targeted the upper Eastern, lower Eastern and lower western extensions of the East Gouldie deposit.

The new Eclipse zone and portions of the Odyssey deposit near the Odyssey shaft. Our partner believes this area of East Gouldie has the potential to add indicated mineral resources and potential mineral reserves to East Gouldie by year-end.

The drilling success should benefit the ramping up of the mining operations and provide additional flexibility in mine development at East Gouldie, including a potential second mining area in the upper part of the mine.

We touched on the following subject in our last quarterly conference call, but I think it's once again worth time to reiterate that our partner, Agnico Eagle, continues to openly discuss the concept of a second shaft at Odyssey.

On Slide 9, we've provided just a small sample size of the details provided by Agnico as it relates to the current concept, including specific underground mine throughput profiles as well as aggregate potential underground production range in ounces as well as a breakdown of what is being targeted for both Shafts #1 and #2, expected grades and recoveries and finally, fairly detailed time lines to achieving all of this.

What does this mean for OR Royalties?

Distilling all of this down, it means that we could see an approximately additional 15,000 GEOs from a second shaft over and above what would be expected from the first shaft.

The sheer amount of gold discovery to date at Odyssey Underground and more specifically East Gouldie on which we have a 5% NSR royalty and which continues to expand, continues to support our partners' plans.

The current mineral inventory at the East Gouldie sits at approximately 50 million gold ounces and continues to grow.

Agnico Eagle now has over 29 drills turning to expand this ounce inventory in addition to firming up the confidence of what has been previously defined.

Given the sheer magnitude of the potential upside here, we can sympathize with Agnico's approach of taking a measured and methodical approach to the potential addition of the second shaft.

Consequently, it is unlikely that there will be any meaningful public disclosure as it relates to specific details on the second shaft until the first half of 2027. Though Agnico has already indicated that upon release of those figures, a final investment decision would be quick to follow, if not almost immediate.

Here at OR Royalties, it is our continued belief that the value of the potential second shaft at Odyssey is not currently fully reflected in our share price or even for that matter, in Agnico's share price despite the fact that we truly believe that there is little doubt that this project will eventually be sanctioned and completed.

Finally, the potential second shaft only serves as a component, albeit a key one to Agnico's broader plans, which could see the entire complex produce 1 million ounces from 2030 onwards when factoring in additional regional ore sources such as Marban and Wasamac.

As a reminder, Marban is subject to an NSR royalty or NSR royalties owned by OR Royalties as well as the toll milling royalty, while Wasamac ore would be subject only to the toll milling royalty.

Agnico noted on their conference call last Thursday that the studies on both the second shaft and the complex's path to 1 million ounces remain on track.

On to Slide 10, which touches on Dalgaranga, a high-grade underground gold asset in which OR Royalties owns a 1.44% gross revenue royalty and which was acquired just over a year ago.

On July 31, Ramelius Resources fully closed its acquisition of Spartan Resources. And then just 2 weeks ago, our new operating partner provided its detailed plans of how it expects Dalgaranga to fit into this gold production growth over the next 5 years.

In summary, Ramelius is choosing to operate and concurrently expand its central processing facility at its pre-existing Mt Magnet Hub in order to accommodate ore from Dalgaranga.

Eventually, and within the next 2 years, the facility will be completely expanded to 5 million tons per annum and with 2 separate crushing circuits to accommodate ores from both Mt Magnet and Dalgaranga due to their respective different grind size and recovery profiles.

In the meantime, higher-grade ore from Dalgaranga will be fed through the pre-existing unmodified plant with lower recovery rates expected to be achieved during this interim period.

The good news out of all of this for OR Royalties is that Dalgaranga is now very likely the next producing asset in our portfolio with the first production expected in the first half of 2026, with significant step changes in growth expected after that based on Ramelius' financial year.

Based on the recently provided production profile, Dalgaranga is also set to produce close to 275,000 ounces of gold in Ramelius' financial year in 2030 alone.

None of these figures include any potential additional ore source, ounces sourced from Dalgaranga's Gilbeys Underground or a potential Never Never open-pit project, which serve as potential upside and on which Ramelius has also completed a PEA level scoping study -- scoping studies, respectively.

And of course, this doesn't include any potential future exploration upside success within our royalties area of interest either.

To sum up these points, we think that the recently released plans from Ramelius represents the first positive early indication of the true potential of this high-grade asset going forward.

We'd like to extend our congratulations to the entire Ramelius team on having completed these creative and well-received integration plans in relative short order post this acquisition of Spartan Resources, and we very much look forward to Ramelius' execution going forward.

Moving to Slide 13, but also staying down under. We're happy to report that Harmony Gold's acquisition of MAC Copper closed on October 24, 2025. The most immediate impact to OR Royalties and more specifically, OR Royalties International was the receipt of $49 million in cash for the 4 million shares held in MAC Copper.

Even more exciting, though, is the future of this asset under such a deeply skilled underground mine operator such as Harmony. With the transaction closed, the approximate 3-month integration process of the asset is now underway. with Harmony looking to immediately execute on available synergies while also looking to maximize operational efficiencies once the integration is complete.

Furthermore, Harmony has already provided a time line with respect to future catalysts at CSA, most notably an updated life of mine plan expected in August of 2026.

Before that, however, will be some key interim updates in late February or early March of 2026, at which time Harmony is expected to provide a fiscal year 2026 production guidance for CSA as well as detailed updates on operational performance, key project development milestones and finally, on recent exploration activities.

From our understanding, Harmony doesn't plan to deviate from either of the 2 projects started under MAC Copper, specifically the Upper Marn mine as well as the CSA ventilation project, with the latter still scheduled for completion in Q3 2026.

Recall that these 2 projects are expected to get the mine to a point where it can sustainably produce at the 50,000 tons of copper per annum level, which represents a production expansion of approximately 25% of the most recently completed full year of operations in 2024.

Recall the underground mine that had been the key bottleneck with the surface processing facility still having plenty of latent capacity, a facet that we expect Harmony to take full advantage of over time.

Let's move to Slide 12. We're now highlighting the CSA expansion projects more explicitly in our 5-year growth outlook to 2029, alongside Island Gold, Dalgaranga and the others. As it relates to CSA, these expansions were always expected based on our exchanges with both MAC Copper and now Harmony Gold.

Another minor change on this slide versus previous variations is that we've reintroduced the Eagle Mine in the Yukon back into the optionality bar, where previously it had been completely removed.

And this actually provides a very good segue into Slide 13, which provides an ongoing summary of the significant progress being made on some of our key optionality assets that are currently excluded from our 5-year outlook. Though this slide might provide a good foundational preview on how to think about what might be included in our 2030 5-year outlook when released in mid-February of next year.

As noted in our press release last night, we'll start with Cariboo and Spring Valley, 2 shovel-ready, fully permitted sizable gold projects that each resides in what we would define as Tier-1 Mining Jurisdictions.

In aggregate, these 2 assets would be able to provide OR Royalties and their shareholders with approximately 16,000 GEOs in aggregate once fully underway.

Starting with Cariboo, with another round of additional financing just completed, ODV is already moving forward with preconstruction and construction activities for the development of the project, including certain detailed engineering, procurement, underground development, operational readiness planning and other early works activities.

We're expecting more news from the Osisko development team in the near term as it relates to more concrete plans and timelines for the Cariboo construction, which is set to be completed in order to achieve first gold production in the second half of 2028.

Moving to Spring Valley, our understanding that Solidus and its build team are effectively ready to go as the company is keen to move forward with construction work. However, at this time, our partner is seeking final authorization of project financing via the proposed $835 million of U.S. EXIM bank facilities. So stay tuned on this one.

Progress continues at pace at Agnico Eagle's Upper Beaver project in Ontario. Elsewhere, United Gold or Lydian Armenia is already drawing down on its credit facility in order to move forward with what's left to complete for the construction of Amulsar.

In fact, we just had our team on site this past September, and they were very pleased to see this kind of activity there, the first of its kind in a really long time. And at South Railroad, Orla Mining should have an updated feasibility study out before the end of this year with the final record of decision expected mid-2026 and first gold and silver before the end of 2027.

Finally, at Eagle, we understand that first round bids for the asset were due in the first week of September 2025, with those interested parties that made it into the second round now completing more due diligence, including site visits.

The hope is that a new owner can be announced sometime in the coming months with a potential new plan of operations, including a potential timeline to restarting production following fairly soon after that.

Quickly on Slide 14. On top of everything else we've mentioned, here is an updated list of key catalysts on currently producing assets on the left and key near-term development projects that fall within our current 5-year outlook on the right. I'll single out just 2 for now.

Looking to the right side, one second. Looking to the right of the slide and starting with Windfall, it's likely that Gold Fields provide some updated economic numbers on the project at its upcoming Capital Markets Day scheduled for next week on November 12.

Recall, the most recent fulsome update from Gold Fields provided the expectations that an updated feasibility study, along with final project permits as well as final IBAs with the relevant First Nation groups are now expected in what is shaping up to be a very busy 2026 for Gold Fields at Windfall.

Second, and touching briefly on what has been and continues to be a busy year for Marimaca Copper with the MOD feasibility study now completed, it's quite possible that in the next few months, we could see additional major milestones achieved in the form of final permits for the MOD projects and our partner securing full financing to move forward with a final investment decision and subsequent project construction.

Finally, we'll end on the formal part of the presentation on Slide 15, which outlines the current state of OR Royalty's balance sheet. At quarter end, we were completely debt-free and had cash of $57 million. This cash balance would have grown to approximately $106 million if we've been able to include the $49 million value of our MAC Copper shares, which are listed on this slide as investments held for sale, given this was representative as of September 30.

The good news is this cash was received this past week. So factoring this all in, with approximately $1 billion in potential available liquidity at the end of the quarter, the balance sheet is looking incredibly strong.

Our improved financial position is key as OR Royalty's corporate development team continues to be stretched to capacity across multiple transaction opportunities. At the same time, our robust organic growth profile and deep pipeline of tangible optionality affords OR Royalties the luxury to maintain a disciplined approach and wait for the right deal as we're not willing to sacrifice investment returns, deal economics or contract features just for the sake of adding gold equivalent ounces.

As such, we plan to adhere to our time-tested strategy of measured and disciplined capital allocation in the pursuit of high-quality accretive streams and royalties that will bolster the company's current and near-term GEO deliveries as well as cash flows for the benefit of our current and future shareholders. And with that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joel?

[Operator Instructions] Your first question comes from Joshua Wolfson with RBC Capital Markets.

A couple of questions. First for Malartic, this has been a very strong year for the asset, outperforming expectations on Barnat grades.

The existing mine plan in 2026 outlined a little bit lower production before, I guess, some further increases thereafter. I'm wondering how OR is thinking about the near-term outlook for the asset in the context of what next year looks like and what we should expect there?

Thank you, Josh. I note you had 2 questions, so we'll come back to you in a second, but I'm going to hand it over to Guy, who is best situated to answer the question for you in the audience.

Josh, we're not expecting any surprises. As you know, the grade overperformance is due to blocks that are around the underground stopes and Agnico takes a fairly conservative approach to whether those blocks appear in the resource reserve models. We continue that -- we expect that to continue into the final pits that we see there. So no expected surprises. We do get more detailed information at the beginning of the year with respect to their short-term mine plans, but we don't have those yet.

And your next question, Josh... I can keep going. I've got a couple of them. For Eagle, I'm wondering if OR has been involved in any part of the negotiation process with some of the parties here that have been, I guess, providing offers.

So look, I think everybody is aware, there is a public process that BMO Capital Markets Restructuring Group is running. It's safe to say that, as we mentioned, the first round of indicative bids, nonbinding bids passed and they've selected a number of we would -- what we would qualify or what they've told us is high-quality operators with very, very good ESG credentials.

In addition, given the fact that we are a stakeholder, given our interest, we've also signed an NDA with the group PwC, who's obviously acting for the Yukon government and BMO Capital Markets. So it's really not appropriate for us to be able to comment on, again, any discussions we may or may not have with potential operators. They are running the -- BMO Capital Markets is running a very fulsome and proper public process that you certainly and everybody, all stakeholders will be able to see in the fullness of time. All we can say is as a stakeholder, we're quite pleased with the progress that has been made.

We do believe that at some point, and we'll very likely get visibility in 2026 as to what the plan of the next operator of the Eagle Mine will be -- and at that point, we will determine or decide whether we reinclude the Eagle GEOs into our 5-year outlook. So there's not much more that we can say on that, Josh, apart from we're very pleased with the quality of interest from established operators that are looking to set a base up in the Yukon.

Great. And then one last one. I think in some of the prior conference calls, you had talked about some potential for a transaction to be announced before year-end. It sounds like the company is instituting some greater discipline. And I'm just wondering what the outlook is still for that negotiation process.

Yes. No, it's a really good question. I'm looking at my team around the table here. As I said in my remarks, the corporate development technical teams are just flat out right now. We're looking at a lot of opportunities. However, as I've said in the past, I mean, if our group can get 1, maybe 2 high conviction, very good returns for our shareholders over the course of 12 months to 18 months, we will do that. What we've seen in the marketplace, though, is we have not been able to conclude those transactions, both on a couple of things, as I said in my remarks, value.

We're not seeing -- we've got to obviously make a spread on our own internal hurdle rate. We're not seeing deals right now that satisfy that criteria. As also, we've seen some loosening of structure, i.e., there's been a number of deals, as you would know, that are unsecured or the security instrument is not where we, as risk managers on behalf of shareholders' capital are comfortable with at this stage. So there's certainly a desire to get things done, Josh. It's just we have to remain very disciplined and really stick to and pick our spots.

[Operator Instructions] Your next question comes from Tanya Jakusconek with Scotiabank.

Can I just continue on Josh's questions on the transaction opportunities? Jason, you mentioned on your call that you have an internal rate of return metric that you're very focused on as part of your strict valuation for all metrics for transactions and you said it's a more conservative gold price. What sort of internal rate is that? Is it...

It would vary, Tanya. And so maybe we can take this conversation offline because I think it is important you understand it, but I'll just talk about broad parameters. We obviously have a weighted average cost of capital within our company. That's mainly informed by a revolving credit facility. Our revolving credit facility is based on a variable rate. I think you know what prime rates and where the rates have been going down. So approximately, and it could vary over time, but approximately, it's about 4.5% in terms of our cost of capital or cost of debt if we were to dip into the revolving credit facility. So that is obviously what we need for a transaction is a spread beyond that. And what we also do is we don't do transactions and we don't look at transactions in the frame of spot prices right now. We do continue to look at consensus pricing and be informed by that. All that said, we do look at spot as a relevant benchmark. It is a very competitive sector and very competitive for deals right now.

And then we have to really lean on our technical team, Guy and Brendan, in particular, to look through the asset and see what might not be publicly disclosed in terms of technical reports to look for upside, both geologically, mine life extensions and operational efficiencies. So it's a very complex -- well, it's an answer that has many different components to it. Very happy to walk you through our methodology at some point. But you can think around those parameters, as I said, a spread over that hurdle.

And obviously, if we did a transaction in one of those Tier 1 jurisdictions, the hurdle or the spread would be significantly less than, let's call it, Tier 2 or Tier 3. And we've proven that in the past.

Let's go back to the Cascabel transaction that we did with Franco and what the Street had suggested in terms of the internal rate of return that was mid-teens for us, 14% to 15%. So those are approximately the goalpost, Tanya.

Okay. So definitely over 5% spread over that. Maybe just on the opportunities that you're seeing out there. I think on the Q2 conference call, it was quite a wide spread from like $50 million to $1 billion. I mean, you can drive a truck through that. Maybe we could talk a little bit more about what are you seeing currently in the environment? Is it a much tighter spread? Is it still streams versus royalty packages? Is it still development or financing for asset sales? What exactly are you seeing?

The answer to all those questions, Tanya, is yes, all of the above. Again, it varies for sure. And some obviously deals that are in flight we've been working on for can be 2 years, 3 years and some obviously come in through processes of existing operators, for example, deciding now is the right time to sell a royalty package off that they've put in a portfolio many, many years ago and obviously are looking at the commodity complex and saying, is this the right time for us to extract value.

So again, there's a lot of different opportunities out there for us. I think I'm consistent in saying that for us, being a mid-tier streaming and royalty company that the strike zone for us is anywhere between $50 million and $500 million.

We do have ample liquidity and capacity to do that given, again, we're now 0 debt and completely undrawn on our revolving credit facility. But there is many, many opportunities out there. As I said, our team is very busy, and I will -- because I don't think it's -- I will again emphasize that for our company, given our growth profile, we just have to be incredibly disciplined around capital allocation.

Okay. I guess we'll get more into that at your Investor Day. Maybe just a final question. As I think about 2026, and I know pricing is important, whether you keep the 82 or 83:1 ratio. As I think about -- and you provided the 5-year 2029, you're up in that 120,000 GEO, 125,000 GEOs or thereabout. As I think 2026, would it be fair and it's just a directional situation, would it be fair to assume that '26 could look very similar to '25?

Yes. No, it's an excellent question, Tanya. Look, obviously, we'll provide more details when we put out our 1-year guidance in February of 2026 as well as an updated 5-year outlook. What we've been consistent in saying in the past is this growth rate, 40% over the next 5 years is not linear. You know the assets that we have in production currently. Really the only new asset that's going -- unless we actually bring an asset through an acquisition, the only really new asset coming in is the Dalgaranga that we talked about on the call.

We do expect next year for Mantos Blancos to continue to have the higher silver grades that we've just recently started to experience. So those are the big drivers of growth for 2026 as well as the Namdini mine in Ghana as it hits its full stride in 2026. That's probably the best guidance I can give you at this stage.

We can certainly talk about it further on Monday at the Investor Analyst Day, but we'll give all that specificity to the extent we can in February of 2026.

And look forward to your Investor Day.

Your next question comes from Carey MacRury with Canaccord Genuity.

Just a quick one for me. There was a copper buydown option on the MAC Copper stream. Just wondering if that option transfers now to Harmony and if you have any thoughts on whether they will execute that or not?

So really good question. Cary, effectively, you can think of everything that we had with MAC Copper as essentially being assigned to Harmony Gold. So yes is a straightforward answer. And anything that you're modeling or seeing with MAC Copper, you can just assume and because it has been assigned to Harmony Gold. There's been no changes in the structure, no changes in effectively anything commercially with respect to that -- both the silver stream and the copper stream.

And that option only kicks in after -- on the fifth anniversary, they can exercise early.

That's correct.

There are no further questions at this time. I will now turn the call over to management for closing remarks.

Thank you, Joel. As always, if anyone on the call or listening to this replay has additional questions, insights or observations on our business and our business strategy, please do reach out to Grant, Heather or myself, and we're more than pleased to provide more information about the bright future for our company and its shareholders.

In addition, I would like to provide a final plug for our Investor and Analyst Day, which is planned to be a 2-hour session this Monday, starting at 1:00 p.m. at Vantage Venues in Downtown Toronto. My team will go through in much greater detail our assets, including the potential for growth, insights and opportunities that we do see within our portfolio. If you can make it down in person and you haven't already done so, please RSVP to my colleague, Grant Meonting. And if you can't make it in person, a live webcast link was also provided in our press release last night. We hope you can join us either way. And if not, a recording of the event will be available on our website in relatively shorter order after the event. Thank you again very much for your time, and we look forward to engaging with you in the future.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

Good morning, ladies and gentlemen, and welcome to the OR Royalties Q2 2025 Results Conference Call. [Operator Instructions] Please note that this call is being recorded today, August 6, 2025, at 10:00 a.m. Eastern Time.

I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew. [Foreign Language]

Good day to everybody, and thanks for your attention this morning, as I know it's a busy reporting week.

Procedurally, I'll run through the presentation, and then we will open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation from which actual results may differ. All amounts presented and discussed on today's call are in U.S. dollars, unless otherwise noted.

I'm joined on the call today by Frederic Ruel, the company's VP Finance and Chief Financial Officer as well as my other colleagues as indicated on Slide 3. Taking a look back at OR Royalties second quarter of 2025, we were pleased with our GEOs earned, our cash margin, cash flows as well as our overall debt reduction. OR Royalties earned 19,700 GEOs in the second quarter, a modest step-up over the first quarter of the year, which puts the company on track to achieve its previously published full year 2025 GEO delivery guidance of 80,000 to 88,000 gold equivalent ounces.

Recall that we had been very explicit about the fact that due to sequencing at some of our major producing assets, including Malartic and Mantos Blancos, the first half of the year was always going to amount to approximately 45% of the midpoint of our 2025 GEO guidance range. And basically, we're there or modestly above it as of June 30. Needless to say, we're expecting a stronger second half to the year. Of note is that the first half of 2025, there's approximately 1,200 GEOs that were not realized compared to our internal budget due to the higher gold/silver ratio in the first half of this year versus the ratio we used for our annual guidance of 83:1.

That said, higher gold prices have translated to record cash flows from operating activities for OR Royalties for both the second quarter and the first 6 months of the year. So as you can imagine, our shareholders should be satisfied with these price movements. Our cash margin remained robust in the second quarter, but saw a slight dip from the first quarter due to some final residual GEO contribution from the shuttered Renard diamond mine. OR Royalties ended the second quarter with $49.6 million in cash. And as at June 30, we were in a net cash position for the first time in several years as the company continued to pay down its revolving credit facility during the period.

And while members of our corporate development team remain extremely busy, the only transaction completed of note during the period was our acquisition of 100% silver stream on Orla Mining's South Railroad project in Nevada for a total consideration of $13 million. While seemingly small for now with an updated feasibility study expected in the project from Orla in the second half of 2025 and positive momentum seen in the permitting of new projects in the U.S. in particular, we are excited about the path forward for South Railroad over the next few years. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the second quarter, marking its 43rd consecutive dividend.

OR Royalties history of progressive dividend payments serves as a testament to the confidence that we have in the consistency, predictability and the anticipated growth of the current and future cash flows underpinning our business. Now moving on to the company's financial performance for Q2. Quarterly revenues of $60.4 million tracked higher versus the same period last year, largely thanks to increased commodity prices. Net earnings of $0.17 per basic common share for the period was also markedly a significant year-over-year improvement, where a loss was previously recognized due to the technical failure and subsequent suspension of operations at the Eagle Mine in the Yukon, resulting in OR Royalties having written down the asset to 0 in the same period last year.

Most importantly, Q2 of 2025 saw year-over-year improvement in both cash flow per share at $0.27 versus $0.21 in Q2 of last year as well as quarterly adjusted earnings of $0.18 per common share versus $0.13 again in the same period of last year. Moving to Slide 6. During the second quarter of 2025, our GEOs earned came predominantly from Canada, and we derived over 93% of our gold equivalent ounces from precious metals. We are continuing to see a modestly increasing contribution from copper as part of the overall mix, almost entirely associated with our copper stream at the CSA mine. Some comments on specific mine performances during the quarter before speaking about a couple of our more material assets in greater detail.

Agnico Eagle's Canadian Malartic had yet another fantastic quarter, including a significant step change quarter-over-quarter given Q1 included the work on site associated with in-pit tailings disposal adjustments that were ultimately completed faster than anticipated. A reminder that historically, we've often seen stronger back halves of the year from Canadian Malartic versus the other way around. So that bodes well for a final 6 months of 2025. At Copper Capstone Copper's Mantos Blancos operation, Q2 production was effectively flat year-over-year despite the much improved plant throughput. And this was largely due to the previously telegraphed lower silver grades experienced at the mine through the first half of our stream delivery year, which started November 1, 2024, and ends October 31, 2025.

As noted, throughput levels remained at or above the mine's nameplate capacity of 20,000 tonnes per day at Mantos Blancos. And our anticipation is that silver grades will trend back upwards between now and the end of October. Finally, on Mantos Blancos, -- and as of last week's Q2 2025 update from Capstone, the Phase 2 feasibility study is now scheduled for 2026 versus the previous expectation of Q4 of 2025. Finally, we remain impressed with the ongoing successful ramp-up at G Mining Ventures Tocantinzinho mine in Brazil. Commercial production was only achieved in September of last year, and the ramp-up has gone very well. Finally, for the first time ever represented on this slide, you will see the Namdini mine in Ghana for which OR Royalties received its first payment from Cardinal during the period to the tune of 130 GEOs.

Moving to Slide 7. And as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22. Diving a little bit deeper into that number and as noted in our press release, during the second quarter and similar to Namdini, OR Royalties received its first royalty payment from Talisker Resources, with mining now having started at Bralorne, over which OR Royalties has a 1.7% net smelter royalty. As previously noted and based on the current trajectory of the asset, OR Royalties expects to start receiving more meaningful royalty payments from both newly contributing assets, but more so from Namdini through the second half of 2025.

A note of congratulations to both operators in getting these mines up and running. Just a quick note on the donut chart in the bottom left-hand corner of the slide. Through H1 2025, OR Royalties saw over 94% of its revenues generated from precious metals. Perhaps -- but perhaps more importantly, over 26% of that came directly from silver. With the gold/silver ratio having tightened up considerably since the beginning of June, we're currently back down to about 89:1 from the 2025 highs of approximately 105:1.

It is worth noting that OR royalties can provide lower risk, high quality and meaningful leverage to silver for investors that are looking for it, especially if silver prices continue to close the gap against gold and trade at ratios we have historically witnessed. Moving on to Slide 8, which many of you have seen many times before, our company continues to set itself apart from the rest of its relevant peers in 2 key areas: first, as it relates to lower-risk jurisdictional exposure; and second, as it relates to our peer-leading cash margins. Starting with the former, we continue to believe that OR Royalties is the unequivocal leader when it comes to both NAV and GEOs earned from what we define as Tier 1 mining jurisdictions, which include Canada, the United States and Australia.

And even with the recent deals made by our peers, in addition to the sector consolidation we are witnessing, our position at the far left of this chart isn't expected to be challenged anytime soon. Moving to the latter, OR Royalties peer-leading cash margins provides our shareholders with both transparent leverage as well as unmatched downside protection. Switching gears to Slide 9 and focusing on our cornerstone asset, our partner, Agnico Eagle, provided some relevant information relating to Canadian Malartic, along with its Q2 '25 financial results announced just late last week.

As it relates to operations during the period, gold production saw a significant quarter-over-quarter uptick with higher grades sourced from the Barnat pit were once again partially offset by slightly lower volume of tonnes milled. The higher gold grades from Barnett were a result of the continued mining of mineralized zones near the historical underground stopes in the pit that had better-than-expected grade reconciliation. In addition, and as expected, Agnico's in-pit tailings deposition also ramped up to its design capacity in the second quarter of 2025. Flipping to Slide 10. Odyssey underground gold production during Q2 was a quarterly record at approximately 26,600 ounces driven by higher grades and ore mined of approximately 3,970 tonnes per day compared to the target of 3,500 tonnes per day.

The ramp-up of the service hoist to its design hoisting capacity of 3,500 tonnes per day and the increased use of remote operated and automated equipment were the main drivers for exceeding the development and the production targets during the period. On the development front, at Odyssey Underground, the second quarter of 2025 saw mine development advance ahead of schedule with a record of 4,850 meters completed. A key milestone was achieved as the ramp reached the mid-shaft loading station at Level 102. The ramp breakthrough to the shaft is scheduled for the third quarter of 2025. The main ramp towards shaft bottom progressed to a depth of 1,019 meters as at June 30, 2025.

Development of the East Gouldie production levels also advanced with preparatory work underway for the planned production start-up in the second half of 2026. Building on continued exploration success at depth and the expansion of the mineral resource at East Gouldie, our partner, Agnico, is evaluating opportunities to enhance operational efficiency over the medium to long term. One option under consideration is a 70-meter extension of Shaft #1 to a depth of 1,870 meters. This initiative is being assessed in parallel with the potential development of a second shaft at Odyssey.

Looking at exploration, Agnico certainly isn't slowing down with 26 surface and underground drills operating during the period. Q2 results from drilling into the lower East extension of East Gouldie extended the deposit at depth and to the east and are expected to contribute additional inferred mineral resources in this portion of the deposit by year-end of 2025. Further to this, impressive holes intersected in the subparallel Eclipse zone, which would be fully covered by OR Royalties' 5% NSR royalty, and it has Agnico believing that this area has the potential to add indicated mineral resources and potentially mineral reserves to East Gouldie by year-end.

Jumping to Slide 11. It's important to note that it's only been just over a year since Alamos Gold acquired Argonaut Gold, which was an acquisition that I think over time, the market will judge as one of the best return on investments in the gold space as this expansion study evaluates increasing the Magino mill to 20,000 tonnes per day. That expansion study is expected to be published by the end of this year. In many ways internally here at OR Royalties, we see Island Gold is very much tracking the same progress being made at Canadian Malartic, just with a smaller footprint, thanks to more than triple the gold grades.

During the second quarter and in late June 2025, Alamos provided an updated life of mine plan for the district and probably most notably, also announced an updated underground mineral reserve of 11.8 million tonnes, grading 10.85 gram per tonne of gold for 4.1 million ounces at Island Gold. That's up 80% from year-end 2024 and reflecting the impressive recent conversion of mineral resources. Probably the most exciting part of all, this brand-new mine plan serves as just an intermediary stepping stone prior to Alamos' scheduled release of a district expansion study that I mentioned earlier that is expected to be complete in Q4 of 2025, which could potentially see a modest increase to the planned underground mining rates from the currently planned 2,400 tonnes per day.

What this could mean -- what could this mean for OR Royalties? Well, any increase over and above the currently planned underground mining rates would only add GEOs over and above the anticipated 7,000 to 8,000 of annual gold equivalent ounces that we're already expecting from this asset in the latter few years of this decade, certainly something to watch over the near future. On to Slide 12, which touches on Dalgaranga, a high-grade underground gold asset on which OR Royalties acquired a 1.8% gross revenue royalty towards the end of last year. On July 31, Ramelius Resources closed its acquisition of Spartan Resources, meaning Dalgaranga represents a key piece of the former proximate operations and infrastructure in the immediate region.

Around the same time, in publicly available documents, Ramelius noted that an integrated feasibility study likely along with a maiden mineral reserve for Dalgaranga is being progressed and is set for release by the end of this calendar year. At OR Royalties, we've been extremely encouraged by the fact that Ramelius' management team continues to point to the fact that underground development at Dalgaranga is already underway and that the high-grade resource at the Never-Never deposit could be processed through Ramelius' Checkers mill prior to the end of 2025.

For context, this is a full year ahead of what we originally anticipated. A further clue as to the potential time lines was uncovered last week when Ramelius provided us with an early buyback notice for 20% of the Dalgaranga gross revenue royalty, reducing the royalty rate on Dalgaranga from 1.8% to 1.44% as well as reducing the royalty rate on Benz Mining's Glenburgh and Mount Egerton projects from 1.35% to 1.08%. For context, when we were initially moving forward with the deal, we were always expecting this buyback to take place shortly before first production. On Slide 13, which provides a summary of the significant progress being made in some of our key optionality assets that are currently excluded from our 5-year outlook.

If you haven't had a chance to go through our June 2 press release covering all these specific assets in more detail, I highly recommend taking a look as what's in there might provide a good preview on how to think about what might be included in our 2030 5-year outlook when we release it mid-February of next year. By way of examples in terms of additional progress since that specific disclosure and subsequent to quarter end, on July 14, the Bureau of Land Management provided a positive record of decision on Solidus Resources Spring Valley project in Nevada, meaning this large-scale gold heap leach project is effectively shovel-ready.

And speaking of shovel-ready projects, July 21, Osisko Development announced that it secured a $450 million project loan facility secured from a new strategic partner, Appian Capital Advisory to fund development and construction of the Cariboo Gold project. This includes $100 million initial draw that enables [ ODV ] to accelerate the project preconstruction activities and materially derisk the project. Further to this, announced just last week, Osisko Development raised an additional $195 million through concurrent bought deal and private placement equity financing, the latter with a strategic investor. Both the debt and equity combined, along with indications of interest from commodity traders seeking high-quality concentrate offtake and other potential financing arrangements that Osisko Development is actively negotiating will provide the necessary funds to complete the construction of the mine.

This is all extremely positive for [ ODV ] and ourselves, given we have a 5% NSR at Cariboo. Finally, once the parallel equity offerings are closed as of mid-August, OR Royalties' equity position in Osisko Development will be reduced to approximately 14.3% on an undiluted basis versus our current 24.4% as of June 30, 2025. Neither Spring Valley nor Cariboo, both of which would require approximately 2-year construction periods are included in our 5-year outlook for 2029 and collectively represent approximately an additional 16,000 annual GEOs earned from Tier 1 mining jurisdictions once both projects are operating and the royalties are being paid.

This provides a good segue to Slide 14, where you can see all the projects listed, including Spring Valley and Cariboo in our optionality bar on the far right of this chart, along the same lines of the projects listed as part of our current 5-year outlook for 2029. All of the growth from the listed projects across the blue bars is already bought and paid for with no contingent capital associated or required from OR Royalties.

I wanted to also take some time to highlight the expansion asset that sits on the very top of the optionality bar, and that's the Odyssey second shaft at Canadian Malartic. Our partner, Agnico Eagle continues to believe all the necessary disclosure on the concept to result in internal belief here at OR Royalties that we're now just talking about when and not an if. In fact, on Agnico's conference call held on Thursday last week, Agnico management made an explicit reference to future throughput and gold production scenario with both shafts in operations, running a combined underground -- running at combined underground mining rates of 30,000 tonnes per day and 750,000 to 800,000 ounces of gold per annum from the single ore body.

The sheer amount of gold discovered to date at Odyssey Underground and more specifically East Gouldie in which we have the 5% NSR royalty and which continues to expand is nothing short of staggering. And today, our partner, Agnico, still has 26 drills turning to add to this mineral resource and reserve ounce inventory and firm up the confidence of what has been previously defined. Based on our current understanding, Agnico is taking a well-warranted methodical approach -- methodical approach to the potential of the second shaft. Consequently, it's unlikely that there will be any meaningful disclosure as it relates to the specific details of Agnico's findings until late '26, but most likely early 2027.

As of today, it's our belief internally at OR that the value of the potential second shaft at Odyssey is not currently fully reflected in our share price despite the fact that we truly believe that there's no doubt it will be happening and that the additional GEOs from a second shaft alone would be the single biggest individual asset growth driver for OR Royalties once it's all in production. And recall, the potential second shaft only serves as a component, albeit a key one to Agnico's broader plans, which could see the entire Canadian Malartic complex produce 1 million ounces from the 2030s onwards when factoring additional ore sources such as Marban and Wasamac.

Switching gears, I also wanted to highlight an asset that has not been included in either of these slides or -- and that is of the Eagle mine in the Yukon. At this stage, there isn't much detail to add here outside of what's already in the public domain; however, most recent updates include the early July release of the independent review Board report on their findings as to the cause of the heap leach failure back over a year ago in June 2024, along with the current conditions of the facilities on site. Eagle is now officially up for sale after an Ontario court approved the mine receiver's application to begin the sales process.

The receiver, PricewaterhouseCoopers has outlined a 2-phase sale process and a submission to the Ontario Superior Court of Justice. The receiver will accept letters of intent very shortly, and then we'll choose qualified submissions to file an actual bid. Their timing is around October 15. In a decision filed to the court, the presiding judge noted that all parties agreed that it was time to put the mine up for sale. The judge also said that while the First Nation of Na-Cho Nyak Dun did not oppose a sale, they are asking to be kept informed throughout the process. OR Royalties will continue to provide as much information as it can along the way. But needless to say, the next 6 to 8 months will be very telling as it relates to the potential future restart of Eagle.

Quickly on Slide 15. On top of everything else we've mentioned, here is an updated list of key catalysts on currently producing assets on the left and key near-term development projects that fall within our 5-year outlook on the right. I'll single out just 2 for now. First, on May 27, MAC Copper announced that it had entered into a binding scheme implementation deed with Harmony Gold to acquire 100% of the issued share capital in MAC Copper. Both of OR Royalties' silver and copper streams at CSA remain unchanged in terms of future GEOs to OR Royalties from the asset. And as noted in last night's press release, we couldn't think of a better operator than Harmony possessing the technical expertise to continue the path of the optimization and growth that already saw tremendous progress under MAC Copper's leadership.

The transaction is expected to close in the second half of 2025. Looking to the right of the slide and announced just last week, Gold Fields confirmed the continuation of the environmental assessment process for windfall through the submission of the second series of responses to [ COMEX ] questions. Recall that the most recent fulsome update from Gold Fields provided the expectation that an updated feasibility study, along with final project permits as well as final [ IBA's ] with the relevant First Nation groups are all expected in the second half of this year, with the final investment decision and initial project construction expected in early 2026.

Finally, we'll end the formal part of the presentation on Slide 16, which outlines the current state of OR Royalties' balance sheet. At quarter end, we had a total debt of just under $36 million, and we are also in a net cash position of $14 million. This net cash number would grow to approximately $63 million if we were to include the $49 million value from our MAC Copper shares, which are listed on this slide as investments held for sale. Factoring this all in, with over $900 million in potential available liquidity at the end of the quarter, the balance sheet is looking incredibly strong and has gotten even stronger subsequent to quarter end with OR Royalties having paid down an additional $21 million in debt.

Our improved financial position is key as OR Royalties' corporate development team continues to be stretched to capacity across multiple transaction opportunities. We're hoping to make some announcements on new meaningful transactions between now and the end of the year. At the same time, our robust organic growth profile and deep pipeline of palpable optionality affords OR Royalties the luxury to pick our spots and wait for the right deals as we are not just willing to sacrifice investment returns or deal economics just for the sake of adding gold equivalent ounces.

As such, we plan to adhere to our time-tested strategy of disciplined capital allocation in the pursuit of high-quality accretive streams and royalties that will bolster the company's current and near-term GEO deliveries as well as cash flows for the benefit of our current and future shareholders.

And with that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joelle?

[Operator Instructions] Your first question comes from Fahad Tariq with Jefferies.

Can you provide some more color on maybe the second half of this year and where the incremental GEO sales are coming from? The way we're modeling it right now, it looks like it's going to maybe trend the lower end of the production guidance range, but just wondering what we're maybe missing. I think you mentioned Canadian Malartic and Namdini, but is there anything else we should be aware of?

Yes. Thanks, Fahad. So to answer your question, we've been quite explicit about, again, 45% for H1 and 55% for the second half. Most of that pickup will come from a few things. Firstly, as you correctly pointed out and what I mentioned on the call, we expect Canadian Malartic to continue to perform at our internal budget or better going forward given, again, the tails deposition is certainly on track or ahead of schedule. The second thing and probably the most notable thing is we have an expectation at Mantos Blancos for the silver grade. The throughput is obviously quite steady right now at 20,000 tonnes per day, if you look at their disclosure. But what's been disappointing in our end is essentially the silver grade not meeting expectations.

So we do expect that the silver grade at Mantos to be trending up over the second quarter. We also obviously have the continued ramp-up at Tocantinzinho and in the second half of this year, Namdini, who is essentially putting the mine through ramp-up as well. That will be a contributing factor to the second half, again, the 55-45% split.

Okay. Great. And maybe just switching gears to corporate development. You mentioned the team is stretched to capacity. Just at a high level, can you talk about if there's I guess, philosophically, a preference for producing versus development stage royalties, just given that compared to peers, OR has, I guess, a lower percentage of producing royalties?

Yes, it's a great question. So obviously, our first preference would be to do accretive deals on producing assets. What we've obviously seen in the market, there's been some pretty significant transactions, and I'd encourage you to talk to those companies that have done those transactions. But those transactions from our perspective, don't meet our economic hurdles for the most part. So we have been involved in the majority of again, the transactions that you've seen printed. We have a number of filters, including, again, the geopolitical profile that I keep talking about.

We have to make a decent hurdle for our shareholders. There are a lot of producing opportunities out there that our corporate development team is obviously involved in, but it's incredibly competitive. So we just have to be very disciplined with, again, what we're doing in terms of the economic returns for our portfolio and for our shareholders. With respect to development assets, yes, we are obviously involved in looking at a number of high-quality development assets. But what I would guide you to is our corporate development team is really focused only on development assets that will actually make a difference within our 5-year outlook.

In other words, producing GEOs within the next 5 years. So we're not looking at something that's very early stage that could take 15 years essentially to get through all the studies, the permitting, construction and ramp-up. So we really have focused our team on those type of high-quality assets in the jurisdictions that I mentioned earlier that we consider Tier 1.

Your next question comes from Cosmos Chiu with CIBC.

Jason, as you talked about the 5-year guidance, and as you talked about, there should be a new 5-year guidance that should be presented to us early next year. So it's great you've talked about some of the assets that have not or are currently not included in your 5-year guidance. I guess my question is, as you look at your new 5-year guidance, what criteria do you consider? Is it timing? Does it need to be fully financed? Does it need to be fully permitted? I'm just trying to get a gauge and to the extent that you can share with us, what could get included? For example, as you mentioned, Spring Valley is not included. And so number one, criteria; and number two, specifically, what could get included to the extent that you can share with us?

Yes. Thank you, Cosmos. Great question.

So we are very vigilant when we're actually looking at our 5-year guidance. And so the broad criteria because it's case by case by asset is we have to have very good confidence and visibility that an asset will actually contribute GEOs over the next 5 years. Obviously, permits are a big factor to it, having a company that's fully financed or visibility to a fully financed solution also would be incredibly important. As we all know, mining is a very, very tough business. So we look at other factors such as social license, such as the track record of, again, our partnering or investee companies. Obviously, companies that have assets in production currently, and I'd just pick out, for example, Hermosa, which is in our guidance of this year -- or sorry, of our 5-year outlook.

Again, that's a multi-asset, multibillion-dollar company with very good financial breadth and technical acumen. So those are the type of criteria that we look at when we will update the market in February as to, again, what will be included and what will not. I will tell you right now, more likely than not, given what Osisko Development has done around Cariboo, more likely than not, we're going to be including some contribution of Cariboo in our 5-year outlook. And we'll have to see what happens with assets like Spring Valley and others because, obviously, they've got the record of decision, which is a very positive derisking component, but they're still looking to finalize even though the U.S. EXIM Bank has provided term sheets for up to $835 million, they still yet to finalize a complete financing plan. So there's a lot of factors, but I'd say the 2 biggest ones are permitting, the acceptability and social license on site as well as, again, having the financing in place for us to get complete confidence to include it in our 5-year outlook.

Great. And maybe switching gears a little bit and following up on Fahad's question here in terms of royalty acquisitions. As we've seen, as you mentioned as well, the activity has picked up and the size of these transactions have certainly picked up as well. We've seen a number of transactions hitting the $1 billion mark. How do you see OR Royalties positioned for some of these bigger deals? It's $1 billion deals. Would that still be within your snack bracket? And along the same topic, did that kind of factor into a decision to increase your line of credit from 500 -- I believe, CAD 550 million to USD 650 million.

Yes, it's a really good question. So the way I'd answer that, Cosmos, is we certainly need to pick our spots. Again, given where the commodity complex has gone, and you've obviously seen [ a remark ] in some of the deals out there, we have to be true to the economic returns that we're providing to our shareholders. That doesn't mean we've got $900 million of available liquidity to act on accretive transactions for ourselves.

So let's just say the $1 billion type transaction in the right circumstance and the right return is not off the table for OR Royalties. We are working on a number of transactions that are significantly less than that, but we also are in the flow with transactions that, again, to meet the precedents that we've seen over the last couple of quarters. It really just comes down to returns. It comes down to the security of the instrument. And what we think is to essentially complement what we believe we have the best portfolio, both growth and quality-wise in the sector to complement that.

Great. And maybe one last question going to Osisko Development, and it's great to see that they've announced a financing package. I guess there's 2 benefits. Number one, now it is "fully financed." And number two, it helps in terms of diluting your ownership in the company, as you mentioned, Jason, to about 14.3%. I guess my question is, is that -- are you happy with that 14.3%? Or would you want that to go even lower? And maybe if you can kind of touch on the longer-term plans in terms of your holdings and the shares of ODV.

Yes. Look, it's a great question, Cosmos. Firstly, we'd like to acknowledge and congratulate the Osisko Development team because, obviously, they've derisked the Cariboo project significantly over the course of the last year, getting their permits, having an optimized feasibility study and finally getting the financing in place. I think we were very clear, especially when I came on, that we were no longer going to be funding the Osisko Development, Cariboo through equity placements or through any other type of financial arrangements, given at that time, we own close to 50% of the equity in the company. Through the course of a series of equity dilution or equity offerings, we are now down and will be down when they close these financings to 14%.

We are quite happy with our position at 14%. We are quite optimistic. And as I said, do believe that the Cariboo asset is a top quality Canadian producing development opportunity. And again, the big value for us, though, obviously comes from the big chunky 5% NSR we have. So to answer your question, we are currently very pleased with the 14.3% position that we'll have. We continue to have conversations with the Osisko Development management team. And so we're a very -- right now, we're a pleased shareholder. And so that's where I'd like to end that. So we're not looking in any fashion, so I'm very, very clear. We're not looking in any fashion to divest or sell that block in the near term.

[Operator Instructions] your next question comes from Tanya Jakusconek with Scotiabank.

Two questions. The first one just follows up on the landscape for potential transactions. So if we eliminate the $1 billion range, what would you say most of your transaction range size-wise would be?

That's a great question, Tanya. Look, what I will tell you is it ranges anything from, again, somewhere around USD 35 million all the way up to close to the USD $1 billion. Again, we're working on multiple transaction opportunities, and so I can't give you any more specificity than that.

Okay. And would that also involve, Jason, the total size, including debt positions or equity positions included in these types of transactions as well as just normal streams and other?

Yes, you can assume that, Tanya, that whatever we provide in terms of financial instruments, the targets are the transaction size, you can assume is all instruments, yes.

And could I also assume that, that could include corporate transactions in that $1 billion range?

Well, again, the market has actually done a remarkable thing for all the royalty and streaming companies have all appreciated significantly. But I've always been very, very deliberate and open with yourself and others. Firstly, we're open for business. Secondly, there has been obviously an uptick if you think of the [ Royal Gold, ] Sandstorm transaction on just the interest and, let's say, chatter out there in the marketplace around corporate transactions. We continue to look at opportunities, both corporately and through royalty and streaming transactions that would be accretive to our shareholders. So to answer your question, yes, that would -- corporate transactions are included in, again, the range of dollars that we hope to deploy over the course of the next 6 to 12 months.

Okay. That's helpful. And then my second question is I haven't seen any additional filings from Elliott. Has there been any update to what was then announced in April? I just haven't seen any further updates. I'm just wondering if you have as well.

It's a good question. So the last public disclosure that we see is Elliott owns 2.2 million OR Royalties shares. And so I don't think until they actually publish something further, it would not be appropriate for me to speculate beyond that.

No, I didn't want you to speculate. I just wanted to make sure that that's all that's out there. I haven't seen anything else that I've missed.

That's what we see as the last public disclosure, the 2.2 million shares.

There are no further questions at this time. I will now turn the call over to Jason for closing remarks.

Thank you, Joelle. As always, if anyone on the call or listening to the replay has any additional questions, insights, observations on our business and our business strategy, please do reach out to Grant, Heather and myself, and we'll be more than pleased to provide more information about the bright future for our company and its shareholders.

With that, we don't want to delay you any further, knowing that we are one of the last companies to report, and so you can enjoy the remainder of the summer.

Thank you very much.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.