OR Royalties Inc. — Call Transcript 2025

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'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. 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 Frédéric Ruel, the company's VP Finance and Chief Financial Officer, as well as my other colleagues, as indicated on slide three. 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 80,000-88,000 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. Basically, we're there, or modestly above it, as of June 30th. Needless to say, we're expecting a stronger second half to the year. Of note is that in 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 use 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 six months of the year. 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 30th, 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. 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 on 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 $5.50 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 zero 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 six. During the second quarter of 2025, our GEOs (gold equivalent ounces) 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 our final six months of 2025. At 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 1st, 2024, and ends October 31st, 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 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 two feasibility study is now scheduled for 2026 versus the previous expectation of Q4 of 2025. 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. 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 seven, 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 this 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 eight, which many of you have seen many times before, our company continues to set itself apart from the rest of its relevant peers in two 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, United States, and Australia. 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 provide our shareholders with both transparent leverage as well as unmatched downside protection. Switching gears to slide nine and focusing on our cornerstone asset, our partner Agnico Eagle provided some relevant information relating to Canadian Malartic along with its Q2 2025 financial results. That was just late last week. As it relates to operations during the period, gold production saw a significant quarter-over-quarter uptick, with higher grade sourced from the Barnat pit. We're once again partially offset by slightly lower volume of tons milled. The higher gold grades from Barnat 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 designed 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 oz, driven by higher grades and ore mined of approximately 3,970 tons per day compared to the target of 3,500 tons per day. The ramp-up of the service hoist to its designed hoisting capacity of 3,500 tons 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 m 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 m as of June 30th, 2025. Development of the East Gouldie production levels also advanced, with preparatory work underway for the planned production startup 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 m extension of shaft number one to a depth of 1,870 m. 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 2025. Further to this, impressive holes intersected in the sub-parallel 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 is important to note that it has 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 tons 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 as 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 tons, grading 10.85 g per ton gold for 4.1 million oz 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 tons per day. What could this mean for OR Royalties? Any increase over and above the currently planned underground mining rates would only add GEOs over and above the anticipated 7,000-8,000 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 31st, Ramelius Resources closed its acquisition of Spartan Resources, meaning Dalgaranga represents a key piece of the former's 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. In 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 timelines 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 Mt 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 five-year outlook. If you haven't had a chance to go through our June 2nd 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 2035-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 14th, 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. Speaking of shovel-ready projects, on July 21st, 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 Caribou Gold project. This includes a $100 million initial draw that enables ODV to accelerate the project pre-construction activities and materially de-risk 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 Caribou. 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 30th, 2025. Neither Spring Valley nor Caribou, both of which would require approximately two-year construction periods, are included in our five-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 Caribou, in our optionality bar on the far right of this chart. Along the same lines of the projects listed as part of our current five-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 if. In fact, on Agnico's conference call held on Thursday last week, Agnico management made an explicit reference to a future throughput and gold production scenario with both shafts in operations, running at combined underground mining rates of 30,000 tons per day and 750,000-800,000 oz 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. 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 to the potential of the second shaft. Consequently, it is unlikely that there will be any meaningful disclosure as it relates to the specific details of Agnico's findings until late 2026, 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. 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 oz 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, and that is the Eagle Mine in 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 two-phase sale process in its submission to the Ontario Superior Court of Justice. The receiver will accept letters of intent very shortly and then will choose qualified submissions to file an actual bid. Their timing is around October 15th. In his 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 were asking to be kept informed throughout the process. OR Royalties will continue to provide as much information as it can along the way. Needless to say, the next six to eight 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 five-year outlook on the right. I'll single out just two for now. First, on May 27th, 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 our royalties from the asset. 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 IBAs with relevant First Nation groups, are all expected in the second half of this year, with a 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 our OR Royalties' balance sheet. At quarter end, we had a total debt of just under $36 million, and we're 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 a 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 palatable optionality affords OR royalties the luxury to pick our spots and wait for the right deals, as we are not 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. With that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joelle? Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star, followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star, followed by the two. If you are using a speaker phone, please lift the handset before pressing any keys. Your first question comes from Fahad Tariq with Jefferies. Your line is now open. Hi, thanks for taking my question. 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? Thanks. Yeah, thanks, Fahad. 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 in what I mentioned on the calls, 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 tons per day if you look at their disclosure, but what's been disappointing on our end is essentially the silver grade not meeting expectations. 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's 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. Maybe just as 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, you know, compared to peers, OR has, I guess, a lower percentage of producing royalties? Thanks. Yeah, that's a great question. Obviously, our first preference would be to do accretive deals on producing assets. What we've 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. We have been involved in the majority of the transactions that you've seen printed. We have a number of filters, including 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 involved in, but it's incredibly competitive. 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 five-year outlook. In other words, producing GEOs within the next five years. 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. We really have focused our team on those types of high-quality assets in the jurisdictions that I mentioned earlier that we consider Tier 1. That's very clear. Thank you. Your next question comes from Cosmos Chiu with CIBC. Your line is now open. Thanks, Jason and team, for a very thorough presentation. Jason, as you talked about the five-year guidance, and as you talked about, there should be a new five-year guidance that should be presented to us early next year. It's great that you've talked about some of the assets that have not or are currently not included in your five-year guidance. I guess my question is, as you look at your new five-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. Number one, criteria, and number two, specifically, what could get included to the extent that you can share with us? Yeah, thank you, Cosmo. Great question. We are very vigilant when we're actually looking at our five-year guidance. The broad criteria, because it is 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 five 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. We look at other factors such as social license, such as the track record of, again, our partnering or our investee companies. Obviously, companies that have assets in production currently, and I just pick out, for example, Hermosa, which is in our guidance of this year, or sorry, of our five-year outlook. Again, that's a multi-asset, multi-billion dollar company with very good financial breadth and technical acumen. 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 Caribou, more likely than not, we're going to be including some contribution of Caribou in our five-year outlook. 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 de-risking 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 have yet to finalize a complete financing plan. There are a lot of factors, but I say the two 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 five-year outlook. Great. Maybe switching gears a little bit to follow up on Fahad's question here in terms of royalty acquisitions. As you've mentioned as well, the activity has picked up, and the size of these transactions has 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, these $1 billion deals? Would that still be within your SNAP bracket? Along the same topic, did that kind of factor into a decision to increase your line of credit from CAD 550 million to $650 million? Yeah, it's a really good question. The way I'd answer that, Cosmos, is we certainly need to pick our spots. 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. Let's just say the billion-dollar 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. We also are in the flow with transactions that, again, do 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. Maybe one last question going to Osisko Development, and it's great to see that they've announced a financing package here. I guess there's two benefits. Number one, now it is "fully financed." 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, are you happy with that 14.3%, or would you want that to go even lower? Maybe if you can kind of touch on the longer-term plans in terms of your holdings and the shares of ODV. Yeah, look, it's a great question, Cosmo. Firstly, we'd like to acknowledge and congratulate the Osisko Development team because obviously they've de-risked the Caribou 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 Caribou through equity placements or through any other type of financial arrangements, given at that time we owned 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 Caribou asset is a top-quality Canadian producing development opportunity. The big value for us, though, obviously comes from the big chunky 5% NSR we have. 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. Right now we're a pleased shareholder. That's where I'd like to end that. 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. Thanks, Jason, for some very thorough answers, and thanks for answering all my questions. Thank you. Thanks, Cosmo. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Tanya Jakusconek with Scotiabank. Your line is now open. Yes, good morning everyone. Thank you for taking my two questions. The first one just follows up on the landscape for potential transactions. If we eliminate the billion-dollar range, what would you say most of your transaction range size-wise would be? That's a great question, Tanya. What I will tell you is it ranges anything from, again, somewhere around $35 million all the way up to, you know, close to the billion. We're working on multiple transaction opportunities, and so I can't give you any more specificity than that. Okay. 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 screens and other? Yes, you can assume that, Tanya, that whatever we provide in terms of financial instruments, the targets or the transaction size, you can assume is all instruments, yes. Could I also assume that that could include corporate transactions in that billion-dollar range? The market's actually done a remarkable thing for all the royalty and streaming companies, which have all appreciated significantly. 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 Randgold-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. To answer your question, yes, corporate transactions are included in the range of dollars that we hope to deploy over the course of the next six to 12 months. Okay, that's helpful. Thank you. My second question is, I haven't seen any additional filings from Elliot. 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. The last public disclosure that we see is Elliot owns 2.2 million OR Royalties shares. I don't think until they actually publish something further, it would 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. Okay, great. Thank you so much. Those are all my questions. Thanks, Tanya. 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'd 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 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.

Speaker 3: 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'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. 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 Frédéric Ruel, the company's VP Finance and Chief Financial Officer, as well as my other colleagues, as indicated on slide three. Good day to everybody, and thanks for your attention this morning, as I know it's a busy reporting week. 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'll open up the line for questions. 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. 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. 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. 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. 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 Frédéric Ruel, the company's VP Finance and Chief Financial Officer, as well as my other colleagues, as indicated on slide three. i'm joined on the call today by frédéric ruel the company's vp finance and chief financial officer as well as my other colleagues as indicated on slide three 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 80,000-88,000 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. Basically, we're there, or modestly above it, as of June 30th. Needless to say, we're expecting a stronger second half to the year. 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. 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 - 88,000 gold equivalent ounces. 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 - 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. 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 Basically, we're there, or modestly above it, as of June 30th. basically we're there or modestly above it as of june 30th Needless to say, we're expecting a stronger second half to the year. needless to say we're expecting a stronger second half to the year Of note is that in 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 use 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 six months of the year. 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. Of note is that in 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 use for our annual guidance of 83 / 1. of note is that in 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 use 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 six months of the year. 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 six months of the year As you can imagine, our shareholders should be satisfied with these price movements. 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. 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 30th, 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. 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 on 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. OR Royalties ended the second quarter with $49.6 million in cash, and as at June 30th, 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. or royalties ended the second quarter with $49.6 million in cash and as at june 30th 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 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 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 on 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. while seemingly small for now with an updated feasibility study expected on 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 $5.50 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. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $5.50 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. with respect to our ongoing commitment to return capital to shareholders the company declared and paid its quarterly dividend of $5.50 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. 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. 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 zero 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 six. During the second quarter of 2025, our GEOs (gold equivalent ounces) earned came predominantly from Canada, and we derived over 93% of our gold equivalent ounces from precious metals. 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 zero in the same period last year. 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 zero 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. 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 six. moving to slide six During the second quarter of 2025, our GEOs (gold equivalent ounces) earned came predominantly from Canada, and we derived over 93% of our gold equivalent ounces from precious metals. during the second quarter of 2025, our geos (gold equivalent ounces) 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 our final six months of 2025. 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. 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. 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. 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 our final six months of 2025. 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 our final six months of 2025 At 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 1st, 2024, and ends October 31st, 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 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 two feasibility study is now scheduled for 2026 versus the previous expectation of Q4 of 2025. We remain impressed with the ongoing successful ramp-up at G Mining Ventures Tocantinzinho mine in Brazil. At 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 1st, 2024, and ends October 31st, 2025. at 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 1st 2024 and ends october 31st 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 will trend back upwards between now and the end of October. 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 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 two feasibility study is now scheduled for 2026 versus the previous expectation of Q4 of 2025. finally on mantos blancos and as of last week's q2 2025 update from capstone the phase two feasibility study is now scheduled for 2026 versus the previous expectation of q4 of 2025 We remain impressed with the ongoing successful ramp-up at G Mining Ventures Tocantinzinho mine in Brazil. 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. 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 seven, 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. Commercial production was only achieved in September of last year, and the ramp-up has gone very well. commercial production was only achieved in september of last year and the ramp-up has gone very well 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. 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 seven, and as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22. moving to slide seven 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. 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 this 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. 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. 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. 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 this slide. just a quick note on the donut chart in the bottom left-hand corner of this slide Through H1 2025, OR Royalties saw over 94% of its revenues generated from precious metals. 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. 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. 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 eight, which many of you have seen many times before, our company continues to set itself apart from the rest of its relevant peers in two 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, United States, and Australia. 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. 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 eight, which many of you have seen many times before, our company continues to set itself apart from the rest of its relevant peers in two key areas. moving on to slide eight which many of you have seen many times before our company continues to set itself apart from the rest of its relevant peers in two key areas First, as it relates to lower risk jurisdictional exposure, and second, as it relates to our peer-leading cash margins. 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, United States, and Australia. 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 united states and australia 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 provide our shareholders with both transparent leverage as well as unmatched downside protection. Switching gears to slide nine and focusing on our cornerstone asset, our partner Agnico Eagle provided some relevant information relating to Canadian Malartic along with its Q2 2025 financial results. That was just late last week. As it relates to operations during the period, gold production saw a significant quarter-over-quarter uptick, with higher grade sourced from the Barnat pit. We're once again partially offset by slightly lower volume of tons milled. 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. 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 provide our shareholders with both transparent leverage as well as unmatched downside protection. moving to the latter, or royalties' peer-leading cash margins provide our shareholders with both transparent leverage as well as unmatched downside protection Switching gears to slide nine and focusing on our cornerstone asset, our partner Agnico Eagle provided some relevant information relating to Canadian Malartic along with its Q2 2025 financial results. switching gears to slide nine and focusing on our cornerstone asset our partner agnico eagle provided some relevant information relating to canadian malartic along with its q2 2025 financial results That was just late last week. that was just late last week As it relates to operations during the period, gold production saw a significant quarter-over-quarter uptick, with higher grade sourced from the Barnat pit. We're once again partially offset by slightly lower volume of tons milled. as it relates to operations during the period gold production saw a significant quarter-over-quarter uptick with higher grade sourced from the barnat pit. we're once again partially offset by slightly lower volume of tons milled The higher gold grades from Barnat 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 designed 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 oz, driven by higher grades and ore mined of approximately 3,970 tons per day compared to the target of 3,500 tons per day. The ramp-up of the service hoist to its designed hoisting capacity of 3,500 tons 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. The higher gold grades from Barnat 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. the higher gold grades from barnat 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 designed capacity in the second quarter of 2025. in addition and as expected, agnico 's in-pit tailings deposition also ramped up to its designed 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 oz, driven by higher grades and ore mined of approximately 3,970 tons per day compared to the target of 3,500 tons per day. flipping to slide 10 odyssey underground gold production during q2 was a quarterly record at approximately 26,600 oz driven by higher grades and ore mined of approximately 3,970 tons per day compared to the target of 3,500 tons per day The ramp-up of the service hoist to its designed hoisting capacity of 3,500 tons 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. the ramp-up of the service hoist to its designed hoisting capacity of 3,500 tons 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 m 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 m as of June 30th, 2025. Development of the East Gouldie production levels also advanced, with preparatory work underway for the planned production startup 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 m extension of shaft number one to a depth of 1,870 m. 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 m completed. 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 m completed A key milestone was achieved as the ramp reached the mid-shaft loading station at level 102. 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 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 m as of June 30th, 2025. the main ramp towards shaft bottom progressed to a depth of 1,019 m as of june 30th 2025 Development of the East Gouldie production levels also advanced, with preparatory work underway for the planned production startup in the second half of 2026. development of the east gouldie production levels also advanced with preparatory work underway for the planned production startup 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. 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 m extension of shaft number one to a depth of 1,870 m. one option under consideration is a 70 m extension of shaft number one to a depth of 1,870 m 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 2025. Further to this, impressive holes intersected in the sub-parallel 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. This initiative is being assessed in parallel with the potential development of a second shaft at Odyssey. 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. 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 2025. 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 2025 Further to this, impressive holes intersected in the sub-parallel 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. further to this impressive holes intersected in the sub-parallel 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 is important to note that it has 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 tons 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 as very much tracking the same progress being made at Canadian Malartic, just with a smaller footprint thanks to more than triple the gold grades. Jumping to slide 11, it is important to note that it has 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 tons per day. jumping to slide 11 it is important to note that it has 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 tons per day That expansion study is expected to be published by the end of this year. 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 as very much tracking the same progress being made at Canadian Malartic, just with a smaller footprint thanks to more than triple the gold grades. in many ways internally here at or royalties we see island gold as 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 tons, grading 10.85 g per ton gold for 4.1 million oz 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 tons per day. What could this mean for OR Royalties? 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 tons, grading 10.85 g per ton gold for 4.1 million oz at Island Gold. 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 tons grading 10.85 g per ton gold for 4.1 million oz at island gold That's up 80% from year-end 2024 and reflecting the impressive recent conversion of mineral resources. 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 tons per day. 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 tons per day What could this mean for OR Royalties? what could this mean for or royalties Any increase over and above the currently planned underground mining rates would only add GEOs over and above the anticipated 7,000-8,000 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 31st, Ramelius Resources closed its acquisition of Spartan Resources, meaning Dalgaranga represents a key piece of the former's proximate operations and infrastructure in the immediate region. Any increase over and above the currently planned underground mining rates would only add GEOs over and above the anticipated 7,000- 8,000 of annual gold equivalent ounces that we're already expecting from this asset in the latter few years of this decade. any increase over and above the currently planned underground mining rates would only add geos over and above the anticipated 7,000- 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. 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 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 31st, Ramelius Resources closed its acquisition of Spartan Resources, meaning Dalgaranga represents a key piece of the former's proximate operations and infrastructure in the immediate region. on july 31st ramelius resources closed its acquisition of spartan resources meaning dalgaranga represents a key piece of the former's 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. In 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. 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. In 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. 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. in 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. for context this is a full year ahead of what we originally anticipated A further clue as to the potential timelines 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 Mt 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 five-year outlook. A further clue as to the potential timelines 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 Mt Egerton projects from 1.35% to 1.08%. a further clue as to the potential timelines 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 mt 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. 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 five-year outlook. 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 five-year outlook If you haven't had a chance to go through our June 2nd 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 2035-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 14th, 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. Speaking of shovel-ready projects, on July 21st, 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 Caribou Gold project. If you haven't had a chance to go through our June 2nd 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 2035-year outlook when we release it mid-February of next year. if you haven't had a chance to go through our june 2nd 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 2035-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 14th, 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. by way of examples in terms of additional progress since that specific disclosure and subsequent to quarter end on july 14th 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 Speaking of shovel-ready projects, on July 21st, 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 Caribou Gold project. speaking of shovel-ready projects on july 21st 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 caribou gold project This includes a $100 million initial draw that enables ODV to accelerate the project pre-construction activities and materially de-risk 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 Caribou. 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 30th, 2025. This includes a $100 million initial draw that enables ODV to accelerate the project pre-construction activities and materially de-risk the project. this includes a $100 million initial draw that enables odv to accelerate the project pre-construction activities and materially de-risk 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. 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. 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 Caribou. this is all extremely positive for odv and ourselves given we have a 5% nsr at caribou 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 30th, 2025. 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 30th 2025 Neither Spring Valley nor Caribou, both of which would require approximately two-year construction periods, are included in our five-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 Caribou, in our optionality bar on the far right of this chart. Along the same lines of the projects listed as part of our current five-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. Neither Spring Valley nor Caribou, both of which would require approximately two-year construction periods, are included in our five-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. neither spring valley nor caribou both of which would require approximately two-year construction periods are included in our five-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 Caribou, in our optionality bar on the far right of this chart. this provides a good segue to slide 14 where you can see all the projects listed including spring valley and caribou in our optionality bar on the far right of this chart Along the same lines of the projects listed as part of our current five-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. along the same lines of the projects listed as part of our current five-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 if. In fact, on Agnico's conference call held on Thursday last week, Agnico management made an explicit reference to a future throughput and gold production scenario with both shafts in operations, running at combined underground mining rates of 30,000 tons per day and 750,000-800,000 oz of gold per annum from the single ore body. 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. 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 if. 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 if In fact, on Agnico 's conference call held on Thursday last week, Agnico management made an explicit reference to a future throughput and gold production scenario with both shafts in operations, running at combined underground mining rates of 30,000 tons per day and 750,000 - 800,000 oz of gold per annum from the single ore body. in fact on agnico 's conference call held on thursday last week agnico management made an explicit reference to a future throughput and gold production scenario with both shafts in operations running at combined underground mining rates of 30,000 tons per day and 750,000 - 800,000 oz 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. 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 to the potential of the second shaft. Consequently, it is unlikely that there will be any meaningful disclosure as it relates to the specific details of Agnico's findings until late 2026, but most likely early 2027. 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. 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 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. 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 to the potential of the second shaft. based on our current understanding agnico is taking a well-warranted methodical approach to the potential of the second shaft Consequently, it is unlikely that there will be any meaningful disclosure as it relates to the specific details of Agnico 's findings until late 2026, but most likely early 2027. consequently it is unlikely that there will be any meaningful disclosure as it relates to the specific details of agnico 's findings until late 2026 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. 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 oz 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, and that is the Eagle Mine in Yukon. 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. 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 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 oz from the 2030s onwards, when factoring additional ore sources such as Marban and Wasamac. 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 oz 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, and that is the Eagle Mine in Yukon. switching gears i also wanted to highlight an asset that has not been included in either of these slides and that is the eagle mine in 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 two-phase sale process in its submission to the Ontario Superior Court of Justice. The receiver will accept letters of intent very shortly and then will choose qualified submissions to file an actual bid. Their timing is around October 15th. At this stage, there isn't much detail to add here outside of what's already in the public domain. 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. 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. 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 two-phase sale process in its submission to the Ontario Superior Court of Justice. the receiver pricewaterhousecoopers has outlined a two-phase sale process in its submission to the ontario superior court of justice The receiver will accept letters of intent very shortly and then will choose qualified submissions to file an actual bid. the receiver will accept letters of intent very shortly and then will choose qualified submissions to file an actual bid Their timing is around October 15th. their timing is around october 15th In his 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 were asking to be kept informed throughout the process. OR Royalties will continue to provide as much information as it can along the way. Needless to say, the next six to eight 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 five-year outlook on the right. I'll single out just two for now. In his decision filed to the court, the presiding judge noted that all parties agreed that it was time to put the mine up for sale. in his 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 were asking to be kept informed throughout the process. OR Royalties will continue to provide as much information as it can along the way. the judge also said that while the first nation of na-cho nyak dun did not oppose a sale they were asking to be kept informed throughout the process. or royalties will continue to provide as much information as it can along the way Needless to say, the next six to eight months will be very telling as it relates to the potential future restart of Eagle. needless to say the next six to eight 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 five-year outlook on the right. 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 five-year outlook on the right I'll single out just two for now. i'll single out just two for now First, on May 27th, 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 our royalties from the asset. 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. First, on May 27th, 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. first on may 27th 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 our royalties from the asset. both of or royalties' silver and copper streams at csa remain unchanged in terms of future geos to our royalties from the asset 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. 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. 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. 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 IBAs with relevant First Nation groups, are all expected in the second half of this year, with a 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 our OR Royalties' balance sheet. At quarter end, we had a total debt of just under $36 million, and we're 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. 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 IBAs with relevant First Nation groups, are all expected in the second half of this year, with a final investment decision and initial project construction expected in early 2026. 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 ibas with relevant first nation groups are all expected in the second half of this year with a 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 our OR Royalties' balance sheet. finally we'll end the formal part of the presentation on slide 16 which outlines the current state of our or royalties' balance sheet At quarter end, we had a total debt of just under $36 million, and we're also in a net cash position of $14 million. at quarter end we had a total debt of just under $36 million and we're 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. 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 a 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 palatable optionality affords OR royalties the luxury to pick our spots and wait for the right deals, as we are not willing to sacrifice investment returns or deal economics just for the sake of adding gold equivalent ounces. 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. 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 a key as OR Royalties' corporate development team continues to be stretched to capacity across multiple transaction opportunities. our improved financial position is a 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. 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 palatable optionality affords OR royalties the luxury to pick our spots and wait for the right deals, as we are not willing to sacrifice investment returns or deal economics just for the sake of adding gold equivalent ounces. at the same time our robust organic growth profile and deep pipeline of palatable optionality affords or royalties the luxury to pick our spots and wait for the right deals as we are not 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. With that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joelle? 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. 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 With that, we will conclude the formal part of today's call, and we can move forward with the Q&A. with that we will conclude the formal part of today's call and we can move forward with the q&a Joelle? joelle

Speaker 4: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star, followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star, followed by the two. If you are using a speaker phone, please lift the handset before pressing any keys. Your first question comes from Fahad Tariq with Jefferies. Your line is now open. Thank you, ladies and gentlemen. thank you ladies and gentlemen We will now begin the question and answer session. we will now begin the question and answer session Should you have a question, please press star, followed by the one on your touch-tone phone. should you have a question please press star followed by the one on your touch-tone phone You will hear a prompt that your hand has been raised. you will hear a prompt that your hand has been raised Should you wish to decline from the polling process, please press star, followed by the two. should you wish to decline from the polling process please press star followed by the two If you are using a speaker phone, please lift the handset before pressing any keys. if you are using a speaker phone please lift the handset before pressing any keys Your first question comes from Fahad Tariq with Jefferies. your first question comes from fahad tariq with jefferies Your line is now open. your line is now open

Speaker 5: Hi, thanks for taking my question. 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? Thanks. Hi, thanks for taking my question. hi thanks for taking my question Can you provide some more color on maybe the second half of this year and where the incremental GEO sales are coming from? 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. 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? i think you mentioned canadian malartic and namdini but is there anything else we should be aware of Thanks. thanks

Speaker 3: Yeah, thanks, Fahad. 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 in what I mentioned on the calls, 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 tons per day if you look at their disclosure, but what's been disappointing on our end is essentially the silver grade not meeting expectations. We do expect that the silver grade at Mantos to be trending up over the second quarter. Yeah, thanks, Fahad. yeah thanks fahad To answer your question, we've been quite explicit about, again, 45% for H1 and 55% for the second half. 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. most of that pickup will come from a few things Firstly, as you correctly pointed out in what I mentioned on the calls, 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. firstly as you correctly pointed out in what i mentioned on the calls 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 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 tons per day if you look at their disclosure, but what's been disappointing on our end is essentially the silver grade not meeting expectations. the throughput is obviously quite steady right now at 20,000 tons per day if you look at their disclosure but what's been disappointing on our end is essentially the silver grade not meeting expectations We do expect that the silver grade at Mantos to be trending up over the second quarter. 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's essentially putting the mine through ramp-up as well. That will be a contributing factor to the second half. Again, the 55/45 split. We also obviously have the continued ramp-up at Tocantinzinho and in the second half of this year, Namdini, who's essentially putting the mine through ramp-up as well. we also obviously have the continued ramp-up at tocantinzinho and in the second half of this year namdini who's essentially putting the mine through ramp-up as well That will be a contributing factor to the second half. that will be a contributing factor to the second half Again, the 55/ 45 split. again the 55/ 45 split

Speaker 5: Okay, great. Maybe just as 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, you know, compared to peers, OR has, I guess, a lower percentage of producing royalties? Thanks. Okay, great. okay great Maybe just as switching gears to corporate development, you mentioned the team is stretched to capacity. maybe just as 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, you know, compared to peers, OR has, I guess, a lower percentage of producing royalties? 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 you know compared to peers or has i guess a lower percentage of producing royalties Thanks. thanks

Speaker 3: Yeah, that's a great question. Obviously, our first preference would be to do accretive deals on producing assets. What we've 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. We have been involved in the majority of the transactions that you've seen printed. We have a number of filters, including 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 involved in, but it's incredibly competitive. 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. Yeah, that's a great question. yeah that's a great question Obviously, our first preference would be to do accretive deals on producing assets. obviously our first preference would be to do accretive deals on producing assets What we've 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. what we've 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 We have been involved in the majority of the transactions that you've seen printed. we have been involved in the majority of the transactions that you've seen printed We have a number of filters, including the geopolitical profile that I keep talking about. we have a number of filters including the geopolitical profile that i keep talking about We have to make a decent hurdle for our shareholders. 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 involved in, but it's incredibly competitive. there are a lot of producing opportunities out there that our corporate development team is involved in but it's incredibly competitive 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. 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 five-year outlook. In other words, producing GEOs within the next five years. 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. We really have focused our team on those types of high-quality assets in the jurisdictions that I mentioned earlier that we consider Tier 1. 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 five-year outlook. 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 five-year outlook In other words, producing GEOs within the next five years. in other words producing geos within the next five years 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. 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 We really have focused our team on those types of high-quality assets in the jurisdictions that I mentioned earlier that we consider Tier 1. we really have focused our team on those types of high-quality assets in the jurisdictions that i mentioned earlier that we consider tier 1

Speaker 5: That's very clear. Thank you. That's very clear. that's very clear Thank you. thank you

Speaker 4: Your next question comes from Cosmos Chiu with CIBC. Your line is now open. Your next question comes from Cosmos Chiu with CIBC. your next question comes from cosmos chiu with cibc Your line is now open. your line is now open

Speaker 2: Thanks, Jason and team, for a very thorough presentation. Jason, as you talked about the five-year guidance, and as you talked about, there should be a new five-year guidance that should be presented to us early next year. It's great that you've talked about some of the assets that have not or are currently not included in your five-year guidance. I guess my question is, as you look at your new five-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. Number one, criteria, and number two, specifically, what could get included to the extent that you can share with us? Thanks, Jason and team, for a very thorough presentation. thanks jason and team for a very thorough presentation Jason, as you talked about the five-year guidance, and as you talked about, there should be a new five-year guidance that should be presented to us early next year. jason as you talked about the five-year guidance and as you talked about there should be a new five-year guidance that should be presented to us early next year It's great that you've talked about some of the assets that have not or are currently not included in your five-year guidance. it's great that you've talked about some of the assets that have not or are currently not included in your five-year guidance I guess my question is, as you look at your new five-year guidance, what criteria do you consider? i guess my question is as you look at your new five-year guidance what criteria do you consider Is it timing? is it timing Does it need to be fully financed? does it need to be fully financed Does it need to be fully permitted? 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? 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. for example as you mentioned spring valley is not included Number one, criteria, and number two, specifically, what could get included to the extent that you can share with us? number one criteria and number two specifically what could get included to the extent that you can share with us

Speaker 3: Yeah, thank you, Cosmo. Great question. We are very vigilant when we're actually looking at our five-year guidance. The broad criteria, because it is 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 five 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. We look at other factors such as social license, such as the track record of, again, our partnering or our investee companies. Obviously, companies that have assets in production currently, and I just pick out, for example, Hermosa, which is in our guidance of this year, or sorry, of our five-year outlook. Yeah, thank you, Cosmo. yeah thank you cosmo Great question. great question We are very vigilant when we're actually looking at our five-year guidance. we are very vigilant when we're actually looking at our five-year guidance The broad criteria, because it is 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 five years. the broad criteria because it is 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 five years Obviously, permits are a big factor to it. 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. 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. as we all know mining is a very very tough business We look at other factors such as social license, such as the track record of, again, our partnering or our investee companies. we look at other factors such as social license such as the track record of again our partnering or our investee companies Obviously, companies that have assets in production currently, and I just pick out, for example, Hermosa, which is in our guidance of this year, or sorry, of our five-year outlook. obviously companies that have assets in production currently and i just pick out for example hermosa which is in our guidance of this year or sorry of our five-year outlook Again, that's a multi-asset, multi-billion dollar company with very good financial breadth and technical acumen. 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 Caribou, more likely than not, we're going to be including some contribution of Caribou in our five-year outlook. 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 de-risking 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 have yet to finalize a complete financing plan. Again, that's a multi-asset, multi-billion dollar company with very good financial breadth and technical acumen. again that's a multi-asset multi-billion dollar company with very good financial breadth and technical acumen 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. 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 Caribou, more likely than not, we're going to be including some contribution of Caribou in our five-year outlook. i will tell you right now more likely than not given what osisko development has done around caribou more likely than not we're going to be including some contribution of caribou in our five-year outlook 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 de-risking component, but they're still looking to finalize. E ven though the U.S. 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 de-risking component but they're still looking to finalize. e ven though the u.s EXIM Bank has provided term sheets for up to $835 million, t hey still have yet to finalize a complete financing plan. exim bank has provided term sheets for up to $835 million, t hey still have yet to finalize a complete financing plan There are a lot of factors, but I say the two 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 five-year outlook. There are a lot of factors, but I say the two 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 five-year outlook. there are a lot of factors but i say the two 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 five-year outlook

Speaker 2: Great. Maybe switching gears a little bit to follow up on Fahad's question here in terms of royalty acquisitions. As you've mentioned as well, the activity has picked up, and the size of these transactions has 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, these $1 billion deals? Would that still be within your SNAP bracket? Along the same topic, did that kind of factor into a decision to increase your line of credit from CAD 550 million to $650 million? Great. great Maybe switching gears a little bit to follow up on Fahad's question here in terms of royalty acquisitions. maybe switching gears a little bit to follow up on fahad's question here in terms of royalty acquisitions As you've mentioned as well, the activity has picked up, and the size of these transactions has certainly picked up as well. as you've mentioned as well the activity has picked up and the size of these transactions has certainly picked up as well We've seen a number of transactions hitting the $1 billion mark. 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, these $1 billion deals? how do you see or royalties positioned for some of these bigger deals these $1 billion deals Would that still be within your SNAP bracket? would that still be within your snap bracket Along the same topic, did that kind of factor into a decision to increase your line of credit from CAD 550 million to $650 million? along the same topic did that kind of factor into a decision to increase your line of credit from cad 550 million to $650 million

Speaker 3: Yeah, it's a really good question. The way I'd answer that, Cosmos, is we certainly need to pick our spots. 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. Let's just say the billion-dollar 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. We also are in the flow with transactions that, again, do meet the precedents that we've seen over the last couple of quarters. It really just comes down to returns. Yeah, it's a really good question. yeah it's a really good question The way I'd answer that, Cosmos, is we certainly need to pick our spots. the way i'd answer that cosmos is we certainly need to pick our spots 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. 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. that doesn't mean we've got $900 million of available liquidity to act on accretive transactions for ourselves Let's just say the billion-dollar type transaction in the right circumstance and the right return is not off the table for OR R oyalties. let's just say the billion-dollar type transaction in the right circumstance and the right return is not off the table for or r oyalties We are working on a number of transactions that are significantly less than that. we are working on a number of transactions that are significantly less than that We also are in the flow with transactions that, again, do meet the precedents that we've seen over the last couple of quarters. we also are in the flow with transactions that again do meet the precedents that we've seen over the last couple of quarters It really just comes down to returns. 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. 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. 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

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

Speaker 3: Yeah, look, it's a great question, Cosmo. Firstly, we'd like to acknowledge and congratulate the Osisko Development team because obviously they've de-risked the Caribou 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 Caribou through equity placements or through any other type of financial arrangements, given at that time we owned 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%. Yeah, look, it's a great question, Cosmo. yeah look it's a great question cosmo Firstly, we'd like to acknowledge and congratulate the Osisko Development team because obviously they've de-risked the Caribou project significantly over the course of the last year, getting their permits, having an optimized feasibility study, and finally getting the financing in place. firstly we'd like to acknowledge and congratulate the osisko development team because obviously they've de-risked the caribou 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 Caribou through equity placements or through any other type of financial arrangements, given at that time we owned close to 50% of the equity in the company. i think we were very clear especially when i came on that we were no longer going to be funding the osisko development caribou through equity placements or through any other type of financial arrangements given at that time we owned 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%. 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 happy with our position at 14% We are quite optimistic, and as I said, do believe that the Caribou asset is a top-quality Canadian producing development opportunity. The big value for us, though, obviously comes from the big chunky 5% NSR we have. 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. Right now we're a pleased shareholder. That's where I'd like to end that. 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. We are quite optimistic, and as I said, do believe that the Caribou asset is a top-quality Canadian producing development opportunity. we are quite optimistic and as i said do believe that the caribou asset is a top-quality canadian producing development opportunity The big value for us, though, obviously comes from the big chunky 5% NSR we have. the big value for us though obviously comes from the big chunky 5% nsr we have To answer your question, we are currently very pleased with the 14.3% position that we'll have. 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. we continue to have conversations with the osisko development management team Right now we're a pleased shareholder. right now we're a pleased shareholder That's where I'd like to end that. that's where i'd like to end that 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. 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

Speaker 2: Thanks, Jason, for some very thorough answers, and thanks for answering all my questions. Thank you. Thanks, Jason, for some very thorough answers, and thanks for answering all my questions. thanks jason for some very thorough answers and thanks for answering all my questions Thank you. thank you

Speaker 3: Thanks, Cosmo. Thanks, Cosmo. thanks cosmo

Speaker 4: Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Tanya Jakusconek with Scotiabank. Your line is now open. Ladies and gentlemen, as a reminder, should you have a question, please press star one. ladies and gentlemen as a reminder should you have a question please press star one Your next question comes from Tanya Jakusconek with Scotiabank. your next question comes from tanya jakusconek with scotiabank Your line is now open. your line is now open

Speaker 1: Yes, good morning everyone. Thank you for taking my two questions. The first one just follows up on the landscape for potential transactions. If we eliminate the billion-dollar range, what would you say most of your transaction range size-wise would be? Yes, good morning everyone. yes good morning everyone Thank you for taking my two questions. thank you for taking my two questions The first one just follows up on the landscape for potential transactions. the first one just follows up on the landscape for potential transactions If we eliminate the billion-dollar range, what would you say most of your transaction range size-wise would be? if we eliminate the billion-dollar range what would you say most of your transaction range size-wise would be

Speaker 3: That's a great question, Tanya. What I will tell you is it ranges anything from, again, somewhere around $35 million all the way up to, you know, close to the billion. We're working on multiple transaction opportunities, and so I can't give you any more specificity than that. That's a great question, Tanya. that's a great question tanya What I will tell you is it ranges anything from, again, somewhere around $35 million all the way up to, you know, close to the billion. what i will tell you is it ranges anything from again somewhere around $35 million all the way up to you know close to the billion We're working on multiple transaction opportunities, and so I can't give you any more specificity than that. we're working on multiple transaction opportunities and so i can't give you any more specificity than that

Speaker 1: Okay. 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 screens and other? Okay. okay 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 screens and other? 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 screens and other

Speaker 3: Yes, you can assume that, Tanya, that whatever we provide in terms of financial instruments, the targets or the transaction size, you can assume is all instruments, yes. Yes, you can assume that, Tanya, that whatever we provide in terms of financial instruments, the targets or the transaction size, you can assume is all instruments, yes. yes you can assume that tanya that whatever we provide in terms of financial instruments the targets or the transaction size you can assume is all instruments yes

Speaker 1: Could I also assume that that could include corporate transactions in that billion-dollar range? Could I also assume that that could include corporate transactions in that billion-dollar range? could i also assume that that could include corporate transactions in that billion-dollar range

Speaker 3: The market's actually done a remarkable thing for all the royalty and streaming companies, which have all appreciated significantly. 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 Randgold-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. To answer your question, yes, corporate transactions are included in the range of dollars that we hope to deploy over the course of the next six to 12 months. The market's actually done a remarkable thing for all the royalty and streaming companies, which have all appreciated significantly. the market's actually done a remarkable thing for all the royalty and streaming companies which have all appreciated significantly I've always been very, very deliberate and open with yourself and others. i've always been very very deliberate and open with yourself and others Firstly, we're open for business. firstly we're open for business Secondly, there has been obviously an uptick if you think of the Randgold -Sandstorm transaction on just the interest and, let's say, chatter out there in the marketplace around corporate transactions. secondly there has been obviously an uptick if you think of the randgold -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. we continue to look at opportunities both corporately and through royalty and streaming transactions that would be accretive to our shareholders To answer your question, yes, corporate transactions are included in the range of dollars that we hope to deploy over the course of the next six to 12 months. to answer your question yes corporate transactions are included in the range of dollars that we hope to deploy over the course of the next six to 12 months

Speaker 1: Okay, that's helpful. Thank you. My second question is, I haven't seen any additional filings from Elliot. 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. Okay, that's helpful. okay that's helpful Thank you. thank you My second question is, I haven't seen any additional filings from Elliot. my second question is i haven't seen any additional filings from elliot Has there been any update to what was then announced in April? has there been any update to what was then announced in april I just haven't seen any further updates. i just haven't seen any further updates I'm just wondering if you have as well. i'm just wondering if you have as well

Speaker 3: It's a good question. The last public disclosure that we see is Elliot owns 2.2 million OR Royalties shares. I don't think until they actually publish something further, it would be appropriate for me to speculate beyond that. It's a good question. it's a good question The last public disclosure that we see is Elliot owns 2.2 million OR Royalties shares. the last public disclosure that we see is elliot owns 2.2 million or royalties shares I don't think until they actually publish something further, it would be appropriate for me to speculate beyond that. i don't think until they actually publish something further it would be appropriate for me to speculate beyond that

Speaker 1: 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. No, I didn't want you to speculate. no i didn't want you to speculate I just wanted to make sure that that's all that's out there. i just wanted to make sure that that's all that's out there I haven't seen anything else that I've missed. i haven't seen anything else that i've missed

Speaker 3: That's what we see as the last public disclosure, the 2.2 million shares. That's what we see as the last public disclosure, the 2.2 million shares. that's what we see as the last public disclosure the 2.2 million shares

Speaker 1: Okay, great. Thank you so much. Those are all my questions. Okay, great. okay great Thank you so much. thank you so much Those are all my questions. those are all my questions

Speaker 3: Thanks, Tanya. Thanks, Tanya. thanks tanya

Speaker 4: 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 at this time. there are no further questions at this time I will now turn the call over to Jason for closing remarks. i will now turn the call over to jason for closing remarks

Speaker 3: 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'd 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 you can enjoy the remainder of the summer. Thank you very much. Thank you, Joelle. 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'd be more than pleased to provide more information about the bright future for our company and its shareholders. 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'd 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 you can enjoy the remainder of the summer. with that we don't want to delay you any further knowing that we are one of the last companies to report and you can enjoy the remainder of the summer Thank you very much. thank you very much

Speaker 4: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Ladies and gentlemen, this concludes your conference call for today. ladies and gentlemen this concludes your conference call for today We thank you for participating and ask that you please disconnect your lines. we thank you for participating and ask that you please disconnect your lines