Q3 2024 Osisko Gold Royalties Ltd Earnings Call
Good afternoon, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q3 2024 Results Conference Call. After the presentation, we will conduct a question-and-answer session. If you would like to ask a question, please press star 1, followed by the 1 on your touchtone
Please note that this call is being recorded today, November 6, 2024 at 5 p.m. Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew.
Bonjour Mesdames et Messieurs, et bienvenue à l'appel conférence des résultats du troisième trimestre de l'année 2024 de redevances horrifiées au système limité. Après la présentation, nous procéderons à une séance de questions et réponses.
Si vous désirez poser une question, veuillez appuyer sur la touche étoile suivie du numéro 1. Veuillez prendre note que cet appel est enregistré aujourd'hui, le 6 novembre 2024, à 5 heures hors de l'heure. J'aimerais maintenant céder la parole à votre hôte, M. Jason Attew.
Merci Joël. Good evening everybody and thanks for being on today's call. I'm Jason Attew, President and CEO of Assisco Gold Royalties.
Jason Attew: 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.
Of particular note is that from Q4 2024 onwards, that Cisco will be making a change to its presentation currency.
that will also be reporting exclusively in U.S. dollars, but for today, please note the basis of presentation will be in Canadian dollars unless otherwise noted.
Jason Attew: I'm joined today on the call by Fred Durell, the company's VP Finance and Chief Financial Officer, as indicated on slide three, with some of my other colleagues also available as necessary.
When looking at a Cisco's third quarter and first nine months of 2024, we had a solid first three quarters as it relates to the gold equivalent ounces earned, cash margin, cash flows, as well as overall debt reduction.
especially when considering the loss of the Eagle Mine Royalty as a key contributor in late June of this year.
Cisco earned 18,408 gold equivalent ounces in the third quarter, which has us in a good position as of September 30th to achieve our previously published full year 2024 guidance of 77 to 83 thousand gold equivalent ounces.
Jason Attew: Cisco's operating cash flows for the period came in at an impressive 47.2 million at a cash margin of 96.3% during the period.
Jason Attew: More on a Cisco's cash margin in a couple of slides.
Jason Attew: We came true on our commitment to cement at least one more deal that meets our investment criteria in 2024. Over and above the Kaskabowl Gold Stream announced earlier this year, which we discussed in our second quarter results presentation.
This came in the form of the acquisition of a 1.8% gross revenue royalty on Spartan Resources' Dalgoranga Gold Project in Western Australia.
with the transaction expected to close in Q4.
This transaction is only subject to approval by Australia's Foreign Investment Review Board.
Jason Attew: With respect to our opportunity set, the company's pipeline continues to remain robust, with our corporate development team as busy as it's ever been.
Jason Attew: So while we might be running out of time to announce any more deals in calendar 2024, I would advise everyone to continue to watch this space over the next several months as we all head into the first half of 2025.
Jason Attew: Cisco ended the third quarter with $58.5 million in cash and net debt is now being reduced to just over $20 million after the company continued to pay down its revolving credit facility during the period.
Jason Attew: Over the past 12 months, the state of our balance sheet has improved tremendously.
Jason Attew: increasing to Cisco's financial flexibility to enable transactions on new accretive royalty and stream opportunities as they present themselves.
Jason Attew: With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.065 per share in Q3, marking its 40th consecutive dividend, with over $300 million returned to shareholders to date from these distributions.
Jason Attew: Subsequent to the quarter, Cisco's Board of Directors approved a Q4 dividend of six and a half cents per common share, payable on January 15th, 2025, to shareholders of record as of the close of business on December 31st, 2024.
Jason Attew: In addition, and you'll have seen this in our Q3 MD&A, we tried to be opportunistic by being active on our normal course issuer bid during the period.
Jason Attew: However, we are only able to repurchase a total of 26,000 shares during the quarter, or just under $600,000 prior to our share price making a step change higher.
Jason Attew: Moving on to the company's financial performance for Q3.
Jason Attew: The lower year-over-year revenue in Q3 2024 comes as a result of ASISCO having received just shy of 1,600 gold equivalent ounces on September 30th.
Canadian holiday, meaning that while these gold equivalent ounces were earned during the period, they were not sold and the associated revenue will be booked in Q4.
Jason Attew: Stronger commodity prices in Q3'24 versus Q3'23 were effectively offset by fewer geos this quarter versus the comparable quarter last year due to the suspension of the Eagle mine.
Jason Attew: Earnings of $0.10 per basic share for the period marked a year-over-year improvement compared to last year when the company took the full non-cash impairment and write-off associated with this diamond stream at Renard.
Jason Attew: Most importantly, Q3 2024 saw a year-over-year improvement in both cash flow per share at $0.25, as well as quarterly adjusted earnings of $0.15 per basic common share.
Jason Attew: Moving on to slide 6.
Jason Attew: I thought I would highlight a key metric which we frequently make reference to in our public disclosure because we think it's an important one, and one that sees a Cisco stand out amongst its peers, and that's cash margin.
Jason Attew: The Cisco's cash margin, as defined by deducting our cash cost of sales, excluding depletion from our revenues, was 96.3% for the third quarter and 97% year-to-date.
Jason Attew: This owes more to our company's royalty-heavy portfolio and makes Cisco the leader amongst our relevant peers on this metric.
Jason Attew: At ASISCO, we think margin matters.
Speaker Change: When it comes to cash margin, not all gold equivalent ounces are created equal.
Speaker Change: And in the case of a Cisco, we effectively capture more value per gold equivalent ounce delivered versus those delivered to our peers.
Speaker Change: with our company and its shareholders benefiting to the tune of about 97 cents of every dollar of revenue generated.
Speaker Change: During the third quarter of 2024, the company had 20 producing assets.
Speaker Change: Our geos earned come predominantly from Canada, and we derived over 91% of our geos from precious metals.
Speaker Change: Gold at just over 65% and silver at just over 26%.
Speaker Change: New this past quarter was our significant contribution of copper to the commodity mix, driven by our first of many deliveries from the CSA copper stream.
Speaker Change: Some comments on specific mine performances during the quarter before speaking about a couple of our more material assets in greater detail.
Speaker Change: Canadian Malartic had another solid quarter in Q3, albeit with a slight dip from the previous quarterly period.
Speaker Change: This mild difference was expected given Agnico's previously well-telegraphed planned downtime for scheduled maintenance, which took place during the third quarter.
Speaker Change: As we've experienced many times in the past, we're expecting our Cornerstone contributor to end 2024 on a strong note.
Speaker Change: At Capstone Copper's Mentos Blancos operation, Q3 production was lower year-over-year due to a combination of lower throughput, grades and recoveries, as well as some unplanned downtime during the period.
Speaker Change: Plant upgrades to sustainably reach 20,000 tons per day are now complete.
Speaker Change: despite a roughly two-month delay from Capstone's initial plan due to longer equipment lead times.
Speaker Change: Assuming Capstone continues to find success in pushing the plant throughput higher and keeping it at phase one expansion to not design levels, Asisco expects to see the benefit of the increased throughput at Mantos Blancos translate into growing silver deliveries starting at the beginning of 2025.
Speaker Change: I'll touch more on Mantos Blancos in just a little bit.
Speaker Change: Finally, in the top right, you'll see our commodity mix, which in Q3 was just over 26% silver.
Speaker Change: with the improvements expected in Mantos Blancos.
Speaker Change: Cisco's revenue derived directly from silver is expected to rise around 30% over the next few years.
Speaker Change: This is why the company was officially included in the sole active Global Silver Miners Total Return Index, effective as of November 1st.
Speaker Change: This index is tracked by the Global X Silver Miners ETF.
Speaker Change: where Cisco now holds a top five weighting.
Speaker Change: Moving to slide 8, and as I mentioned earlier, the number of currently producing assets in our portfolio stands at 20.
Speaker Change: Changes to the list include the recent removal of the Eagle mine, partially offset by recent additions of G-Mining Ventures' Tocantinzino mine in Brazil, which announced its first gold pour in early July, as well as Ignico Eagle's
Speaker Change: Akasaba West Satellite operation at its Gold X mine.
Speaker Change: On the latter, ASISCO received its first payment for Magnico in July, whereas on TZ, first payment from G-Mining is still expected this month based on a two-month lag associated with the quarterly royalty payments as structured in the contract.
Speaker Change: This current list of 20 assets also counts CSA as a single operating asset.
Speaker Change: However, as you all know, we have two instruments associated with this mine, a 100% silver stream in addition to a copper stream, with the copper stream having provided its first deliveries to Cisco in early July of this year.
Speaker Change: The next asset that we believe will be added to this list should be Nandini, with commissioning of the mine and mill expected this month, and potentially first gold poured before end of year.
Speaker Change: Moving on to slide 9.
Speaker Change: Our company continues to distinguish itself from the rest of its relevant peers as it relates to jurisdictional exposure.
Speaker Change: ISISCO is the leader when it comes to both NAV and GEOS earned from what we define as Tier 1 mining jurisdictions, which include Canada, the United States and Australia.
Speaker Change: Of note is that if we were to add Chile to that list of countries, we'd be at over 95%.
Speaker Change: This is why we think the now-stack acquisition of the Dal-Guranga gross revenue royalty on September 30th was very much on-brand for Osisko as not only does it
Speaker Change: Not only does the asset check the Tier 1 mining jurisdiction box, but the investment ticks all the important criteria of being a near-term, long-life gold asset.
Speaker Change: This brings me to slide 10.
Speaker Change: which provides some highlights related to our recent Dalgoranga 1.8% gross revenue royalty transaction.
Speaker Change: On September 30th, we purchased from Tembo Capital a production royalty for U.S. $44 million, along with an additional royalty for U.S. $6 million on a massive proximal expiration LANG package.
Speaker Change: which, for context, is about half the size of Rhode Island.
Speaker Change: As noted previously, this transaction is expected to close in Q4 of this year after a customary review and approval from Australia's Foreign Investment Review Board.
Speaker Change: Over the past 24 months, Spartan Resources has reimagined and retooled the planned approach to Dalgaranga, from an open-pit bulk tonnage operation to a high-grade underground concept.
Speaker Change: With all the necessary permits for the processing infrastructure already on site.
Speaker Change: Spartan moved rapidly to unlock the potential of the significant discovery.
Speaker Change: and the discovery of the high-grade underground pepper deposit quickly followed suit.
Speaker Change: The project now comprises of a current JORC-compliant mineral resource estimate that includes a high-grade resource of 1.9 million ounces at 8.7 grams per ton.
Speaker Change: We see parallels to the early innings of Alamosa's Island gold mine with this asset.
Speaker Change: As noted previously, this is a straight-down-the-fairway transaction for Cisco, given it is an asset that checks all our boxes in terms of near-term GOs, near-term cash flow generation, a top-tier mining jurisdiction, management quality, and significant expiration upside.
Speaker Change: We are expecting the key catalysts from Dalgoranga in the second quarter of calendar 2025, whereby Spartan has indicated they plan to release a Maiden Reserve Estimate and Project Feasibility Study.
Speaker Change: This information is likely to coincide with a final investment decision, which could see Dalgaranga restart mining and milling operations as early as late 2026.
Speaker Change: We see this exciting project fitting comfortably within our five-year outlook when we update our outlook out to 2029 in February of next year, with Dalgoranga potentially contributing well over 2,500 gold equivalent ounces annually to Osisko over the life of mine.
Speaker Change: Finally, with over 95 kilometres of drilling planned for Spartan's financial year 2025, we also expect that the project will continue to grow in scale.
Speaker Change: Switching gears to slide 11 and focusing on our cornerstone asset, the Canadian Malartic Complex, was front and centre in Agnico Eagle's impressive Q3 2024 results announced last week.
Speaker Change: As noted, production was a tad lighter quarter-over-quarter, but this was expected, and our partner remains well on track to achieve production guidance for Malartic this year.
Speaker Change: Perhaps even more exciting were the headline drill results from the shallower parts of the East Gouldie deposit on which a Cisco has a 5% NSR.
Speaker Change: Agnico specifically noted in their release.
Speaker Change: that and I quote, continued conversion drilling success in this area would confirm the potential to add mineral reserves that could provide additional production for the operation that would require modest additional lateral development considering the area's proximity to the existing ramp infrastructure.
Speaker Change: Moving to slide 12.
Speaker Change: Underground development at Odyssey progressed well in Q3, as ramp development continued to progress on schedule, and as of September 30, 2024, the main ramp had reached a depth of 873 meters.
Speaker Change: Recall that IGNICO continues to study the potential to accelerate the first first underground production from East Gouldie into 2026 from 2027 previously.
Speaker Change: As the ramp progress remains ahead of schedule.
Speaker Change: or nearly 150,000 meters during the first nine months of 2024.
Speaker Change: with up to 11 underground drill rigs and 13 surface drill rigs in operation, primarily targeting the East Gouldie and the various Odyssey deposits.
Speaker Change: Francisco would also like to congratulate members of Inigo Eagle's Canadian Malartic Exploration Team as it was announced yesterday that they were selected to be the recipients of the PDAC 2025 Bill Dennis Award for their extraordinary discovery of the East Gouldie Gold Deposit.
Speaker Change: This discovery, made in 2018, represents a major milestone in Canadian mineral exploration due to its size, geological significance, and economic value.
Speaker Change: The exploration team's perseverance, technical expertise, and commitment to innovation have been central to the success of this discovery.
Cisco: Consequently, Cisco couldn't think of a more deserving group for this award.
Speaker Change: On to slide 13, which touches on Capstone Copper's Mentos Blancos mine, our second most important contributor.
Speaker Change: We're excited to say that things there finally appear to be turning the corner.
Speaker Change: In July, a successful two-week planned shutdown was completed, which included the installation of a new holding tank and additional pumps in the tailings area.
Speaker Change: These investments addressed deficiencies identified preventing the sustained achievement of the 20,000 ton per day throughput capacity from the sulfide operations.
Speaker Change: Following the plant ramp-up period in August, ore throughput averaged 18,062 tonnes per day through to the end of Q3, with plant throughput meeting or exceeding the nameplate capacity of 20,000 tonnes per day on 23 operating days.
Speaker Change: The overall variability of the milling process has been significantly reduced.
Speaker Change: And if you listen to management on their Q3 results presentation, higher throughput is expected in Q4.
Speaker Change: Given our two-month delivery lag on the stream, our year-end at Mantos Blancos effectively ended last week on October 31st.
Speaker Change: But this is very directionally good news as it bodes well for Cisco as we head into 2025.
Speaker Change: with improvements at Mentos Blancos expected to be the key year-over-year gold equivalent ounce growth driver for our Cisco.
Speaker Change: Additionally, we are looking forward to a potential phase 2 expansion at Mantos Blancos over the next few years, with a feasibility study on this expected from our partner late next year.
Speaker Change: Moving to slide 14.
Speaker Change: And after a solid Q3 2024, Cisco is on track to meet its 2024 Gold Equivalent Ounce Delivery Guidance Range of 77 to 83 Gold Equivalent Ounces.
Speaker Change: which was revised last quarter after the suspension and subsequent full write-down of EGLE.
Speaker Change: I also just want to quickly flag Nandimi on the slide. The mine and the mill are expected to be commissioned by operator Cardinal Nandimi at some point during this month.
Speaker Change: with the potential for first gold before the end of the year.
Speaker Change: Based on previously published technical studies, which we understand still underpin the expected mine plan.
Speaker Change: The grade profile at the mine sees higher grades up front in the first few years.
Speaker Change: With a 15-year life of mine, we also expect Nandini will be a meaningful contributor to ASISCO for many years to come.
Speaker Change: Our investee companies continue to make great strides in de-risking their assets that will accrue to our shareholders.
Speaker Change: Highlights of some of these efforts are provided on slide 15.
Speaker Change: If there is one we haven't really discussed and one that I would like to highlight today, it would be Oceana Gold's WKP, which in early October was approved under the New Zealand's government new fast-track approvals bill.
Speaker Change: We're expecting to find out more about Oceania Gold's plans for the Wahi North WKP project.
Speaker Change: before the end of the year as the results of project pre-feasibility study are expected this quarter.
Speaker Change: and Cisco owns a 2% NSR royalty on WKP.
Speaker Change: Finally, we'll end the formal part of the presentation on slide 16, which outlines the current state of a Sysco's balance sheet.
Speaker Change: At quarter end, we had a total debt of just over $80 million, a net debt of only $22 million.
Speaker Change: This compares to net debt of just under $250 million in the comparative quarter of 2023.
Speaker Change: As responsible capital allocators, we have focused on using our cash flow from operating activities to pay down a revolving debt facility.
Speaker Change: Year-to-date, these repayments amount to over $115 million.
Speaker Change: During the quarter, Cisco Bermuda Ltd. also made a U.S. 10 million dollar payment to SolGold as their first installment under the Gold Stream Agreement to further advance the Casco Val project in Ecuador.
Speaker Change: As we are now in the fourth quarter, it is also worth recalling that we are expecting to pay Tambo US $50 million during this current period once the Dalgoranga transaction closes.
Speaker Change: Assuming no new transactions are announced by a Cisco or any of its subsidiaries between now and year-end, the company should be in a net cash position by early 2025.
Speaker Change: This is important as Cisco's corporate development team continues to be active.
Speaker Change: with the hope of getting more deals across the line over the next several months.
Speaker Change: Our much-improved balance sheet provides the company with the financial capacity and flexibility to continue its strategy of disciplined allocation in the pursuit of high-quality, accretive precious metal streams and royalties that will bolster the company's current and near-term gold-equivalent ounce deliveries.
Speaker Change: as well as cash flows, all of which should accrue to our shareholders' benefit.
Speaker Change: Lastly, on behalf of all the employees and board of ASISCO, we'd like to thank Rob Kritchmaroff for his valuable guidance and advice over the past two years as he moves on to take the helm at Hekla Mining.
Speaker Change: And with that, I'd like to thank everyone for listening today. We'll now open the line for questions, including those from the webcast.
Speaker Change: If we don't get to all the questions on the line, we'll make sure to respond offline to those that aren't covered on the webcast.
Speaker Change: Operator.
Speaker Change: 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.
Speaker Change: If you are using a speakerphone, please lift the handset before pressing any keys.
Speaker Change: Your first question comes from Ralph Profit with a capital. Your line is now open.
Ralph Profit: Thanks operator. Good afternoon. Jason, I wanted to ask a question on the Dalgoranga production profile.
Speaker Change: specifically a reference to two and a half thousand ounces.
Speaker Change: annually, which I believe was a life-of-mine estimate. When we get into that high grade core in those early years, do you have a sort of a more of a near-term profile? If you look at
Speaker Change: potential diluted grades. I mean, my numbers come almost double that in the first few years. Just wondering if that is sort of a, you know, a rational assumption. And then just to follow up, if we're not going to get a mine plan until the second quarter of 2025, do you anticipate still including it in your next guidance update or will you wait?
Speaker Change: Thank you, Ralph, for your question, and you noted the most important thing with respect to disclosure.
Speaker Change: from Spark Resources. We will not see publicly the feasibility study as I mentioned into 2025, so it's really difficult for us to comment on a mine plan that hasn't been developed. However, I will pass the microphone over to Guy, who's very familiar with
Speaker Change: Again, that investment and was one of the bigger advocates here at ASISCO of us pursuing and transacting on that. So, Guy, please.
Guy: Yeah, Ralph, you correctly pointed out that the grade, they have potential to hit high grade earlier in the life of mine.
Speaker Change: Are we trying to be a little bit conservative?
Speaker Change: With respect to how those ounces are going through that plant, but there's also a buy-down provision and we don't know what's going to happen with that piece as well.
Speaker Change: Okay, all right, fair enough.
Speaker Change: Sorry, Ralph. The other point is that the mill allows for 2.5 million tons per year. However, the company has sort of been communicating that they'll be using a portion of that, at least in the initial life of mine.
Speaker Change: And with respect to your question on the five-year outlook, yes, in February of next year we will be providing five-year outlook and you can expect that there'll be some inclusion of Dalgoranga within our five-year outlook.
Ralph Profit: Okay, thanks for that clarity. And I apologize if I missed this on Nandini.
Speaker Change: expecting first revenue.
Speaker Change: including sort of that one to two month lag that you know first gold is the first gold is poured in towards the end of the year we may not see those first revenues until say Q1 or Q2 of 25
Jason Attew: I think that's a very good assumption and yes so yes Ralph I think that's what we're expecting here Q1 2025 if again they pour first gold by the end of this year
Ralph Profit: Okay. Thanks, Jason. Thanks, Keith.
Jason Attew: Thanks, Ralph.
Speaker Change: Your next question comes from Carrie Smith with Haywood Security.
Speaker Change: Your line is now open.
Carrie Smith: Thanks, Dr. Bader. Jason, would the plan be for Doggeranga, when it closes, I guess you would just draw down on your facility. Is that the plan in the short term at least?
Speaker Change: Yes, that's exactly right, Gary. Again, it's 50 million US dollars that will be coming out. We expect it's going to be coming out in Q4 of this year. It is subject, as I mentioned, to the FIRB approval in Australia.
Speaker Change: for years, or sorry, per quarter, especially at these elevated gold prices, so we'll quickly pay that down based on our operating cash flow.
Speaker Change: right okay okay that's great and then as you mentioned you're going to switch over
Speaker Change: And with a large proportion of your revenues coming from Canada, would you think about doing any currency hedging then? I mean, I know you wouldn't hedge the commodity, but might you hedge some of the exchange exposure?
Speaker Change: Look, that's a really good question.
Speaker Change: You know, look, it's a good question, Kerry, and given
Speaker Change: Again, we consider any sort of hedging, FX, others, is...
Speaker Change: effectively a risk management exercise. If we see that there's a discrepancy, for example, today there was obviously a very strong reaction and a very positive reaction to the US dollar, whether that's we believe that's sustainable or not, go forward. We again will get together as a team and potentially put on
Speaker Change: Some US dollar hedges, but it won't be, you know, won't be material and it's really as a risk management exercise as opposed to any sort of speculation on currency.
Speaker Change: Gotcha. Okay. Okay. Thank you very much.
Speaker Change: Thanks, Gary.
Speaker Change: Ladies and gentlemen, as a reminder should you have a question please press star 1. Your next question comes from Tanya Jakoffen with Scotiabank. Your line is now open.
Tanya Jakoffen: Great, good evening. I think that's me. I just wanted to ask on the transaction environment and I know Jason you mentioned it's really busy and maybe you don't get another one in this year but watch out in the first half of next year. Can you just comment on what you're seeing out there still? Is it in that 50 to 300 million range?
Speaker Change: put different parameters on your transactions. Like we saw one of your competitors have to put collars in for the transaction they did. So I'm just kind of wondering what the structure is looking like. Has that been changing for you as well?
Speaker Change: Thanks, Tanya. Really good question. So, as I said, the opportunity set is very, very robust.
Speaker Change: So it really will depend case by case and first and foremost we look at acid quality.
Speaker Change: and and and so yes there's been a number of transactions that we've obviously seen you know one of our one of our senior peers transact at it was
Speaker Change: or our potential operating partners as possible. But it really comes back to the asset quality. If we think the asset quality is very good, and if we think the management quality is very good,
Speaker Change: and a jurisdiction that we're comfortable will be as bespoke as we can to be competitive around ensuring that, again, we're disciplined with our capital deployment.
Speaker Change: And so you're seeing in the marketplace that everybody has to, it is competitive, but everybody's having to be, again, providing that bespoke solution to some of the operating partners out there.
Speaker Change: So, would that be, should I conclude from that, that you would be open to equity and debt?
Speaker Change: etc. and callers if you, you know, if the opportunity was great and you had to provide that.
Speaker Change: Look, for the right asset, and the team got excited and knew we were going to actually provide very good returns to our equity holders, yes, I think everything is on the table in terms of what you've seen historically.
Speaker Change: Okay and with most of the opportunities you're seeing still be in the development phase or are we seeing any that is more in the production phase?
Speaker Change: We're seeing, I would say, we're seeing a lot in the cash flow development stage. Sorry, the cash flowing stage more so. And a lot of it has to do with, obviously, there's a lot of activity in our sector right now. So we're across a number of companies assisting them with acquisition finance.
Speaker Change: And so those acquisition finance, they're all cash-flowing opportunities at this stage. There are also some high-quality development assets that...
Speaker Change: and hopefully a significant positive accretive impact in the next five years.
Speaker Change: Okay, and did I hear correctly that
Speaker Change: You will be changing your reporting currency to U.S. dollars from Canadian dollars starting in 2025.
Speaker Change: That's correct.
Speaker Change: Okay, so 2-4 will still be Canadian, but starting with 2-1 it would be all USC.
Speaker Change: Q4 will be U.S. dollars and then into 2025 it will all be U.S. dollars.
Speaker Change: Okay, so Q4 and going forward. Okay, that's great. Thank you for the clarity on that.
Speaker Change: There are no further questions at this time. I will now turn the call over to Jason for closing remarks.
Jason Attew: Look, thank you very much for everyone participating in this evening. As I said, we had a very solid quarter at Sisco Gold Royalties, and we look forward to coming back and another solid quarter in Q4. So thank you for your time. Thank you for your support. And if there are any further questions, you know how to get to us. Thank you.
Speaker Change: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.
Speaker Change: Thanks for watching, everyone!
Speaker Change: Thanks for watching!
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