Q1 2025 Osisko Gold Royalties Ltd Earnings Call

Operator: Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2025 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 followed by the one on your telephone keypad.

Good morning, ladies and gentlemen, and welcome to the gifts Cisco Gold royalties Q1, 'twenty twenty-five 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 followed by the one on your telephone keypad.

Operator: Please note that this call is being recorded today, May 8, 2025, at 10 a.m. Eastern Time.

Please note that this call is being recorded Tuesday may.

820, 25 of 10, a M eastern time.

Jason Attew: I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew. Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2025 Results Conference Call. After the presentation, we will conduct a question and answer session.

Speaker Change: Now I'd like to turn the meeting over to our host for today's call. Mr. Jason that you well show me that maybe the shape you have in your and I pick off at all.

Mike Ducker: Pardon me Mr. Vivek, It's Mike Ducker also cause Josh Co Ltd.

Mike Ducker: It's not that show you pause that I sat down and sales that gets totally false.

Operator: Si vous désirez poser une question, veuillez appuyer sur la touche étoile suivie du numéro 1. Please note that this call is being recorded today, May 8, 2025, at 10 p.m. Eastern Time.

Mike Ducker: People, who does it ripples in cats, so, but yeah, Felicia, let Josh it's why she gets in the megawatt.

Mike Ducker: So you probably notice that that better than I thought I would just say well shall cheating a bit neither a it's like a czar all the neste, Germany now so they're not back one.

Operator: J'aimerais maintenant céder la parole à votre hôte, M. Jason Attew.

Mike Ducker: What's the old unless you Jason that you.

Joelle: L C joelle.

Jason Attew: Good day to everyone, and thanks for your attention this morning. As we know, it's a busy reporting week. Procedurally, I'll run through the presentation and then we will open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation, from which actual results may differ.

Joelle: Good day to everyone and thanks for your attention. This morning, as we know it's a busy reporting week.

Joelle: Procedurally I'll run through the presentation and then we will open up the line for questions for those participating online via the webcast you can submit your questions in advance through the webcast platform.

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

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

Jason Attew: And as a reminder, as of Q4 2024 onwards, Cisco has made a key change to its presentation currency, which is now strictly in US dollars, unless we otherwise note.

Joelle: And as a reminder, as of Q4 'twenty 'twenty four onwards, Cisco has made a key change to its presentation currency, which is now strictly in U S dollars unless otherwise noted.

Jason Attew: I am joined on the call today by Frdric Ruel, the company's Vice President of Finance and Chief Financial Officer, as well as Heather Taylor, our VP of Sustainability and Communications, as well as my other colleagues, as indicated on slide 3. When looking at Osisko's first quarter of 2025, we've had a solid start as it relates to gold equivalent ounces earned, cash margin, cash flows, as well as overall debt reduction. Osisko earned 19,014 geos in the first quarter, which puts us on track to achieve our previously published full year 2025 geo delivery guidance range of 80,000 to 88,000 gold equivalent ounces.

Joelle: I'm joined on the call today by Frederic Ruelle, the company's Vice President Finance, and Chief Financial Officer, as well as Heather Taylor Our V P sustainability communications.

Joelle: As well as my other colleagues as indicated on slide three.

Joelle: When looking at Cisco as the first quarter of 2025, we had a solid start as it relates to gold equivalent ounces earned cash margin cash flows as well as overall debt reduction.

Joelle: Cisco earned 19014 Geos in the first quarter, which puts us on track to achieve our previously published full year 2025 G O delivery guidance range of 80000 to 88000 gold equivalent ounces.

Jason Attew: Recall that we had being very explicit about the fact that due to sequencing in some of our major producing assets including the Malartic and Mantos Blancos, the first quarter was always expected to be our weakest of the year, with sequential quarter over quarter improvements in aggregate geo deliveries expected for the rest of the year. Osisko's operating cash flows for the period came in at an impressive $46.1 million at a cash margin of 97.1% during the period.

Joelle: Recall that we had been.

Joelle: I mean very explicit about the fact that due to sequencing some of our major producing assets, including the mill Arctic and mantles Blancos. The first quarter was always expected to be our weakest of the year.

Joelle: With sequential quarter over quarter improvements in aggregate G O deliveries expected for the rest of the year.

Joelle: This is because operating cash flows for the period came in at an impressive $46 1 million and a cash margin of 97, 1% during the period.

Jason Attew: And while our corporate development team remains busier than ever, and in some cases on some really sizable transactions, we didn't announce anything major during the period. However, we did complete a handful of smaller transactions, which we believe, over the course of time, will be viewed as astute transactions with operating partners we know and trust. Osisko ended the first quarter with $63.1 million in cash and net debt is now being reduced to just over $10 million after the company continued to pay down its revolving credit facility during the period.

Joelle: And while our corporate development team remains busier than ever and in some cases on some really sizable transactions, we didn't announce anything major during the period. However, we did complete a handful of smaller transactions, which we believe over the course of time will be viewed as astute transactions with opera.

Joelle: Waiting partners, we know and trust.

Joelle: The Cisco ended the first quarter was $63 1 million in cash and net debt has now been reduced to just over 10 million. After the company continue to pay down its revolving credit facility during the period.

Jason Attew: With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of Canadian $0.065 per share in the first quarter, making its 42nd consecutive dividend with over Canadian $328 million return to shareholders to date from these historic distributions. Subsequent to quarter end, Osisko's Board of Directors approved a 20% increase to the base quarterly dividend to U.S. $5.5 per common share. payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025. The change to U.S. dollar-based dividend is consistent with the company's recent change in its presentation currency.

Joelle: With respect to our ongoing commitment to return capital to shareholders. The company declared and paid its quarterly dividend of Canadian six and a half cents per share in the first quarter.

Joelle: Making its 42nd consecutive dividend with over Canadian $328 million returned to shareholders to date from these historic distributions.

Joelle: Subsequent to quarter end Cisco's board of directors approved a 20% increase to the base quarterly dividend to U S dollar five and a half cents per common share.

Joelle: Payable on July 15th 2025 to shareholders of record as of the close of business on June 30th 2025.

Joelle: The change to U S. Dollar based dividend is consistent with the company's recent change in its presentation currency.

Jason Attew: The dividend increase itself is a testament of the confidence we have in the consistency, predictability, and the anticipated growth of current and future cash flows underpinning our business.

Joelle: The dividend increase itself is a testament of the confidence we have in the consistency predictability and the anticipated growth current and future cash flows underpinning our business.

Heather Taylor: Finally, as some of you know, in mid-April, Osisko published its fifth edition of its Sustainability Report, Growing Responsibly, and I'd like to bring on Heather Taylor, our VP of Sustainability and Communications, to talk to some of the details associated with this key achievement in more detail. Thank you, Jason. As Jason mentioned, following the end of the first quarter, there was a significant increase Osisko released the fifth edition of our annual sustainability report, Growing Responsibly. This latest edition reaffirms our focus on transparency and the ongoing evolution of our sustainability approach. is informed by GRI, SASB, and IFRS Climate Related Disclosure Services.

Speaker Change: Finally, as some of you know in mid April Cisco published his fifth edition of our sustainability report growing responsibly and they'd like to bring on Heather Taylor Our V. P of sustainability and communications to talk to some of the details associated with this key achievements in more detail now there.

Joelle: Yes.

Joelle: <unk>.

Joelle: The end of the first quarter of Cisco released the first edition of our annual sustainability report growing responsibly.

Joelle: This latest addition, reaffirms our focus on transparency and the ongoing evolution of our sustainability approach and effort.

Joelle: It is informed by D. R I b and ifr at climate related disclosure standards.

Heather Taylor: This year we made meaningful progress across all pillars of ESG, including some of the following key highlights. On the environmental front, we implemented our 2024 to 2027 climate strategy and completed our first CDP climate disclosure in the small-medium enterprise category. We also took action to offset emissions linked to our offices and employee travel by purchasing and retiring verified carbon credit. On the social side, we contributed over $360,000 to community initiatives, introduced a donation matching program for employees, and earned our certification as a great place to work. And in governance, we took a closer look at what matters most to our state.

Joelle: This year, we made meaningful progress across all pillars of ESG, including some of the following key highlights.

Joelle: On the environmental front, we implemented our 'twenty 'twenty four to 2020 seven climate strategy and completed our first CDP climate disclosure in the small medium enterprise category.

Joelle: We also took action to offset emissions linked to our offices and employee travel by purchasing and retiring verified carbon credits.

Joelle: On the social side, we contributed over $360000 to community initiatives introduced a donation matching program for employees and earned our certification as a great place to work.

Joelle: And in governance, we took a closer look at what matters most to our stakeholders by refreshing our materiality assessment in adopting a double materiality approach.

Heather Taylor: by refreshing our materiality assessment and adopting a double materiality approach inspired by the evolving European CSRD framework. We embedded ESG-related considerations formally into advanced stage due diligence and maintained leading positions with ESG rating agencies. Double A from MSCI, Prime from ISS, and Industry and Regional Top Rated by Sustainability. As always, our aim is to ensure long term value creation goes hand in hand with strong governance. community support, and environmental stewardship.

Joelle: Inspired by the evolving European C. S Rd framework.

Joelle: Embedded ESG related considerations formally into advanced stage, due diligence and maintained leading positions with ESG rating agencies.

Joelle: I believe from MSCI prime from ISS in industry and regional top rated by sustained Olympics.

Joelle: As always our aim is to ensure long term value creation goes hand in hand with strong governance commute.

Joelle: Community support and environmental stewardship.

Heather Taylor: I encourage you all to take a look through the report, which is available on our website. Please don't hesitate to reach out if you would like to discuss any of the covered aspects in greater detail.

Joelle: I encourage you all to take a luxury without ever report, which is available on our website. Please don't hesitate to reach out if you would like to discuss any of the covered aspects in greater detail.

Jason Attew: And with that, I'll pass it back to Jason. Thanks so much, Heather. Now moving on to the company's financial performance for quarter one. Quarterly revenues of $54.9 million tracked higher versus the same period last year, largely thanks to increased commodity prices. Earnings of $0.14 per basic common share for the period also marked a significant year-over-year improvement. Most importantly, Q1 2025 saw a year-over-year improvement in both cash flow per share at $0.25 versus $0.20 in Q1 last year, as well as quarterly adjusted earnings of $0.16 per basic common share, again versus $0.12 in Q1 of 2024.

Jason: And with that I'll pass it back to Jason.

Jason: Thanks, so much Heather.

Jason: Now moving onto the company's financial performance for quarter one.

Jason: Quarter with quarterly revenues of $54 9 million tracked higher versus the same period last year, largely thanks to increased commodity complex or comes increased commodity prices.

Jason: Earnings of 14 cents per basic common share for the period also marked a significant year over year improvement.

Jason: Most importantly, Q1 2025 saw a year over year improvement in both cash flow per share at 25 cents versus <unk> 20 in Q1 last year as well as quarterly adjusted earnings of 16 cents per basic common share again versus 12 cents in Q1 of 2024.

Jason Attew: During the first quarter of 2025, our GOs earned came predominantly from Canada and we derived over 93% of our gold equivalent ounces from precious metals. Gold at just under 67% and silver at just over 26%. The balance came from copper and almost entirely associated with Osisko's copper stream at Mack Copper's CSA mine.

Jason: During the first quarter of 2025, our Geos earned came predominantly from Canada, and we derived over 93% of our gold equivalent ounces from precious metals.

Jason: All in just under 67% and silver at just over 26%.

Jason: The balance came from copper and almost entirely associated with the Cisco is copper stream at Mac copper CSA mine.

Jason Attew: Some comments on specific mine performances during the quarter before speaking about a couple of more material assets in greater detail. Canadian Malartic had a very good quarter, especially when considering the asset outperformed versus our own internal forecast, given the work on site associated with in-pit tailings disposal was completed faster than anticipated. That said, Canadian Mark Malartic's first quarter is still expected to be the weakest quarter of the year, as telegraphed previously by our operating partner Ignico Eagle. At Capstone Copper's Mantos Blancos operation, Q1 production was slightly lower year-over-year, largely due to lower silver grades at the front of the year.

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

Jason: Canadian melodic had a very good quarter, especially when considering the asset outperformed versus our own internal forecast given the work on site associated with in pit tailings disposal was completed faster than anticipated.

Jason: That said Canadian Mark melodic first quarter is still expected to be the weakest quarter of the year as.

Speaker Change: As telegraphed previously by operating partner Agnico Eagle.

Speaker Change: At Capstone Koppers, Mentos Blancos operation Q1 production was slightly lower year over year.

Speaker Change: Largely due to.

Speaker Change: Lower silver grades at the front of the year.

Jason Attew: as we previously flagged on our previous conference call in mid-February. We are once again pleased to report that the throughput levels remained at nameplate capacity of 20,000 tonnes per day. and that the anticipation is now that the silver grades trend back upwards for the remainder of the year. Finally, the handover at Newmont to Dilmar at Eleanor has been quite seamless, at least as it relates to Osisko's gold equivalent ounces earned in Q1 2025, which actually saw a bump over the same period last year. Congratulations to Dilmar on his acquisition and we very much look forward to working along with them as a partner in the James Bay region and at Eleanor for many more years to come.

Speaker Change: As we've previously flagged on our previous conference call in mid February.

Speaker Change: We were once again pleased to report that the throughput levels remained at named by nameplate capacity of 20000 tonnes per day.

Speaker Change: And that the anticipation is now that the silver grades trend back upwards for the remainder of the year.

Finally, the handover at Newmont to del Mar at Eleonore.

Speaker Change: It has been quite seamless at least as it relates to a cisco's gold equivalent ounces earned in Q1, 2025, which actually saw a bump over the same period last year.

Speaker Change: Gratulation to Delmarva and his acquisition and we very much look forward to working along with them as a partner in the James being region and at Eleonore for many more years to come.

Jason Attew: Moving to slide 8. And as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22.

Speaker Change: Moving to slide eight.

Speaker Change: And as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22.

Jason Attew: Diving a little bit deeper into that number, we are happy to announce that subsequent to quarter end, Osisko received its first royalty payment from Talisker Resources, with mining now having commenced at Rahlorn, over which Osisko has a 1.7% NSR royalty. Further to this, and touching briefly on Nandimi, the asset is currently in what the controlling parent Shengdengold defines as trial production, ahead of the ramp-up to steady state later this year. As we previously noted, and based on the current trajectory of the asset, Osisko still expects to start receiving its first meaningful royalty payments from the asset in the second half of this year.

Speaker Change: Diving, a little bit deeper into that number we're happy to announce that subsequent to quarter end Cisco received its first royalty payment from telescope resources with mining now having commenced at bralorne.

Speaker Change: Over which a Cisco has a 1.7% MSR royalty.

Speaker Change: Further to this and touching briefly on N. D me the asset is currently and what the controlling parent Chengde Ingold defines as trial production.

Speaker Change: Ahead of the ramp up to steady state later this year as.

Speaker Change: As we previously noted and based on the current trajectory of the asset a Cisco still expects to start receiving its first meaningful royalty payments from the asset in the second half of this year.

Jason Attew: Moving to slide nine, our company continues to distinguish itself from the rest of its relevant peers in two key areas. first as it relates to jurisdictional exposure. And second, Osisko's peer-leading cash margin. Starting with the former, just a friendly reminder that Osisko is the leader when it comes to both NAV and GOs earned from what we define as Tier 1 mining jurisdictions. which include Canada, the United States, and Australia. Moving to the latter, Osisko shareholders can remain confident that the company's exposure to current high precious metal prices provides them with both transparent leverage as well as potential downside protection.

Speaker Change: Moving to slide nine our company continues to distinguish itself from the rest of his relevant peers in two key areas.

Speaker Change: First as it relates to jurisdictional exposure.

Speaker Change: And second Cisco is purely the cash margin.

Speaker Change: Starting with the former <unk>.

Speaker Change: Just a friendly reminder, that Cisco is the leader when it comes to both an EV and Geos earned from what we define as tier one mining jurisdictions, which include Canada, United States and Australia.

Speaker Change: Moving to the ladder Cisco shareholders can remain confident that the company's exposure.

Speaker Change: The current high precious metal prices provides them with both transparent led leverage as well as potential downside protection.

Jason Attew: Switching gears to slide 10, and focusing on our cornerstone asset, the Canadian Malartic Complex was a key source of news in Ignico Eagle's Q1 2025 results. announced a couple of weeks ago. As it relates to operations during the period, gold production was solid with higher grade source from the Barnett pit. partially offset by a lower volume of tons milled. As previously noted, in-pit tailings deposition resumed in March of 2025 and is expected to ramp up in its design capacity. to its design capacity in the second quarter of this year. As such, this work is no longer expected to serve as any kind of impediment to production for the remainder of 2025.

Speaker Change: Switching gears to slide 10.

Speaker Change: And focusing on our cornerstone asset the Canadian Mill Arctic complex was a key source of news and Agnico Eagle's Q1, 2025 results announced a couple of weeks ago.

Speaker Change: As it relates to operations during the period gold production was solid with higher grades sourced from the Barnett pit were partially offset by a lower volume of tonnes milled as.

Speaker Change: As previously noted in pit tailings deposition resumed in March this DARPA of 2025 and is expected to ramp up and its design capacity.

Speaker Change: Two its design capacity in the second quarter this year as.

Speaker Change: As such this work is no longer expected to serve as any kind of impediment to production for the remainder of 2025.

Jason Attew: On the development front in the first quarter of 2025, ramp development reached the bottom of the first mining horizon at East Gouldie. Evacuation of the mid-shaft loading station between levels 102 and 114 commenced, and the temporary service hoist was commissioned. Both the ramp and the shaft remain on schedule. Exploration drilling continued to extend the East Gouldie deposit to the east and extend the newly discovered subparallel eclipse zone.

Speaker Change: On the development front in the first quarter of 2025 ramp development reached the bottom of the first mining mining horizon in east Gulli evacuation of the mid shaft loading station between levels 102, and $1 14 commenced and the temporary service hoist was commissioned.

Speaker Change: Both the ramp and the shaft remain on schedule.

Exploration drilling continued to extend the east Goldie deposit to the east and extend the newly discovered sub apparel eclipse soon.

Jason Attew: IGNICO also completed the acquisition of O3 Mining in the first quarter. Additional funding of $5.5 million has been allocated for a first phase of exploration in 2025 that will include 24,000 meters of drilling at the Marvin Deposit, over which Osisko has a patchwork of NSR royalties. and which is located immediately northeast of the Canadian Malartic property.

Speaker Change: <unk> also completed the acquisition of O three mining in the first quarter.

Speaker Change: Additional funding of $5 $5 million has been allocated for first phase of exploration in 2025 that will include 24000 meters of drilling at the Marvin deposit over which Cisco has a patchwork of MSR royalties and which is located immediately north east of the Canadian Mill Arctic property.

Jason Attew: Moving to slide 11, it's worth reminding everybody that in recent public forums, IGNICO continues to be vocal about the potential for a future second shaft at Odyssey Underground. which would serve as the key component to being able to drive eventual annual production from the complex to one million ounces. At the same time, it is our understanding that as exploration and engineering work remains ongoing to eventually achieve these goals, it is likely that the next major update on these two fronts will come in the second half of 2026. In the meantime, we'll all continue to watch in amazement as the underground...

Speaker Change: Moving to slide 11, it's worth reminding everybody that in recent public forms agnico continues to be vocal about the potential for future second shaft at Odyssey utter underground.

Speaker Change: Which would serve as the key component to being able to drive eventual annual production from the complex to 1 million ounces.

Speaker Change: At the same time it is our understanding that is exploration and engineering work remains ongoing to eventually achieve these goals. It is likely that the next major update on these two fronts will come in the second half of 2026.

Speaker Change: In the meantime, we'll all continue to watch in amazement as the underground and.

Jason Attew: and notably East Gouldie continues to expand inside.

Speaker Change: And notably East Gulli continues to expand in size.

Speaker Change: Yeah.

Jason Attew: On to slide 12, which touches on Dalgoranga, a high-grade underground gold asset for which Osisko acquired a 1.8% gross revenue royalty towards the end of last year.

Speaker Change: Onto slide 12, which touches on Delek Ranga a high grade underground gold asset for which Cisco acquired a one 8% gross revenue royalty towards the end of last year.

Jason Attew: On March 17, Spartan Resources, along with Remelius Resources, a mid-tier Australian-listed Western Australian gold producer, announced that the two companies had entered into a binding transaction implementation deed, under which it was proposed that Remelius will acquire all of the issued ordinary shares of Spartan that it did not already own. As you can see on the slide, this is a smart combination of complementary and proximate assets. with significant work already undertaken to optimize the synergies between Remelius's magnet mine and its operating checkers mill. and Spartans, De La Garanga, and Yalgu Project. The scheme of arrangement is expected to close in July of this year.

Speaker Change: On March 17th Spartan resources, along with Vermilions resources, a mid tier Australia enlisted western Australia and gold producer.

Speaker Change: Announced that the two companies have entered into a binding transaction implementation implementation deed.

Speaker Change: Under which it was proposed that Vermillion will acquire all the issued ordinary shares of Spartan that it did not already own.

Speaker Change: As you can see on the slide this is a smart comment combination of complimentary and proximate assets.

Speaker Change: With significant work already done undertaken to optimum optimize the synergies between Roumelia says milk magnet mine and his operating checkers mill in.

Speaker Change: Spartans delegate Ranga and Yale group projects the scheme of arrangement.

Speaker Change: Arrangement is expected to close in July of this year.

Jason Attew: For Osisko and its shareholders, what's really exciting about the situation is that both management teams have pointed to the fact that the underground development at Dalgoranga is already underway, and that the high-grade resource at the Never Never deposit could be processed through Remelius' checkers mills prior to the end of 2025. And for context, this is a full year ahead of what we had originally anticipated.

For Sysco and us shareholders, what's really exciting about the situation.

Speaker Change: Is that both management teams have pointed to the fact that the underground development at Dogger Ranga is already underway.

Speaker Change: And that the high grade resource at they never never deposit could be processed through Roumelia says checkers mills prior to the end of 2025 and.

Speaker Change: And for context. This is a full year ahead of what we had originally anticipated.

Jason Attew: Moving to Osisko Development's caribou project in northern British Columbia on slide 13.

Speaker Change: Moving to the Cisco developments Caribou project in Northern British Columbia on Slide 13.

Jason Attew: It's half a world away from Dalgorango. Our partner released the results of its optimized feasibility study just over a week ago. This feasibility study included an average annual production of approximately 190,000 ounces of gold over a 10-year life of mine. 202,000 ounces in the first five years, with the potential for first gold in the second half of 2027, assuming construction commences in Q3 of 2025. Recall that this project is fully permitted and effectively shovel-ready, meaning that the required hurdles to move forward now revolve almost entirely around Osisko Development's ability to move forward with project finance.

Speaker Change: There's half a world away from Dell Durango.

Speaker Change: Our partner released the results of its optimized feasibility study just over a week ago.

Speaker Change: This feasibility study included an average annual production of approximately 190000 ounces gold over a 10 year life of mine too.

Speaker Change: 202.

Speaker Change: <unk> thousand ounces in the first five years with the potential for first gold in the second half of 2027.

Speaker Change: I mean can construction commences in Q3 of 2025.

Speaker Change: Recall that this project is fully permitted and effectively shovel ready meaning.

Speaker Change: Meaning that the required hurdles to move forward now revolve almost entirely around Cisco developments ability to move forward with project financing.

Jason Attew: Our congratulations to the Osisko development team on this key milestone for this sizable Canadian gold project. As a reminder, once in steady state production, Caribou would have the ability to deliver 9,000-10,000 gold equivalent ounces to Osisko thanks to our 5% NSR royalty on the project.

Speaker Change: Our congratulations to the Cisco development team on this key milestone.

Speaker Change: For this sizable Canadian Gold project is.

Speaker Change: As a reminder, once instead steady state production caribou would have the ability to deliver.

Speaker Change: Nine to 10000 gold equivalent ounces to Cisco, thanks to our 5% MSR royalty on the project.

Jason Attew: Finally of note is that Caribou is not currently included in Osisko's five-year outlook, as we wait more clarity on project finance. And this provides a good segue to slide 14. After a good start to the year, Osisko is in a good position to meet its 2025 Gold Equivalent Ounce Delivery Guidance of 80,000 to 88,000 GOs. We've also now included Browlarn as a paying contributor to this range for 2025. Touching briefly on the two blue bars to the right, and as just noted, Caribou is currently not included in our 2029 Outlook, but clearly could have the ability to move to the left as Osisko Development's financing initiatives continue to progress.

Speaker Change: Finally of note.

Speaker Change: Is that caribou is not currently included in our Cisco is five year outlook as we wait more clarity on project financing.

Speaker Change: And this provides a good segue to slide 14.

Speaker Change: After a good start to the year Cisco is in a good position to meet its 2025 gold equivalent ounce delivery guidance of 80 to 88000 Geos.

Speaker Change: We are also now included bralorne as a pain contributor to this range for 2025.

Speaker Change: Touching briefly on the two blue bars to the right and as just noted caribou is currently not included in our 2029 outlook, but clearly could have the ability to move to the left as a Cisco developments findings financing initiatives continue to progress.

Jason Attew: Along the same lines, another project to keep an eye on is Soledad's Resources Spring Valley Gold Project in Nevada. on which Osisko holds a 2 to 3.5% NSR royalty over the core of the deposit. The most recent update there is that the U.S. Bureau of Land Management, or BLM, has announced an expected release for a final environmental impact statement by July 11. In addition, the BLM is guided for a record of decision by August 11. Theoretically, this would. We expected to allow for project construction to commence as early as Q3 of 2025, similar to the Caribou Act.

Speaker Change: Along the same lines another project to keep an eye on is solid as resources Spring Valley Gold project in Nevada.

Speaker Change: On which Cisco holds a 2% to 3.5% MSR royalty over the core of the deposit.

Speaker Change: The most recent update there is that the U S Bureau of land management or BLM as announced and expected release for final environmental impact statement by July 11, 17th.

Speaker Change: In addition, the BLM is guided for a record of decision by August 11th.

Speaker Change: Theoretically this wood.

Speaker Change: We expected to allow for project construction to commence as early as Q3 of 2025 similar to the caribou asset.

Jason Attew: On slide 15, you'll see that our investee companies continue to make great strides in de-risking their assets that will accrue to our shareholders. Highlights of some of these efforts are provided on slide 15. of particular note. On this slide is Goldfield's most recently updated timeline for windfall, where final permitting along with other key project milestones, including an updated feasibility study, are expected in the second half of this year. With the final investment decision and the start of an 18 to 24 month construction process in the first quarter of 2026. Also worth touching on is the fact that our partners at Merrimacker Copper now expect to release a feasibility study for their MOD project in very short order.

Speaker Change: On slide 15, you'll see that our invested companies continue to make great strides in derisking their assets that will accrue to our shareholders.

Speaker Change: Highlights of some of these efforts are provided on slide 15.

Speaker Change: Of particular note.

Speaker Change: On this slide is goldfields, most recently updated timeline for windfall.

Speaker Change: Where final permitting along with other key project milestones, including an updated feasibility study are expected in the second half of this year.

Speaker Change: With a final investment decision.

Speaker Change: And the start of an 18 to 24 month construction process in the first quarter of 2026.

Speaker Change: Also worth touching on is the fact that our partners at Merrimack of copper now expect to release a feasibility study for their M. O D project in very short order.

Jason Attew: And this should then be followed by the receipt of final permits for the project in the fourth quarter of this year.

Speaker Change: And this should then be followed by the receipt of final permits for the project in the fourth quarter of this year.

Jason Attew: Finally, we'll end the formal part of the presentation on slide 16. which outlines the current state of Osisko's balance sheet. At quarter end we had total debt of just over $70 million and net debt of only $10 million. Long story short, the balance sheet is looking strong and has got even stronger subsequent quarter end with Osisko. getting close to a net cash position. Our improved financial position is key to Osisko's corporate development team as they continue to be extremely active across multiple potential transactions. Some of which are significant in size and scale, with the hope of getting more deals across the line over the next few months.

Speaker Change: Finally, we will end the formal part of the presentation on slide 16.

Speaker Change: Which outlines the current state of our Cisco's balance sheet at quarter end, we had total debt of just over $70 million and net debt of only $10 million.

Speaker Change: Long story short the balance sheet is looking strong and has got even stronger subsequent to quarter end with the Cisco.

Speaker Change: Getting close to a net cash position.

Our improved financial position is key to a Cisco as corporate corporate development team as they continue.

Speaker Change: To be extremely active across multiple potential transactions.

Speaker Change: Some of which are significant in size and scale with.

Speaker Change: With the hope of getting more deals across the line over the next few months.

Jason Attew: Our balance sheet provides the company with the financial capacity as well as flexibility to continue its strategy of disciplined allocation in the pursuit of high quality or creative precious metal streams and royalties that will bolster the company's current and near term gold equivalent ounce delivery. as well as cash flows, all of which should accrue to our shareholders' benefit.

Speaker Change: Our balance sheet provides the company with the financial capacity as well as flexibility to continue its strategy of discipline disciplined allocation and the pursuit of high quality accretive precious metal streams and royalties.

Speaker Change: That will bolster the company's current and near term gold equivalent ounce deliveries.

Speaker Change: As well as cash flows.

Speaker Change: All of which should accrue to our shareholders' benefit.

Jason Attew: And finally, we'll deviate a little from the usual formal program to highlight that this is our last conference call as a Sisko Gold Royalty. Shortly after this call, we will be hosting our AGM, at which we expect to pass a resolution allowing the company to change its name. It's important to note that June marks our company's 11th anniversary, and today we're stronger than ever. Commodity prices are elevated, our assets are performing well, the balance sheet is strong, and we're just getting started on our peer-leading growth trajectory. The long story short is we're excited about where we are today and where we're headed tomorrow.

Speaker Change: And finally, we'll deviate a little from the usual a formal program to highlight.

Speaker Change: That this is our last conference call as a Cisco gold royalties.

Speaker Change: Shortly after this call we will be hosting our AGM at which we expect to pass a resolution, allowing the company to change its name.

Speaker Change: Important to note that June marks our company's 11th anniversary and today, we're stronger than ever.

Speaker Change: Commodity prices are elevated our assets are performing well the balance sheet is strong and we're just getting started on our peer leading growth trajectory there.

Speaker Change: Long story short is we're excited about where we are today and where we're headed tomorrow.

Jason Attew: So why the name change? Simply put, we've evolved. We're now a fully independent organization with a refreshed management team and board.

Speaker Change: So why the name change simply put we've evolved.

Speaker Change: We're now a fully independent organization with a refreshed management team and board and as part of that evolution, Cisco gold royalties is becoming or royalties.

Jason Attew: And as part of that evolution, Osisko Gold Royalties is becoming Orr Royalties. a name that honors our history, our precious metals focus, and our Quebec roots. What's not changing is our NYSE and TSX sticker, it'll still remain OR, and our commitment to future growth via disciplined capital allocation. and a high quality precious metals focused portfolio of royalties and streams. We're extremely excited about you joining us on this next stage in our company's evolution. And once the votes are tabulated later today.

Speaker Change: A name that honors our history, our precious metals focus and our Quebec routes.

Speaker Change: What's not changing is our N Y S E T. S X ticker it will still remain our and our commitment to future growth via disciplined capital allocation.

Speaker Change: And of high quality precious metals focused portfolio of royalties and streams.

Speaker Change: We're extremely excited about you joining us on this next stage in our company's evolution.

Speaker Change: And once the votes are tabulated later today.

Jason Attew: We'll be proud to be moving forward together as Orr Royal.

Speaker Change: We will be proud to be moving forward together as or royalties.

Jason Attew: And with that, I'd like to thank everyone for your time today.

Speaker Change: And with that I'd like to thank everyone for your time today, we'll now open the line for questions, including those from the webcast and no. If we don't get to all the questions on the line, we'll make sure we respond offline to those that are not covered on the webcast.

Operator: We'll now open the line for questions, including those from the webcast. And note, if we don't get to all the questions on the line, we'll make sure we respond offline to those that are not covered on the webcast.

Operator: Joelle? Thank you.

Speaker Change: Joelle.

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 Touchtone phone, you'll 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.

Operator: 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 touchtone 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. If you are using a speakerphone, please lift the handset before pressing any button. One moment, please.

Speaker Change: If you're using a speaker phone please lift the handset before pressing the keys.

Speaker Change: One moment please.

Operator: There are no questions at this time.

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

Jason Attew: I will now turn the call over to Jason for closing remarks. Thank you, Operator. As always, if anyone on the call or listening to the replay has additional questions, insights or observations on our business and our business strategy, please do not hesitate to reach out to Grant or Heather or myself as we'd be more than pleased to provide more information about the bright future for our company and its shareholders.

Jason: Thank you operator.

Speaker Change: And as always if anyone on the call or listening to the replay has additional questions insights or observations on our business and our business strategy. Please do not hesitate to reach out to grant or Heather or myself and we'd be more than pleased to provide more information about the bright future for our company and its share.

Jason: [noise] holders. Thank you for your time today.

Operator: Thank you for your time today.

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

Jason: Ladies and gentlemen, this concludes your conference call for today with keep for participating and ask that you. Please disconnect your lines.

Yeah.

Jason: Yeah.