Q2 2025 Osisko Gold Royalties Ltd Earnings Call
Good morning, ladies and gentlemen, and welcome to the Ore Royalties Q2 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 number 1 on your telephone keypad.
Please note that this call is being recorded today. August 6th 2025 at 10:00 a.m. eastern time. I would now like to turn the meeting over to our host for today's call Mr. Jason at 2.
Jason.
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 US Dollars unless otherwise noted
I'm joined on the call today by Friday Ruel. The company's VP finance and Chief Financial Officer, as well as my other colleagues as indicated on slide 3.
Taking a look back at or royalties second quarter of 2025. We are we, are we, we are pleased with our Go's earned. Our cash, margin cash flows as well as our overall debt reduction.
Or royalties earned 19,700 goes 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 to 88,000 Gold equivalent ounces.
Recall that we had been very explicit about the fact that due to sequencing at some of our major producing assets, including malartic and mantos blanos.
The first half of the year was always going to amount to approximately 45% of the midpoint of our 2025 Geo guidance range. And basically, we're there.
Or modestly above it, as of June 30th.
Needless to say, we're expecting a stronger second half to the year.
Of note, is that the first half of 2025 there's approximately 1,200 G's 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 to 1.
and the first 6 months of the year,
So as you can, imagine our shareholders should be satisfied with these price movements.
Our cash margin remained robust in the second quarter, but saw a slight dip from the first quarter, due to some final residual, giauque contribution from the shattered. Renard diamond mine.
Ore royalties ended the second quarter with 49.6 million in cash and is at June 30th. We are in a net cash position for the first time in several years.
As a company continued to pay down is revolving credit facility During the period.
And while members of our corporate development team remain extremely busy. The only transaction completed of note During the period was our acquisition of 100% silver stream on Orla mining South Railroad project in Nevada.
For a total consideration of 13 million.
Why is it seemingly small for now, with an updated feasibility study expected in the project from Orla in the second half of 2025?
And positive M momentum seen in the permitting of new projects. In the US, 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 shareholders, the company declared and paid is quarterly dividend of 5 and a half cents 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 increase commodity prices.
Net earnings of $0.17 per basic common share for the period was also marketed as 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 Osisko having written down the asset to zero in the same period last year.
Most importantly, Q2 of 2025, saw a year-over-year Improvement in both cash flow per share at 27 cents versus 21 cents in Q2 of last year.
As well as quarterly adjusted earnings of 18 cents per common share.
Versus 13 cents again in the same period of last year.
Moving to slide 6.
During the second quarter of 2025, our gross earnings came predominantly from Canada. We derived over 93% of our gold equivalent ounces from precious metals.
We can 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 mind performances during the quarter before. Speaking about a couple of our more material Assets in Greater detail,
Agno Eagles 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's Copper.
Capstone Copper's Mentos 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 to 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 mind's name plate capacity of 20,000 tons per day at manto's, Blancos,
and our anticipation is that silver grades will Trend back upwards between now, and the end of October,
Finally, on manto's Blancos.
And as of last week's Q2 2025 update from Capstone, The Phase 2 feasibility. Study is now scheduled for 2026 versus the previous expectation of Q4 of 2025.
Finally, we remain impressed with the ongoing successful ramp up at GM. Mining Ventures token and znam. Mine in Brazil,
September of last year, and the ramp-up has gone very well.
Finally, for the first time ever represented on this slide, you will see the nande mining Ghana for which or royalties received. Its first payment from Cardinal During the period to the tune of 130 GEOS.
Moving to slide 7.
And as I mentioned earlier, the number of currently producing acids 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 nmi.
Or royalties received his first royalty payment from talisker resources.
With mining now having started at Broworld Team,
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 for an emdeni,
Through the second half of 2025.
A note of congratulations to both operators and getting these mines up and running.
Just a quick note on the doughnut chart in the bottom left-hand corner of the slide through H1 2025 or royalty 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 to 1.
From the 2025 highs of approximately a thousand or 105 to 1.
It is worth noting that or royalties can provide lower risk high-quality and meaningful leverage to Silver for investors that are looking for it. Especially if silver prices continue to close the gap against gold and trade at ratios, we have historically witnessed
moving on to slide 8.
which many of you have seen many times before our company continues to set itself apart from the rest of its relevant peers in 2 key areas
first, as it relates to lower risk jurisdictional exposure and second as it relates to our peer-leading cash margins,
Starting with the former we continue to believe that or royalties is the unequivocal leader when it comes to both nav and Go's earned from what we Define as Tier 1 mining jurisdictions, which include Canada the United States and Australia.
And even with the recent deals made by our peers,
in addition to the sector consolidation, we are witnessing
Our position at the far left of this chart is expected to be challenged anytime soon.
Moving to the latter or royalties peer-leading cash. Margins provides, our shareholders with both transparent, leverage, as well as unmatched downside protection.
Switching gears to slide 9 and focusing on our Cornerstone asset. Our partner igno Eagle provided some relevant information relating to Canadian malartic along with his Q2 2525 Financial results. And now it's just late last week.
As it relates to operations During the period, gold production saw a significant quarter over quarter uptick with higher grade Source from the Barnett pit.
where once again partially offset by slightly lower lower volume of tons Milt
The higher goal grades from Barnett were a result of the continued mining of mineralized Zones near histo. The historical underground stoes in the pit.
That had better than expected grade reconciliation.
In addition, and as expected, Agnos input, tailings, and deposition also ramped up to his design capacity in the second quarter of 2025.
Flipping to slide 10.
Odyssey underground, gold production during Q2 was a quarterly record at approximately 26,600 Oz driven by higher grades and or mind of approximately 3,970 tons per day compared to the Target of 3500 tons per day.
the ramp up of the service hoist to his design hoisting capacity of 3500 tons per day and the increased use of remote operated in automated equipment, where 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 some Mine Development, Advanced ahead of schedule.
With a record of 4,850. M completed.
a key Milestone was achieved as a ramp breached, the mid-shaft loading station at level 102,
the main wrap towards shaft bottom progressed to a depth of 00019 M, as of a as at June 30th 2025,
Development of the East Goldie 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 guly. Our partner igno is evaluating opportunities to enhance. Operational efficiency over the medium to long term.
1 option under consideration is a 70 M extension of shaft. Number 1 to a depth of 1870, m,
This initiative is being assessed in parallel with the potential development of a second shaft at Odyssey.
Looking at exploration ago, certainly isn't slowing down with 26 surface and underground drills operating During the period.
QT results from drilling into the Lower East, extension of East guly extended the deposit at depth, and to the East and are expected to contribute additional inferred M, mineral resources in this portion of the deposit by year, end of 2025
Further to the to this.
Impressive holes intersected in the sub-parallel eclipse Zone which would be fully covered by or our royalties 5% NSR royalty.
And it has igno believing that this area has the potential to add indicated mineral resources and potentially mineral reserves to eSchool lead by year end.
Jumping to slide 11.
Is important to note that is only being just over a year since Alamos. Gold acquired Argonaut gold which was an acquisition that I think over time the market will judge as 1 of the best return on investments in the gold space, as this expansion study evaluates increasing the Maginot 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 Osisko Gold 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 18 or 11.8 million tons grading, 10.85 gram per tonne 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 plant underground mining rates from the currently planned 2400 tons per day.
What this could mean? What what could this mean for owe royalties? Well, any increase over and above the currently planned underground mining rates would only add GEOS over and above the anticipated 7 to 8,000 um, of annual, go go web announces.
That were already expecting from this asset in the latter. Few years of this decade.
Certainly something to watch over the near future.
Onto slide 12 which touches on Del GA a high-grade underground gold acid on which or royalties acquired a 1.8% gross revenue royalty towards the end of last year.
On July 31st, Romelia's Resources closes acquisition of Spartan Resources.
Meaning Del ganga represents a key piece of the former's proximate operations and infrastructure in the immediate region.
Around the same time in publicly available documents romelia's noted that an integrated feasibility study likely along with a maiden mineral. Reserve for dell'arena is being progressed and is set for release by the end of this calendar year.
and or royalties we mean extremely encouraged by the fact that romelia's management team continues to point to the fact
That underground development and algora is already underway and that the high-grade resource at the Never Never deposit could be processed through Amelia's Checkers Mill, prior to the end of 2025.
For context, this is a full year. Ahead of what we originally anticipated.
Wearing a gross revenue, royalty, reducing the royalty rate on delgar from 1.8% to 1.44% as well as reducing the royalty rate on Ben's minings glenborough and mount eadton projects from 1.35 percent to 1.08%.
For context when we were initially moving forward with the deal, we were always expecting this buyback to take place shortly before first production.
on slide 13 which provides a summary of the significant progress being made in some of our key optionality assets that are currently excluded from our 5-year Outlook,
If you haven't had a chance to go through our June 2nd, press release covering all these specific assets and more detail. I highly recommend taking a look
As what's in there might provide a good preview and how to think about what might be included in our 2035 year outlook when we release it mid-February of next year.
by ways 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 heat bleach project is effectively shovel ready.
And speaking of shovel ready. Projects July 21st a Cisco development and now it said it's secured a 450 million project loan facility secured from a new strategic Parton partner, Aion Capital advisory
To fund Development and Construction of the Caribou gold project.
This includes a hundred million dollar initial. Draw that enables odv to accelerate the project pre-construction activities and materially de-risk the project.
Further to this, just last week, the Cisco development raised an additional $195 million through concurrent bot deals and private placement equity financing, the latter with a strategic investor.
Both the debt and Equity combined along with indications of interests, from commodity Traders. Seeking high-quality concentrate, offtake.
And other potential financing Arrangements that the Cisco development is actively negotiating. We'll provide the necessary funds to complete the construction of the Mind.
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 a Cisco development will be reduced to approximately 14.3% and an undiluted basis versus our current 24.4% as a as a June 30th 2025.
Neither Spring Valley nor Caribou, both of which would require approximately 2 years for construction periods, are included in our 5-year outlook for 2029 and collectively represent approximately an additional 16,000 annual GEOs earned from Tier 1. Mining jurisdictions in which both projects are operating and the royalties are being paid.
This provides a good segue to slide 14.
Where can we 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 as the projects listed as part of our current 5-year outlook for 2029.
All of the growth from the listed projects across the blue bars is already bought and paid for with no contingent Capital Associated or required from or royalties.
I wanted to 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, Igno Eagle, continues to believe all the necessary disclosures on the concept will result in our internal belief here at our royalties. We are not just talking about when, and not about if.
in fact, on igno conference call held on Thursday last week,
Igno management made an explicit reference to Future, throughput and gold production scenario with both shafts in operations.
Running a combined underground running at combined underground mining rates of 30,000 tons per day.
and 750 to 800,000 Oz Oz of gold per Atom from the single ore body,
The sheer amount of gold discovered to date at Odyssey underground and more specifically e-school and which we have the 5% NSR royalty and which continues to expand is nothing short of Staggering.
No, it still has 26 drills, turning to add to this mineral resource and reserve.
Oz inventory. And firm up the confidence of what has been previously, defined?
Based on our current understanding igno is taking a well warranted methodical approach.
methodical approach to the the potential of the second shaft consequently is unlikely that there'll be any meaningful disclosure as it relates to the specific details of Nico's findings until late 26, but most likely early 2027
As of today is our belief internally at o r. 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, we'll be happening.
And that the additional Geo is from a second, shaft alone would be the single biggest individual asset growth driver for all royalties. Once it's all in production,
And recall, the potential second shaft only serves as a component, albeit, a key 1 to igno broader plans which could see the entire Canadian malartic complex, produce 1 million Oz from 2030 from the 2030s onwards.
When factoring additional sources such as Marban and Wasamac,
Switching gears. I also wanted to highlight an asset that has not been included in either of these slides or the and and that is of the eagle, mine in the Yukon.
At this stage, there isn't much detail to add here outside of what's already in the public domain.
However, most recent updates include the early July release of the independent review board report on their findings as to the cause of the Heap, Leach failure.
Back over a year ago in June 2020, 24 along with the current conditions of the facilities on site.
Eagle is now officially up for sale after an Ontario Court approved, the mine receivers application to begin the sales process.
The receiver, PricewaterhouseCoopers, has outlined a 2-phase sale process in submission to the Ontario Superior Court of Justice.
The receiver will accept letters of intent.
A very shortly and then we'll choose qualified submissions to file an actual bid their timing is around October 15th.
And 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 NATO, Nayak, Dunn 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.
But needless to say, the next 6 to 8 months will be very telling as it relates to the potential future restart of eagle.
Quickly on slide 15 on top of everything else. We've mentioned, here is an updated list of key catalysts on currently producing assets on the left and key near-term development projects that fall within our 5-year, outlook on the right, all single out, just 2 for now.
First on May 27th M 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 or royalty silver and copper streams at CSA remain, unchanged in the terms of in terms of future goes to or royalties from the asset. And as noted in last night's press release, we couldn't think of a better operator than Harmony. Possessing the technical expertise to continue the path of the optimization and growth that already.
Saw tremendous progress under Matt 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. Goldfields confirmed, the continuation of the environmental assessment process for windfall through the submission of the second series of responses to comx questions.
Recall that the most recent fulsome update from goldfields provided the expectation that an updated feasibility study along with final project permits as well as final ibas with a 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 and slide 16.
Date of ore royalties balance sheet.
Headquarter 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 billion 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, the end of the quarter shows that the balance sheet is looking incredibly strong and has gotten even stronger. Subsequent to quarter end, with ore royalties having paid down an additional $21 million in debt, um, in that.
Our improved financial position is a key as our 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 our robust organic growth profile and deep pipeline of palpable palpable. Optionality
Affords, or royalties the luxury to pick our spots and wait for the right deals.
As we are not just willing to sacrifice investment returns or deal economics. Just for the sake of adding gold equivalent ounces.
As such, we plan to adhere to our time-tested strategy of discipline Capital allocation in the pursuit of high-quality accretive streams and royalties that will bolster the company's current and near-term Geo deliveries, as well as cash flows for the benefit of our current and future shareholders.
And with that, we will conclude the formal part of today's call and we can move forward with the Q&A, Joel.
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 1 on your to touch tone phone. You will hear a prompt at your hand has been raised. Should you wish to decline from the polling process? Please press star followed by the 2. If you are using a speaker-phone, please lift the handset. Before pressing any Keys? Your first question comes from fahed. Tariq which Jeff your line is now open.
Hi, thanks for taking my question. Um, can you provide some more color on? Maybe the second half of this year and where the incremental Geo sales are coming from? Uh, the way we're modeling right now, looks like it's going to
Maybe we are trying to lower the end of the production guidance range, but I'm just wondering what we might be missing. I think you mentioned Canadian malaria and Emdeni, but is there anything else we should be aware of? Thanks.
Yeah, thanks Aid. Um, so to answer your question, we've been quite explicit about again, 45% for H1 and, and 55 for the second half, most of that pickup, will will come from a few things. Firstly, as you correctly pointed out and what I mentioned on the calls, we expect Canadian malerich to continue to perform at our internal budget or or better, going forward. Given again, the Tails deposition um, is, is certainly on, on, on track or ahead of schedule. The second thing and probably the most notable thing is we have an expectation at manto's blankos for the silver grade. Um, 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 in our end is essentially, um, the silver grade not meeting expectations. So we do expect that the silver grade at mantos to be trending up over over the second quarter. We also obviously have the continued ramp up at token, ten Zeno and
In the second half of this year nandini who is essentially um, putting putting the Mind through ramp up as well. That will be a contributing factor to the second half. Um, again the 55, 45% split,
Okay, great. And maybe just as uh, Switching gears to corporate development, you mentioned. The team is stretched to capacity. Um, just at a high level, can you talk about if there's, I guess philosophically a preference for producing versus development stage? Um, royalties just given that, you know, compared to peers or has I guess, a lower percentage of producing royalties. Thanks.
Have to make a, a decent hurdle. For, for our shareholders, there are a lot of producing opportunities out there that are corporate development. Team is, is obviously involved in, but it's incredibly competitive. So we just have to be very disciplined. Um, with again, what we're we're, we're, we're doing in, in terms of the economic returns for for our portfolio and for shareholders, um, with respect to development assets. Yes, we are obviously involved in looking at a number of high-quality development assets, but what I would guide you to is our corporate development, team is really focused only on development assets. That will actually make a difference within our 5-year Outlook, in other words, producing Go's within the next 5 years. Um, so we're not looking at something that's very early stage that could take 15 years essentially to get through all the studies, the permitting construction and ramped up. So we really have focused our team on on, on those type of high-quality Assets in the jurisdictions that I mentioned earlier that
We considered Tier 1.
That's very clear. Thank you.
Your next question comes from Cosmos 2 with CIBC your line is now open.
Thanks, uh, Jason and team for a very thorough presentation. Uh, Jason as you, you know, talked about the 5-year guidance. Um, and as you talked about, there should be a new 5-year guidance. That should be, uh, presented to us early next year. So, you know, it's great, uh, you've talked about, you know, some of the assets that have not or are currently not included in your 5-year guidance. I guess my question is, you know, as you look at your new 5-year guidance, what criteria do you consider? Do you? You know, is it timing? Does it need to be fully financed? Uh, does it need to be fully permitted? I'm just trying to get a gauge and, and, you know, to the extent that you can share with us. What could get included? For example, as you mentioned, uh, you know, Spring Valley is not included. And so number 1 criteria. And number 2, you know, specifically what could get included to the extent that you can share with us.
Yeah. Thank you Cosmo. It's a great question. So we we are, are are are are very Vigilant when we're actually looking at our 5-year guidance. And so the, the broad criteria because it as Case, by Case by asset is we have to have very good confidence and visibility that an asset will actually contribute to those over the next 5 years. Obviously, permits are are big factor to it having a company that's fully financed or visibility to fully Finance solution. Also would be, um, in incredibly important, uh, you know, as as we all
All know mining is a very, very tough business. So we we look at other factors such as social license, um, such as the track record of, again, our our partnering or our investee companies. Um, 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 or sorry of our 5 year outlook. Um, again, that's a multi-asset multi-billion dollar company with very good Financial breath and Technical Acumen. So those are the type of criteria that we look at when we will update the market in February as to again, what will the included and what will not, I will tell you right now more likely than not given what, um, a Cisco development has done around Caribou more likely than not. We're going to be including some contribution of caribou and our, our 5-year Outlook. And we'll have to see what happens with assets, like Spring Valley and others because, um,
Obviously, they've they've got the record of decision, which is a very positive de-risking component. But there's, they're still looking to finalize. Even though the US XM bank has provided term sheets for up to 8355 million. They still yet to finalise a complete financing plan. So, there's a lot of factors, but I say the 2 biggest ones are permitting. Um, the acceptability and social license on on site, as, as well as, uh, again having the financing in place.
Place, uh, for us to get complete confidence to include in our 5-year outlook.
Uh, did that kind of factored into a decision to increase your line of credit from 500? I believe, 550 Canadian uh to us 650. Uh,
Million dollars.
Yes, it's a really good question. So the way I'd answer that Cosmos is we certainly need to pick our spots. Um again given where the commodity complex has has gone and you you've you've 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 dollars of available liquidity to to act on a creative transactions for ourselves. Um, so let let's just say the billion dollar type transaction and the right circumstance and the right return is not off the table for or royalties. We are working on a number of transactions are significantly less than that. We also are in the flow with transactions, that that again, to to meet that the the Precedence that we've seen over the last couple quarters. It really just comes down to returns. It comes down to the security of the instrument and what we think is to, to essentially complement what we believe we have the best.
Portfolio, both growth and quality wise, in the sector to complement that.
great.
And maybe one last question going to, uh, Cisco development. It's great to see that they've, uh, you know, uh, announced a financing package here. I guess there's two benefits. Number one, uh, now it is quote, unquote, fully financed, and number two, it helps, you know, in terms of diluting um, your ownership in the, uh, in the company. As you mentioned, uh, Jason, to 14 points about 14.3%. Uh, I guess my question is, are you happy with that 14.3%, or would you want that to go even lower? And maybe if you can, uh, you know, kind of touch on the longer-term plans in terms of your holdings and the shares of, uh, Osisko.
Yeah, look is a great question Cosmo. Firstly, we'd like to acknowledging graduate The Cisco 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 Cisco development, uh Caribou um through through Equity placements or through any other type of financial Arrangements. Given at that time, we own close to 50% of the equity in the company.
Through the course of a series of equity dilution or Equity offerings. We are now down and will be. Now 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 uh producing uh development opportunity. And and again, the big value for us though, obviously comes from the big chunky 5% NSR we have. So the answer to your question, we are currently very pleased with, um, you know, the 14.3% position that we'll have we can continue to have conversations with the Cisco development management team and um so we we're a very right now we're a police shareholder uh and so um that that's where I'd like to end that. Um so we're not looking in any fashion. So I'm very, very clear, we're not looking in any fashion to invest or sell
All that block in the near term.
Thanks uh Jason for some very thorough answers and thanks for answering all my questions. Thank you.
Thanks, go.
Ladies and gentlemen, as a reminder, should you have a question, please press star 1. Your next question comes from Kenya Jakis Conac with Scotia Bank. Your line is now open.
Uh, yes, uh, good morning, everyone. Thank you for taking my two questions.
Um the first 1 just follows up on the um, landscape for potential transactions. So if we eliminate the billion dollar range, what would you say most of your transaction range size? Why would be
That's, that's a great question, Tanya. Look at what what I will tell you. Is it ranges anything from again, some somewhere around 35 million us all the way up to, you know, close to the billion again. We're, we're working on multiple transfer transaction opportunities. Um, and so can't give you any more specificity than that.
A total size, including debt positions or equity positions, is included in these types of transactions, as well as just normal screens and other.
Yes, you can assume that um Tanya that whatever we provide in terms of financial instruments. The the the targets are the the transaction size you can assume is is all instruments. Yes,
And could I also assume that that could include corporate transactions in that billion dollar range?
The um the range of uh dollars that we hope to deploy over the course of the next 6, 6 to 12 months.
Okay, that's helpful. Thank you. And then my second question is um is um, I haven't seen any additional filings from Elliot um, have there been any update to what was then announced in April. I I just haven't seen any further updates and just wondering if you have as well.
The, um, it's a good question. So the last public disclosure that we see is Elliot owns 2.2 million royalty shares.
Uh, and so I, I don't think until they actually publish something further, it would not be appropriate for me to speculate beyond that.
I don't know. I didn't want you to speculate. I just wanted to make sure that that's all that's out there and 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.
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, or observations.
On our business and our business strategy. Please do reach out to Grant Heather and myself. We 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, so you can enjoy the remainder of the summer. Thank you very much.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating in NASA. Could you please?