Q3 2025 OR Royalties Inc Earnings Call

If you would like to ask a question. Please press star followed by the number one on your telephone keypad. Please note that this call is being recorded today November six 2025 at 10, a M. Eastern time I would now like to turn the meeting over to our host for today's call Mr. Jason It to wash them a demo mystery given you and I played golf apparel thick as it touched was empty Miss the van.

Jason Attew: Two weeks ago, our new operating partner provided its detailed plans of how it expects Dalgaranga to fit into this gold production growth over the next five years. In summary, Ramelius is choosing to operate and concurrently expand its central processing facility at its pre-existing Mount Magnet hub in order to accommodate ore from Dalgaranga. Eventually, and within the next two years, the facility will be completely expanded to 5 million tons per annum, with two separate crushing circuits to accommodate ores from both Mount Magnet and Dalgaranga, due to their respective different grind size and recovery profiles. In the meantime, higher-grade ore from Dalgaranga will be fed through the pre-existing unmodified plant, with lower recovery rates expected to be achieved during this interim period.

Speaker #3: Good morning , ladies and gentlemen , and welcome to the Or royalties . Q3 2025 results conference call . After the presentation , we will conduct a question and answer session .

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Speaker #3: If you would like to ask a question , please press star followed by the number one on your telephone keypad . Please note that this call is being recorded today , November 6th , 2025 at 10 a.m.

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Speaker #3: Eastern Time . I would now like to turn the meeting over to our host for today's call , Mr. Jason Attew . Bonjour , Madame .

Speaker #3: Monsieur . Bienvenue at La Conférence des résultats du troisieme trimestre de 20 o r a la présentation des questions réponses . Si vous désirez pour vous et sur la touche étoile suivi par le numéro VA prendre note aujourd'hui le 6th November 2022 .

They'll see joelle good morning, everyone and thanks for your attention today, because I know it is a very busy reporting week.

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

Jason Attew: The good news out of all of this for our royalties is that Dalgaranga is now very likely the next producing asset in our portfolio, with the first production expected in the first half of 2026. With significant step changes in growth expected after that based on Ramelius's financial year. Based on the recently provided production profiles, Dalgaranga is also set to produce close to 275,000 ounces of gold in Ramelius's financial year in 2030 alone. None of these figures include any potential additional ore source ounces sourced from Dalgaranga's Gilbey's Underground or a potential Never Never Open Pit project, which serve as potential upside, and on which Ramelius has also completed PEA-level scoping studies, respectively. Of course, this does not include any potential future exploration upside success within our royalties' area of interest either.

Speaker #3: De les de la parole a monsieur Jason Attew .

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

Speaker #4: Merci , Joelle . Good morning , everyone , and thanks for your attention today . As I know it is a very busy reporting week .

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

Speaker #4: 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 .

Also all amounts presented and discussed in today's call will be in U S dollars unless otherwise noted.

I'm joined on the call today by Fred well, the company's VP finance and Chief Financial Officer as well as my other colleagues as indicated on slide three.

Speaker #4: 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 .

Or royalties third quarter of 2025 was a straightforward one.

On a sequential quarter over quarter improvement with respect to Geos earned cash margin cash flows as well as their overall debt reduction.

Speaker #4: Also , all amounts presented and discussed in today's call will be in US dollars unless otherwise noted . I'm joined on the call today by Fred Ruel , the company's VP , Finance and Chief Financial Officer , as well as my other colleagues .

Or royalties earned 20326 gold equivalent ounces in the third quarter.

Speaker #4: As indicated on slide three . Or royalties . Third quarter of 2025 was a straightforward one , with sequential quarter over quarter improvement with respect to GEOs earned cash margin , cash flows , as well as our overall debt reduction or royalties earned 20,326 gold equivalent ounces in the third quarter .

Modest 3% improvement over second quarter of this year.

Based on where we sit today after the first nine months of the year. The company is tracking towards the midpoint of his previously published full year 2025 gold equivalent ounce delivery guidance range of 80 to 88000 Geos.

Jason Attew: To sum up these points, we think that the recently released plans from Ramelius represent the first positive early indication of the true potential of this high-grade asset going forward. We'd like to extend our congratulations to the entire Ramelius team on having completed these creative and well-received integration plans in relatively short order post its acquisition of Spartan Resources, and we very much look forward to Ramelius's execution going forward. Moving to slide 13, but also staying down under, we're happy to report that Harmony Gold's acquisition of Mac Copper closed on 24 October 2025. The most immediate impact to our royalties, and more specifically our royalties international, was the receipt of $49 million in cash for the 4 million shares held in Mac Copper. Even more exciting, though, is the future of this asset under such a deeply skilled underground mine operator such as Harmony.

And this would be based on normalizing for the higher than budgeted commodity price ratios in other words gold silver copper and gold year to date more on this in a moment.

Speaker #4: A modest 3% improvement over our second quarter of this year . Based on where we sit today , after the first nine months of the year , the company is tracking towards the midpoint of its previously published full year 2025 gold equivalent ounce delivery guidance range of 80 to 88,000 GEOs , and this would be based on normalizing for the higher than budgeted commodity price ratios .

Recall that we'd been very specific explicit about the fact that due to sequencing at some of our major producing assets, including Mentos blancos and ongoing ramp ups at other assets like NAND deeming the second half of the year was always expected to be a little bit stronger than the first half of 2025.

Speaker #4: In other words , gold , silver , copper and gold . Year to date . More on this in a moment . Recall that we'd been very specific , explicit about the fact that due to sequencing at some of our major producing assets , including Mantos Blancos and ongoing ramp ups at other assets like Nandini , the second half of the year was always expected to be a little bit stronger than the first half of 2025 .

Consequently, and at this stage, we think it's appropriate for outside observers to infer that Q4, 2025 should be or royalties strongest quarter of the year in terms of Geos earned.

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

Circling back on a gold equivalent ounce guidance for 2025 and commodity price ratios, it's worth noting that through September 30 of 2025, and due to the higher than budgeted gold prices versus both silver and copper over that period or royalties is tracking approximately 2000 to 2100 G O is lower than.

Speaker #4: Consequently , and at this stage , we think it's appropriate for outside observers to infer that Q4 2025 should be or royalties . Strongest quarter of the year in terms of geos earned .

Jason Attew: With the transaction closed, the approximate three-month integration process of the asset is now underway, with Harmony looking to immediately execute on available synergies, while also looking to maximize operational efficiencies once the integration is complete. Furthermore, Harmony has already provided a timeline with respect to future catalysts at CSA, most notably an updated life of mine plan expected in August 2026. Before that, however, will be some key interim updates in late February or early March 2026, at which time Harmony is expected to provide a fiscal year 2026 production guidance for CSA, as well as detailed updates on operational performance, key project development milestones, and finally on recent exploration activities.

Speaker #4: And thanks to improved silver grades realized quarter to date , Mantos Blancos will be playing a key role in supporting what should be a very solid Q4 for us .

Its original budget in.

In other words. These geos are quote unquote lost when not normalizing for commodity price ratios. As a reminder, in February of this year or royalties applied a consensus commodity price pricing and notably in 83 to one gold to silver ratio for its budget in 2025 G O <unk>.

Speaker #4: Circling back on our gold equivalent ounce guidance for 2025 and commodity price ratios , it's worth noting that through September 30th , 2025 , and due to the higher than budgeted gold prices versus both silver and copper over that period , all royalties is tracking approximately 2000 to 2100 geos , lower than its original budget .

Livery guidance, all else being equal and based on the current commodity price volatility. This number of quote unquote last geos could either grow modestly or potentially get smaller before year end.

Speaker #4: In other words , these GEOs are quote unquote lost when not normalizing for commodity price ratios . As a reminder , in February of this year , all royalties applied a consensus commodity price and pricing and notably , an 83 to 1 gold to silver ratio for its budgeted 2025 geo delivery guidance .

The key message is that the same higher gold prices that have skewed the ratios.

Jason Attew: From our understanding, Harmony doesn't plan to deviate from either of the two projects started under Mac Copper, specifically the Upper Marin Mine as well as the CSA Ventilation Project, with the latter still scheduled for completion in Q3 2026. Recall that these two projects are expected to get the mine to a point where it can sustainably produce at the 50,000 tons of copper per annum level, which represents a production expansion of approximately 25% of the most recently completed full year of operations in 2024. Recall the underground mine that had been the key bottleneck, with the surface processing facility still having plenty of latent capacity, a facet that we expect Harmony to take full advantage of over time. Let's move to slide 12. We're now highlighting the CSA expansion projects more explicitly in our five-year growth outlook to 2029, alongside Island Gold, Dalgaranga, and the others.

Versus our original budget affecting our Geos earned have also more importantly translated to record revenues and cash flows from operating activities for all royalties for both the third quarter and the first nine months of the year.

Speaker #4: All else being equal and based on the current commodity price volatility , this number of quote unquote lost GEOs could either grow modestly or potentially get smaller before year end .

For context, the average realized gold price for the first nine months of this year was 3100 $88 per ounce, which is over $900 per ounce greater from the same period last year. So as you can imagine our shareholders should still be satisfied with the outcome associated with these year to date price movements.

Speaker #4: The key message is that these same higher gold prices that have skewed the ratios versus our original budget , affecting our geos earned , have also , more importantly , translated to record revenues and cash flows from operating activities for all royalties for both the third quarter and the first nine months of the year .

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

Speaker #4: For context , the average realized gold price for the first nine months of this year was $3,188 per ounce , which is over $900 per ounce greater from the same period last year .

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

Or royalties ended the third quarter with $57 million in cash as at September 30, we are in a debt free position for the first time in over 10 years as the company paid down the outstanding balance of its revolving credit facility during the period.

Speaker #4: So , as you can imagine , our shareholders should still be satisfied with the outcome associated with these year to date price movements .

Speaker #4: In addition , we are 65% of our revenues are directly derived from gold . And speaking of cash flows , we're once again happy to report cash margins for the period of just under 97% , in line with our budget for the year .

And while members of our corporate development team remain extremely busy to this day there were no major transactions announced by or royalties during the third quarter outside of our second $10 million milestone payment released a sole gold given the ongoing going progress the new management team there continues to make in advancing our new vision.

Jason Attew: As it relates to CSA, these expansions were always expected based on our exchanges with both Mac Copper and now Harmony Gold. Another minor change on this slide versus previous variations is that we've reintroduced the Eagle Mine and the Yukon back into the optionality bar, where previously had been completely removed. This actually provides a very good segue into slide 13, which provides an ongoing summary of the significant progress being made on some of our key optionality assets that are currently excluded from our five-year outlook. Though this slide might provide a good foundational preview on how to think about what might be included in our 2030 five-year outlook when released in mid-February of next year. As noted in our press release last night, we'll start with Cariboo and Spring Valley, two shovel-ready, fully.

Speaker #4: All royalties ended the third quarter with 57 million in cash . As at September 30th , we are in a debt free position for the first time in over ten years as the company paid down the outstanding balance of its revolving credit facility during the period .

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With the rapid increase in already elevated precious metals and.

Speaker #4: And while members of our corporate development team remain extremely busy to this day , there were no major transactions announced by or royalties during the third quarter .

In addition to recent price volatility I continue to espouse, an internal culture of capital allocation discipline.

Speaker #4: Outside of our second $10 million milestone payment released to sole Gold . Given the ongoing progress , the new management team there continues to make in advancing a new vision for Cascabel .

Where returns on new transactions must exceed our internal hurdle rates at what we believe internally to be more realistic commodity pricing scenarios.

As well as contract structures that must come with the appropriate security features here.

Speaker #4: With the rapid increase in already elevated precious metals in addition to recent price volatility , I continue to espouse an internal culture of capital allocation discipline where returns on new transactions must exceed our internal hurdle rates at what we believe internally to be more realistic , commodity pricing scenarios , as well as contract structures that must come with the appropriate security features here at ore Royalties , we have the fortunate luxury to be able to walk away from transactions that we can't work for any of these aforementioned reasons .

Here at or royalties, we have the fortunate luxury to be able to walk away from transactions that we can't work for any of these aforementioned reasons.

Jason Attew: Permitted, sizable gold projects that each resides in what we would define as tier one mining jurisdictions. In aggregate, these two assets would be able to provide our royalties and their shareholders with approximately 16,000 GEOs in aggregate once fully underway. Starting with Cariboo, with another round of additional financing just completed, Osisko Development is already moving forward with pre-construction and construction activities for the development of the project, including certain detailed engineering, procurement, underground development, operational readiness planning, and other early works activities. We're expecting more news from the Osisko Development team in the near term as it relates to more concrete plans and timelines for the Cariboo construction, which is set to be completed in order to achieve first gold production in the second half of 2028.

In large part to our already bought and paid for organic Geo growth profile over the next five or six years.

I'll spend a little bit more time on our growth profile a bit later.

With respect to our ongoing commitment to return capital to shareholders. The company declared and paid its quarterly dividend of $5.05 per share in the second quarter, marking its 44th consecutive dividend.

Speaker #4: Thanks in large part to our already bought and paid for organic growth profile over the next 5 or 6 years , I'll spend a little bit more time on our growth profile .

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

Speaker #4: A little bit later . With respect to our ongoing commitment to return capital to shareholders , the company declared and paid its quarterly dividend of five and a half cents per share in the second quarter , marking its 44th consecutive dividend or royalties .

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

Quarterly revenues of $71 6 million tracked 71% higher versus the same period last year again, largely thanks to the increased commodity prices and deliveries.

Speaker #4: The history of progressive dividend payments serves as a testament to the confidence we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business.

Jason Attew: Moving to Spring Valley, our understanding is that Solidus and its build team are effectively ready to go, as the company is keen to move forward with construction work. However, at this time, our partner is seeking final authorization of project financing via the proposed $835 million of US Exim Bank facilities. Stay tuned on this one. Progress continues apace at Agnico Eagle's Upper Beaver project in Ontario. Elsewhere, United Gold, or Lydian Armenia, is already drawing down on its credit facility in order to move forward with what's left to complete for the construction of Amulsar. In fact, we just had our team on site this past September, and they were very pleased to see this kind of activity there, the first of its kind in a really long time.

And it also represented a quarterly record early record for the company.

Net earnings of 44 per basic common share for the period also marked a very significant year over year improvement. Thanks, again to higher commodity prices and deliveries, but also in part due to the fact that as of August 2025, or royalties is no longer accounting for as equity position in a Cisco development.

Speaker #4: Now , moving on to the company's financial performance for Q3 25 , quarterly revenues of 71.6 million tracked 71% higher , versus the same period last year , again , largely thanks to the increased commodity prices and deliveries .

Speaker #4: And it also represented a quarterly quarterly record for the company . Net earnings of $0.44 per basic common share for the period also marked a very significant year over year improvement .

As an investment in an associate and.

And instead, we will now flow through other comprehensive income.

This change in the accounting treatment of Cisco Cisco development investment generated a noncash gain of $54 million in the third quarter. As a result of the revaluation of a Cisco development equity investment at fair value on the date of the loss of significant influence being mid August which.

Speaker #4: Thanks again to higher commodity prices and deliveries . But also in part due to the fact that as of August 2025 or royalties is no longer accounting for his equity position , and Osisko development as an investment in an associate , and instead will now flow through other comprehensive income .

Was triggered by the <unk> equity financings.

Jason Attew: At South Railroad, Orla Mining should have an updated feasibility study out before the end of this year, with the final record of decision expected mid-2026, and first gold and silver before the end of 2027. Finally, at Eagle, we understand that first round bids for the asset were due in the first week of September 2025, with those interested parties that made it into the second round now completing more due diligence, including site visits. The hope is that a new owner can be announced sometime in the coming months, with a potential new plan of operations, including a potential timeline to restarting production, following fairly soon after that.

Speaker #4: This change in the accounting treatment of Cisco , the Cisco Development investment , generated a non-cash gain of $54 million in the third quarter .

Most importantly, Q3 saw sizable year over year improvements in both cash flow per share of 34 cents versus <unk> 19 in Q3 last year as well as quarterly adjusted earnings of 22 cents per basic common share again versus <unk> 11 in the same period last year.

Speaker #4: As a result of the revaluation of Cisco Development equity investment at fair value on the date of the loss of significant influence being mid-August , which was triggered by the equity financings .

Next slide please.

During the third quarter of 2025, our Geos earned came predominantly from Canada, and we derived approximately 95% of our G. O is from precious metals the balance coming from our direct copper exposure through our copper stream at harmony Gold's CSA copper mine in Australia.

Speaker #4: Most importantly , Q3 saw sizable year over year improvements in both cash flow per share at $0.34 versus $0.19 in Q3 last year , as well as quarterly adjusted earnings of $0.22 per basic common share , again , versus $0.11 in the same period last year .

Jason Attew: Quickly on slide 14, on top of everything else we've mentioned, here is an updated list of key catalysts on currently producing assets on the left, and key near-term development projects that fall within our current five-year outlook on the right. I'll single out just two for now. Looking to the right side, one second. Looking to the right of the slide and starting with Windfall, it is likely that Gold Fields provides some updated economic numbers on the project at its upcoming capital markets day scheduled for next week on 12 November 2024. Recall the most recent fulsome update from Gold Fields provided the expectations that an updated feasibility study, along with final project permits, as well as final IBAs with the relevant First Nation groups, are now expected in what is shaping up to be a very busy 2026 for Gold Fields at Windfall.

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

Speaker #4: Next slide please . During the third quarter of 2025 , our GEOs earn came predominantly from Canada and we derived approximately 95% of our GEOs from precious metals .

At Agnico Eagles Canadian Malarchuk complex it had yet another solid quarter with respect to Geos earned.

Speaker #4: The balance coming from our direct copper exposure through our copper stream at Harmony gold , CSA copper mine in Australia . Some comments on specific mine performances during the quarter before speaking about a couple of our more material material assets in greater detail at Agnico Eagle's Canadian Malartic complex .

A reminder, that historically, we've often seen strong fourth quarters Canadian Canadian mill Arctic versus the other way around.

And while that should bode well for our final quarter of the year. We are mindful of unannounced four to five day maintenance shutdown at the mine during the fourth quarter.

Speaker #4: It had yet another solid quarter with respect to GEOs earned a reminder that historically , we've often seen strong fourth quarters Canadian , Canadian malartic versus the other way around .

At Capstone Koppers Mentos Blancos operation Q3 production saw a significant year over year jump thanks to a couple of things.

First much improved plant throughput still largely holding consistent and a nameplate of 20000 tonnes per day, and secondly, approximately a month's worth of improved silver grades contributing to our own third quarter stream deliveries.

Speaker #4: And while that should bode well for our final quarter of the year , we are mindful of an announced 4 to 5 day maintenance shutdown at the mine during the fourth quarter at Capstone , Copper's Mantos Blancos operation , Q3 production saw a significant year over year jump thanks to a couple of things .

Recall that with the two month stream lag our 2025 stream delivery year for Mantas Blancos starting November one 2025.

Jason Attew: Second, touching briefly on what has been and continues to be a busy year for Marimaca Copper, with the MOD feasibility study now completed, it is quite possible that in the next few months we could see additional major milestones achieved in the form of final permits for the MOD project and our partner securing full financing to move forward with a final investment decision and subsequent project construction. Finally, we'll end the formal part of the presentation on slide 15, which outlines the current state of our royalties balance sheet. At quarter end, we were completely debt-free and had cash of $57 million.

Speaker #4: First , much improved plant throughput . Still largely holding consistent and a nameplate of 20,000 tonnes per day . And secondly , an approximately a month's worth of improved silver grades , contributing to our own third quarter stream deliveries .

2024, sorry and.

And as of October 31, 2025.

As noted throughput levels remained at or above the mine's nameplate capacity of 20000 tonnes per day at Mentos Blancos.

Speaker #4: Recall that with the two month stream lag , our 2025 stream delivery year for Mantos Blancos started November 1st , 2025 , 2024 .

And our anticipation is that silver grades should stay higher and in line with or as expectations through the final months of our screening.

The final month of our stream delivery year, which was the October that just ended.

Speaker #4: Sorry , in an October 31st , 2025 , as noted , throughput levels remained at or above the mines nameplate capacity of 20,000 tonnes per day at Mantos Blancos and our anticipation is that silver grades should stay higher and in line with ores expectations through the final months of her stream through the final month of our stream delivery year , which was the October that just ended , and also , as indicated in last week's Q3 2025 update from capstone , the Mantos Blancos phase two feasibility study is still scheduled for 2026 , which we believe will be in the first half of the year .

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

Jason Attew: This cash balance would have grown to approximately $106 million if we'd been able to include the $49 million value of our Mac Copper shares, which are listed on this slide as investments held for sale, given this was representative as of 30 September 2023. The good news is this cash was received this past week. Factoring this all in, with approximately $1 billion in potential available liquidity at the end of the quarter, the balance sheet is looking incredibly strong. Our improved financial position is key as our royalties corporate development team continues to be stretched to capacity across multiple transaction opportunities.

Finally, we've recently been really impressed with the ongoing successful ramp up I've been in D mine in Ghana, which based on our Geos earned and paid to date.

Paid year to date it is starting to hit its stride after a slower start to the calendar year.

Expecting continued improvements from <unk> going forward based on the most recently.

The most recent publicly available mine plan for the asset.

Speaker #4: Finally , we've recently been really impressed with the ongoing successful ramp up at the mine in Ghana , which , based on our geos , earned and paid to date to paid year to date .

Which was the 2019 feasibility study completed by the former Cardinal resources to which we understand the current operator is adhering to.

Jason Attew: At the same time, our robust organic growth profile and deep pipeline of tangible optionality affords our royalties the luxury to maintain a disciplined approach and wait for the right deal as we're not willing to sacrifice investment returns, deal economics, or contract features just for the sake of adding gold equivalent ounces. As such, we plan to adhere to our time-tested strategy of measured and disciplined capital allocation in the pursuit of high-quality, accretive streams and royalties that will bolster the company's current and near-term GEO deliveries, as well as cash flows for the benefit of our current and future shareholders. With that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joelle, thank you. Ladies and gentlemen, we will now begin the question and answer session.

Speaker #4: It is starting to hit its stride after a slower start to the calendar year . We're expecting continued improvements from Nandini going forward based on the most recently , the most recent publicly available mine plan for the asset , which was the 2019 feasibility study completed by the former Cardinal Resources , to which we understand the current operator is adhering to .

Moving to slide seven and as I mentioned earlier the number of currently producing assets in our portfolio stands at 22.

And while unlikely to be included in any of our Geos received this year. The next asset expected to be added to this list will be Roumelia resources delegate Ranga mine in Western Australia.

With our partner recently.

<unk> released a full integration plan for the high grade underground mine.

Speaker #4: Moving to slide seven , and as I mentioned earlier , the number of currently producing assets in our portfolio stands at 22 . And while unlikely to be included in any of our GEOs received this year , the next asset expected to be added to this list will be Ramelius resources mine in Western Australia with our partner recently having released a full integration plan for the high grade underground mine , which includes some modest gold production .

Which includes some modest gold protection production out of the mine in the first half of 2026.

So likely beginning early next calendar year.

More on <unk> a bit later.

On our last call three months ago, we went out of our way to highlight the meaningful silver exposure provided by our royalties, which through H, one and 2020 2025 was just over 20, 26%.

Speaker #4: Production out of the mine in the first half of 2026 , so likely beginning early next calendar year . More on delagrange A bit later on our last call three months ago , we went out of our way to highlight the meaningful silver exposure provided by ore royalties , which , through H1 2020 2025 was just over 26% .

If we recall the same chart from the previous slide.

You'll have seen that silver represented over 30% of our revenues in the third quarter.

Jason Attew: Should you have a question, please press star followed by one on your touchstone 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 two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Josh Wolfinson with RBC Capital Markets. Your line is now open. Yeah, thanks very much. A couple of questions. First, for Malartic, this has been a very strong year for the asset, outperforming expectations on Barnett grades. The existing mine plan in 2026 outlined a little bit lower production before, I guess, some further increases thereafter. I'm wondering how OR is thinking about the near-term outlook for the asset.

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

Speaker #4: If we recall the same chart from the previous slide , you'll have seen that silver represented over 30% of our revenues in the third quarter .

Moving onto slide eight.

Many of you will have seen many times before.

Speaker #4: Summing this all up , we are essentially flagging that oral royalties can provide lower risk , higher quality and meaningful leverage to silver for investors that are looking for it , especially if silver prices continue to close the gap versus gold as it has done over the past month or so .

Our company continues to set itself apart from the rest of its relevant peers in two key areas.

First as it relates to lower risk jurisdictional exposure and second as it relates to our peer leading cash and gross margins.

Starting with the former just a friendly reminder, that or royalties is the unequivocal leader when it comes to both net asset value and gold equivalent ounces earned from what we define as tier one mining jurisdictions, which include Canada, United States and Australia.

Speaker #4: Moving on to slide eight , which many of you will have seen many times before , our company continues to set itself apart from the rest of its relevant peers in two key areas .

Jason Attew: In the context of what next year looks like and what we should expect there. Thank you. Thank you, Josh. I know you had two questions, so we'll come back to you in a second. I'm going to hand it over to Guy, who is best situated to answer the question for you in the audience. Hey, Josh. We're not expecting any surprises. As you know, the grade overperformance is due to blocks that are around the underground stopes, and Agnico takes a fairly conservative approach to whether those blocks appear in the resource reserve models. We expect that to continue into the final pits that we see there. No expected surprises. We do get more detailed information at the beginning of the year with respect to their short-term mine plans, but we don't have those yet. Yeah. Your next question, Josh? I can keep going.

Speaker #4: First , as it relates to lower risk jurisdictional exposure , and second , as it relates to our peer leading cash and gross margins .

And we would think that with the recent explicit plans outlined for the first time Vermillion regarding Gallagher angle as well as other recent development advances across advancements across our portfolio. This exposure could very likely grow in the near to medium term.

Speaker #4: Starting with the former . Just a friendly reminder that all royalties is the unequivocal leader when it comes to both net asset value and gold equivalent ounces earned from what we define as tier one mining jurisdictions , which include Canada , the United States and Australia .

Moving to the ladder simply put or royalties pure leading cash margins provide our shareholders with both transparent leveraged to precious metals prices as well as an unmatched as well as unmatched downside protection.

Speaker #4: And we would think that with the recent explicit plans outlined for the first time by Ramelius regarding Gauranga as well as other recent development advances across advancements across our portfolio , this exposure could very likely grow in the near to medium term .

Switching gears to slide nine and focusing on our cornerstone asset.

Our partner Agnico Eagle provided some relevant information relating to the Canadian Mark Malarchuk complex, along with its Q3 2025 financial results announced on Wednesday evening last week.

Speaker #4: Moving to the latter , simply put , ore royalties peer leading cash margins provide our shareholders with both transparent leverage to precious metals prices as well as an unmatched as well as unmatched downside protection .

As it relates to operations during the period aggregate gold production of approximately 150000 to 157000 ounces in the quarter was higher than planned primarily as a result of higher grades and the Barnett pit at Canadian Mill Arctic.

Speaker #4: Switching gears to slide nine and focusing on our cornerstone asset , our partner Agnico Eagle , provided some relevant information relating to the Canadian Malartic complex , along with its Q3 2025 financial results announced on Wednesday evening .

Jason Attew: I got a couple of them. For Eagle, I'm wondering if OR has been involved in any part of the negotiation process with some of the parties here that have been, I guess, providing offers. Look, I think everybody is aware there's a public process that BMO Capital Markets Restructuring Group is running. It's safe to say that, as we mentioned, the first round indicative bids, non-binding bids, passed, and they've selected a number of what we would qualify, or what they've told us, as high-quality operators with very, very good ESG credentials. In addition, given the fact that we are a stakeholder, given our interest, we've also signed an NDA with the group, PwC, who's obviously acting for the Yukon government and BMO Capital Markets.

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

Speaker #4: Last week, as it relates to operations during the period, aggregate gold production of approximately 150,000 to 157,000 oz in the quarter was higher than planned, primarily as a result of higher grades at the Barnett Pit at Canadian Malartic.

Flipping to slide 10.

The Odyssey old underground gold production. During Q3 was slightly ahead of plan at approximately 22004 hundred ounces.

Speaker #4: The higher gold grades of Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stopes in the Barnett Pit that returned higher grades than anticipated , flipping to slide ten , the Odyssey Old underground gold production during Q3 was slightly ahead of plan at approximately 22,400oz , driven by higher ore mined of approximately 3634 tonnes per day , compared to the target of 35,000 tonnes , or 3500 tonnes per day .

Driven by higher ore mined of approximately.

3634 tons per day compared to the target of 35000 tons or 3500 tonnes per day.

Regarding the development at Odyssey underground the third quarter of 2025, Salt mine development advance ahead of schedule.

With a record 4770 meters completed.

The breakthrough of the ramp to the mid shaft loading station at level 102 was completed in the third quarter of 2025.

Jason Attew: It's really not appropriate for us to be able to comment on, again, any discussions we may or may not have with potential operators. BMO Capital Markets is running a very fulsome and proper public process that you certainly, and everybody, all stakeholders, will be able to see in the fullness of time. All we can say is, as a stakeholder, we're quite pleased with the progress that has been made. We do believe that at some point, we'll very likely get visibility in 2026 as to what the plan of the next operator of the Eagle Mine will be. At that point, we will determine or decide whether we reinclude the Eagle GEOs into our five-year outlook.

And the main ramp towards the shaft bottom progressed at a depth of 1059 meters as at September 32025.

Speaker #4: Regarding the development , Odyssey Underground , the third quarter of 2025 saw mine development advance ahead of schedule , with a record 4770m completed .

As previous as previously noted.

By our partner and firmed up during the third quarter Agnico Eagle approved the extension of the shaft. The first shaft by 70 meters to a depth of 870 meters.

Speaker #4: The breakthrough of the ramp to the mid shaft loading station at level 102 was completed in the third quarter of 2025 , and the main ramp towards the shaft bottom progressed to the depth of 1059m .

Amongst some additional loading station adjustments.

This adjustment is expected to improve operational flexibility and efficiency in the early 2000 thirty's.

Speaker #4: As at September 30th , 2025 , as previously as previously noted by our partner and firmed up during the third quarter , Agnico Eagle approved the extension of the shaft .

<unk> reliance on truck haulage and further unlocking the significant exploration potential at depth.

Speaker #4: The first shaft , by 70m to a depth of 1870m , amongst some additional loading station adjustments . This adjustment is expected to improve operational flexibility and efficiency in the early 2030s , reducing reliance on truck haulage and further unlocking the significant exploration potential at depth .

And speaking of efficiency.

<unk> of the first shaft is already two months ahead of schedule.

Looking at exploration Agnico continues to press ahead aggressively with 29th surface and underground drill rigs operating during the period.

Jason Attew: There's not much more that we can say on that, Josh, apart from we're very pleased with the quality of interest from established operators that are looking to set a base up in the Yukon. Great, thank you. One last one. I think in some of the prior conference calls, you had talked about some potential for a transaction to be announced before year-end. It sounds like the company is instituting some greater discipline, and I'm just wondering what the outlook is still for that negotiation process. Thank you. Yeah, no, it's a really good question. I'm looking at my team around the table here. As I said in my remarks, the corporate development, technical teams are just flat out right now. We're looking at a lot of opportunities.

The drilling program at Odyssey targeted the upper eastern lower eastern and lower Western extension of the East Goldie deposit.

Speaker #4: And speaking of efficiency . The sinking of the first shaft is already two months ahead of schedule . Looking at exploration , Agnico continues to press ahead aggressively with 29 surface and underground drill rigs operating during the period .

The new Eclipse zone, and portions of the Odyssey deposit near the Odyssey shaft.

Our partner believes this area of East Gulli has the potential to add indicated mineral resources and potential mineral reserves to east Goldie by year end.

Speaker #4: The drilling program at Odyssey targeted the upper Eastern , Lower Eastern and Lower Western extensions of the East Gouldie deposit . The new eclipse zone and portions of the Odyssey deposit near the Odyssey shaft .

The drilling success should benefit the ramping up of the mining operations and provide additional flexibility in mine development and East Gulli, Inc.

Including a potential second mining area in the upper part of the mine.

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

Speaker #4: Our partner believes this area of East Gouldie has the potential to add indicated mineral resources and potential mineral reserves to East Gouldie by year end .

Jason Attew: However, as I've said in the past, I mean, if our group can get one, maybe two, high conviction, very good returns for our shareholders over the course of 12 to 18 months, we will do that. What we've seen in the marketplace, though, is we have not been able to conclude those transactions, both on a couple of things, as I said in my remarks, value. We're not seeing we've got to obviously make a spread on our own internal hurdle rate. We're not seeing deals right now that satisfy that criteria. As also, we've seen some loosening of structure, i.e., there's been a number of deals, as you would know, that are unsecured or the security instrument is not where we, as risk managers on behalf of shareholders' capital, are comfortable with at this stage. There's certainly a desire to get things done, Josh.

Speaker #4: The drilling success should benefit the ramping up of the mining operations and provide additional flexibility in mine development at East Gouldie , including a potential second mining area in the upper part of the mine .

On slide nine we provided just a small sample size of the details provided by agnico as it relates to the current concept, including specific underground mine throughput profiles as well as aggregate potential underground protects production range and ounces.

Speaker #4: We touched on the following subject on our last quarterly conference call , but I think it's once again worth time to reiterate that our partner , Agnico Eagle , continues to openly discuss the concept of a second shaft at Odyssey on slide nine , we've provided just a small sample size of the details provided by Agnico as it relates to the current concept , including specific underground mine throughput profiles as well as aggregate potential underground production range in ounces , as well as a breakdown of what is being targeted for both shafts .

As well as a breakdown of what is being targeted for both shaft number one and number two expected grades and recoveries and finally fairly detailed timelines to achieving all of this.

What does this mean for all royalties distilling all of this down it means that we could see an approximately additional 15000 geos from our second shaft over and above what would be expected from the first shaft.

The sheer amount of gold discovery to date at Odyssey underground and more specifically east gulli, and which we have a 5% MSR royalty and which continues to expand continues to support our partners' plans.

Speaker #4: Number one and number two . Expected grades and recoveries , and finally , fairly detailed timelines to achieving all of this . What does this mean for oral royalties ?

Jason Attew: We have to remain very disciplined and really stick to our need and pick our spots. Thank you very much. Thanks, Josh. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Tanya Jagusconek with Scotiabank. Your line is now open. Oh, great. Good morning, everybody. Thank you for taking my call, and thank you, operator, for getting my name right. Can I just continue on Josh's questions on the transaction opportunities? Jason, you mentioned on your call that you have an internal rate of return metric that you're very focused on as part of your strict valuation or metrics for transactions. You said it's a more conservative gold price. What sort of internal rate is that? Is it 15%? It would vary, Tanya.

Speaker #4: Distilling all of this down , it means that we could see an approximately additional 15,000 geos from a second shaft over and above what would be expected from the first shaft .

The current mineral inventory the east Goldie sits at approximately 15 million gold ounces and continues to grow.

And Niko Agnico Eagle now has over 29 drills turning to expand this and was inventory.

Speaker #4: The sheer amount of gold discovery to date at Odyssey Underground , and more specifically , East Gouldie , and which we have a 5% NSR royalty and which continues to expand , continues to support our partners plans .

In addition to firming up the confidence what has been previously defined.

Given the sheer magnitude of the potential upside here, we can sympathize with agnico approach of taking a measured and methodical approach to the potential addition of the second shaft. Consequently, it is unlikely that there will be any meaningful public disclosure as it relates to specific details on the second shaft until the <unk>.

Speaker #4: The current mineral inventory at East Gouldie sits at approximately 15 million gold ounces and continues to grow and Agnico Eagle now has over 29 drills .

Speaker #4: Turning to expand . This ounce inventory . In addition to firming up the confidence , what has been previously defined . Given the sheer magnitude of the potential upside here , we can sympathize with Agnico approach of taking a measured and methodical approach to the potential addition of the second shaft .

First half of 2027.

No agnico has already indicated that upon release of those figures and.

A final investment decision would be quick to follow if not almost immediate.

Here at or royalties. It is our continued belief that the value of the potential second shaft at Odyssey is not currently fully reflected in our share price or even for that matter and agnico share price. Despite the fact that we truly believe that there is little doubt that this project will eventually be sanctioned and completed.

Speaker #4: Consequently , it is unlikely that there will be any meaningful public disclosure as it relates to specific details on the second shaft . Until the first half of 2027 , though , Agnico has already indicated that upon release of those figures , a final investment decision would be quick to follow if not almost immediate .

Jason Attew: Maybe we can take this conversation offline because I think it is important you understand it, but I'll just talk about broad parameters. We obviously have a weighted average cost of capital within our company. That's mainly informed by a revolving credit facility. A revolving credit facility is based on a variable rate. I think you know what prime rates and where the rates have been going down. So approximately, and it could vary over time, but approximately, it's about 4.5%. In terms of our cost of capital or cost of debt if we were to dip into the revolving credit facility. That is obviously what we need for a transaction is a spread beyond that. What we also do is we don't do transactions or we don't look at transactions in the frame of spot prices right now.

Finally, the potential second shaft only serves as a component, albeit a key one to nikos broader plans, which could see the entire complex produce a million ounces from the from 2030 onwards.

Speaker #4: Here at Ore Royalties , it is our continued belief that the value of the potential second shaft at Odyssey is not currently fully reflected in our share price , or even for that matter , in Agnico share price .

When factoring in additional regional ore sources, such as Marvin and Wassa Mac.

Speaker #4: Despite the fact that we truly believe that there is little doubt that this project will eventually be sanctioned and completed . Finally , the potential second shaft only serves as a component , albeit a key one to Nikko's broader plans , which could see the entire complex produce 1,000,000oz from the from 2030 onwards , when factoring in regional or sources such as Marban and Wasagamack .

As a reminder, Wabash is subject to an NSA, a royalty or NSO royalties owned by or royalties.

As well as the toll milling royalty.

While wassa Mac or would be subject only to the toll milling royalty.

Jason Attew: We do continue to look at consensus pricing and be informed by that. All that said, we do look at spot as a relevant benchmark. It is a very competitive sector, very competitive for deals right now. We have to really lean on our technical team, Guy and Brendan in particular, to look through the asset and see what might not be publicly disclosed in terms of technical reports to look for upside, both geologically, mine life extensions, and operational efficiencies. It is very complex. Well, it is an answer that has many different components to it. Very happy to walk you through our methodology at some point, but you can think around those parameters, as I said, a spread over that hurdle.

Agnico noted on their conference call last Thursday that the studies on both the second shaft and the complex is path to a million ounces remained on track.

Speaker #4: As a reminder , Woburn is subject to an NSR royalty or NSR royalties owned by or royalties , as well as a toll milling royalty .

On to slide 10.

Touches on Delek Ranga.

A high grade underground gold asset in which or royalties owns a 1.44% gross revenue revenue royalty.

Speaker #4: While or would be subject only to the toll milling royalty . Agnico noted on their conference call last Thursday that the studies on both the second shaft and the complex's path to 1,000,000oz remain on track .

And which was acquired just over a year ago.

On July 31st Roumelia resources fully closes acquisition of Spartan resources, and then just two weeks ago, our new operating partner provided its detailed plans of how it expects <unk> to fit into this gold production growth over the next five years.

Speaker #4: On to slide ten , which touches on Gauranga , a high grade underground gold asset in which all royalties owns a 1.44% gross revenue .

In summary, Vermillion is choosing to operate and concurrently expand as central processing facility and its preexisting met Mount magnet hub in order to accommodate or from Gallagher anger.

Jason Attew: Obviously, if we did a transaction in one of those tier one jurisdictions, the hurdle or the spread would be significantly less than, let's call it, a tier two or tier three transaction. We've proven that in the past. Let's go back to the Cascabel transaction that we did with Franco and what the street had suggested in terms of the internal rate of return that was mid-teens for us, 14% to 15%. Those are approximately the goal posts, Tanya. Okay. Definitely over 5% right over that. Maybe just on the opportunities that you're seeing out there. I think on the Q2 conference call, it was quite a wide spread from $50 million to $1 billion. I mean, you can drive a truck through that. Maybe we could talk a little bit more about what are you seeing currently in the environment.

Speaker #4: Revenue . Royalty , and which was acquired just over a year ago on July 31st , Ramelius resources , fully closes acquisition of Spartan Resources .

Speaker #4: And then just two weeks ago , our new operating partner provided its detailed plans of how it expects Del Gouranga to fit into this gold production growth over the next five years .

Eventually and within the next two years the facility will be completely expanded to 5 million tonnes per annum.

And with two separate crushing circuits to accommodate ores from both Mount magnet and algorithm go.

Speaker #4: In summary , Ramelius is choosing to operate and concurrently expand its central processing facility at its pre-existing Mount Magnet hub in order to accommodate ore from Del Gauranga .

Due to their respective different grind size and recovery profiles.

In the meantime, higher grade ore from Gallagher angle will be fed through the preexisting unmodified plant.

Speaker #4: Eventually , and within the next two years , the facility will be completely expanded to 5 million tonnes per annum , and with two separate crushing circuits to accommodate ores from both Mount Magnet and Garaga .

With lower recovery rates expected to be achieved during this interim period.

The good news out of all of this for all royalties as a dagger rang is now very likely the next producing asset in our portfolio.

Speaker #4: Due to their respective different grind size and recovery profiles . In the meantime , higher grade ore from Dalgarno will be fed through the pre-existing unmodified plant with lower recovery rates expected to be achieved during this interim period .

Jason Attew: Is it a much tighter spread? Is it still streams versus royalty packages? Is it still development or financing for asset sales? What exactly are you seeing? The answer to all those questions, Tanya, is yes. All of the above. It varies for sure. Some, obviously, deals that are in flight we've been working on for can be two, three years. Some, obviously, come in through processes of existing operators, for example, deciding now is the right time to sell a royalty package off that they've put in a portfolio many, many years ago and are looking at the commodity complex and saying, is this the right time for us to extract value? There are a lot of different opportunities out there for us. I think I'm consistent in saying that for us, being a mid-tier streaming and royalty company, that.

With the first production expected in the first half of 2026.

With significant step changes and growth expected after that based on <unk> financial year.

Based on the recently provided production profiles Dogger Ranga is also set to produce close to 275000 ounces of gold in Roumelia says financial year in 2030 alone.

Speaker #4: The good news out of all of this , for our royalties is that Daggering is now very likely the next producing asset in our portfolio with the first production expected in the first half of 2026 , with significant step changes in growth expected after that .

None of these figures include any potential additional ore source ounces sourced from Gallagher Ngos gilby as underground or a potential never never open pit project, which serves which serve as potential upside.

Speaker #4: Based on Ramelius financial year . Based on the recently provided production profiles , Daggering is also set to produce close to 275,000oz of gold in Ramelius financial year in 2030 alone .

And on what familiar has also completed a pea level scoping study.

Scoping studies, respectively.

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

Speaker #4: None of these figures include any potential additional ore source ounces sourced from Gilbey's underground or a potential never , never open pit project , which serves which serve as potential upside and on which Ramelius is also completed .

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

Jason Attew: The strike zone for us is anywhere between $50 million and $500 million. We do have ample liquidity and capacity to do that, given, again, that we now have zero debt and are completely under on our revolving credit facility. There are many, many opportunities out there. As I said, our team is very busy. I will, because I don't think it's, I will again emphasize that for our company, given our growth profile, we just have to be incredibly disciplined around capital allocation. Okay. Thank you. I guess we'll get more into that at your investor day. Maybe just a final question. As I think about 2026, and I know pricing is important, whether you keep the 82 or 83 to 1 ratio. As I think about, and you provided the five-year, 2029, you're up in the 120,000, 125,000 GEOs or thereabout.

Speaker #4: A p level scoping study , scoping studies , respectively , and of course , this doesn't include any potential future exploration upside success within our royalties area of interest either .

We'd like to extend our congratulations to the entire Emilia team on having completed these creative and well received integration plans in relative short order post its acquisition of Spartan resources.

Speaker #4: To sum up these points , we think that the recently released plans from Ramelius represents the first positive early indication of the true potential of this high grade asset going forward , we'd like to extend our congratulations to the entire team on having completed these creative and well received integration plans in relative short order .

And we very much look forward to Roumelia says execution going forward.

Moving to slide 13, but also staying down under.

We're happy to report that harmony Gold's acquisition of Mac copper closed on October 24 2025.

The most immediate impact or royalties and more specifically or royalties international was the receipt of $49 million in cash for the 4 million shares held in Mac Mac copper.

Speaker #4: Post this acquisition of Spartan Resources , and we very much look forward to Ramelius execution . Going forward . Moving to slide 13 , but also staying down under , we're happy to report that Harmony Gold's acquisition of Matte Copper closed on October 24th , 2025 .

Even more exciting though is the future of this asset.

Under such a deeply skilled underground mine operators such as harmony.

With the transaction closed the approximate three months integration process of the asset is now underway with.

Speaker #4: The most immediate impact of ore royalties and more specifically , ore royalties International , was the receipt of 49 million in cash for the 4 million shares held in copper .

Jason Attew: As I think about 2026, would it be fair? It's just a directional situation. Would it be fair to assume that 2026 could look very similar to 2025? Yeah. No, it's an excellent question, Tanya. Obviously, we'll provide more details when we put out our one-year guidance in February of 2026, as well as an updated five-year outlook. What we've been consistent in saying in the past is this growth rate, 40% over the next five years, is not linear. You know the assets that we have in production currently. Really, the only new asset that's going to, unless we actually bring an asset through an acquisition, the only really new asset coming in is the Dalgaranga that we talked about on the call. We do expect next year for Mantos Blancos to continue to have the higher silver grades that we've just recently started to experience.

With harmony looking to immediately execute on available synergies, while also looking to maximize operational efficiencies.

The integration is complete.

Speaker #4: Even more exciting , though , is the future of this asset . Under such a deeply skilled underground mine operator such as Harmony with the transaction closed , the approximate three month integration process of the asset is now underway , with Harmony looking to immediately execute on available synergies while also looking to maximise operational efficiencies .

Furthermore, Hermie has already provided a timeline with respect of future future catalysts at CSA.

Most notably an updated life of mine plan expected in August of 2026.

Before that however, it.

There will be some key interim updates in late February or early March of 2026 at.

Speaker #4: Once the integration is complete . Furthermore , Harmony is already provided a timeline with respect to future future catalysts at CSA , most notably an updated life of mine plan expected in August of 2026 .

At which time harmony is expected to provide a fiscal year 2026 production guidance for CSA.

As well as detailed updates on operational performance key project development milestones and finally on recent exploration activities.

Speaker #4: Before that , however , will be some key interim updates in late February or early March of 2026 , at which time Harmony is expected to provide a fiscal year 2026 production guidance for CSA , as well as detailed updates on operational performance , key project development milestones , and finally on recent exploration activities from our understanding , Harmony doesn't plan to deviate from either of the two projects started under matte copper , specifically the upper Marin mine , as well as the CSA ventilation project , with the latter still scheduled for completion in Q3 2026 .

From our understanding.

Harmony doesn't plan to deviate from either of the two projects started under the under Mac copper <unk>.

Jason Attew: Those are the big drivers of growth for 2026, as well as the Namdini mine in Ghana as it hits its full stride in 2026. That's probably the best guidance I can give you at this stage. We can certainly talk about it further on Monday at the Investor Analyst Day, but we'll give all that specificity to the extent we can in February of 2026. Okay. Fair enough. Thank you very much, and look forward to your investor day. Thank you, Tanya. Your next question comes from Kerry Mercury with Canaccord Genuity. Your line is now open. Hi. Good morning, guys. Just a quick one for me. There was a copper buy-down option on the Mac Copper Stream. Just wondering if that option transfers now to Harmony and if you have any thoughts on whether it'll execute that or not. Really good question.

Specifically, the upper Marin mine as well as the CSA ventilation project.

With the latter is still scheduled for completion in Q3 2026.

Recall that these two projects are expected to get to the mine the mine to a point, where it can sustainably produce and the 50000 tons of copper per annum level.

Which represents a production expansion of approximately 25% of the most recently completed full year of operations in 2024.

Recall the underground mine.

That had been the key bottleneck with the surface processing facility still having plenty of latent capacity.

Speaker #4: Recall that these two projects are expected to get to the mine . The mine , to a point where it can sustainably produce the 50,000 tonnes of copper per annum level , which represents a production expansion of approximately 25% of the most recently completed full year of operations in 2024 .

Facet that we expect harmony to take full advantage of overtime.

Let's move to slide 12.

We're now highlighting the CSA expansion projects more explicitly in our five year growth outlook to 2029.

Jason Attew: Thank you for it, Kerry. Effectively, you can think of everything that we had with Mac Copper as essentially being assigned to Harmony Gold. Yes is the straightforward answer. Anything that you're modeling or seeing with Mac Copper, you can just assume because it has been assigned to Harmony Gold. There's been no changes in the structure, no changes in effectively anything commercially with respect to both the silver stream and the copper stream. That option only kicks in after on the fifth anniversary. They can't exercise early. That's correct. Great. That's it for me. Thanks. There are no further questions at this time. I will now turn the call over to management for closing remarks. Thank you, Joelle.

Speaker #4: Recall the underground mine that had been the key bottleneck with the surface processing facility still having plenty of latent capacity , a facet that we expect Harmony to take full advantage of over time .

Alongside Island Gold Gallagher Ranga and the others.

As it relates to CSA. These expansions were always expected based on our exchanges with both Mac copper and now harmony gold.

Another minor change on this slide versus previous variations that we've reintroduced the Eagle mine in the Yukon back into the Optionality bar.

Speaker #4: Let's move to slide 12 . We're now highlighting the CSA expansion projects more explicitly in our five year growth outlook to 2029 , alongside Island Gold and the others as it relates to CSA , these expansions were always expected based on our exchanges with both copper and now Harmony gold .

Where previously had been completely removed.

And this actually provides a very good segue segue into slide 13, which provides an ongoing summary of the significant progress being made on some of our key optionality assets that are currently excluded from our five year outlook.

Speaker #4: Another minor change on this versus previous variations is that we've reintroduced the Eagle mine in the Yukon back into the optionality bar , where previously had had been completely removed .

Though this slide might provide a good foundational preview and how to think about what might be included in our 2035 year outlook. When released in mid February of next year.

Jason Attew: As always, if anyone on the call or listening to this replay has additional questions, insights, or observations on our business and our business strategy, please do reach out to Grant, Heather, or myself. We'll be more than pleased to provide more information about the bright future for our company and its shareholders. In addition, I would like to provide a final plug for our Investor and Analyst Day, which is planned to be a two-hour session this Monday starting at 1:00PM at Vantage Venues in downtown Toronto. My team will go through in much greater detail our assets, including the potential for growth, insights, and opportunities that we do see within our portfolio. If you can make it down in person and you haven't already done so, please RSVP to my colleague, Grant Monting.

Speaker #4: And this actually provides a very good segue into slide 13 , which provides an ongoing summary of the significant progress being made on some of our key optionality assets that are currently excluded from our five year outlook , though this slide might provide a good foundational preview on how to think about what might might be included in our 2035 year outlook .

As noted in our press release last night, we will start with caribou and spring valley to shovel ready fully premier fully permitted sizeable gold projects that each resides in what we would define as tier one mining jurisdictions.

In aggregate these two assets would be able to provide or royalties and their shareholders with approximately 16000 geos in aggregate once fully underway.

Speaker #4: When released in mid-February of next year . As noted in our press release last night , we'll start with Caribou and Spring Valley , two shovel ready , fully prepared , fully permitted , sizable gold projects that each resides in what we would define as tier one mining jurisdictions in aggregate , these two assets would be able to provide ore royalties and their shareholders with approximately 16,000 GEOs in aggregate .

Starting with caribou with another round of additional financing just completed.

<unk> is already moving forward with pre construction and construction activities for the development of the project, including certain detailed engineering procurement underground development operational readiness planning and other early works activities.

Jason Attew: If you can't make it in person, a live webcast link was also provided in our press release last night. We hope you can join us either way. If not, a recording of the event will be available on our website in relatively short order after the event. Thank you again very much for your time, and we look forward to engaging with you in the future. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and ask that you please disconnect your lines.

We're expecting more news from the Cisco development team in the near term as it relates to more concrete plans and timelines for the caribou construction.

Speaker #4: Once fully underway , starting with caribou with another round of additional financing just completed , Odev is already moving forward with pre-construction and construction activities for the development of the project , including certain detailed engineering , procurement , underground development , operational readiness planning and other early works activities .

Which is set to be completed in order to achieve first gold production in the second half of 2028.

Moving to spring Valley, our understanding that's all it is and as build team are effectively ready to go as.

Speaker #4: We're expecting more news from the development team in the near term as it relates to more concrete plans and timelines for for the caribou construction , which is set to be completed in order to achieve first gold production in the second half of 2028 .

As the company is keen to move forward with construction work.

At this time, our partner is seeking final authorization.

<unk> financing via the proposed $835 million of U S ex Im bank facilities.

To say stay tuned on this one.

Speaker #4: Moving to Spring Valley , our understanding that Solidus and its build team are effectively ready to go , as the company is keen to move forward with construction work .

Progress continues apace at Agnico, Eagle's Upper Beaver project in Ontario <unk>.

<unk> United Gold Lydian.

Armenia is already drawing down on its credit facility in order to move forward with what's left.

Speaker #4: However , at this time our partner is seeking final authorization of project financing via the proposed 835 million of US Ex-Im Bank facilities .

To complete for the construction of almost SAR.

In fact, we just had our team on site.

Speaker #4: So stay tuned on this one . Progress continues apace at Agnico Eagle's Upper Beaver project in Ontario . Elsewhere , United Gold or Lydian Armenia is already drawing down on its credit facility in order to move forward with what's left to complete for the construction of Al-mazar .

This past September and they were very pleased to see this kind of activity there.

The first of its kind in a really long time.

And have South railroad Orla mining should have an updated feasibility study out before the end of this year.

With the final record of decision expected mid 2026, and first gold and silver before the end of 2027.

Speaker #4: In fact , we just had our team on site this past September and they were very pleased to see this kind of activity there .

Finally at Eagle, we understand that first round bids.

The asset were due in the first week of September 2025, with those interested parties that made it into the second round now completing more due diligence including site visits.

Speaker #4: The first of its kind in a really long time , and at South Railroad , although mining should have an updated feasibility study out before the end of this year , with the final record of decision expected mid 2026 and first gold and silver before the end of 2027 .

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

Speaker #4: Finally , at Eagle , we understand that first round bids for the asset were due in the first week of September 2025 , with those interested parties that made it into the second round .

Following fairly soon after that.

Quickly on slide 14 on top of everything else. We've mentioned here's an updated list of key catalysts on currently producing assets on the left and key near term development projects that fall within our current five year outlook on the right.

Speaker #4: Now completing more due diligence , including site visits . The hope is that a new owner can be announced sometime in the coming months , with a potential new plan of operations , including a potential timeline to restarting production following fairly soon after that .

Single out just two for now.

Looking to the right side.

One second.

Speaker #4: Quickly on slide 14 , on top of everything else , we've mentioned , here is an updated list of key catalysts on currently producing assets on the left and key near-term development projects that fall within our current five year outlook .

Okay.

Looking to the right of the slide.

And starting with windfall is likely the goldfields provide some updated economic numbers on the project.

Speaker #4: On the right , I'll single out just two for now . Looking to the to the right side . One second . Looking to the right of the slide and starting with windfall is likely that Goldfields provides some updated economic numbers on the project at its upcoming Capital Markets Day , scheduled for next week on November 12th .

It is upcoming capital markets day is scheduled for next week on November 12.

Call. The most recent fulsome update from Goldfields provided the expectations then an updated feasibility study along with final project permits as well as final IV as with irrelevant first nation groups are now expected.

And what is shaping up to be a very busy 2026 for goldfields at windfall.

Second and touching briefly on what has been and continues to be a busy year for merrimack of copper.

Speaker #4: Recall the most recent fulsome update from Goldfields provided the expectations that an updated feasibility study , along with final project permits , as well as final ebas with the relevant First Nation groups , are now expected in what is shaping up to be a very busy 2026 for Goldfields at Windfall .

With the M. O D. Feasibility study now completed is quite possible that in the next few months, we can see additional major milestones achieved in the form of final.

Final permits for the project and our partner securing full financing to move forward with the final investment decision and subsequent project construction.

Speaker #4: Second and touching briefly on what has been and continues to be a busy year for Merrimac Copper with the Mod feasibility study now completed , is quite possible that in the next few months we could see additional major milestones achieved in the form of final permits for the Mod project and our partner securing full financing to move forward with a final investment decision and subsequent project construction .

Finally, we will end the formal part of the presentation on slide 15.

Which outlines the current state of oil royalties balance sheet.

At quarter end, we were completely debt free and had cash of $57 million. This.

This cash balance would have grown to approximately $106 million if we'd been able to include the 49 million dollar value of our Mac copper shares which are listed on this slide as investments held for sale. Given this was representative as of September 30th.

Speaker #4: Finally , we'll end on the formal part of the presentation on slide 15 , which outlines the current state of ore royalties , balance sheet at quarter end .

The good news is as cash was received this past week.

Speaker #4: We were completely debt free and had cash of 57 million . This cash balance would have grown to approximately 106 million . If we'd been able to include the $49 million value of our copper shares , which are listed on this slide , as investments held for sale .

So factoring this all in.

With approximately $1 billion in potential available liquidity at the end of the quarter. The balance sheet is looking incredibly strong.

Our improved financial position is key as or royalties corporate development team continues to be stretched to capacity across multiple transaction opportunities.

Speaker #4: Given this was representative as of September 30, the good news is this cash was received this past week. So, factoring this all in with approximately $1 billion in potential available liquidity at the end of the quarter, the balance sheet is looking incredibly strong.

At the same time, our robust organic growth profile and deep pipeline of tangible optionality affords <unk> the luxury to maintain a disciplined approach and wait for the right deal as we're not willing to sacrifice investment returns deal economics are contract features just for the <unk>.

Speaker #4: Our improved financial position is key as our royalties , corporate development team continues to be stretched to capacity across multiple transaction opportunities . At the same time , our robust organic growth profile and deep pipeline of tangible optionality affords oral royalties .

[noise] of adding gold equivalent ounces.

As such we plan to adhere to our time tested strategy, a measured and disciplined capital allocation in the pursuit of high quality accretive streams and royalties that will both bolster the company's current and near term Geo deliveries.

Speaker #4: The luxury to maintain a disciplined approach and wait for the right deal . As we're not willing to sacrifice investment returns . Deal economics or contract features just for the sake of adding gold equivalent ounces .

As well as cash flows for.

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.

Speaker #4: As such , we plan to adhere to our time tested strategy of measured and disciplined capital allocation in the pursuit of high quality , accretive streams and royalties that will bolster the company's current and near-term geo deliveries , as well as cash flows for the benefit of our current and future shareholders .

O L.

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 you touched on phone you'll hear a prompt that Johan has been raised.

Should you wish to decline from the polling process. Please press star followed by the Q. If you are using a speaker phone. Please lift the handset before pressing any keys.

Speaker #4: And with that , we will conclude the formal part of today's call , and we can move forward with the Q&A . Joel .

One moment. Please for your first question.

Your first question comes from Josh Wilson with RBC capital markets. Your line is now open.

Speaker #3: 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 .

Yeah, Thanks, very much couple of questions.

Speaker #3: 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 .

First for <unk>.

This has been a very strong year for the asset.

Speaker #3: If you are using a speaker phone , please lift the handset before pressing any keys . One moment please . For your first question .

Outperforming expectations on.

Barnett grades.

On the existing mine plan in 2026 outlined a little bit lower production.

Speaker #3: Your first question comes from Josh Wolfson with RBC Capital Markets . Your line is now open .

For I guess further increases thereafter.

Speaker #5: Yeah , thanks very much . A couple of questions . First , for Malartic . You know , this has been a very strong year for the asset .

I'm wondering how are thinking about the near term outlook for the assets.

In the context of what next year looks like and what we should expect there. Thank you.

Speaker #5: You know , outperforming expectations on on Barnett grades . You know , the existing mine plan in 2026 outlined a little bit lower production before I guess some further increases thereafter .

Thank you Josh I know you had two questions. So we'll come back to you in a second but I'm going to hand, it over to <unk>, who is best situated to answer the question for you in the audience.

Speaker #5: You know I'm wondering how or is thinking about the near-term outlook for the assets . You know , in the context of what next year looks like and what we should expect there ?

Hey, Josh.

We are we're not expecting any surprises as you know the grades over performance is due to blocks that are around the underground stopes and agnico takes a fairly conservative approach to.

Speaker #5: Thank you .

Speaker #4: Thank you . Josh , I know you had two questions , so we'll come back to you in a second , but I'm going to hand it over to Guy who's best situated to answer the question for you in the audience .

Whether those blocks appear in the resource reserve models, we continue that we expect that to continue into <unk>.

Speaker #6: Hey , Josh , we we're not expecting any surprises . As you know , the the the the grade over performance is due to blocks that are around the underground stopes and Agnico takes a fairly conservative approach to whether those blocks appear in the resource reserve models .

The final the.

The final pits that we see there.

So no expected surprises we do get.

More detailed information at the beginning of the year with respect to there.

Short term mine plans, but we don't have those yet.

Oh yeah.

And your next question Josh.

Speaker #6: We continue that . We expect that to continue into the final . The the final pits that we see there . So no expected surprises .

I can keep going I got a couple of them.

Or ego.

Im wondering if <unk> been involved in any part of the negotiation process with some of the parties here that have been.

Speaker #6: We we do get more detailed information at the beginning of the year with respect to their short term mine plans , but we don't have those yet .

Yes, I guess.

Providing offers.

Speaker #6: So yeah .

So look I think as I think everybody is aware there is a public process and BMO capital Markets' restructuring group is running.

Speaker #4: And your next question, Josh.

Speaker #5: I can keep going . I got a couple of them for Eagle . I'm wondering if or has been involved in any part of the negotiation process with some of the parties here that have been , you know , I guess providing offers .

It's safe to say that as we mentioned the first round and indeed indicative bids nonbinding bids past and they selected a number of we would we would qualify or what they've told US is high quality operators with very very good ESG conventionals.

Speaker #4: So , look , I think as I think everybody is aware , there is a public process at BMO Capital Markets restructuring Group is running .

In addition, given the fact that we are a stakeholder given our interest. We've also signed an NDA with with the group Pwc Who's obviously acting in full for the Yukon government and BMO capital markets. So, it's really not appropriate for us to be able to comment on.

Speaker #4: It's safe to say that , as we mentioned , the first round indicative bids , non-binding bids passed and they've selected a number of we would we would qualify or what they've told us is high quality operators with very , very good ESG credentials in addition , given the fact that we are stakeholder , given our interest , we've also signed an NDA with , with with the group , PwC , who's obviously acting in for the Yukon government and BMO Capital Markets .

Again, any discussions we may or may not have with potential operators. They are running their BMO capital markets is running a very fulsome and proper public process that you certainly and everybody all stakeholders will be able to see in the fullness of time, all we can say is as a stakeholder.

Speaker #4: So it's really not appropriate for us to be able to comment on , again , any discussions we may or may not have with potential operators .

We're quite pleased with the progress that has been made we do believe that at some point and we will very likely get visibility in 2026 as to what the plan of the next operator of the Eagle mine will be.

Speaker #4: They are running their BMO Capital Markets is running a very fulsome and proper public process that you certainly and everybody , all stakeholders will be able to see in the fullness of time all we can say is as a stakeholder , we're quite pleased with the progress that has been made .

And at that point, we will determine or decide whether we re include.

The Eagle Geos into our five year outlook, so theres not much more that we can say on that Josh apart from we're very pleased with the quality of interest from established operators that are looking to set a base up in the Yukon.

Speaker #4: We do believe that at some point and will very likely get visibility in 2026 . As to what the plan of the next operator of the Eagle mine will be .

Great. Thank you and then one last one I think in some of the prior conference calls you had talked about some potential for a transaction to be announced before year end and it sounded like the company is.

Speaker #4: And at that point , we will determine or decide whether we re-include the eagle geos into our five year outlook . So there's not much more that we can say on that .

Speaker #4: Josh , apart from we're very pleased with the quality of interest from established operators that are looking to set a base up in the Yukon .

You're instituting some greater discipline and I'm just wondering what the outlook is still for that.

Negotiation process. Thank you.

Speaker #5: Great . Thank you . And then one last one . I think in some of the prior conference calls , you had talked about some potential for a transaction to be announced before year end .

Yeah, no. It's a really good question I'm looking at my team around the table here.

As I said in my remarks, the corporate development technical teams are just flat out right now we're looking at a lot of opportunities.

Speaker #5: You know , it sounds like the company is , you know , instituting some greater discipline . And I'm just wondering what the outlook is still for that .

However, as I've said in the past I mean, if our group can get one maybe too high conviction very good returns for our shareholders over the course of 12 to 18 months, we will do that what we've seen in the marketplace. Though is we have not been able to conclude those transaction.

Speaker #5: You know, negotiation process. Thank you.

Speaker #4: Yeah . No , it's a really good question . And I'm looking at my my team around the table here . As I said in my remarks , the corporate development technical teams are just flat out right now .

Speaker #4: We're looking at a lot of opportunities . However , as I've said in the past , I mean , if our group can get one , maybe two high conviction , very good returns for our shareholders over the course of 12 to 18 months .

As both on a couple of things as I said in my remarks value.

We're not seeing we've got we've got obviously make that.

That spread on our own internal and internal hurdle rates, we're not seeing deals right now that satisfy that criteria. As also we have seen some loosening of structure I E. There's been a number of deals as you would know that our unsecured or the security instrument is not where we as risk managers can be.

Speaker #4: We will do that . What we've seen in the marketplace , though , is we we have not been able to conclude those transactions both on a couple things .

Speaker #4: As I said in my remarks , value , we're not seeing we've we've got obviously make a spread on our own internal internal hurdle rate .

Half of shareholders' capital are comfortable with at this stage. So there is certainly a desire to get things done Josh is just we have to remain very disciplined.

Speaker #4: We're not seeing deals right now that satisfy that criteria as also we've seen some loosening of structure , i.e. there's been a number of deals , as you would know , that are unsecured or the security instrument is not where we , as risk managers , on behalf of shareholders , capital are comfortable with at this stage .

And really stick to earning and pick our spots.

Thank you very much.

Thanks, Josh.

Ladies and gentlemen, as a reminder, should do you have a question. Please press star one.

Your next question comes from Kenya, Checkers connect with Scotiabank. Your line is now open.

Speaker #4: So there's certainly a desire to get things done . Josh , it's just we have to remain very disciplined and really stick to our need and pick our spots .

Oh, great. Thanks, Good morning, everybody. Thank you for taking my call and thank you operator, forgetting my name right.

Speaker #5: Thank you very much .

Can I just continue on Josh just a question on the.

Speaker #4: Thanks , Josh .

Transaction opportunities.

Speaker #3: Ladies and gentlemen , as a reminder , should you have a question , please press star one . Your next question comes from Tanya Jakusconek , Scotiabank .

On your call.

You know you have an internal rate of return metric.

That cat.

Speaker #3: Your line is now open .

Okay.

Speaker #7: Oh , great . Good morning everybody . Thank you for taking my call . And thank you , operator , for getting my name right .

Your strict valuation for all metrics Laura.

The actions that you said it.

More conservative gold price, let's start a internal rate Iraq.

Speaker #7: Can I just continue on Josh's questions on on the transaction opportunities ? Jason , you mentioned on your call that , you know , you have an internal rate of return metric that , you know , you're very focused on as part of your strict valuation for our metrics , for transactions .

Okay.

It would vary Tanya and so maybe we can take this conversation offline because I think it is important you understand it but I'll just talk about broad parameters. We we obviously have a weighted average cost of capital within our company that is mainly informed by our revolving credit facility or rolling credit facilities base.

Speaker #7: And you said it more conservative gold price . What sort of internal rate is that ? What is it .

On a variable rate I think you know what prime rates and where the rates have been going and paying down so approximately and it could vary over time at approximately is about four 5% and in terms of our cost of capital our cost of debt. If we were to dip into the role of own credit facility. So that is obviously what we.

Speaker #4: 15%. It would vary. Tanya. And so maybe we can take this conversation offline because I think it is important you understand it.

Speaker #4: But I'll just talk about broad parameters . We obviously have a weighted average cost of capital within our company . That's mainly informed by revolving credit facility or revolving credit facility is based on a variable rate .

Need for a transaction as a spread beyond that and what we also do is we don't do transactions that we don't look at transactions in the frame of spot prices right. Now we do continue to look at consensus pricing.

Speaker #4: I think , you know what prime rates and where the rates have been going down . So approximately and it could vary over time , but approximately it's about 4.5% in terms of our cost of capital or cost of debt .

And be informed by that all that said, we do look at spot as a relevant benchmark. It is a very comparative sector.

Speaker #4: If we were to dip into the rolling credit facility so that is obviously what we need for transaction is a spread beyond that and what we also do is we don't do transactions and we don't look at transactions in the frame of spot prices .

And very competitive for deals right now and then we have to really lean on our technical team <unk> and Brent in particular to look through the asset and see what might not be publicly disclose in terms of technical reports to look for upside both geologically and mine life extensions and operational efficiencies. So.

Speaker #4: Right now , we do continue to look at consensus pricing and be informed by that . All that said , we do look at spot as as a relevant benchmark .

It's a very complex.

Speaker #4: It is a very competitive sector and very competitive for for deals right now . And then we have to really lean on our technical team .

Well it says as an answer that has as many different.

Components to it very happy to walk you through our methodology at some point, but you can't you can think around those parameters as I said are spread over that hurdle and obviously, if we did a transaction in one of those tier one jurisdictions, there hurdle or the spread would be significantly less than.

Speaker #4: Guy and Brendan, in particular, to look through the asset and see what might not be publicly disclosed in terms of technical reports, to look for upside both geologically, mine life extensions, and operational efficiencies.

Speaker #4: So it's a very complex well , it's it's an answer that has many , many different components to it . Very happy to walk you through our methodology at some point .

Let's call it tier two or tier three trends and we've proven that in the past does go back to the cascabel transaction that we did with Franco and what the Street had suggested in terms of or the internal rate of return that was mid teens for us the 14% to 15%. So that those are the approximately the goalposts Tanya.

Speaker #4: But you can you can think around those parameters . As I said , a spread over that hurdle . And obviously if we did a transaction in one of those tier one jurisdictions , the hurdle or the spread would be significantly less than , let's , let's call it tier two or tier three .

Okay definitely over 5% right over that.

Maybe just on the on the opportunities that Youre seeing out there I think on the Q2 conference call quite a white bread from 50 million to $1 billion and.

Speaker #4: And we've proven that in the past . Let's go back to the Cascabel transaction that we did with Franco . And what the street had suggested in terms of the internal rate of return that was mid-teens for us 14 to 15% .

Could drive a truck through that maybe we could talk a little bit more about what are you seeing currently in the environment is it a much tighter it Brad is that Gulfstream.

Speaker #4: So those are the approximately the goalposts . Tanya .

Speaker #7: Okay . So definitely over 5% , right over that . Maybe just on the on the opportunities that you're seeing out there . I think on the Q2 conference call was quite a wide spread from like 50 million to 1 billion .

I'll keep packages as it.

Development or financing for asset sales what exactly are you seeing.

The answer to all those questions tenures, yes.

Speaker #7: I mean , you can drive a truck through that . Maybe we could talk a little bit more about what are you seeing currently in the environment ?

All of the above again it varies for Sharon's in some some obviously.

Deals that are in flight, we've been working on for can be two to three years and some obviously come in through processes of existing operators. For example, deciding now is the right time to sell a royalty package off that they've put in our portfolio. Many many years ago and obviously are looking at the commodity complex.

Speaker #7: Is it a much tighter spread ? Is it still streams versus royalty packages ? Is it still development or financing for asset sales ?

Speaker #7: What exactly are you seeing?

Speaker #4: The answer to all those questions , Tanya , is yes , all of the above . Again , it varies for sure . And some some obviously deals that are in flight .

And saying is this the right time for us to extract value. So again again, it's there's a lot of different opportunities out there for us I think I'm consistent in saying that for us being a mid tier stream.

Speaker #4: We've been working on for can be 2 or 3 years and some obviously come in through processes of existing operators . For example , deciding now is the right time to sell a royalty package off that they've put put in a portfolio many , many years ago and obviously are looking at the commodity complex and saying , you know , is this the right time for us to extract value ?

Streaming and royalty company that the strike zone for US is anywhere between 50, and 500 million, we do have ample liquidity and capacity to do that Kevin again, we're now have zero debt and a completely undrawn on our revolving credit facility.

Speaker #4: So again , again , it's it's there's a lot of different opportunities out there for us . I think I'm consistent in saying that for us being a mid-tier streaming and royalty company , that the the , the strike zone for us is anywhere between 50 and 500 million .

But there is many many opportunities out there as I said, our team is very busy and I will.

Don't think it's them.

I will again emphasize that for our company given our growth profile, we just have to be incredibly disciplined around capital allocation.

Speaker #4: We do have ample liquidity and capacity to do that . Given again . We're now have zero debt and completely undrawn on a revolving credit facility .

Okay. Thank you I guess, it will get more into that at Investor day.

Speaker #4: But there is many , many opportunities out there . As I said , our team is very busy and I will because I don't think it's I will again emphasize that for our company , given our growth profile , we just have to be incredibly disciplined around capital allocation .

Maybe just a final question as I think about 2020 and I.

I know pricing.

And that was important.

The 80 283 to one ratio.

As I think about and you provided a five year 'twenty.

2029.

I'm talking about 25000 Geos.

About.

Yeah Amit.

On may 22nd would it be fair and it's just a directional.

Situation it would it be fair to assume that 26 could look very similar to 'twenty five.

Yeah, No. It's an excellent question Tanya we'll look obviously, we will provide more details when we put out our one year guidance in February of 2026, as well as an updated five year outlook, what we've been consistent in saying in the past is this growth rate 40% over the next five years is not linear you know the assets that we have.

And production currently.

Really the only new asset is going to end unless we actually bring in an asset through an acquisition. The only really new asset coming in is the <unk> that we talked about it on the call. We do expect next year for Mentos Blancos to continue to have the higher silver grades that we've just recently started to experience.

So those are the big drivers of growth for 2026 as well as then N D Me mine in Ghana as it hits its full stride in 2026, that's probably the best guidance I can give you at this stage, we can certainly talk about it further on Monday at the Investor Analyst Day.

But we'll we'll give all the spot that specificity is the extent we can in February of 2026.

Okay Fair enough. Thank you very much and look forward to your Investor day.

Thank you Tanya.

Your next question comes from Kerry Mercury with Canaccord Genuity. Your line is now open.

Hi, Good morning, guys, just a quick one for me there.

There was a copper buy down option on the.

Copper stream, just wondering if that option transfers out of harmony and if you have any thoughts on.

Whether it will execute that or not.

So really good question. Thank thank you for it Gary.

Effectively you can think of everything that we had with Mac copper has essentially been assigned to harmony gold. So guess is straightforward answer and any anything that you are modeling youre seeing with Mac copper you can just assume and because it has been assigned to harmony gold there's been no changes in the structure no changes in it.

Effectively anything commercially with respect to that the both the silver stream in the copper stream.

And that option only kicks in after this on the fifth anniversary they can exercise it really.

That's correct.

Okay, great. That's it for me thanks.

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

Okay.

Thank you joelle 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 reach out to grant Heather or myself and we more than pleased to provide more information about the bright future for our company and our <unk>.

Our holders in.

In addition, I would like to provide a final plug for our investor and analyst day, which is planned to be a two hour session. This Monday, starting at one P. M advantage venues in downtown Toronto My team will go through in much greater detail our assets, including the potential for growth insights and opportunities that we do see within our portfolio.

No.

If you can make it down in person and you haven't already done. So please RSVP to my colleague grant mounting.

And if you can't make it in person alive wed web webcast link was also provided in our press release last night.

We hope you can join us either way and if not a recording of the event will be available on our website in relatively short order. After the event. Thank you again very much for your time and we look forward to engaging with you in the future.

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