Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2022 Results Conference Call. After the presentation, we will conduct a question-and-answer session. If you'd like to ask a question, please press star followed by the number 1 on your telephone keypad. Please note that this call is being recorded today, May 12, 2022, at 8:00 A.M. Eastern Time. Today on the call, we have Mr. Sandeep Singh, President and Chief Executive Officer, and Mr. Frédéric Ruel, Chief Financial Officer and Vice President Finance. I would now like to turn the meeting over to your host for today's call, Mr. Sandeep Singh. Thanks very much, operator. Good morning, everybody. Thanks for being with us on a busy day following a busy week, so appreciate your time. We'll go through a short presentation, Fred and I, and then we'll certainly open it up for questions. Just note that I'll be referring to the presentation that's now on the website. Jumping in on slide three, just in terms of highlights for the quarter, we'd obviously pre-released our GEOs at 18,250 for the quarter. With that comes a lot of information given our business model, but happy to fill in the gaps for you the rest of this morning. That excludes GEOs from the Renard stream, as you've probably gotten used to us doing for the last, you know, significant period of time. Happy to report that hopefully that's the last time we have to say that with the Renard stream having been reactivated over the course of the quarter as we had previously guided. I think that's a very important step for us, a culmination of the mine doing better, the diamond markets having recovered. That's very good news for us. Not only has the stream been reactivated, but the last half of the working capital facility has also been repaid to us and the other lenders to our account, that was CAD 3.94 million. Happy with the progress there. Revenues from the royalties and streaming segment of just over $50 million, operating cash flow as well of just over $40 million. We continue to benefit from our business model with the highest cash margins in our history last quarter. Obviously based on the gold price having been quite strong. The margin at 94% again continues to track exactly towards our guidance. Adjusted earnings again from that segment of $0.16 per share. Over the course of the quarter, we completed that bought deal financing that you're all well aware of. Timing those things is always challenging. Obviously, we were busy on the corporate development side, on the new acquisition side in Q1, and that's largely what that funding is meant to go towards. Always a challenge timing those types of things, but certainly happy in the current market with the volatility that we're seeing, that the balance sheet has been strengthened as a result. We also paid our dividend of $0.055 on March 31, and we announced this morning the same for July 15 for the quarter ending on June 30. In terms of those transactions in Q1, obviously Tintic and CSA is what I was referring to. There'll be a couple slides later on where I can update you on the timing for both those deals. But you know, simply put, still tracking towards end of Q2 for Tintic, and we've said second half for CSA, but certainly hopeful that that will be in the third quarter. In terms of things subsequent to Q1, we did as opposed to sitting on the cash, waiting to make those payments, we did choose to repay the amount outstanding on our revolver, as opposed to, as I said, paying those interest payments. The Renard stream has been reactivated, as I pointed out, and we published our second ESG report, which we're quite proud of the progress on that side, as well as our inaugural asset handbook. Trying to catch up on the disclosure side of what is a very important asset base and some important things that we're doing on the ESG side as well. If you skip to slide four, it's a slide you or some version of the slide you've seen from us very many, you know, very many times. I believe most people on this call know the strength of our portfolio when it comes to the asset quality, the geographic focus, the precious metals focus, and the quality of the partners that we're involved with. It's always worth highlighting. I think overall, when you take a look at the market that we're in, at the transactions that are being done, I think when you look back at this portfolio, you understand the replacement value of it, the embedded growth within it that is all kind of taking shape, as we speak. On slide five, excuse me, you know, that thesis I'm referring to continues to strengthen. Overall, I think it's fair to say that Q1 was a little bit lighter. We expected that. That's baked into our guidance. You know, we're fine from that perspective, and we do expect a strengthening in the year quarter by quarter, and certainly a very strong second half. The reason for that in Q1 was obviously, you know, I think fairly well known, the seasonality at Eagle, which we had talked about, the tie-in of the expansion at Manto. Essentially, kind of taking your foot off the gas a little bit before you step on it again and other ramp ups at a couple of assets. That's the rationale behind a sweeping curve of GEOs, if you will, over the course of the year. I think it's also fair to say that if you're looking at the whole sector, if you're watching the reporting over the course of Q1, I think the sector as a whole has had kind of a little bit of a pullback in Q1 for a variety of reasons, labor, COVID, absenteeism, supply chain issues. I think that's a pretty fair statement pretty broadly. For us, the good news is, it's you know, just a shift from one quarter to the other. We don't get the cost impacts as our operating partners do, the operating sector does. Certainly, I think that inflation protection and that business model protection that we offer is proving itself out given the volatility that we're seeing out there in some of the reporting. Over to slide 6. I mentioned earlier, we do expect a strong second half of the year, you know, in terms of 2022. Then over the long term, I would say that our gold assets continue to steadily advance towards these projections. You know, this is an important slide for us. We put out, as you all know, our inaugural 5-year outlook in February. You know, try to put in focus for the market what is pretty deep portfolio. A lot of moving pieces to it, some that are better known than others. When you take a look back and you look at 10% or double-digit CAGR growth over the next five years, and then you look at some of the assets that are in this arrow that aren't factored into that five-year outlook, but that are undergoing pretty material catalyst as well, maybe the timeline's a little bit more opaque right now, but we certainly expect the visibility to grow. Five years is a long time. When you take that all together, it's an incredible amount of organic growth. To it, when we can do things like Tintic and CSA, we're happy to add external growth to that. This is what's going to be fueling the company for the rest of this decade. On top of what's already in there and factored in terms of those assets, those assets continue to strengthen as you see on slide 7. We've been talking about one million meters drilled on our properties for the last four years. In 2021, that was 1.4 million meters. Despite a period where I think everyone is scrambling to access rigs, our grounds, our partners have always been putting good work in, and that work has only intensified last year, and we see that continuing on into this year. Even more important, the work is paying off, and you see that on the right-hand side here. It's a new graphic we added to our asset handbook, excuse me, over the last couple of months. We've had increases on attributable ounces. Worth pointing out that these are kind of apples to apples. You know, Royalties are easy. When we have streams, we deduct the transfer prices so that we can compare them kind of on an NSR equivalent basis, if you will. Growth in reserves, growth in M&I, growth in inferred across all categories. These are we can't sum these up. You certainly can if you want to, but these are ounces that don't have any extraction costs associated with them for us. We expect that to continue and that free upside that we're benefiting from across our entire portfolio to really intensify. On to slide 8 and 9, as we mentioned, those two transactions really nothing changed on both. Just waiting for both to complete. Both were slightly more complicated transactions than the average, so hence longer time period. Tintic was the acquisition by Osisko Development of two private companies. So a lot of kind of paperwork, but our understanding is that's going well. There's a lot of moving parts to those transactions, the acquisitions, and then NYSE listing for ODV and the financing closings. That's all tracking well for being completed in the second quarter. We look forward to adding those assets to our portfolio in the second half of the year. We'll find out here in the near term, where within that range of $20 million-$40 million, ODV chooses to right size that stream. On the CSA side, slightly longer because of a destacking process that Metals Acquisition Corp needs to go through. They're working methodically through that process. I don't recall if we've had a chance to talk to everybody about this transaction. This is another one, Tintic, we were very pleased with that came through our network. This is another one that we got outside of participating in a process and paying the most. This came through relationships that we had and funding an acquirer that we're quite happy to be associated with. This hit all of our criteria in terms of production now, geography, upside potential, long life getting longer, two-thirds upside potential. Really hit all of our criteria, and we'll be very happy when Metals Acquisition Corp can complete that transaction on the silver side. Then there's also still the potential that they may tap us on the shoulder for some of these copper exploration as well. That's a bit of a high level update. I'll pass it on to Fred to give you a little bit more color on the quarter itself, and then we'll be coming to you. Happy to answer any questions you might have. Thank you, Sandeep. Good morning, everyone. Thank you for joining us today. As you can see on page 10 of the presentation, we recorded revenues of $50.7 million this quarter from royalties and streams, compared to $49 million in Q1 of 2021. Cash flows from operating activities were $23.6 million on a consolidated basis. For the royalties and stream segment alone, cash flows from operations reached $40.5 million compared to $27 million in Q1 of last year. On page 11, we present a summary of our net earnings and adjusted earnings. The consolidated net earnings to Osisko shareholders was $1.2 million compared to net earnings of $10.6 million or $0.06 per share in Q1 2021. The lower consolidated net earnings was mostly due to mining operating expenses incurred by Osisko Development in Q1 2022. On a consolidated basis, adjusted earnings were $2.2 million or $0.01 per share, comprised of adjusted earnings of $24.8 million or $0.15 per share from the royalties and stream segment and an adjusted loss of $22.7 million from Osisko Development or $0.14 per share. On page 12, we have a summary of our quarterly results with additional details for the royalties and stream segment, including as Sandeep noted, 18,251 GEOs in Q1, gross profit of $36.2 million compared to $34.6 million last year, and operating cash flows of $40.5 million that were generated in Q1 from our royalty and streaming business from a record quarterly cash margin of $47.5 million. If we go on page 13, we present a breakdown of our cash margin. The cash margin on our royalties reached $25 million, and the cash margin on our streams amounted to $12.6 million for, as I said, a quarterly record of $47.5 million. On page 14, we show the progression of the dividends paid to our shareholders since the creation of Osisko Royalties. At the end of Q1, over $194 million have been returned to our shareholders by dividends, in addition to $86 million that was used to repurchase a total of 6.7 million shares under our NCIB program. Finally, on page 15, you'll find a summary of our financial position. Our consolidated cash balance was $449 million at the end of Q1, including $293 million for Osisko Royalties and $57 million for Osisko Development. Osisko Royalties held investments having a value of $250 million at the end of March, in addition to our investment in Osisko Development, which was valued at over $400 million. Our debt was stable at $407 million at the end of Q1. In April, we have repaid the outstanding balance under our credit facility. As of today, we have $660 million available under our credit facility, including the accordion of $100 million. We have also acquired in Q1 260,000 shares under our NCIB program for $4.9 million. We have continued to benefit from strong commodity prices in Q1, which allowed us to generate once again strong cash margins and operating cash flows from our royalty and stream interest. I will now turn the call back to Sandeep for questions. Yeah. Operator, feel free to open the line, please. Thank you. As a reminder, if you'd like to ask a question, press star, followed by the number one on your telephone keypad. Your first question comes from Trevor Turnbull from Scotiabank. Please go ahead. Yeah. Hi, Sandeep. I guess my first question was about the CSA transaction. You mentioned the potential timing of closing of that deal later this year. I just wondered if you had a sense of when you might know if Metals Acquisition Corp would make a decision as to whether or not they would take advantage of that additional copper stream. Yeah. Good morning, Trevor. Look, I think that will come into focus in the nearer term. Obviously, it's a de-SPAC. There's hoops you need to jump through. But the intent of that was always, and it's, you know, that copper stream needs to be mutually agreeable to us and to them. The silver part was binding, the copper was not. But we expect, you know, we expect kind of a, I would say over the next several weeks or month, their funding package to come into focus. They have to then obviously describe that in their disclosure documents to go through the de-SPACing process. I would say over that time period, you know, we and they should know if that's something they wanna avail themselves of and if it's something we want to pursue. That's, you know, roughly, I think that's a fair timeline. Okay. Thank you. The other question I had is strategic and related to Sandstorm and Nomad's merger. Consolidation clearly makes sense for Sandstorm and its strategy, and we've seen other smaller royalty companies feel consolidation also makes sense for them. Given your organic growth and the opportunities in your pipeline, it seems that it doesn't make sense to really think much about consolidation for Osisko right now. But is there a scenario down the road where you think that might be part of your toolkit going forward? Yeah, look, there's a lot there, Trevor, but I'll try to answer it. I'd say. Look, I don't disagree with your conclusion. Let's put it that way. I'd say our prime focus, and you've heard me say this over and over again, is to unlock the value of our current portfolio. It's incredibly valuable, and it's not trading where we want it to or anywhere close. So that's job one. You know, we've said, you know, we've all said probably that there were a lot of companies created, you know, over 2020, 2021 or part of 2021 in the royalty sector. We didn't think there was enough, especially on the smaller early-stage side, for those companies to necessarily thrive. I think some consolidation is warranted and we've been happy to kind of watch it with, you know, interest given that we're in the sector, but nothing more. I think that's normal and it's healthy. In the royalty sector in particular, you know, there's no such thing as amassing too many royalties and streams. It's not like an operating company that eventually becomes too big, but you can certainly pile up royalty checks. I think all that makes sense. We'll stay focused on our business. Overall, when we just think about growth, if I can, if I can zoom out a little bit, Trevor, you know, we'll grow when it makes sense for us, you know. Again, you heard me for 13 months say that we didn't like the look and feel of transactions out there. We took a hiatus, and we focused on our own assets. Then over the course of Q1 with Tintic and CSA, we found transactions that we got off the beaten path, if you will, and we got good deals on and we acted on them. That's how we'll continue to conduct ourselves and I think, you know, that organic growth that we have that you highlighted, that's pretty special. On top of trying to do things like Tintic and CSA when we see them makes for a pretty important and, you know, pretty special pipeline. Great. Thank you very much. That's all. Again, if you'd like to ask a question, press star followed by the number one on your telephone keypad. There are no further questions at this time. I will turn the call back over to the presenters for closing remarks. Okay. Thank you, operator, and thanks for taking the time. Thanks for taking it easier on us than usual because my voice is not in the best shape today. Look, we're always available if there are follow-up questions. I do realize it's a busy week. There's a lot you folks are catching up on. If you need anything else from us, we're always available. Otherwise, I sum it up by saying pretty standard quarter for us, and looking forward to the ounces starting to pile up. Very happy to have solved one of our problem children assets in Renard. We've worked on the other diligently, so I think there's a lot of good things happening in the portfolio. We certainly look forward to closing those deals as well that we've announced, hopefully by the time we next speak. All the best and have a great rest of your week. Thank you, operator. This concludes today's conference call. You may now disconnect.