Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q2 2022 Results Conference Call. After the presentation, we will conduct a question-and-answer session. If you would like to ask a question, please press star followed by the number one on your telephone keypad. Please note that this call is being recorded today, August 10, 2022, at 10 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 now would like to turn the meeting over to your host for today, Mr. Sandeep Singh. Thank you so much, operator, and thanks to everyone listening in. Hopefully, you can hear me okay. Happy to be with you to update you on the quarter. It was an interesting quarter, certainly from a market perspective, quite volatile. You know, the swings were quite swift. Notwithstanding that, for my two cents or what it's worth, I think the backdrop for gold remains extremely strong, even in the face of what's been a very strong U.S. dollar and rising rates. Regardless, even in that volatility and maybe as a result of that volatility, we still had a record quarter on a number of fronts. As I update you on that, I will be referring to the presentation that's now on the website. I'll jump right into it after reminding people that I will be making forward-looking statements as shown on slide 2. We can probably jump right to slide 4 entitled Q2 2022 Highlights. As I said, I won't read through all the bullets. I'm sure most of you, if not all of you, have read the release and know any comment that I have, frankly. For the record, in a number of fronts, first and foremost, which drives our business is the GEO deliveries, the ounces that were delivered to us by our partners, gapping up nicely from Q1 to Q2, to 22,200 GEOs. That makes the first half of the year just roughly 40,500 GEOs delivered to us. I'll talk to our guidance on maybe the next slide of 90-95, but we do expect a significant uptick in the second half of the year, hopefully sequentially over the next couple quarters for reasons that I'll go through but hopefully are relatively obvious when I do. So that bodes well, a record in terms of GEOs, a record in terms of cash margins, and a strong bottom line in the quarter and a better, stronger second half for very obvious reasons in front of us. I will point out, perhaps maybe just want to make one obvious point for most people that our financials are still a little messy. Obviously, we consolidate with the Osisko Development, most of you know that. We have tried to provide additional information for that on a segmented basis. We do still realize it's a work in progress, but I will say that we're close and we're closer than we ever have been. Ultimately, Osisko Development is doing what they should be doing as a developer. They're spending money advancing their assets, and OR is doing what it does, which is racking up cash, despite an inflationary market out there. Putting the two together, you know, flopping the two together, I think can lead to some misleading statements. Hopefully, people were giving you the information that you need to differentiate. If you look at one of those bullets, six or seven from the list, those adjusted earnings for the royalty business for Osisko Gold Royalties amounted to just almost CAD 26 million or CAD 0.14 a share. That's the bottom line. That's the money that we accumulated over the quarter and hope to continue to grow as the year and the years progress. It's also worth pointing out on this page, repaid our credit facility in full. That credit facility is now completely undrawn and available for growth as we go forward, hopefully growth into a market that is kind of leaning our way as a financier, with some of the other taps in the market closed or significantly reduced. I think that bodes well for us in terms of the types of opportunities that will come our way. Otherwise, standard quarter, we also announced a binding letter or a binding deal on the Tintic Stream that we already brought to you and commented on in Q1. Those i's and t's are getting dotted and crossed, that bodes well. Over the course of July, for the handful of days that we weren't in blackout with our GEO pre-release and then our financials, we bought back almost 660,000 shares for CAD 8.3 million. We're quite happy, as we were last year, to take opportunities where the market is, in our view, you know, just not reflective of the value of the company. Still isn't, but when it gets really wonky, we're happy to step in there and disproportionately take our cash flow to buy back the best exposure to royalties that we think we can find out there. That's just my quick preamble. As we move through to slide 5, you'll see the breakdown by asset that we usually provide in terms of where the ounces came from. Our core assets continue to deliver. Again, I think that bodes well for the second half of the year that we had a record in Q2 despite two of our meaningful assets, our second and third biggest asset not being at full stride. At the risk of boring people who already understand what that means, I'm referring to Mantos and Eagle. At Eagle, I think most people know that the first half of the year is always a little bit more challenging than the second, for the three coldest months of the year for the time being. Victoria doesn't process, doesn't stack ore. I think that those issues and the cold weather months drifted into Q2. I think that's obvious based on their numbers. They had a first half that was similar to their first half in 2021. You just look back at how the ounces came in in the second half of the year for them last year. I think it was roughly a 50% increase H1 to H2 last year. That was, you know, as they're still ramping up. I do expect we'll see a strong second half from Eagle. That's one of the assets which I expect to continue to do better for us as they go. Then Mantos is the other. We received deliveries that are kind of akin to their typical deliveries for us. You'll probably know that they're going through a very meaningful expansion from 4.3 million tons per annum to 7.2, 7.3 million tons per annum. It's a big lift, we're still expecting to see the benefits of that. I think we've already started to see the benefit of that post quarter. But if you follow Capstone Copper, they've made good progress, maybe a quarter behind, but in Q3, they intend on, or they expect to, stabilize in terms of the throughput and optimize and stabilize at the new throughput levels and the recovery levels as well. That's another story that's only going to strengthen as the year goes on. Moving on to slide 6, we've got a number of updates here on our portfolio. I'll touch on things as I go. I do want to make sure we leave sufficient time for questions, and I realize there's a lot of companies reporting today. On efficient use of your time, if we glance over something that deserves more attention, we can certainly come back to it in the Q&A. First and foremost, on slide 6, with Malartic, you know, that story is phenomenal for us. It's our flagship royalty. It's, I think, the gold sector's flagship royalty, and it continues to strengthen. The underground is advancing apace on schedule. That means there'll be a trickle of underground ore into the mill in early 2023. That will increase, obviously, as the years progress to ultimately overtake the open pit component of it. The story there is one of infill and extension drilling this year as they do the methodical work toward the build, and that infill and extension drill work is going extremely well. There's circa 20 rigs on the property. The good news, I think, will frankly intensify as they get more access from underground in the second half of the year. The exploration budgets are, you know, $30 million + $30 million for 150,000-160,000 m of infill drilling, but also a significant amount, excuse me, of extension work. Not only, as we've talked about in the past, is the ore body seeming to grow down the extension of East Gouldie, but you look at this result that's highlighted here in large font, 1.8 g over 63 m in the western extension of East Gouldie, which previously does not have resources. I think we couldn't be happier with what's going on at the underground at Malartic, the work that Agnico and Yamana are doing there. In the fullness of time, I think this asset is only going to continue to grow, extend at the very least in terms of mine life. We already know that we have a mine life out to 2039 based on half of the resources. More will get infilled into a mine plan. More will get added. It's just a question of where that takes us, but it's obviously a very good place. On slide seven, I think I've already kind of made the points I want to make with respect to Mantos. At least, as I said, the focus is on optimization and sustaining throughputs. They've guided to kind of getting there in terms of Q3, and we're already starting to see the benefits of that. On our side, with respect to Eagle, I mentioned why we're excited about the second half of the year. Beyond that, obviously they have to kind of get to the, you know, they need to continue the methodical progress that they've been making and ultimately get to the first target. Beyond that, the work on Project 250 continues. That's their aim of getting to 250,000 oz, in their words, in 2023. They're also working on their Project 2040, which is to extend the mine life out to 2040 with good results both at depth and along strike in some of the satellite projects there. That's all positive. Éléonore continues to kind of tick along, stay. Q2 was a little bit lower due to lower grades milled and throughput. It is a remote site, and I think we've seen in the first half of the year, implications of that from a COVID and quarantining and like perspective. But overall, it continues to tick along and do reasonably well. Hopefully, they'll start to get past some of those issues as well. On slide eight, with respect to Island Gold, Lamaque, Seabee, those are three phenomenal Canadian stories for us run by three excellent companies. They're all core assets to them individually, Alamos, Eldorado, and SSR in that order on the page. The Phase III or III+ expansion study that Alamos provided several weeks ago was fantastic for us. You know, it moved the expansion from 12 to 2,000 to 2,400 tons per day, with a long mine life. They're still adding ounces. They're still doing significant drill work. As you notice, 58,000 m planned for this year. Not only are the ounces growing, but our piece of the ounces are also growing. Right now we're getting an NSR that is, I think it's 1.38% exactly, and we expect that to be a blended rate of 2.25% over that new life of mine. That's a great story unfolding, but so are Lamaque and Seabee. Good levels of production. A lot of work that's going into the assets. Lamaque contemplating a significant expansion. Seabee, you know, producing extremely well in the first half of the year and continuing to guide towards mine life extensions at the very least, at that operation. Good news for us on those fronts. If you look at slide 9, we've got on the page, two long life base metal mines where we get the silver at Gibraltar and Sasa, you know, doing reasonably well. We expect a strong second half from Gibraltar as they get access to some higher-grade ore, and the Sasa mine continues to do exceptionally well. As you all know, or most of you probably know, Q2 was the first quarter where we added Renard back, the Renard stream back into the fold. We had taken the conservative approach of not including it in our GEOs and the like, while we weren't, you know, rightly so, while we weren't benefiting from the cash flow. The mine has been benefiting from higher diamond prices, on average, CAD 124 a carat in Q2. You might remember that prior to COVID, it was lucky to get up to CAD 70. It's been a real step change in the diamond market, and their cost structure has also kind of come down, you know, or at least been managed even in an inflationary environment. They're making money. They're paying the stream. They're paying the debt. All that's good news for us at Renard, it's very nice to get that asset back on track. On slide 10 and 11, if you will, we're, you know, we've talked about the producing assets on 10. The nice thing about our uptick in ounces from 2021 to 2022, forgive me, is a lot of those ounces, again, are coming from existing operations just being expanded or ramped up. You know, are you lower risk growth? Never no risk growth. We are seeing some delays, and if they amount to 1/4 here and there, a couple months here and there, in the grand scheme of things, that matters a lot less for us. That's the best growth you can hope for. Then beyond that, when you look at the next bar, when you look at the arrow, in terms of optionality past that, and when you look at slide 11, a lot of good assets being moved in many of these cases into the late stages of feasibility study work. That's true of Cariboo, that's true of Windfall. That's true also of Back Forty, and they are in well-funded businesses, who are again, moving them forward in a difficult market for developers certainly, but moving them forward as in a straight line as you can get in the mining sector. These are names I think most of you know well. We can certainly talk about them in the Q&A for us. Upper Beaver and AK, I would point out those are interesting assets that we're looking forward to getting some news from Agnico in terms of how they fit into the new Kirkland Lake camp that they own. I think that all bodes well with AK specifically. They're already drifting into it. They're drilling to expand it. Upper Beaver is the next one we're looking to hear some positive news flow on. That's kind of the story in terms of organic growth, if you will. When you flip the slide to the next slide, I mean, or at least the near term growth story, when you flip to the next two pages, what we've done on slides 12 and 13 is just highlight a snapshot of, it's not the full list, we could keep adding pages, of further optionality that people tend to forget when they think about us. But there are a lot of good assets on these pages. As I mentioned, there are others we could have added, run by some pretty good operators undergoing some pretty important catalysts. You know, I'll touch on a couple, but not all. When you think about something like Akasaba West, Agnico Eagle recently, by recently I just mean a week or two ago, approved the development of that. It's essentially an ore body that gets sent to the Goldex mill, and that will start producing in 2024 full- year basis. That's an additional 750 or so oz per year to us that I don't think most people had accounted for. That's worth getting out of bed for, I would argue. Altar, again. We have a 1% royalty there in an asset in San Juan, Argentina, that Aldebaran runs, copper explorer. Happy to see South32 step in for about 10% of the company for a $10 million investment. They've raised money subsequently. They put out some really exciting holes. They already had a pretty decent starter pack, but the last hole I saw was 700 m of 0.5% copper equivalent. Nice to see activity there. Clearly at Casino, which is the big asset for us, the work they've been doing, the investment by Rio Tinto, their involvement in some of the technical work has all been a good shot in the arm, and we look forward to seeing the conclusion of how that, their studies and their advancements pan out. I said I wasn't going to talk about all of them, and I mean it. I'll talk about a few more. We are excited about the names on the page. FCI is another really interesting one that maybe you haven't heard us talk about. It's in the James Bay region of Québec. It's being advanced by a company called Patriot Battery Metals. We have a significant NSR there, and they're well-funded to drill 20,000 m today. They continue to drill long runs of +1% lithium oxide. That's a story that's definitely gotten legs in the last, I'd say six to nine months. We look forward to seeing it continue to develop. Hermosa, obviously you know about that story, sub-$32 positive PFS last year, or I guess it was Q1, working towards its feasibility by middle of next year. That's a big ticket, a big contribution for us, once they finally make the go-ahead decision. Others on slide 13, I said a couple of times, so I won't talk about them, but if you look at the page, there's some pretty exciting catalysts there. We expect that to continue to intensify, partly because of slide 14, we are seeing an immense amount of drilling and activity done by our partners on our ground. You've heard that from me before. In 2021, 1.4 million m just over that. You know, I'd argue the rate is higher now, but if you factor CAD 350 million a m, that's $500 million almost of work done on our property that we're not paying for, our shareholders are not paying for. On the right-hand side, what you see that lead to is not only a replacement of the ounces that came out of the ground last year, 80,000 oz for us, replaced by 114,000 oz in reserves. If you factor all the categories, you know, our ounces that are getting out of the ground are being replaced by orders of magnitude. That's you know we talked a little bit more in the previous pages about organic growth. This is really a depiction of, in my mind, of the sustainability of the business, the longevity of the business, and further upside or blue sky, however you want to describe it. We've talked about the recent transactions that we've announced mainly in Q1 on slide 15. As I mentioned, we're really excited to have Tintic closed. It says they're expected in Q3, but it's kind of imminent any day now. As I said, just dotting I's, crossing T's, but it closed in the same manner we announced it. The deal between Osisko Development and the private sellers closed in late May. I think it was the last day of May. It was kind of a quiet period from Osisko Development in terms of talking about that asset for most of the first half of the year. Now that it's in the fold, we look for some positive news flow there, and the ramp has already started to make progress down to get to a larger throughput operation. In terms of CSA as well, we continue to advance those discussions with Metals Acquisition Corp, who are looking to consummate that transaction with Glencore. Obviously, a lot has changed in the copper market since that deal was announced. It's a little funny that we've swung from a world that couldn't get enough copper and now apparently that was a false alarm, the world doesn't need any. I think the truth is in between, and what we see there is a very motivated buyer and seller, and hopefully a pathway to getting a transaction done that we're still quite keen to participate in, under the right circumstances. That's the updates that I want to provide. I will pass it on now to Fred to just walk you through a few more of the particulars from the quarter, and then happy to come back and field questions afterwards. Fred, over to you. Thank you, Sandeep. Bonjour. Merci de vous joindre à nous ce matin pour notre présentation des résultats du deuxième trimestre de 2022. Good morning, everyone. Thank you for joining us today. Let's start with page 17 of the presentation. We recorded revenues of CAD 51.5 million this quarter from royalties and streams, compared to CAD 50.7 million in Q1, and CAD 49.9 million in Q2 of 2021. Cash flows from operating activities were negative on a consolidated basis as a result of the consolidation of the activities of Osisko Development. For the royalties and stream segment alone, cash flows from operations amounted to CAD 35 million compared to CAD 37.3 million in Q2 of last year. The slight decrease was mostly the result of timing in the payments from the operators. These payments were received actually in early July. On page 18, we present a summary of our net earnings and adjusted earnings. Consolidated net earnings to Osisko shareholders was CAD 17.2 million or CAD 0.09 per share, compared to a net loss of CAD 14.8 million or CAD 0.09 per share in Q2 of 2021. In 2021, impairment charges from Osisko Development had generated the loss at the time. On a consolidated basis, the adjusted loss was CAD 4.7 million or CAD 0.03 per share, which is comprised of adjusted earnings of CAD 25.7 million or CAD 0.14 per share from the royalties and streams segment, and an adjusted loss of CAD 30 million from Osisko Development or CAD 0.16 per share. On page 19, we have a summary of our quarterly results with additional details for the royalties and stream segment, including 22,000 GEOs in Q2 of this year, compared to 20,000 in Q2 of last year. A gross profit of CAD 35.9 million in 2022 compared to CAD 35.7 million in 2021. Operating cash flows of CAD 35 million were generated in Q2 by the royalty and streaming business, mostly as a result of the record quarterly cash margin of CAD 47.8 million. If we move to page 20, we present a breakdown of our cash margin. The cash margin from our royalties reached CAD 34.4 million, and the cash margin from our streams amounted to CAD 13.4 million for a quarterly record of CAD 47.8 million or a 93%. On slide 21, we present the progression of the dividends paid to our shareholders since the creation of Osisko Gold Royalties in 2014. The dividend yield is approximately 1.7% as of this morning, and over CAD 204 million have been returned to our shareholders at the end of Q2. In addition to CAD 95 million that was used to repurchase a total of 7.4 million shares under our NCIB program. Finally, on page 22, you'll find a summary of our financial position. The consolidated cash balance was CAD 449 million at the end of Q2, which include CAD 213 million for Osisko Gold Royalties and CAD 136 million for Osisko Development. Osisko Gold Royalties held investments having a value of CAD 195 million at the end of June, in addition to our investment in Osisko Development, which is valued at approximately $200 million. Our long-term debt stood at CAD 300 million at the end of June, following the repayment in full of the credit facility in April. We currently have CAD 650 million available under our credit facility, including the accordion of CAD 100 million. We have also acquired, during the quarter, a total of 247,000 shares under our NCIB program for CAD 4.9 million, and we've acquired 659,000 shares in July for CAD 8.3 million. We have continued to benefit from strong commodity prices in Q2, which allowed us to generate strong cash margins and operating cash flows from our royalty and stream interests, and we are very optimistic for the second half of the year. I will now turn the call back to Sandeep for questions. Thanks, Fred. We're just over to the operator, please. Thank you. Ladies and gentlemen, if you would like to ask a question, please slowly press star followed by one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. If you would like to withdraw from the question queue, please press star followed by two. If you're using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you have a question. Your first question will be from Ralph Profiti at Eight Capital. Please go ahead. Good morning. Thanks for taking my questions, Sandeep. I have two of them, if I may. You know, firstly, I'd like to get your thoughts on the drivers behind the CAD 20 million investment at Tintic. There was an option to go higher. Just wondering, you know, was that a function of sort of economics, or was there a strategic rationale to hitting the lower bound of that original range? Sure. Hi, Ralph. I can answer that question first, and then we'll allow you a second, but no more. Look, the driver was pretty simple. We had provided, you know, basically a range of $ 20 million-$40 million available to Osisko Development, when they announced the deal. Obviously, when they announced the deal, they didn't know how much equity they'd be able to go raise off the back of it. They were very successful in doing that, which was a good outcome for them and for us in terms of having off the back of that, using that catalyst, that high-grade catalyst to go raise funding, and being able to raise funding off of for all the assets. Excuse me. I think, and I forget how much they raised exactly, but circa CAD 230 million or so Canadian, the number in my head. Just led them to need a little bit less. We would have been happy for them to take more. We really like that asset. We're really excited about it. But very happy also with the CAD 20 million investment. It was their choice, and given the financing success they had, they needed less from us. I would have wished, you know, we would have got the whole CAD 40 million, but we'll certainly settle for the CAD 20 million. Gotcha. Understood. Maybe as a follow-up, Sandeep, you know, there's been quite an active transactional market. You know, just recently, you know, some competitors of yours have announced sort of deals that I guess could be perceived as sort of more on the full valuation side with respect to you know, resources implied and sort of conversion rates. I'm just wondering, is that something that you're seeing in your particular deal pipeline, sort of a more competitive you know, streaming pipeline with respect to valuations themselves? Are you still confident that you know, we can get these IRRs in the high single digits and low double digits given perhaps more competitive tension in the space? Yeah. Look, I mean, Ralph, it's a fair assessment, I think. You know, I think people are doing what they think is right for their businesses. I'm not in a position to say whether that is or isn't. But it is competitive. It has been honestly, you know, the entire time I've been in my seat. I would say we have seen some deals that have been lofty, but ultimately, they made sense to both sides. For us, you know, I've been clear that we don't need to stretch for growth. We have, you know, double-digit CAGR growth for the next five years, and I hope beyond that, based on the assets we already own, that we can be disciplined and effective. We need to because we don't have the same multiples. For us to stretch and pay those types of prices would be dilutive to what we already have. We're only interested in adding growth if it's accretive, if it's additive, if it's overall beneficial, you know, quantitatively and qualitatively. You know, the idea of diluting our exposure to our assets for shareholders at 0.9 or 0.8 or wherever we trade times NAV today based on a street consensus basis is not something I'm interested in doing. It's a competitive market. It stayed hot. The truth is, despite some of the things we've seen right now, I mean, I think the pipeline is getting better. I alluded to it earlier, you know, in a market like this where equity is not available to everybody, we're certainly happy to be cashed up, and we're seeing conversations that had stalled, you know, six, nine months ago, getting re-engaged, some of those bilateral to us. I think that's a good sign. I think, frankly, the longer there's pain in the system, the more inflation there is, as the CapEx numbers get bigger, you know, I think the more need there'll be for our capital and others in our sector. I think the good news for us, you know, you're right. I think overall, I think it's hard to argue with your assessment. The good news for us is we have a lot of organic growth. We can pick our spots. We always have said we will. Even in, you know, I would say Q3 is better than Q1 was from a, you know, or should be at least in terms of a deal flow perspective based on how the equity markets have completely cooled. Even in Q1, we were able to do some pretty smart things and good returns off the beaten path. Our focus will continue to be on getting value for our existing portfolio as well as adding to it smartly when we can. Yeah. Got it. Appreciate those answers. Thanks, Sandeep. My pleasure, Ralph. Thank you. Next question will be from Trevor Turnbull at Scotiabank. Please go ahead. Hi, Sandeep. I just want to ask a little bit about taxes going forward. You had a pretty sizable tax bill this quarter, and just wondered how we should think about that going into the subsequent periods. Sure. I could do my best tax impersonation, but Fred, why don't you start, and then I can pick up maybe. Sure. Most of the taxes for 2022 are deferred taxes, so they're not cash taxes. We pay some cash taxes in foreign jurisdictions, for example, in the U.S. or in Mexico. We're expecting to start paying cash taxes by the end of 2023 and more significantly in 2024. The impact for this quarter was mostly related to deferred taxes, which may be as a result usually of different non-cash or non-taxable or non-deductible transactions that we may have, which are mostly accounting driven. Yeah. Even on that assessment, sorry, I would say, look, that's right. Some of that will depend on commodity prices. Commodity prices are softening again. Perhaps our cash taxes will get pushed out again. And as we add to the portfolio, we continue to create new tax attributes, which will hopefully continue to shelter us. That's just the only caveat I would add to that, Trevor. It sounded like you had a follow on. Yeah, maybe I can talk a bit more about it offline. I apologize, I've been kind of juggling a couple different calls. I don't know if you mentioned it, but with respect to consolidation with ODV, is that something that now that you've got a reduced holding you see being able to stop doing, or is that something we're gonna probably live with for a bit longer? I think it's certainly something we're focused on getting out of. I don't think it helps either company to have that kind of noise in accounting. You know, it does, I think, lead to some flawed conclusions. You know, both companies are doing exactly what they should be doing. You slap them together, I don't think it's the right interpretation. It is an issue we're working towards. With the drop in ownership recently, it just happened at the end of May from 75%, low 70s%, to 44%. We're very close, Trevor, I would say. We're having those discussions with our auditors as we speak. Our hope is that very soon we will be able to unconsolidate. I think that will provide a lot clearer of a picture for investors and analysts or anybody that follows us. Yes, the answer is we're close, and I think we've got ways to get there. Hopefully, we'll ask you guys to bear with us a little bit longer, but hopefully it's not very much longer. Okay. My final question is just with respect to San Antonio. I think I saw that you had a lot of updates with a lot of different projects, but San Antonio, I'm still having a hard time getting my head around exactly when we should think about production starting down there. Yeah. Look, apologies for that if we didn't have a proper update. There's a lot of assets to talk about on a usual basis. The update there is there should start to be, or there has been a trickle of ounces starting to come out of the stockpile, which is the starter project, if you will. It's just reprocessing an existing stockpile, obviously, that was sitting at surface. That's under leach now. You know, a little bit of delays, but those ounces are coming out now and will hopefully continue to grow over the course of the second half of the year. Again, that's not the prize. The prize there is the new deep leach project at Sapuchi. The gating item there, I would say the first gating item is permitting. They've been working on that. That they being Osisko Development. Our understanding is that things are going well. It's still Mexico, it's still permitting. Until they have it, they don't have it. Our hope is that will come together also in the second half of this year and then it's a question of hitting the go button on the larger oxide project. Short answer, a trickle coming out of the stockpile, and then subject to permitting and getting the construction done, hopefully more meaningful production from the Sapuchi oxide coming thereafter in the near-ish to medium term. Okay. I appreciate all that. Thank you, Sandeep. No problem, Trevor. Thank you. Thank you. Next question will be from John Tumazos at John Tumazos Very Independent Research, LLC. Please go ahead. Thank you, Sandeep. Sandeep, I'm kind of patient and, you know, maybe I invest with a 10 or 20-year time horizon and don't have too many pressures, keep my costs low, try to be laid back. You know, some of the institutional money managers have a shorter time horizon, and if they don't perform, their clients fire them. We're getting up to almost two years since the ODC restructuring, and the benefits are not as obvious as they should be. I'm thinking back in history, Weyerhaeuser sold their white paper to Domtar and took back stock, and they sold their home builder to Tri Pointe Homes and took back stock. They issued Domtar and Tri Pointe stock to Weyerhaeuser shareholders to retire Weyerhaeuser shares. That's, for example, a mechanism where you could issue analogously ODV shares to re-retire OR shares to help force the market to recognize value. For these institutional managers, you know, that get fired and sometimes they have to fold their firm when they have withdrawals, could you do something to help to make the market recognize the great underlying values a little faster? Sell an asset, buy back even more stock. You know how some people's clients are not as easygoing as you and me, Sandeep. No, no worries, John. Appreciate the question. It's fair. Sadly, I think most people might, you know, would have a shorter time horizon than the one you described, which is fair, too. Frankly, so do we, in terms of seeing the value uplift that we're expecting, and we certainly intend on getting to. I'd say, you know, it's the spin out, I think, has been the right move for everybody, including for the assets. They've gotten a lot more spending than they would have within Osisko Royalties. That spending is out of Osisko Royalties. We've cleaned up the company, the consolidation, kind of one more step that we're working towards, the reduction in the ownership, all that's kind of in progress. I describe it as being half done, but frankly, John, I think we did the hard half and we have the easier half to do. You know, the last two years, I guess it's been 18 months since that spin out, have been essentially a downdraft in the market. We've outperformed. It's obviously not as satisfying to outperform your peers in a down market, but we have. The reason the multiples, the NAV multiple in particular, has not bridged the gap, frankly, though, is the underlying assets have gotten stronger, as strong, frankly, in the interim, and that's by virtue of things like the Malartic Underground and other things, the Mantos expansion, et cetera, et cetera. All that bodes well. The fact that we still trade where we do, where we're most of the way through the cleanup that we have to do, and we still have all that value to unlock, I think that's good news. Frankly, when I look and talk to our institutional shareholders, the same people you mentioned, they see that same value. Thankfully, they're somewhere in between in terms of patience levels that you described and happy to see us continue to do the blocking and tackling that it takes to get there. The point is the asset value is, or the portfolio is just too valuable for it to continue to trade the way it does. We're gonna continue to do all the right things that we can, or hopefully more right things than wrong things until we unlock that value. When you see, you know, back to the point, I guess it was Ralph was making earlier, when you see the prices that are being paid for certain assets, some of them very good assets, some of them exceptional assets. When you see the prices that are being paid, and you look back at our portfolio, the replacement value of what we have is tremendous. We'll just keep doing the right things to improve the company little by little. It doesn't require any overhauls. We just have to do everything a little bit better. I think there's a much better outcome for us and our shareholders. Appreciate the patience. I understand the point and Sandeep, since I've had my own office, I've had 19 funds that used to pay me $700,000 collectively shut their doors, not just fire me, but like, close down and liquidate. Yeah. It's the customer of my customer that isn't laid back. Anything you can do to make the market recognize value faster is, you know, doing God's good work. Yeah. No, I totally understand, John. It is a tough market out there for everybody, not just us. I think we're coming into our own. I would say this, I mean, back to kind of points we touched on, I do think, or even maybe the first point I made, I do think the backdrop for gold is exceptional. I think when money comes back to the gold sector, which it's gone completely the other way right now, but when it does, which I think it will, I think most people on this call think it will, I think the royalty sector will disproportionately benefit for all the reasons it always does, especially in this inflationary environment. When people do look for that exposure, I think they're gonna see value in us that is significant. That's what we're focused on. We don't need it. We don't need a better gold price. We don't need a better market to continue to have a strong company, you know, issuing records upon records. But it certainly wouldn't hurt. Understood the point, John, and we'll keep working. Trust me, we're working hard, and we're as impatient as they are. Thank you. No problem. Thank you. Next question will be from Carey MacRury at Canaccord Genuity. Please go ahead. Good morning, Sandeep. Maybe with Renard back in the mix here, could you give us what should we be expecting from a mine life perspective? I think the last mine plan I saw goes out to 2029, 2030, but that's pretty dated at this point. Yeah, no, it's a good question, and that is a bit dated. You know, I think what you should expect from Renard, it's a bit early to say, but you should certainly expect kind of the carats and the GEOs, obviously, commodity prices depending, to continue to be akin to what they are now. So, I think that's kind of the steady state that they're at. You know, what we see there is a shorter mine life, you know, good ounces that bridge us to some of our growth projects in the middle of the decade. There are also development opportunities to see them invest in the next leg of the underground and push out mine life to the types of dates that you've mentioned. I think that's still a possibility. We'll have to wait and see. Right now, it's just good to see the ounces back on, the carats back on, and the more time they spend on it, the more cash they accumulate, which they are accumulating, then some of those development scenarios make more and more sense. I would reserve judgment on that, really just reinitiated it in Q2. We'll let it run for a little bit and see what the future looks like. We'll certainly come back to you and describe that when we understand it. Hopefully, I've been a little bit more helpful. Yeah, that's great. Maybe also a bit too soon, but, you know, obviously diamond prices have improved a lot. Have you had any discussions with your partners on, you know, the strategic future plan looking forward? Well, we've always, and I think the genesis of that, first and foremost was just the reinitiation of the stream. It required, you know, our partners on the lending side to come up with a plan that works for everybody. I think it does. That was a rework that led to the reinitiation of the stream. Those conversations continue, obviously, and that's step one. You got to walk before you run. Those conversations continue, Carey, in terms of, you know, what is the long-term future of that mine. Where does it reside. You know, what kind of capital infusions could a benefit come from external forces. That was really the point, is safeguarding that asset, getting it turned back on, is very positive. Ultimately, if we can find a better home for it, all the partners are very much aligned in doing that. Great. Thanks, Sandeep. No problem. Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question, please slowly press star followed by one on your touchtone phone. Your next question is from Adrian Day at Adrian Day Asset Management. Please go ahead. Yes, good morning, Sandeep. I had two quick questions, if I may. On your investments, a tad under CAD 400 million, I guess ODV is about, what, a little less than CAD 250 million. How much do you have in other various Osisko spin-offs, and where's the bulk of the rest of that? Sure. Morning, Adrian. You're right. That's about right. We own, post consolidation, we own 33.3 million shares of Osisko Development. That's the lion's share. We also own 50 million shares of Osisko Mining, if that's pretty much exact. That would be the other big component. I think it's 14% of the Osisko Mining shares outstanding. Then, you know, there's a small position in Osisko Metals, a small position in some of the earlier stage accelerator companies like Fable and Talisker, but that really rounds out the rest of it pretty quickly. Oh, okay. Okay. If you look ahead, you know, maybe to the end of the decade or, you know, the next five or six years or whatever, based on existing plans, is there a particular period when you're expecting largest, you know, year-to-year growth? Yes. Yeah, that's a tougher one. Look, I would say the fact that we are going from 80,000 oz last year to a projection that sees us growing by, you know, double, you know, double-digit CAGR growth all the way to 130,000-140,000 oz in 2026, those are big leaps. Even getting to the low end of our guidance this year is a 12.5-13% increase. Those are big leaps for a company our size. When you look back, I'm looking at page 10 now, and you look at the things that aren't included in there, obviously our external growth, anything we buy is not included in there. When you look at that arrow and you see things sticking out at you like Casino, like Hammond Reef, which Agnico has put reserves on for the first time and is working on studies, Hermosa, Spring Valley, Upper Beaver, those are big contributors. You know, Casino itself can be as big as Malartic once built. We're talking about multiple assets in that list that could contribute 5,000 to 6,000 to 7,000 oz a year. In terms of when they come along, that's the crystal ball kind of question. I would say a lot of them are important to their operators. They're being advanced. You know, what years they pile up on, I think, you know, I'll reserve judgment. I certainly think, you know, there's a lot of those assets that are gonna matter in this decade, and matter in very significant ways. I'd say we're in good stead. You know, what year we have the best growth or what period we have the best growth, I don't know exactly, but I believe when you're looking at this page, we have the ability to sustain, which is more important than one kind of big blip, to me, at least in any given year. The ability to sustain this level of production or, sorry, growth for a company our size for such an extended period of time, I don't know of anybody else that can replicate it. Okay. Especially without any investment. Correct. Okay, thank you so much. My pleasure, AJ. At this time, Mr. Singh, we have no further questions. Please proceed with closing remarks. Okay. Thank you, operator, and thank you, everybody. I think I won't really say anything else about the company because I think we've covered a lot of ground. This might not be my place, but I can't help myself. I will quickly say something about Ned Goodman, who unfortunately passed away, as most of you probably know, on the weekend. A giant in the mining business and in Canadian business, and very integral and to the Osisko story. You know, his backing of Sean in Osisko One and a Polar Arctic and, you know, helped build that company. I don't think that story plays out the exact same way without Ned and his support. He played a very important part in my career with the move to his shop, having altered the trajectory of my career. Sad and our condolences as a group to the Goodman family. It is quite sad to lose people like Ned and Lukas in such a short period of time. Anyway, that's my two cents on a sad event. I'm sure touched a lot of people on this call as well. Thanks for your time and for bearing with me and all the best. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines. Enjoy the rest of your day.