Good morning? My name is Corita, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold Royalties first quarter conference call. All lines have been placed on mute to prevent any background noise. Please be aware that some of the commentary may contain forward-looking statements. There can be no assurance that the forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. After the speakers' remarks, there will be a question- and- answer session. If you would like to ask a question during this time, simply press star, then the number one key on your telephone keypad. If you would like to withdraw your question, please press the pound key. Thank you. Mr. Watson, you may begin your conference. Thank you, Corita. Good morning, everyone, and thank you for calling in to this first quarter earnings call for 2021. As normal, this morning I'll provide a brief update on the company, and then Erfan, our Chief Financial Officer, is going to walk us through the first quarter results, and then David Awram will provide an update on some of the assets. After that, we'll turn it over to the operator for a question- and- answer period. If anyone has any questions that does not need to be part of the live Q&A, you can ask those questions through the web portal, and we'll ensure that each question we get there will get a direct response from you after this call. At this time, we're going to be going through a prepared PowerPoint presentation on the web portal, so if you're able to, please turn your attention there now. Overall, the first quarter for Sandstorm was fantastic. We had a record number of gold equivalent ounces sold of over 17,000 ounces. We had record revenue of $31 million, and we had record operating cash flows, excluding working capital changes, of $23 million. By all accounts, our business is performing well. It's for this reason that we're raising the bottom end of our annual production guidance up to 55,000 ounces, so that our revised guidance range is between 55,000 gold equivalent ounces to 62,000 gold equivalent ounces. We're still on track for another record year of annual sales. It's important to note that starting now in the second quarter, the gold stream that we have on Endeavour's Karma mine in Burkina Faso is done, the fixed delivery period of the contract, and Sandstorm now has an effective 1.6% NSR. The deliveries from Karma are expected to be lower by about 1,000 ounces per quarter going forward. However, as many of you are aware, we have a number of other development assets at various stages of development, and we're expecting more growth in annual production over the next years than any of our other streaming and royalty competitors. Sandstorm has record amounts of capital available to allocate to either new deals or dividends or share buybacks. As we stand here today, Sandstorm has over $150 million in the bank. Plus, we have approximately $60 million of equity and debt investments in other mining companies that can all be liquidated if need be. We are going to be allocating capital to what I mentioned on the last quarter earnings call of all three alternatives, being new deals and dividends and share buybacks. We've got a slide here that you can see that discusses the share buyback part. We bought back a material number of our shares each year for four years running now. During the first quarter, we were able to pick up almost a million of Sandstorm shares and have them canceled. The value per share for our remaining shareholders is continuing to increase. Over the past four years, our average cost per share has been only $5.20. We think we've done a very good job of picking our spots, and we think it's been a prudent form of capital allocation for us, and we're going to continue in this spirit going forward. One of the things that makes us excited to buy back our own shares is not only how well the portfolio is doing from a cash flow generating perspective, but also how incredibly well the exploration upside story continues to unfold over time. It turns out that 2020 was the fifth straight year in a row that more gold ounces have been found on our royalty grounds than have been mined. This is an amazing track record that is exciting to us. In 2020, Sandstorm received 52,000 attributable gold equivalent ounces of production compared to 54,000 new ounces attributable to Sandstorm being found through exploration. What I find even more interesting is that the actual number of ounces attributable to Sandstorm that was found was even higher than 54,000 ounces. What we've done is we've chosen to be conservative in how we show these figures, because under one of our streams, a new technical team has decided to take a more conservative set of assumptions on the resource calculation and has, what we believe, temporarily decreased their ounces on the books. We have netted those ounces off against the ounces found so that the 54,000 ounce number represents a true net ounces found figure. Year after year, our portfolio's continuing to not only set new records in revenue and cash flow, but it also continues to replace the ounces mined with new ounces found. Before I hand it over to Erfan, I would like to remind everyone of a few important catalysts that we see for Sandstorm in 2021, starting with one of our key assets, Hod Maden. As I've said in the past, 2021 is expected to be a catalyst-rich year for the asset, with both a feasibility study and an EIA expected to be granted imminently, with the granting of the EPCM contract to build the mine later in the year. It's still our expectation that both the feasibility study and the granting of the EIA should occur in the second quarter. However, this week, due to COVID, the Government of Turkey has implemented a countrywide lockdown to contain the virus, and we're still assessing what impact, if any, this will have on the expected timelines. I think it's safe to say we're all tired of COVID, but we certainly want our partners and their employees to stay safe, and we understand if this means a slight delay in timelines. Another important catalyst this year is potential deals. I won't belabor this point, but I'm still expecting this year to be an above average year for new deals and likely the highest level of new deals in the past few years for us. Having said that, deals aren't done until they're actually done, so I'll let the actual deals, if any, speak for themselves. The next catalyst that's worth remembering, and which I've already touched on, is the return of capital to shareholders through either share buybacks or dividends. We've had the benefit of discussing this further at the board level recently, and we're targeting a decision one way or another, if not by the end of this year, then early next year. We have an incredibly strong balance sheet, a fantastic and diversified portfolio that's generating record cash flow. It's my belief that paying a small but sustainable and growing dividend is effectively imminent. I'm very pleased with how well our portfolio is performing and the opportunities we see to grow the portfolio. With that, I'm going to hand it over to Erfan. Great. Thank you, Nolan. Hello to everyone joining us today. It's been a great quarter for Sandstorm, as Nolan's mentioned. I'd like to take some time to walk through the financial results in more detail. The chart on the left of this slide shows Sandstorm's attributable gold equivalent ounces sold, as well as sales and royalty revenue for the last four quarters. If you've been tuning in to these conference calls for a while, you may recall at the end of 2019 that Sandstorm was realizing quarterly records on a regular basis. At the time, I mentioned that we were excited for this record-breaking trend to continue. After a year of unprecedented change and global upheaval, I'm pleased to say that Sandstorm has once again hit a new quarterly record. Moving to the next slide, we can make a few comparisons between the first quarter of 2020 and 2021. By all metrics listed here, Sandstorm's financial performance was stronger in the first quarter of this year compared to the first quarter of last year. Total revenue was a record $31 million, an increase of 45% compared to the same period in 2020. Attributable gold equivalent ounces sold was a new quarterly record at 17,444 ounces, an increase of 30% compared to the same period in 2020. These results were supported by a relatively strong gold market in the first quarter, with an average realized gold price of $1,777 per ounce. For comparison, the average realized gold price in the first quarter of 2020 was just under $1,600 per ounce. Average cash cost was $307 per attributable ounce, which translated to cash operating margins of $1,470 per ounce and a new quarterly record of $23.7 million in cash flows from operating activities. Net income came in at $5 million for the quarter, compared to a net loss of $10.3 million in the first quarter of 2020. The next slide provides a breakdown of the quarterly production results by cash flowing assets. The Yamana Silver Stream was once again the leader with over 4,700 attributable gold equivalent ounces sold. This represents a 12% increase in silver ounces sold compared to the first quarter of 2020. The Cerro Moro Silver Stream has benefited from an increase in the silver price. Sandstorm realized an average selling price of approximately $25 per ounce during the quarter, compared to approximately $18 per ounce of silver in the first quarter of last year. A similar story can be told for the Chapada Copper Stream. Sandstorm received a 29% increase in the number of copper pounds from Chapada during the quarter and realized a 36% increase in the average selling price of copper compared to the first quarter of 2020. The results were the total of 2,588 attributable gold equivalent ounces sold from the stream. Other notable changes in production when compared to 2020 include the addition of the Relief Canyon stream, which began fixed gold deliveries to Sandstorm in May 2020. An increase in production attributable to the Fruta del Norte mine, which commenced commercial production in February 2020, and an increase in royalty revenue from the Bracemac-McLeod mine. Production from the Karma mine in Burkina Faso also increased in the first quarter compared to the previous year, partly related to timing of sales and the delay in deliveries compared to the prior quarter in 2020. The first quarter also marks the end of the five-year period under the Karma Gold Stream that allowed Sandstorm to purchase 25,000 ounces of gold for ongoing per-ounce payments equal to 20% of the spot price. As Nolan mentioned, as of April 1, Sandstorm Gold Stream agreement entitles now closer to 1.63% of gold produced at the Karma mine for the same ongoing per-ounce payment. The operator, Endeavour Mining, is forecasting between 80,000 ounces-90,000 ounces of gold to be produced at Karma mine in 2021. This final slide depicts the first quarter revenues by region and metal type. Sandstorm's portfolio continues to be well diversified with mines operating in stable jurisdictions around the globe. In the first quarter, 90% of revenues came from mines operating in the Americas, with approximately 1/3 of revenues coming from North American mines. The majority of revenues came from precious metals with nearly half attributable to gold operations, with another 27% from silver. 17% of revenues came from copper this quarter, which provided good exposure to rising base metal prices. Overall, it was a very good start to the year for Sandstorm shareholders. We finished the quarter with over $140 million in cash and over $52 million in equity and debt investments. Sandstorm's balance sheet is strong and ready to support the next growth step for the company. Based on the company's existing streams and royalties, again, we've updated our forecast for attributable gold equivalent ounces sold to be between 55,000 ounces and 62,000 ounces in 2021. With that, I'll turn things over to Dave. Dave? Thanks, Erfan. My asset updates will be brief this quarter as I focus on two projects that are back in the limelight after a couple of years of us not talking much about them. The first project is the Mason project with Hudbay. This asset was once an Entrée Resources, has spun out into its own vehicle and was eventually purchased by Hudbay in 2018. Fast-forward three years later, along with a $2 per pound increase in copper price, we have one of the largest greenfield copper projects in the Americas and potentially the third largest copper mine in the U.S. Hudbay recently released the results of a PEA on the 2.2 billion ton measured and indicated resource. At $3.10 copper and using a 10% discount rate, the project carries a after-tax NPV of almost $520 million. The current mine life is expected to be 27 years, but they're still working on additional exploration that could extend that. Obviously, more work will be completed on the asset, and assets will need to be achieved. Hudbay is expecting to put it into the development pipeline once Rosemont is up and operating. However, it does have the potential to almost double Hudbay's copper output. Clearly it could be one of the most important growth projects in their pipeline. With our 0.4% NSR on the project, Sandstorm could collect up to $75 million in proceeds based on their PEA study. At $4.50 copper price, obviously that's going to be a lot higher. This is another great example of how Sandstorm has been effective at accessing low-cost early-stage deals on the right assets. Sometimes, like this one, even we're surprised that it doesn't take nearly as much time as we originally thought to show that great value for Sandstorm. The other projects I want to talk about now are Barry, Moroy, and Gladiator. These are all now part of what was originally the Bachelor Lake Gold Mine Stream, which provided us with a tremendous amount of cash flow for over the last 10 years. Today, under Bonterra's management, there are three projects quickly pushing forward, which we hold royalties ranging from 1%-4.9%. Gladiator and Barry form a large land package within the Windfall Lake district in Quebec. Bonterra has been drilling approximately 10,000 m per month on the Barry property and has been consistently getting great results. Some of the latest step-out intercepts are 14.7 m at 7.4 g and 6.8 m at 3.8 g per tonne in the H zone. The deposit still appears to be open along strike and depth. With a large amount of drilling planned, Barry likely has more mineralization to be found. An updated resource is expected in Q2, and a PEA is expected before the end of the year. We've also begun to receive payment for a royalty here through the bulk sample taken underground last year. Hopefully this project will start entering the development stage in the not-too-distant future. Moving over to the original Bachelor Lake mine site, not only has Moroy continued to produce good intercepts, but chasing up on the O'Brien Intrusion showing, Bonterra has made another discovery within 2 km of the Bachelor Mill. Two holes have begun to outline this new discovery with intercepts of 24.9 m of 1.4 g and 10 m of 1.3 g. This goes to show you that combined with the Moroy discovery only a few years ago, this is very prospective ground, only just beginning to be understood. Of course, there's also good news on the mill expansion. The old Bachelor Lake mill is still able to operate 800 tons per day, permitted to increase to 2,400 tons per day, and is well through that process. New tailings expansions are approved, and Bonterra could find themselves in a position to start the expansion soon. For Sandstorm, that means the sooner we get the chance to see revenue from our 4.9% NSR on all these newly discovered areas. With that, I'll pass it over the call back over to the operator for Q&A. Please feel free to ask any questions about our royalties and streams. As a reminder, to ask a question, that's star one on your telephone keypad. If you would like to ask a question, press star one. Our first question comes from Heiko Ihle with H.C. Wainwright. Hey there. Thanks for taking my questions. I'm glad you made it back on the call. Me too. I know you're still working diligently on the feasibility study for Hod Maden. The prior outlook was for it to be completed in the first half of the year, obviously with production by the end of 2023. This timeline was affirmed in the MD&A that you guys just put out. In contrast, early on the call, you said that Turkey went into a lockdown, and there may be a delay to this. Just thinking ahead, not 30 days, but 6 months, 9 months, 12 months, how much impact does this delay really pose to you getting first production by the end of 2023? Building on that, can you maybe provide some color on the longer lead time issues that you're particularly concerned about? Yeah. The lockdown was just announced a couple of days ago, so it's a bit early for us to tell some of those answers because it's only been in effect for a couple of days. At the moment, we don't foresee it changing when we think the asset will get into production. Some of the long lead items, which are still working their way through the system, would be things like forestry permits. Also EPCM contractors, getting them signed up and ready to go, and that work is still ongoing full force. Most of that work is digital work, where people are submitting their bids and phone calls are being had, and that's still going ahead irrespective of the lockdown. A lot of these long lead items are not, in fact, slowing down. It's just if an EIA permit was expected to be granted next month and nobody's showing up at their desk at the government for the next month, that might slow it down. That was never really a long lead item. We're just waiting to see how or if any it'll impact it. At the moment, we're not updating our guidance because we don't think it'll be too material. Okay. Yeah, that's what I figured because, it is so far in the future, and even if they lockdown for 90 days, I just don't see how that would change a 2023 timeline. Yeah. A lot of the work that the project is at the stage right now is at the desktop level. People are still pushing that work forward, at the same pace, even though they happen to be in their homes. Got it. Second question. I'm not sure how much of this you're willing to say. You obviously renewed your NCIB, and I think that's the right move, especially when I saw the $5.20 average price that you paid over the past few years in the presentation that you had. You actually used the program reasonably aggressively in Q1. Have you done anything in Q2 so far? We're a third way through the quarter. I don't know if you're willing and able to comment on that. In Q2, we haven't. Most of Q2 so far, we were in blackout because of preparing financial statements, so we weren't allowed to legally anyway. Fair enough. I'll get back in queue. Thank you. Thank you. Our next question comes from Hilary Strack with Canaccord Genuity. Hi. Thanks for taking my question. I actually just had a question on Entrée Resources. I see that you've been increasing the size of the investment, and I was wondering if you were able to speak about the rationale behind that. Yeah. It's a question that we get every now and then and answered it on some of our past calls. The gist is that we own a very significant percentage of their company already, and based on the liquidity, selling that at a reasonable price is not very feasible at the moment. We think that there's actually a tremendous amount of value there. We think that the company's worth a lot more than what it's trading at, but we have not been shy to say that publicly in the past. We think that picking away shares that are well below value gives us the benefit of holding a stronger position if someone wants to come along and buy them and making sure we get fair value for our shares. If nobody buys them, then we own effectively 25% of their company on a partially diluted basis. We'll get 25% of their dividends from their equity interest, and we'll see how it goes. Either way, whatever the outcome is, we're happy, and we think it's intelligent capital allocation given how much capital we have available to us and the value we see there. Okay, thanks. That makes sense. One last question on guidance. You've increased the bottom end of the guidance and based on Q1, that implies an annual run rate, about 68,000 ounces, which is above the high end of guidance. I know you said that Karma is expected to decrease in the coming quarters, but are you expecting any other assets to decline, or is this just like a conservative estimate? I would say we try to be conservative in our estimates. Sometimes it's tough to tell. I wouldn't say that there's any imminent declines that we're expecting from any of our other assets other than Karma. Erfan, I don't know if you have anything to comment on the conservativeness of our guidance. I think our guidance is fair, potentially on the conservative side, but we have more than just one commodity in our mix, and that impacts our guidance figures. As the year goes on, we'll provide more clarity on that. Okay, awesome. Thanks. That's it from me. Our next question comes from Derick Ma with TD Securities. Thank you. My question relates to PEA. Lundin posted some pretty positive exploration results with their Q1 earnings and an 80% increase in its land position. Looking at the map, I believe most of the property is still covered by the stream area, but could you confirm that the southwest near mine exploration areas are covered and more specifically, I guess the Formiga area that they're looking at north of the pit? Yeah. Under Chapada, the way we structured that agreement is that all the land that they had at the time fell under our agreement. If the discovery is on the land that was owned at the time, it comes under our agreement. In addition to that, we have the concept of expanding area of interest for another three kilometers outside that border. If they picked up new land that they did not previously have within 3 km of the old land that they had back in 2015, that falls under our deal as well. We have, I think, if memory serves me correct, almost 700 sq km of land covered by our stream. That's good to hear. I guess one more question on Chapada. Should we expect some decrease in the GEOS paid to Sandstorm in Q2 related to the shutdown, or are we through that now? I'm not expecting a material decrease in gold equivalent ounces in Q2. Having said that, there is a cap in annual production that we get in copper, and there's a true-up mechanism. For example, if they hit the cap in one quarter and they're under in another quarter, we get true up at the end of the year. I do think we're going to get our maximum number of pounds of copper through the year, whether or not they get delivered in Q2 or later in the year. Thank you very much. Our next question comes from John Tumazos with Very In. Good morning? It's John Tumazos. In earlier presentations, there was a focus on the pending feasibility study update for Hod Maden. Has that been delayed with COVID and other complications in the world, or is that still due in a quarter or so? What are some of the changes possibly in CapEx or ore grades, recovery rates, or anything that you can comment? Yeah, thanks for that. John, in terms of the feasibility study, it is still tracking well. It's still tracking fast. Most of the work is desktop work, so we don't think the lockdown in Turkey that was just announced should have a material impact on timeline. Maybe it'll have a small impact on timeline. It's definitely still going to be in the first half of this year. In fact, late last night, I actually got some of the first sections of the 43-101 report that's actually being drafted sent to me in my inbox, and I've got to start reviewing that. We're expecting a fairly similar number of total payable ounces as previous studies. When you take into account grades in the feasibility study and the ore recovery, some have gone up, some have gone down. Net-net, I'm expecting the total number of payable ounces to be pretty similar. It's an incredible mine, an incredibly robust mine, and based on the knowledge that I have so far, the feasibility study will show that. Thank you very much. Thank you.